Glenmark Life Sciences, Hindustan Unilever, and Lux Industries saw their shares rise as Nifty and Sensex dropped over 3% on Monday. Glenmark soared 6.3%, Lux Industries increased 5.5%, and other stocks like Marico and Britannia posted gains. Market volatility persists amid global economic concerns and geopolitical tensions.
As of 30-Jun-2024, promoters held 46.86 per cent stake in the company, while FIIs held 9.51 per cent and domestic institutional investors had 7.24 per cent.
IndiGo Co-Founder and Managing Director Rahul Bhatia and InterGlobe Enterprises have confirmed that their recent stake sale was for business and corporate purposes. Bhatia defended the sale, stating it was a simple transaction, and that the stake sale was not complex.
So, the medium-term trend is definitely disrupted and it could trend lower. It is all news driven right now. As the news flow comes in the global market that is how the markets will pan out. But if we talk about the very short term, then Nikkei is down 28% in one month. If there is any short covering rally over there, we can see a short covering over here as well.
A total of 197,949 shares changed hands on the counter till time (IST).
A study by Amazon Web Services (AWS) and Accenture found that AWS’s additional carbon-free energy procurement in India contributes 31% in carbon emissions reduction for compute-heavy workloads and 44% for storage-heavy workloads. This is particularly important given the rising adoption of AI, said Jenna Leiner, head of environment social governance (ESG) and external engagement, AWS Global.
Swiggy appointed Sairam Krishnamurthy as chief operating officer and senior vice president for Instamart. Krishnamurthy's past roles include positions at More Retail, Ola Cabs, and Hindustan Unilever. The company bolstered its quick commerce division with multiple senior appointments, including Himavant Srikrishna Kurnala and Aakash Bhotika, under the leadership of cofounder Phani Kishan.
RailTel Corporation of India's shares fell by 7% following its June quarter results. The company reported a year-on-year increase in net profit but saw a sequential decline.
August 5 is the last day to apply for India Post's Gramin Dak Sevaks recruitment. With 44,228 positions available, interested candidates must register by today. The opportunity to edit applications will be from August 6-8, 2024. Applicants will be selected based on their 10th-grade scores, and no tests or interviews will be conducted.
Indian payment firms GooglePay, PhonePe, AmazonPay, and Indian fintech firm Cred are among five companies reportedly seeking to join the Reserve Bank of India's digital currency pilot. The e-rupee, a digital alternative to physical currency, was initially allowed only by banks but has since declined to around 100,000-200,000 a day.
The stock quoted a 52-week high price of Rs 6442.65 and a 52-week low of Rs 4518.35.
Mexico's peso continued its decline on Sunday, reaching 20.0250 units per dollar, a level last seen in October 2022, due to escalating U.S. recession fears and weak manufacturing and labor market data, marking its third consecutive day of losses.
The Buffett Indicator warned of the Indian stock market's overvaluation, hitting a peak of 150% of GDP. This was followed by a 2,600-point drop in the Sensex due to global concerns. Analysts believe further corrections could happen but see this as a short-term issue rather than long-term panic.
On the technical charts, the 200-day moving average of the stock stood at Rs 245.94.
ONGC has increased operations to enhance gas production in Tripura, with a target of extracting 1,675 MMSCM for 2024-25. They planned to dig 20 new wells and add one more rig. Cluster drilling using old wells was initiated to avoid land acquisition and approval delays, mitigating surge issues of surplus gas.
On Sunday, nearly 100 people in Bangladesh died amidst intensified clashes between police and anti-government protesters. Initially student-led, the protests against civil service job quotas grew into a wider anti-government movement. Despite attempts at suppression, including school closures and mass detentions, the unrest continues, with significant violence and calls for the Prime Minister's resignation.
Riots have erupted across towns and cities in the last week after three girls were killed in a knife attack in Southport in northwest England, with 420 people arrested so far.
EPF inoperative inactive accounts unblock: The Employees Provident Fund Organisation (EPFO) has issued new guidelines to make the inoperative and inactive, transaction-less accounts active again. The new rules are issued to stop the frauds and also to ensure proper verification is done before money in credited into the claimant bank accounts.
Promoters held 51.14 per cent stake in the company as of 30-Jun-2024, while FII and DII ownership stood at 17.43 per cent and 16.08 per cent, respectively.
Irdai's guidelines, effective from April 2024, mandate that insurers cannot reject any claim based on the pre-existence of an ailment three years after policy issuance. This regulatory change aims to make health insurance more accessible for policyholders with pre-existing conditions.
Israel Iran War: Secretary of State Antony Blinken has warned that Iran and Hezbollah might attack Israel as early as Monday, following recent high-profile assassinations by Israel. In response, the U.S. is enhancing defensive measures and urging diplomatic efforts to prevent further escalation. Israeli Prime Minister Netanyahu and U.S. General Michael Kurilla are preparing for potential conflict, while the G7 calls for restraint to avoid a larger regional war.
Union Finance Minister Nirmala Sitharaman informed the Lok Sabha that the Serious Fraud Investigation Office (SFIO) is probing Sahara group companies, with further action pending the report. Despite 3.7 crore investors, only 19,650 have claimed refunds. The Supreme Court is overseeing the process, and the government is acting accordingly.
Ola Electric's IPO achieved 64% subscription on the second bidding day. Retail investor interest was significant, with 2.43 times subscription. Analysts suggested subscribing due to Ola's market position. The company secured over Rs 2,700 crore from anchor investors like HDFC and SBI Mutual Fund. Founder Bhavish Aggarwal will offload 37.9 million shares.
European equities hit a six-month low on Monday amid global market concerns over a potential U.S. economic downturn. The STOXX 600 index declined by 3.1%. Financial sectors experienced the most substantial losses. Galderma and OCI Global were notable exceptions, showing gains due to acquisition-related developments by L'Oreal and Woodside Energy, respectively.
The rescue and relief operations in landslide-hit areas of Kerala's Wayanad entered its seventh consecutive day on Monday. As per the State Health Ministry, the death toll stands at 308 as of August 2. The massive landslides hit Chooralmala and Mundakkai in Wayanad on July 30, wreaking mass devastation and causing the causing the loss of lives and property.
