BUSINESS
Bank stocks selloff drags down Nifty from all-time high
Vikram Kasat, head advisory, Prabhudas Lilladher, said Nifty Index made a higher high in Thursday’s session, whereas the BankNifty Index is still significantly below the previous high, leading to inter-market divergence in the short term.
Nine banks reported double-digit percentage gains in market capitalization led by IDFC First Bank
Nine banks reported double-digit percentage gains in market capitalization, led by IDFC First Bank Ltd. with a 44.53% climb to $6.41 billion. The lender rose to No. 11 from No. 14 in the ranking. Just two lenders -- Bank of India Ltd. and The Federal Bank Ltd. -- posted market cap declines.
100% committed to producing chips, display glass in India: Vedanta Chairman
Agarwal reacted after Taiwanese chip-making giant Foxconn announced it had withdrawn from a joint venture to manufacture chips with India-based industrial giant Vedanta. He said that India is a land of opportunities with huge potential.
Swiggy acquires retail distribution company Lynk to enter retail market
Lynk will continue to operate as an independent business post the acquisition led by Co-founder and CEO, Shekhar Bhende, Swiggy said in a statement. The acquisition will help Swiggy’s entry into the huge retail market with a technology-led distribution platform.
IT heavyweights power Sensex towards 66k mark
IT stocks powered the Sensex rally with TCS, Infosys, Tech Mahindra up by more than 2 per cent. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the ongoing global rally in stock markets will get a further mild boost from the latest US consumer inflation for June which has come at 3 per cent, better than market expectation of 3.1 per cent.
Musk explores setting up Tesla supply chain ecosystem in India: Report
As first reported by The Economic Times, citing government sources, the electric car-maker has engaged in talks with Indian officials to set up its auto parts and electronics chain in India, along with seeking incentives and tax benefits. If all goes well, Tesla can reportedly produce 5 lakh electric vehicles annually that starts from Rs 20 lakh.
BSE Sensex crosses milestone of 66,000 points led by IT heavyweights
BSE Sensex is up 625 points in a ferocious rally at 66,019 points powered by positive cues from the US market. Sensex was up 586 points at 65,980 points in Thursday morning trade. IT stocks powered the Sensex rally with TCS, Infosys, Tech Mahindra up by more than 2 per cent.
TCS closes Q1 with 16.8% higher net, declares interim dividend of Rs 9 per share
The Board of Directors have declared an interim dividend of Rs 9 per equity share of Re1 each. In a regulatory filing, the company said it had posted a total revenue of Rs 59,381 crore (previous year Rs 52,758 crore) and a net profit of Rs 11,074 crore (Rs 9,478 crore).
ISRO to transfer SSLV rocket technology to profitable companies with minimum Rs 400 cr turnover
The IN-SPACe is the regulator for private players in the Indian space sector. As per the conditions, the interested private players or the leader of the consortium should have a minimum turnover of Rs 400 crore and be profitable.
Signs of overheating in small cap stocks
"This is an indication of froth building in this space. Investors should exercise caution chasing small-cap stocks. Liquidity can drive markets higher. So it makes sense to remain invested in this market. But optimism has to be tempered with some caution," V. K. Vijayakumar, added.
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