The Nifty 50 closed at a new high of 24,835, driven by strong buying across sectors. Sustaining above 24,800 could push the index toward 25,000, with 24,400 as key support. High open interest at the 25,000 strike indicates resistance, while the 24,500 strike shows strong support.
UltraTech Cement, India's leading cement producer , has approved a $472 million deal to acquire a 32.72% stake in India Cements, enhancing its presence in southern India. This strategic move follows a prior 23% stake purchase and aims to capitalize on the anticipated infrastructure boom under PM Narendra Modi's government.
IFB Industries Ltd reported a consolidated net profit of ₹37.54 crore for Q1 FY 2024-25, reversing last year’s loss. Revenue surged 16.87% to ₹1,269.16 crore, driven by strong performances in home appliances and engineering. Despite higher expenses, the company’s strategic divisions contributed to its robust results.
OANDA has launched its prop trading program, OANDA Prop Trader, in South Africa, allowing traders to become signal providers on a profit-sharing basis. Participants can earn up to 90% of profits and use crypto payments. This expansion aims to increase access for skilled traders and boost OANDA’s market presence.
Akums Drugs and Pharmaceuticals will launch its IPO from July 30 to August 1, 2024, aiming to raise ₹1,856.74 crore, with shares priced between ₹646 and ₹679. Bulkcorp International, Kizi Apparels, Ashapura Logistics, Utssav Cz Gold Jewels, and Dhariwalcorp will also debut, raising a combined ₹2,120 crore.
ICICI Bank has infused ₹500 crore into its subsidiary, ICICI Home Finance, for Q1 FY25, bolstering its capital base.
Tesla’s stock plummeted over 12% following its Q2 earnings report, reflecting mixed results. Despite record revenues and high regulatory credits, the company's automotive gross margins fell to a five-year low.
Ola Electric is set to launch its initial public offering (IPO) next week, with an estimated valuation between $4.2 billion and $4.4 billion.
Dr. Reddy's Laboratories reported a net profit of Rs 1,392 crore for Q1 FY25, surpassing expectations. Revenue grew by 14 percent to Rs 7,672.70 crore, driven by strong generics sales in North America and India. Despite a slight decline in EBITDA margin, the results highlight the company's growth potential and resilience.
SEBI has returned the IPO prospectus of Vishal Mega Mart and Avanse Financial Services due to technical issues, requiring revisions before refiling.
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