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The downturn was significantly influenced by a notable drop in Singapore Airlines (SIA) shares, which fell sharply following the airline's weaker-than-expected quarterly earnings report. The decline in SIA's stock price not only weighed heavily on the broader index but also reflected broader concerns about the airline sector's recovery trajectory amid persistent economic uncertainties.
On August 1, Nifty closed above 25,000, and Sensex ended higher, buoyed by a surge in energy stocks. The Nifty rose 0.24% to 25,010, while the Sensex gained 0.15% to 81,867.
Mufin Green Finance's CEO resigned effective Wednesday due to personal reasons. Despite this, the company’s shares rose by 1% at the close of trade.
The IPO of Akums Drugs and Pharmaceuticals Limited launched today, attracting significant market interest. Priced between Rs 646 and Rs 679 per share, it is nearly fully subscribed. The IPO aims to raise Rs 1,856.74 crore and will be open until 1st August 2024, with shares listing on BSE and NSE.
The joint venture between Rivian, an American EV manufacturer known for its all-electric R1T pickup and R1S SUV, and Volkswagen, a leading German automaker, aims to leverage both companies' expertise to drive advancements in electric vehicle technology.
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.
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.
Colgate-Palmolive raised its 2024 profit and sales forecasts after surpassing Q2 expectations, driven by strong demand for its premium products and a 18.8% surge in Latin American sales.
Cholamandalam Investment and Finance reported a strong fiscal Q1, with consolidated profit rising 33% to ₹9.47 billion and revenue up 41% to ₹58.12 billion.
The session opened with cautious optimism, but early trading quickly turned sour as foreign investors opted to offload their holdings.
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