Latest Stock Market News

Raamdeo Agrawal, Co-founder of Motilal Oswal Group, underscored the significance of long-term investment in Indian equities, noting that market timing is difficult. He advised against trying to time the market, highlighted the benefits of holding investments, and discussed the roles of corporate earnings, tax rates, and government spending in wealth creation.

When a cyber villain affects a system, it is as unstoppable as an earthquake or pandemic. Traders, for example, who have had their cryptocurrencies and funds locked on WazirX due to a recent cyberattack are now facing the consequences. Due to these incidents, what is now coming to the fore is that unlike banks or stock exchanges, most local crypto platforms categorise ‘cyber breach’ as a ‘force majeure’ event (or, an ‘Act of God’).

Indian jewellers foresee a surge in domestic gold purchases due to a significant customs duty cut in the 2024-25 budget. This change has narrowed the price gap between India and Dubai, making Indian gold more appealing. The reduction is expected to boost domestic gold production, and jewellers plan to introduce new designs to attract customers.

Bain, CVC Capital also in fray; 51% stake in play in 2nd largest Housing Finance company as current promoters Kedaara & Partners Group seek to exit 8 year old investment.

Bandhan Bank on Friday reported 47% growth in its consolidated net profit at Rs 1,063 crore in the first quarter, compared with Rs 721 crore in the last year period.

Indian equity markets are experiencing a robust bull run, climbing steadily despite various challenges. Last week marked the eighth consecutive week of gains despite volatility and profit booking. Going forward, analysts say first quarter earnings will remain a key trigger, with many large companies scheduled to report their results.

After a benign June inflation report, markets are wagering the Federal Reserve will lay the groundwork for a September rate cut at its policy meeting on Wednesday. Futures are fully priced for a quarter-point easing and even imply a 12% chance of 50 basis points, and have 68 basis points of easing priced in by Christmas.

Government-owned Rashtriya Ispat Nigam Ltd (RINL) missed a payment to lenders due to financial stress, raising alarms among stakeholders. With Rs 14,000 crore in term loans and Rs 15,000 crore in fund-based limits, the company defaulted on a Rs 410 crore payment on June 30. The State Bank of India is the major lender, followed by Canara Bank and Indian Bank. Some banks have made precautionary provisions of 15% of their exposure. The Reserve Bank of India mandated that banks sign an inter creditor agreement to take immediate action. The company is operating at a low capacity of 30% and faces additional issues due to unpaid customer invoices. The government may sell non-core assets to reduce debt. Minister HD Kumaraswamy assured assistance to increase production capacity.

In a week that also brings a Federal Reserve interest-rate decision, investors will focus primarily on results from Microsoft on Tuesday, followed by Meta Platforms, Apple and Amazon over the next two days.