Latest Stock Market News

The Reserve Bank of India changed its policy stance to neutral from withdrawal of accommodation while maintaining the repo rate at 6.5%, hinting at a potential rate cut in the upcoming year. Stock and bond markets responded positively, with significant gains in financial sectors.

Indian IT giant Tata Consultancy Services (TCS) is forecast to see up to 7.7% year-on-year revenue growth in the September quarter, chiefly driven by the BSNL deal. Analysts expect a net profit uptick of 8-10%, with varied growth estimates from different brokerages.

Garuda Construction and Engineering’s IPO saw robust interest, especially from retail investors who oversubscribed 5.4 times on day two. The price band is Rs 92-95 per share, with plans to raise Rs 173 crore from fresh equity. Analysts recommend subscribing due to strong order books and promising growth prospects.

Institutions are increasingly embracing cryptocurrencies, driven by regulatory clarity, robust security measures, and client demand. This shift enhances market liquidity and stability, integrating digital assets with traditional finance. Notable early investors and collaborations highlight the growing legitimacy and investment opportunities in the crypto market.

A total of 480,846 shares changed hands on the counter till time (IST).

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.

Domestic cement producers may see profits halved in Q3 due to low volume growth and three-year low prices, amid intense competition and adverse weather impacting demand.

Shares of Senco Gold climbed nearly 5% after the company reported strong business updates for the July-September period. Retail growth increased by 27% year-on-year, with same-store sales growth rising to 20% in Q2, up from 4% in Q1.

Shares of Torrent Power surged 9% to a 52-week high after signing two letters of award with Maharashtra State Electricity Distribution Company Limited for the long-term supply of 2,000 MW energy storage capacity. The agreements include 1,500 MW energy supply capacity and 500 MW additional storage capacity, with plans for 40-year procurement from a pumped hydro storage plant in Maharashtra.