Latest Stock Market News

Tata Steel advanced with the closure of its heavy-end UK assets to halt cash losses. Although it reported a 75% year-on-year rise in net profit for the June quarter, UK operations continued to incur losses. The company now focuses on working capital stabilization, employee support, and securing grant funding for an electric arc furnace.

Bank of Baroda (BoB) on Wednesday reported a 10 per cent increase in standalone net profit to Rs 4,458 crore in the June 2024 quarter, helped by a decline in bad loans. The state-owned bank had posted a net profit of Rs 4,070 crore in the year-ago period.

The drug maker reported net profit of Rs 494 crore in the corresponding period of previous year.Revenue from operations rose 12.2% YoY to Rs 2,893 crore in Q1FY25. On a quarter-on-quarter (QoQ) basis revenue and net profit increased 18.5% and 14%, respectively.

Vedanta Ltd has gained approvals from BSE and NSE for its planned demerger into six separate listed companies, including oil and gas and aluminium. This step follows a nod from 75% of secured creditors, aiming to streamline corporate structure and attract global investors. Further statutory and regulatory approvals are awaited.

The IPO consists of an offer for sale (OFS) of up to 2.56 crore shares with a face value of Re 1 per share. Under the OFS, AceVector Ltd and SB Investment Holdings (UK) will offload their part stakes. The company has announced that the price band and the minimum bid lot will be decided in consultation with the book-running lead managers and will be intimated in due course.

Fino payments bank reported a total profit of Rs. 24.3 crores in the first quarter of this fiscal, up 30% from the last year, while the overall throughput grew 39% on year to Rs. 1,05,610 crores.

Nuvoco Vistas Corp, a leading producer of cement in east India, saw its consolidated net profit slump by more than 80% on year to 2.84 crore rupees in the June quarter, weighed down by lower volumes and weaker prices during the quarter.

Sometimes shares are bought to close an existing short position. This signals a shift from extreme bearishness to bullishness.

Indian equity indices reached record highs on Wednesday, driven by Bharti Airtel, ITC, and metal stocks. The Sensex rose 0.35% to 81,741, and the Nifty50 ended above 24,950, with potential for further gains.

The high returns from Initial Public Offerings (IPOs) of Small and Medium Enterprises (SMEs) in recent years, coupled with government support for the sector, have encouraged Alternative Investment Funds (AIFs) to explore this growth potential. AIF is a fund established or incorporated in India which is a privately pooled investment vehicle.