Latest Stock Market News

Ramkrishna Forgings Ltd on Wednesday posted over 3 per cent rise in consolidated net profit to Rs 81 crore during the June quarter, on account of higher income. It had clocked Rs 78.52 crore profit for the period ended June 30, 2023, the company said in an exchange filing.

A total of 18,773 shares changed hands on the counter till 02:10PM (IST).

Tata Consumer Products announced a Rs 3,000 crore rights issue to eligible shareholders, offering 3.67 crore equity shares at Rs 818 each. The ex-rights date was July 26, and the record date was July 27. The issue opens on August 5 and closes on August 19.

Cipla reported Q1FY25 net profit expected between Rs 1,061-1,135 crore, with YoY growth of 6.5%-14%. Revenue estimated at Rs 6,749-6,879 crore, up 7%-10% YoY. Analysts from Kotak, Axis, JM Financial, and InCred provide diverse profit and revenue expectations based on domestic sales, US contributions, and acquisitions.

InterGlobe Aviation, India’s top airline by market share, was expected to see a substantial drop in its year-on-year net profit for Q1FY24 due to higher fuel costs, a weak load factor, and the Delhi T1 terminal roof collapse. Brokerage estimates indicated mixed sequential profit growth and varying revenue projections.

The Relative Strength Index of the stock stood at 42.87 on Thursday.

Ashok Leyland reported a 9% YoY decline in net profit to Rs 526 crore for Q1 ending June 2024, missing estimates. Revenue rose 5% to Rs 8,599 crore. The company saw strong demand across all segments, contributing to its highest-ever Q1 CV volumes. EV subsidiary Switch Mobility launched its second e-LCV. Shares traded slightly lower.

The stock quoted a 52-week high price of Rs 340.35 and a 52-week low of Rs 123.55.

Canara Bank Q1 Results: Net interest income or NII during the reporting quarter increased 6% year-on-year to Rs 9,166 crore as against Rs 8,666 crore in the last year period. Provisions for Q1 fell 16% YoY to Rs 2,282 crore, of which provisions for the non-performing assets declined 10% YoY.

Cryptocurrency markets experienced significant declines as global tech stock slumps pushed investors toward safer assets. Bitcoin and Ethereum dropped sharply, with the overall crypto market cap falling to $2.31 trillion.