Produced by: Aseem Thapliyal
The domestic equity market was trading higher in the afternoon session today. Sensex climbed 324 points to 80,842 and Nifty rose 126 pts to 24,627.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "TCS and HCL Tech results indicate improving prospects which the market is discounting now. But the growth projections of IT firms remain low and, therefore, a sharp restart from the present levels is unlikely. Financials remain the fairly valued segment of the market. Decline in US 10-year bond yield is positive for FII inflows. However, valuations in India are moving to elevated levels. Investors have to be cautious in the momentum stocks, which are moving to frothy levels."
Shares of IREDA hit a record high of Rs 310, rising 8.94% in early deals today post Q1 earnings. Total 148.75 lakh shares of IREDA changed hands amounting to the highest turnover of Rs 445.11 crore. Market cap of IREDA climbed to Rs 78,966 crore on BSE.
Shares of Dabur India hit a record high of Rs 638.50 on Monday. Market capitalization was slightly above Rs 1.12 lakh crore.
IRFC shares hit a record high of Rs 229.05 on BSE. Market cap of IRFC rose to Rs 2.85 lakh crore on BSE.
Shares of Jupiter Wagons rose 4.45% to Rs 727 after the firm said it raised Rs 800 crore through a Qualified Institutional Placement (QIP). Vivek Lohia, Managing Director, Jupiter Wagons Ltd. said, "The capital raised will be majorly allocated towards establishing a forged rail wheel and axle manufacturing plant, a strategic move designed to enhance our backward integration and support our long-term growth objectives." The floor price for QIP was fixed at Rs 689.47 per equity share.
Shares of Zomato Ltd climbed 3 per cent in Monday's trade after the online food delivery platform, along with unlisted Swiggy, reportedly raised platform fee to Rs 6 per order from Rs 5 earlier in key markets such as Bengaluru and Delhi. The stock rose 3.17 per cent to hit a high of Rs 229.50 on BSE.
Shares of Rail Vikas Nigam Ltd (RVNL) hit fresh record high after the railway firm said it has received Letter of Acceptance from Central Railway for “OHE modification work for up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Wardha-Ballarshah Section in Nagpur division of Central Railway to meet 3000 MT loading target.” The cost of the project is Rs 132.59 crore. The stock jumped 3.26 per cent to hit an all-time high of Rs 647.
Shares of Avenue Supermarts gained over 4% in early trade today after the firm, which operates the retail chain DMart, reported a 17.5% rise in consolidated net profit for the June 2024 quarter. The stock climbed 4.29% to Rs 5,166.10 against the previous close of Rs 4953.35 on BSE. Market cap of the firm climbed to Rs 3.24 lakh crore.
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