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ACC shares retreat as sharp decline in net profit disappoints Dalal Street

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Shares of ACC Ltd sharply declined on Friday after the cement maker posted a 60.07% decline in its consolidated net profit to Rs 227.35 crore for the quarter ended June 30, 2022. The stock fell 0.73% on the BSE to Rs 2,140.70 while it declined 0.85% to Rs 2,142 on the NSE. The company, which follows the January-December financial year, had posted a profit of Rs 569.45 crore for the June quarter a year ago. The bottom line was impacted because of a steep rise in prices of pet coke and imported coal. As ACC is well-positioned in its key …

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LIC share price falls after insurer estimates March embedded value at Rs 5.41 lakh cr; analysts see 17% upside

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Life Insurance Corporation of India (LIC) share price fell over half a per cent on Friday, a day after the insurer said its Indian embedded value (IEV) for March has been pegged at Rs 5.41 lakh crore. “As on March 31, 2022, the IEV of LIC of India has been determined to be Rs 5,41,492 crore as compared to Rs 95,605 crore as on March 31, 2021 and Rs 5,39,686 crore on September 30, 2021,” the state-run company said. The stock fell to an intraday low of Rs 707 on NSE, down 0.7% today. According to the recent data, LIC …

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HAL share price soars 40% so far in 2022; analysts see up to 51% more rally in defence PSU stock

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Hindustan Aeronautics (HAL) share price has soared 40 per cent so far this year, outperforming benchmark Nifty 50 which has tanked around 10 per cent. Analysts at ICICI Securities are bullish on the defence PSU stock and see up to 51 per cent further rally going forward. According to the brokerage, HAL’s exports may see strong growth going forward. At the same time, the company will also benefit from the ‘Make in India’ initiative in the defence sector. The stock was trading marginally higher on Thursday at Rs 1,729 on BSE. Note that for the financial year 2021–22, the company …

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Gold expected to remain under pressure for now, avoid bottom fishing till US Fed meet

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By Bhavik Patel Gold breached the psychological level of $1700 briefly before staging a weak bounce back yesterday. Gold market saw a crash of nearly $40 as now investors are preparing for a 100 basis point rate hike after US CPI came higher than expected. Before inflation data, the market had expected a 75 bps rate hike but now overnight sentiment has changed which saw huge inflows in the US dollar and blanket-wise selling in all sectors. The Bank of Canada surprised the markets with a 100-basis-point hike on Wednesday, warning that inflation will remain elevated for the next three …

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Rupee falls to hit 80 mark briefly, may depreciate further on strong US dollar, pessimistic market sentiments

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The Indian rupee is likely to depreciate further on Friday amid strong dollar and pessimistic global market sentiments. Additionally, consistent FII outflows and concerns on looming recession may hurt the local unit. “Further, investors are expected to remain vigilant ahead of crucial economic data from the US and statements from Fed officials. US$INR (July) is expected to trade in a range of 79.60-80.20,” said ICICIDirect. In the previous session, rupee briefly touched Rs 80 mark intraday on the offshore non-deliverable forward (NDF) market. The domestic currency settled at a new record low of 79.90, down 18 paise from the previous …

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Global Markets: European shares fall as rate hike bets keep investors cautious

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European shares fell on Thursday and the safe-haven dollar rose after the latest red-hot U.S. inflation reading increased investor fears about Federal Reserve rate hikes and a possible recession. Wednesday’s data showed U.S. consumer prices jumped 9.1% year-on-year in June, up from May’s 8.6% rise.The data was seen as firming the case for the Federal Reserve to raise rates aggressively. Policymakers might consider a 100 basis point increase at the July meeting, Atlanta Federal Reserve Bank President Raphael Bostic said. By 1106 GMT, Europe’s STOXX 600 index was down 1% at an 8-day low. London’s FTSE 100 was down 0.9%.The …

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NSDC partners with upGrad to offer skill development courses

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The National Skill Development Corporation (NSDC) and upGrad have inked a Memorandum of Understanding (MoU) to provide quality higher education and skill development programmes to the youth of India, with the goal of elevating the country’s skill levels, according to an official release. This partnership is poised to revolutionise the educational landscape, promoting the enhancement of skills. Furthermore, it aims to extend educational opportunities to a wider range of individuals in non-metropolitan regions and regional areas, motivating them to pursue international study programmes and ultimately positioning India as a hub of talent on the global stage, the release mentioned. Under …

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NSE appoints Ashish Chauhan as its new MD & CEO

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By Ashley Coutinho The National Stock Exchange (NSE) on Sunday announced the appointment of Ashish Kumar Chauhan as its new managing director and CEO.NSE said Chauhan’s appointment is subject to acceptance of the offer made to him and fulfilment of the terms and conditions, including approval from the NSE shareholders. Limaye had declined to seek a second term at the exchange despite being eligible. Chauhan, who was part of the NSE’s founding team, will take over the bourse’s top job after his second five-year term as MD and CEO of BSE ends in November, or earlier if he resigns from …

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Sensex gives up intraday gains to end in red, Nifty support in 15800-15900 range

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After having opened with gains on Thursday morning, Dalal Street was revisited by the bears, forcing the indices to close in the red. S&P BSE Sensex shed 98 points or 0.18% to settle at 53,416 while the NSE Nifty 50 index dropped 28 points or 0.18% to end the day at 15,938. Bank Nifty closed 0.51% lower and broader markets followed. Sun Pharma was the top gainer on Sensex, up 2.55%, followed by Dr Reddy’s, and Kotak Mahindra Bank. Axis Bank was the worst performing Sensex constituent, accompanied by HCL Tech and State Bank of India. India VIX was in …

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Share Market Highlights: Sensex closes 344 pts higher at 53760, Nifty regains 16049; HUL, Maruti top gainers

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic headline indices opened with gains on Friday but traded volatile during the day as bulls and bears engaged in a tug of war. At close, S&P BSE Sensex was up 344 points or 0.65% at 53,760 while NSE Nifty 50 ended at 16,049, up 0.69%. Bank Nifty ended 0.09% higher while India VIX fell 4% to settle at 17.6%. Hindustan Unilever was the top gaining stock on Sensex, up 2.86%, followed by Titan and Maruti Suzuki India. Tata Steel, Power Grid, and HCL Tech were the laggards. Live Updates …

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