Top Stories | Anant-Radhika wedding, HCL Tech & IREDA Q1 results, Markets winning streak enters 6th week, June inflation, and more
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Mumbai is buzzing with big names from business, politics, sports, and cinema gathered today for the wedding of Anant Ambani and Radhika Merchant. From Q1 results, HCL Tech surpassed Street estimates in its first quarter results and marked its 86th consecutive quarter of dividend payouts. Besides, IREDA has also announced its results. Fireworks continue in the Indian markets with the Sensex and Nifty wrapping up their sixth consecutive week of gains, making it the longest winning streak so far in 2024. The market capitalisation of BSE-listed companies is at a record Rs 452 lakh crore. On the macro front, June's inflation numbers have come above 5%, driven largely by a sharp rise in food prices. It's the highest inflation rate seen in the past four months.
1. Sensex, Nifty scale fresh highs led by TCS; M-cap of BSE-listed companies at record high of ?452 lakh crore
Indian shares rallied to new heights on Friday led by robust gains across the IT sector, with Tata Consultancy Services (TCS) leading the charge a day after better-than-expected first quarter (April-June period) results. Investor sentiment remained buoyed amid hopes of a rate cut by the US Federal Reserve along with strong buying in index heavyweights Reliance Industries (RIL) and Infosys.
The market capitalisation of BSE-listed companies reached an historic peak of ?452 lakh crore ($5.41 trillion), underscoring the bullish sentiment. The 30-share BSE Sensex jumped 622 points, or 0.78%, to settle at a record closing level of 80,519.34. During the day, it zoomed 996.17 points, or 1.24%, to hit an all-time high of 80,893.51.
The NSE Nifty surged 186.20 points, or 0.77%, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13%, to hit a new lifetime peak of 24,592.20.
2. HCL Tech Q1 net profit jumps to ?4,257 crore, beats forecast; declares ?12 dividend per share
HCL Technologies on Friday reported a consolidated net profit of ?4,257 crore for the June quarter, with the management of India's third-largest IT services firm giving a revenue growth guidance of 3–5% for FY25. The IT major declared a dividend of ?12 per share. HCL Tech's Q1 net profit beat the CNBC-TV18 poll estimate of ?3,776 crore. Seen sequentially, the net profit rose 6.8% from ?3,985 crore in the March quarter.
On Friday, HCLTech's shares settled 3.3% percent higher at nearly ?1,562 apiece. So far this year, the stock price has surged over 5%, compared to the Nifty50 return of nearly 13%.
3. TCS Q1 Results: Brokerages upgrade, raise price target post strong show
TCS reported a revenue and margin beat in the June quarter and also mentioned that nearly all of its verticals have returned to sequential growth.The company's management also reiterated that financial year 2025 will be better than 2024.
K Krithivasan, CEO of Tata Consultancy Services (TCS), says they have not observed significant changes in customer behaviour this quarter compared to the last, with customers continuing to focus on cost optimisation and opportunities to conserve cash.
India's largest IT services company reported a net profit of ?12,040 crore for April-June 2024 quarter, a decline of 3.2% compared to the January-March quarter.
4. IREDA Q1 Results: Net profit increases by 30%, asset quality improves
Indian Renewable Energy Development Agency Ltd. (IREDA) reported a 30% growth in its net profit for the April-June quarter, according to its profit-and-loss statement uploaded on the Bombay Stock Exchange (BSE). IREDA reported a net profit of ?383.69 crore compared to ?294.58 crore during the same period last year. The net profit figure is also higher than the ?337 crore it reported during the March quarter.
5. Anant Ambani-Radhika Merchant wedding: Entire Ambani family arrive at the wedding
The entire Ambani family arrived at the BKC venue in Mumbai for the Anant Ambani-Radhika Merchant wedding. Mukesh Ambani, Akash Ambani, Shloka Ambani, Anant Piramal & Isha Ambani along with the groom Anant and Nita Ambani posed for the camera.
Anant Ambani, youngest son of Mukesh Ambani, Asia's wealthiest individual, is set to marry Radhika Merchant in a highly anticipated wedding in Mumbai on Friday. The guest list includes the who's who from global celebrities, politicians, and business magnates, including Kim and Khloe Kardashian, boxer Mike Tyson, former UK prime ministers and global business honchos are among those expected to attend. The event follows a spectacular series of pre-wedding celebrations spanning several months, which included a star-studded gathering in Gujarat's Jamnagar attended by tech titans like Mark Zuckerberg, Bill Gates, and Sundar Pichai.
Catch all the LIVE updates from Anant Ambani and Radhika Merchant's highly anticipated wedding ceremony in Mumbai here
6. Exclusive | RBI Governor says dividend payments not linked to Budget expectations
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In an exclusive interview with CNBCTV-18, Reserve Bank of India (RBI) Governor Shaktikanta Das addressed the recent high dividend payment of ?2.1 lakh crore made by the central bank to the government. The dividend was the highest-ever distributed by the central bank in its history — 140% higher than in FY 2022-23. Das dismissed the notion that the record dividend would create difficulties for future RBI governors.
7. City gas distributors seek parity on CNG and PNG taxes versus LPG and electric vehicles
The city distributors of compressed natural gas (CNG) and piped natural gas (PNG) have sought parity from the government on the levy of taxes on the two gases compared to liquefied petroleum gas (LPG) and electric vehicles, industry sources told CNBC-TV18 on July 12. They claim that high tax rates are making the industry uncompetitive.
The city gas distributors (CGDs) are seeking government intervention to be price competitive against LPG and EVs and have thus demanded waiving or standardising of high value-added tax (VAT) rates for CNG and PNG, sources explained.
8. Kejriwal gets interim bail in excise policy case but on these conditions
The Supreme Court on Friday (July 12) granted interim bail to Delhi Chief Minister Arvind Kejriwal in a money laundering case lodged related to the alleged excise policy scam. While the Aam Aadmi Party was granted interim relief in the case filed by the Enforcement Directorate, he will remain in jail as the CBI had later arrested him in a related matter.
9. NATO summit highlights Joe Biden's leadership amid political uncertainty; Russia named major threat and China's role in Ukraine conflict discussed
NATO leaders met this week to celebrate the alliance's 75th anniversary under the cloud of deep political uncertainty in its most powerful member — the United States.
But even as questions swirled about President Joe Biden's future and the implications of a possible return to the White House by NATO skeptic Donald Trump, the 32 allies put a brave face on their strength and unity going forward, particularly in relation to Ukraine.
Over three days in Washington, Ukraine, Russia, the threat posed by an increasingly aggressive China and NATO's future dominated the formal summit discussions, although all eyes were on Biden.
10. 7 Indians among 65 people went missing after landslide sweeps two buses in Nepal
At least seven Indian nationals are among over 60 passengers who are believed to be missing after two buses were swept away by a landslide and pushed into a swollen river in Nepal early Friday (July 12), officials said.
The two buses carrying 65 passengers went missing in the Trishuli River in the landslides at Simaltal area along the Narayanghat-Mugling road in Chitwan district.
Nepal Prime Minister Pushpa Kamal Dahal tweeted, "I am deeply saddened by the reports of about five dozen passengers that are missing when bus was washed away by a landslide on the Narayangadh-Muglin road section."
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