Solara Active Pharma Sciences Limited announced that its Puducherry facility has successfully completed the EU GMP inspection conducted by the Government of Upper Bavaria, Germany. The quality management systems at the Puducherry site have been deemed compliant with EU GMP standards. The stock is trading flat at Rs 614 on the NSE.

HDFC Life Insurance, JSW Steel, Asian Paints, NTPC, and SBI Life Insurance are the top gainers on NSE Nifty 50 index whereas the top laggards include Britannia Industries, Power Grid Corp, Apollo Hospitals, Dr Reddy’s Lab, and Tata Consumer Products.

Shares of JASH Engineering declined by 1.61% on the NSE, trading at Rs 2,530, after the company was allotted a plot at SEZ Phase II (Processing Unit) in Pithampur, District Dhar, Madhya Pradesh, by MP Industrial Development Corporation Limited.

RITES has declared its first interim dividend for the financial year 2024-25 at Rs 2.50 per share. The record date for this dividend has been set for August 8, 2024.

Shares of Zee Entertainment Enterprises climbed over 4% to an intra-day high of Rs 153.45 on the NSE, following the board’s approval for the acquisition of a 20% stake in Margo Networks Private Limited, a subsidiary of the company.

Birlasoft reported a consolidated net profit of Rs 150.2 crore for the quarter ended June 2024, up from Rs 137.5 crore in the same period last year. Despite the profit increase, the stock fell over 4% on the NSE, trading at RS 677.70.

Commenting on the Dollar and Rupee outlook Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas said that we expect Rupee to trade with a slight negative bias on month-end Dollar demand from importers and OMCs. However, positive tone in the domestic markets and weak US Dollar may support the Rupee at lower levels.

Choudhary also added that investors may watch out for FOMC meeting outcome today and Bank of England’s monetary policy tomorrow. USDINR spot price is expected to trade in a range of Rs 83.50 to Rs 84.

Mahindra & Mahindra reported a consolidated net profit of Rs 3,545.75 crore for the quarter ending June 2024, down from Rs 3,683.87 crore in the same period last year. The company’s consolidated income from operations for the June 2024 quarter rose to Rs 37,217 crore, compared to Rs 33,891 crore in the corresponding quarter of the previous year. The stock is currently trading at Rs 2,960.65 on the NSE, reflecting a gain of 1.32%.

The initial public offer (IPO) of Akums Drugs and Pharmaceuticals has received a robust response from investors on its second day of bidding, with the Nifty 50 index approaching the 25,000 mark in a bullish market. As of 14:03 IST, the Akums Drugs IPO is subscribed 2.88 times, according to BSE data.

Retail investors have shown significant interest, with their quota subscribed 6.97 times. The portion allocated to Non-Institutional Investors is 5.10 times oversubscribed. Qualified Institutional Buyers (QIBs) have subscribed to 44% of their allocated portion, while the employee segment is booked 1.88 times.

The IPO has received bids for 4,37,25,308 shares against the 1,51,62,239 shares on offer, as per the BSE data.

Shares of Titagarh Rail Systems dropped by 8% in intra-day trading on Wednesday, following the company’s disappointing performance for the quarter ending June 2024 (Q1FY25). The wagon manufacturer reported a modest 8.4% year-on-year increase in net profit, reaching Rs 67 crore, up from Rs 61.79 crore in the same period last year. However, the company’s revenue saw a slight decline of nearly 1%, falling to Rs 903 crore from Rs 910.80 crore in the corresponding quarter of the previous fiscal year.

Jefferies noted that gains from the spillover of trading activity from discontinued products could offset the EPS impact. In the event of a moderate industry-wide impact from Sebi’s measures, there could even be EPS upgrades.

Discount brokers like Zerodha, Angel One, and Paytm Money are expected to face a high impact from the tightening of the F&O market and recent changes to transaction charges. Traditional brokers, including MOFSL, IIFL Securities, and ICICI Securities, will likely see a high impact from the F&O market tightening but a low impact from the new transaction charge orders.

In a report on GAIL, UBS has maintained a “Buy” rating with a target price of Rs 250. UBS notes a strong Q1 FY25 standalone EBITDA of Rs 45.3 billion, driven by elevated earnings from the gas transmission and gas trading segments. The report emphasizes that the prospects for earnings growth are not fully priced in.

Read More: GAIL shoots up 5% to 52-week highs; Brokerages maintain Buy

“We expect Rupee to trade with a slight negative bias on month-end Dollar demand from importers and OMCs. However, a positive tone in the domestic markets and a weak US Dollar may support the Rupee at lower levels. Any fresh intervention by RBI may also support the Rupee. Investors may watch out for FOMC meeting outcome today and the Bank of England’s monetary policy tomorrow. USDINR spot price is expected to trade in a range of Rs 83.50 to Rs 84,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Shares of Zee Entertainment rose 5.7% to an intraday high of Rs 153.45 after the company reported a net profit of Rs 118.10 crore in Q1 of FY25 against a net loss of Rs 53.42 crore.

Bharat Heavy Electricals (BHEL) reported a net loss of Rs 211 crore in Q1 FY25, which widened from Rs 205 crore it posted in the same period a year ago. However, its revenue from operations rose 9.6% to Rs 5,845 crore in the quarter ending June from Rs 5,003 crore in the same quarter last fiscal.

The stock of SRF rose more than 4% to an intraday high of Rs 2,659 from its previous close of Rs 2,552.35. The stock touched its 52-week high of Rs 2,693.95 on May 03, 2024. While the upper band for the stock is placed at Rs 2,803.60.

The broad index Nifty Next 50 is up almost 5% in the last five days. Today, it rose as high as 0.7%. The index has given a return of more than 35% in the last six months. To compare, the benchmark index has risen over 14% in the same time frame. Meanwhile the BSE Sensex has risen almost 14% in the past six months.

Shares of Titagarh Rail Systems fell 9% to an intraday low of Rs 1,532.40 after the company reported muted Q1 results. The company’s revenue from operations declined 0.9% on year to Rs 903 crore, in comparison to Rs 910.8 crore in the same period a year ago. The company’s net profit rose to Rs 67 crore in Q1 FY25 against Rs 62 crore reported in the preceding quarter.

Ambuja Cement, an Adani Group company, reported a standalone net profit of Rs 571 crore in Q1 of FY25, a fall of 11.5% on year, against Rs 645 crore reported in the same period a year ago. Also, the company’s revenue fell 4.5% on year to Rs 4,516 crore in Q1 FY25.

Ceigall India is among the fastest-growing engineering, procurement, and construction (EPC) companies, based on a three-year compound annual growth rate (CAGR) in revenue as of Fiscal Year 2024. The company has a strong order book spread across various business sectors and geographical regions allowing them to pursue a wider range of project tenders, thereby maximizing their business volume and profit margins. “Looking at these factors we recommend “Subscribe – Long Term” rating to the IPO,” said Anand Rathi in a research report.

Shares of HDFC Life Insurance rose 2.2% to hit a fresh 52-week high of Rs 712.65 from its previous close of Rs 697.20. The stock is up for the fifth straight day. The upper band for the stock is placed at Rs 766.90.

“Today, WTI crude is gaining momentum due to escalating tensions in the Middle East, particularly following Israel’s retaliatory airstrike on Beirut targeting a Hezbollah commander, alongside rising expectations of further draws in US stockpiles. Prices may also receive support as indications of a slowing Chinese economy prompt speculation of stronger stimulus measures. However, significant upside may be limited ahead of the FOMC meeting and the OPEC gathering tomorrow, where no changes to output policy are anticipated,” said Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities.

The NSE Nifty 50 was up 73 points or 0.29% at 24,930, while the BSE Sensex was up 207 points or 0.25% at 81,662.

Torrent Power shares have delivered positive returns across various time frames. Over the last month, the stock has shown a positive return of 28.15%, indicating short-term growth. In the last six months, the performance has been even more impressive, with a substantial increase of 79.33%, showcasing the stock’s resilience and upward momentum.

Year-to-date, Torrent Power shares have surged by 97.89%, emphasizing the stock’s positive trajectory in the current calendar year. Looking back over the last twelve months, the stock has demonstrated significant growth, surpassing 175.82%. These consistent positive returns underscore the stock’s strong performance and appeal to investors.

Commenting on the Derivative outlook Anand James, Chief Market Strategist, Geojit Financial Services said that Nifty weekly contract has highest open interest at 24500 for Calls and 24000 for Puts while monthly contracts have highest open interest at 24400 for Calls and 24400 for Puts. Highest new OI addition was seen at 24400 for Calls and 24600 for Puts in weekly and at 24400 for Calls and 24600 for Puts in monthly contracts.

James also added FIIs increased their future index long position holdings by 0.69%, decreased future index shorts by 2.27% and in index options by 5.42% decrease in Call longs, 4.03% increase in Call short, 11.11% decrease in Put longs and 1.19% increase in Put shorts.

Autoline Industries has secured an order from Tata Motors Passenger Vehicle Limited, valued at Rs 147 crore annually for parts and Rs 57 crore for tooling, which is a one-time order. Following the announcement, Autoline Industries’ stock surged by 9.76% on the NSE, trading at Rs 144.38.

Shares of Torrent Power surged over 18% on Wednesday, reaching a record high of Rs 1,898, following the company’s June quarter earnings report released after market hours on Tuesday.

Granules India stock surged 5.12% on the NSE, trading at Rs 619.10, following a 181% increase in net profit to Rs 134 crore for the quarter ended June 30, 2024. This compares to a net profit of Rs 48 crore in the same quarter of the previous financial year.

Commenting on Gold and Silver outlook Renisha Chainani, Head Research – Augmont – Gold For All said that Gold prices have risen to a one-week high in international markets amid geopolitical worries. The Israeli airstrike on Lebanon’s capital in retaliation for a missile fire in the Golan Heights on Saturday elevated the possibility of escalating geopolitical tensions in the Middle East. The cut in gold import duty in India has resulted in a 4-month low in local gold prices, leading to a major spike in demand for gold in the past week.

Chainani also added that the price premiums requested by dealers in India over official domestic rates, including the import and sales taxes required, have grown much to $20/oz, which is the highest amount in 10 years. Last week’s low of $2350 (Rs 67400) will act as a short-term base for gold prices, we have seen gold rebounding from those levels towards $2460 (Rs 69000) now. The next resistance is $2475 ( Rs 69500) and the previous high of $2488 (~ Rs 70000).