Sensex extented its record run by rising to fresh highs in early trade today. Asian markets opened higher tracking the strong US corporate earnings, reports Reuters. Overnight US stocks closed higher as investors cheered earnings. S&P 500 gained 0.5%, to 2,820. The rupee today traded higher at 68.78 against the US dollar, tracking mixed Asian currencies market. The currency opened at 68.97 a dollar.
Sensex was trading 40 points higher at 36,865, off its record high of 36928.06 hit in early trade today. Cement stocks such as UltraTech Cement, ACC, Ambuja Cements and Shree Cements were under pressure. According to reports, NCLAT today upheld Competition Commission’s Rs 6,300 crore penalty on cement companies.
Sensex hits fresh record high of 36,928 in early trade. Nifty flat in early trade. The BSE metal index is up 1.5% with Hindalco and Vedanta rising over 2% each. Symphony Ltd fell 18% to Rs 1160 after the company said its net profit fell 48.7% from a year ago to Rs 20 crore. Hexaware Technologies Ltd fell 6% to Rs 468.50. The company reported a profit of Rs 153.60 crore, up 25.4% from a year ago. Asian Paints Ltd fell 2% to Rs 1440. The company reported a profit of Rs 571.30 crore, up 30% from a year ago. Revenues grew by 15.1% to Rs 4390 crore.
Reliance Jio plans to invest Rs 500 billion on last-mile connectivity of 50 million homes with fibre over the next two to three years, reports Business Standard.
The ministries of finance and power are discussing a plan to sell the centre’s stake in NHPC Ltd to NTPC Ltd, the nation’s biggest electricity generator by capacity, reports Source.
Sajjan Jindal, chairman and managing director of JSW Steel, believes his company JSW Steel will turn around and merge the bankrupt Monnet Ispat with itself within a year, reports Mint.
AstraZeneca has filed a lawsuit in the Delhi High Court against Indian drug maker Dr Reddy’s Laboratories to block it from launching generic versions of Brilinta, its blockbuster medicine for heart ailments, reports The Economic Times.
Almost eight months after the Aditya Birla Group began negotiations to buy Ohio-based aluminium maker Aleris Corp., a definitive agreement is in sight, reports Mint.
It will be a results heavy day. IRB Infrastructure Developers Ltd, Sanofi India Ltd, PVR Ltd, Larsen & Toubro Ltd (L&T), Bharti Infratel Ltd, JSW Steel Ltd, Hero MotoCorp Ltd, and BHEL Ltd are some of the companies that will release their earnings for the June quarter today.
Source: July 25, 2018, Livemint