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Market Updates

The Markets are expected to open marginally flat today as trend in SGX nifty indicate a flat start for the broader index after Nifty closed 146 points higher at 19,711 on monday.

Reliance Industries:

Jio Financial Services to be included in Nifty 50 from July 20. It will also be included in the Nifty 50, Nifty 100, Nifty 200, and Nifty 500 indices, among others, with effect from July 20. Jio Financial will be added to 18 S&P BSE indices on July 20. This is on account of Reliance Industries being a part of the Special Pre-Open Session. After three days, it will be dropped from all the S&P BSE indices at the last traded price.

Gujarat Fluorochemicals:

The company’s subsidiary, Gujarat Fluorochemicals FZE, started commercial operations in Dubai on July 17, 2023.

Texmaco Rail and Engineering:

The company has approved fundraising of up to Rs 500 crore by issuing one or more instruments, including equity shares, preference shares, convertible securities, non-convertible securities, and warrants, by either preferential issue, rights issue, qualified institutional placement, follow-on public offer, or any combination of these.

Sheela Foam:

The company acquired a controlling stake of 94.66% in Kurlon Enterprises, maker of Kurl-on mattresses, at an equity valuation of Rs 2,150 crore. The deal is likely to be concluded by Nov. 30. It also bought a 35% stake in online furniture brand HOK-Furlenco for an equity valuation of Rs 857.14 crore. The investment should be completed by Aug. 30.

Patanjali Foods:

GQG Partners acquired a 5.96% stake in the company.

Maruti Suzuki India:

The automaker has added an Acoustic Vehicle Alerting System for the intelligent hybrid variants of its premium sports utility vehicle, the Grand Vitara. The company has, hence, increased the price of these variants up to Rs 4,000 with effect from July 17.

Result Update Q1FY24:

LTIMindTree Q1 FY24 Revenue was flat at Rs 8,702.1 crore. EBIT was up 2% at Rs 1,450.8 crore. Margin stood at 16.67% vs. 16.35% last quarter. Net profit was up 3% at Rs 1,151.5 crore.

Earnings Today:

Bharat Bijlee, CIE Automotive India, Ganesh Housing Corporation, Heildelbergcement India, Himadri Speciality Chemical, ICICI Lombard General Insurance Company, ICICI Prudential Life Insurance Company, IndusInd Bank,JSW Ispat Special Products, L&T Technology Services etc.

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