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Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 114 points lower at 19,428 on friday.

Sterling and Wilson Renewable Energy:

The company bagged a Rs 1,130 crore order from Gujarat Industries Power for its proposed 600 MWac solar project at Khavda. The project comprises two blocks of 300 MWac with a three-year operation and maintenance contract.

Reliance Industries:

Jio Platforms' arm Radisys completed the acquisition of wireless broadband solutions firm Mimosa from U.S.-based Airspan Networks Holdings. In March, the company had agreed to buy Mimosa for $60 million or about Rs 491 crore on a debt- and cash-free basis.

Muthoot Finance:

The company will seek shareholders' approval to raise borrowing limit to Rs 1 lakh crore. The board has approved infusion of Rs 400 crore in its unit Muthoot Money and acquisition of 2.05% stake in Belstar Microfinance from existing promoters for Rs 43 crore.

NBCC:

The company received work orders worth Rs 279.31 crore for four different projects.

DCB Bank: T

he bank will acquire 9.9% stake in micro-lender Saksham Gram Credit for Rs 3.99 crore.

ITC:

Sanjiv Puri was reappointed as Managing Director and Chairman for five years with effect from July 22, 2024.

Result Update Q1FY24:

ONGC Q1 FY24 Consolidated Revenue was down 10% to Rs 1,63,824 crore vs Rs 1,82,894 crore YoY. Ebitda was up 60% to Rs 30,106.81 crore vs Rs 18,852.78 crore. Margin stood at 18% vs 10% last year. Net profit doubles to Rs 17,382.97 crore last year.

NMDC Q1 FY24 Consolidated Revenue was up 13.16% at Rs 5,394.66 crore vs Rs 4,767.07 crore YoY. Ebitda was up 5.03% to Rs 1,995.76 crore vs Rs 1,900.11 crore. Margin stood at 37% vs 39.9%. Net profit was up 12% at Rs 1,649.91 crore vs Rs 1,473.03 crore last year.

Earnings Today:

Agarwal Industrial Corp, Ahluwalia Contracts (India), Arman Financial Services, Aster DM Healthcare, Astra Microwave Products, Astrazeneca Pharma India, Borosil, Brightcom Group, Confidence Petroleum India, Divi’s Laboratories, Easy Trip Planners, Gensol Engineering, etc

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