Sensex Today | Share Market Updates: The MPC, as widely expected, maintained the status quo on policy actions, voting unanimously to hold the repo rate at 6.5%. The stance remained “focused on withdrawal of accommodation”. On liquidity management, the instrumentality of the 10% incremental CRR was a bit of a surprise.
The domestic equity market witnessed an all-round selloff on Thursday as RBI raised inflation projections for the current financial year due to the recent rise in vegetable, cereals and pulses prices.
US inflation data showed headline and core consumer prices both climbed by 0.2% in July, with the headline number notching annual rise of 3.2% and the core up 4.7%. A look beyond the headline number revealed that core inflation remained sticky,
Stock Market Updates Live: Hero Moto Corp Q1 Results: Net profit rises 32% at ₹825 crore
Hero MotoCorp released its financial results for the June quarter of FY24 on August 10, revealing a significant uptick in profitability. The company reported a notable 32 percent increase in profit, reaching ₹825 crore in Q1 FY24.
Comparatively, in the corresponding period of the previous year, Hero Moto Corp had posted a profit of ₹624.5 crore during Q1FY23, as outlined in its filing with the stock regulatory authorities.
On a Year-over-Year basis, the company’s revenue from operations for the quarter stood at ₹8,767 crore, marking growth from the ₹8,393 crore reported in Q1FY23. Additionally, the total income experienced a 6 percent rise, reaching ₹8,989 crore in Q1 FY24 compared to ₹8,446 crore in Q1FY23. The firm disclosed that it successfully sold 13.53 lakh units of motorcycles and scooters during Q1 FY24. (Read More)
Share Market Live Updates: LIC Q1 Results: Profit rises 14-fold to ₹9,544 crore
Life Insurance Corporation of India (LIC) unveiled its financial results for the June quarter of FY24 on August 10, revealing a remarkable surge in profitability. The corporation reported a staggering profit of ₹9,544 crore in Q1 FY24, marking a nearly fourteen-fold increase compared to the same quarter of the previous year, Q1FY23. In the corresponding period of Q1FY23, LIC had reported a profit of ₹683 crore, as detailed in its regulatory filing to the stock exchange.
Furthermore, LIC highlighted that its total income for the June quarter reached ₹1,88,749 crore, showcasing growth from the ₹1,68,881 crore recorded in the year-ago period. (Read More)
Sensex Today Live: Stake sale reports speculative: Cipla’s Hamied
Yusuf Khwaja Hamied, chairman of Cipla, called all reports of stake sales by the promoters as “speculative”. “I would like to inform you as the chairman of Cipla, that all the news that you are hearing is speculative and all the clarifications for this have been made to the stock exchange… And whatever information given to the stock exchange is in the public domain and is public knowledge,” said the chairman during the 87th Annual General Meeting on Thursday.
The 87-year-old chairman’s comments come on the back of reports that the company plans to sell 33.47% of its stake in the company to private equity players including Blackstone and Baring Asia. (Read More)
Stock Market Today Live: Wall Street ends flat on Thursday, after pop from July inflation data fizzles
Wall Street’s main indexes finished flat on Thursday, giving up most early gains on milder-than-feared inflation data as investors worried about the U.S. economy’s longer-term prospects and whether stocks had further room to run.
Data showed headline and core consumer prices both climbed by 0.2% in July, with the headline number notching annual rise of 3.2% and the core up 4.7%.
In the first hour of trading, the three benchmark indexes advanced more than 1% as traders bet the U.S. Federal Reserve would stop further monetary tightening in 2023 and start cutting interest rates early next year.
Stock prices started to sag from late-morning onwards, and bounced between positive and negative territory for much of the afternoon.
“People looked at the headline number first and we had the big upswing, but as the day went on, the rally faded and that was probably the right reaction,” said Gregg Abella, CEO of Investment Partners Asset Management.
He noted that while inflation has slowed, a look beyond the headline number revealed that core inflation remained sticky, and as traders parsed the data, the initial positive sentiment became more subdued. (Reuters)
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