We had mentioned in Wednesday’s closing report that Nifty, Sensex may suffer severe decline if they go below Monday’s close. The major indices of the Indian stock markets rallied. On the NSE, there were 912 advances, 805 declines and 368 unchanged. The trends of the major indices in the course of Thursday’s trading are given in the table below:
The Sensex and Nifty opened higher on Thursday after US Federal Reserve Chairman Jerome Powell hinted at a rate cut. The US dollar weakened against its major rivals in late trading on Wednesday after Federal Reserve Chairman Jerome Powell's gloomy comments on US economy.
Public sector Bharat Sanchar Nigam Ltd (BSNL) is in the process identifying land parcels all over the country for monetisation, which as per its internal estimate is valued at Rs20,000 crore in 2018-19. "The total area of land parcels, which are spread across the country and have in-built structures, buildings and factories, is 32.77 lakh square metres (sq m) and the spareable land parcel is 31.97 lakh sq m," said an earlier BSNL corporate office letter to its circles seeking their comments.
Hero MotoCorp has rejigged its leadership team by assigning the role of the Chief Technology Officer (CTO) to Vikram Kasbekar, while Rajat Bhargava will head the newly created ‘Emerging Mobility’ Business Unit.
Shares of GTPL Hathway rallied after the company reported stellar earnings performance for the quarter ended June 2019. Consolidated profit during the quarter jumped 120% year-on-year to Rs29.45 crore. Revenue from operations grew 50% to Rs445.5 crore with subscription business showing a whopping 47% growth YoY in Q1.
Aviva Life Insurance launched 'Aviva Income Suraksha', a non-participating traditional retirement plan designed with the defence forces in mind. The insurer said that the product offers soldiers financial preparedness post-retirement and provides an additional monthly income stream.
Bank of Baroda plans to launch an online marketplace to its customers offering banking services and farm-related products. The state-owned lender has invited bids seeking a partner to supply 'digital commerce platform' to provide assistance to merchants on catalog management, purchase management fulfilment, pricing, promotion and other similar services.
Vedanta Ltd on July 11 said it spent around Rs10,000 crore in FY 19 on capital expenditure. "As India's largest private sector oil and gas producer, your company aims to double its current contribution of 27 per cent of nation's production," the company's Chairman Navin Agarwal said at its Annual General Meeting (AGM).
Larsen & Toubro (L&T) has received orders across various business segments in the domestic and international market. Although the company did not provide value of the contracts but said the orders fall under "significant" category which ranges between Rs1,000 crore and Rs2,500 crore as per its classification of contracts.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below: