Market Indices Flat in the Absence of Triggers - Monday Closing Report

Moneylife Digital Team 08 July 2024

On Monday, 1798 stocks advanced, 2261 declined and 110 remained unchanged, with an advance decline ratio of 0.79 on the Bombay Stock Exchange (BSE), indicating a negative closing of stocks. The trend of the major indices on Monday’s trading is given in the table below.

On NSE, 250 securities advanced and closed at a new 52-week high whereas 16 securities sank to close at their new 52-week lows. In sectoral indices, Nifty PSU Bank, Nifty Metal and Nifty Pharma among the losers. Nifty FMCG, Nifty Energy and Nifty IT among the gainers.

Patel Engineering crashed nearly 10% today after the company reported the death Rupen Patel, who was the chairman and managing director of the construction engineering company.

Steel Authority of India (SAIL) (+0.39%) is planning to invest Rs6,500 crore towards capital expenditure (capex) during the current financial year (FY25) as part of its Rs1 lakh crore investment plan over the next few years. The company also has regular capex on maintaining its facilities, as well as debottlenecking exercises. Most of the capex expansion (Rs 1 lakh crore by 2030) will start flowing from FY26.

GRM Overseas (+6.80%) entered into an agreement with Diplomat Georgia to place its own brand of basmati rice ‘Tanoush' which will be available in 1Kg, 5kg, and 20 kg pack sizes.

HPL Electric & Power (+7.73%) signed a Memorandum of Understanding (MoU) with Guangxi Ramway Technology, China for local manufacturing under phased Manufacturing/ technical

Tie-up/ Procurement for the assembly of Relay/Latching Relays in India.

JSW Energy (+0.61%) planned a capital expenditure of Rs 15,000 crore during the current fiscal year (FY25). The company intends to reach the goal of 20 GW generation and 40 GWh storage under 'strategy 2.0'. The company is also actively scouting for acquisition opportunities in the power sector. The company is on track to commission ongoing projects for power generation, battery storage and green hydrogen production.

PC Jeweller (+9.99%) received approval from Punjab National Bank for its One Time Settlement (OTS) proposal to settle outstanding dues.

Larsen & Toubro’s (L&T) (+0.13%) renewable arm has finalised mega orders with a leading developer in the Middle East to build two gigawatt scale Solar PV plants. The plants will have a cumulative capacity of 3.5 GW. The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.

Man Industries (India) has received a line pipe order of around Rs1,850 crore which is the largest single order in the company’s history.

Cupid (-2.06%) opened new mother warehouse in Bhiwandi, Mumbai. This initiative is in response to the growth of its business-to-consumer segment. Launched just six months ago, Cupid's consumer business, under the brand names ‘Cupid’, ‘Cupisure’, and ‘Cupikit’, has already made an impact, contributing over 14% to the company's total revenue.

Coforge (-0.32%) completed the acquisition of 7,639,492 equity shares aggregating to 27.98% of paid up share capital of Cigniti Technologies (Cigniti).

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