GIFT Nifty traded 70 points or 0.28% lower at 24,882.50 on Tuesday, indicating a negative start for domestic indices NSE Nifty 50 and BSE Sensex. On Monday, NSE Nifty 50 closed 1.25 points or 0.01% higher at 24,836, while BSE Sensex closed 23 points or 0.03% higher at 81,355.84.
Tata Steel: Tata Steel acquired 5.57 billion equity shares in its Singapore-based arm for $875 million. In May, Tata Steel’s board had approved infusion of capital in T Steel Holdings Pte Ltd (TSHP) through subscription of shares in one or more tranches.
Bharti Airtel: Bharti Airtel on Monday said it is reusing its existing 4G spectrum in the 1800 MHz, 2100 MHz and 2300 MHz bands to meet the growing traffic demand on 5G networks. Reusing spectrum means that the frequency is being used for another technology (5G in this case).
RVNL: Rail Vikas Nigam Limited (RVNL) has placed the lowest bid for development of distribution infrastructure in the central region of Himachal Pradesh. The order is worth Rs 739.07 crore.
Kansai Nerolac Paints: Kansai Nerolac Paints has released its fiscal first quarter numbers, with the company’s profit falling 68.7% to Rs 230.83 crore as against Rs 738 crore in the first quarter of the previous fiscal. The company reported revenue from operations at Rs 2133.06 crore, marginally lower than Rs 2156.80 crore in the same quarter last year.
HPCL: HPCL reported a net profit of ₹355.8 crore in Q1 FY24, a decline of 94.2% as compared to a profit of ₹6,203.9 crore in the same quarter last year. The decline is mainly due to weak marketing margins of petroleum products and lower refining margins.
PNB Housing Finance: Carlyle Group’s Quality Investment Holdings PCC plans to divest up to 6.4% of its stake in PNB Housing Finance. The block deal will be worth ₹1,255.6 crore, with a floor price of ₹755 per share. The company’s performance has been relatively weak this year, with the stock rising only 1.2%.
Colgate-Palmolive: Colgate-Palmolive reported a net profit of ₹364 crore in Q1 FY24, up from ₹273.7 crore in the same quarter last year. This represents a growth of 33% and is also higher than CNBC-TV18 estimates, which had predicted a profit of ₹332 crore.
ACC: ACC reported a net profit of ₹359.7 crore in Q1, a decline of 22.8% compared to ₹466 crore in the same quarter last year. The company’s total income stood at ₹5,154.9 crore, up from CNBC-TV18 estimates, but the drop in profit has worried investors.
Kalpataru Projects: Kalpataru Projects reported a net profit of ₹84 crore in the June 2024 quarter, a decline of 26% compared to ₹113 crore in the same quarter last year. However, the company’s total income stood at ₹4,609 crore, which is an increase compared to the previous year.
Tata Steel: Tata Steel has acquired 557 crore equity shares in its Singapore-based affiliate for $875 million.
KEI Industries: KEI Industries reported a net profit of ₹150.2 crore in the first quarter of FY 2024 as against ₹121 crore in the same quarter last year, showing a growth of 23.8%.
Pfizer: Pfizer also reported a net profit of ₹150.7 crore, up 61.2%, while Jindal Saw reported a profit of ₹441.1 crore, up 66.7%.
