Stock Market LIVE Updates: GIFT Nifty indicates a positive start; US, Asian markets gain

Abu Dhabi Investment Authority has bought a 1.3% stake in the company at an average price of Rs 720.15 per share.

Macquarie Bank sold a 0.77% stake in the company at an average price of Rs 101.09 per share via open market transactions.

The board of directors of Britannia Industries at their meeting held on July 2, 2024, approved the appointment of Dr. Urjit Patel and Mr. Sunil Siddharth Lalbhai as additional non-executive independent directors of the company for a term of 5 consecutive years with effect from 2nd July, 2024 upto 1 st July, 2029 (both days inclusive), subject to the approval of the members at the ensuing Annual General Meeting of the company scheduled to be held on Monday, 12th August, 2024.

JSW Tuticorin Multipurpose Terminal,a subsidiary of JSW Infra, has entered into a concession agreement on July 02, 2024 with V.O. Chidambaranar Port Authority, Tamil Nadu, for development Mechanization of North Cargo Berth-III (NCB-III) for Handling Dry Bulk cargo at V.O. Chidambaranar Port on Design, Build, Finance, Operate and Transfer (DBFOT) Basis.

The company will develop and Mechanize a new 7 MPTA Cargo Berth III at the V.O. Chidambaranar Port.

The company will leverage its operational capabilities of handling bulk products and increase its cargo share on the East Coast.

HDFC Mutual Fund via HDFC Small Cap Fund sold a 1.34% stake in the company at an average price of Rs 219.41 per share.

Valentis Advisors sold 0.65% shares in the cement company at an average price of Rs 304.93 per share.

Gold prices were flat on Wednesday as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates.

Spot gold was nearly unchanged at $2,329.66 per ounce. U.S. gold futures gained 0.2% to $2,338.70.

The global infrastructure EPC major has secured new orders worth Rs 1,017 crore in T&D and renewables businesses. The transmission and distribution business has secured orders for an EPC project and the supply of towers in the Middle East.

RVNL has emerged as the lowest bidder for a contract worth Rs 132.6 crore from Central Railway. The contract involves OHE modification work for the up-gradation of the existing 1 x 25 kV electric traction system to a 2 x 25 kV AT feeding system in the Wardha-Ballarshah Section in Nagpur division of Central Railway to meet the 3000 MT loading target.

On Tuesday, the markets began the session at yet another record level of 24,230 but a fall in the Mid and Smallcap segments dragged the Index lower to remain rangebound for the rest of the day. With a loss of 18.10 points, Nifty50 settled the trade at 24,123.85.

Among the sectors, the IT sector was the top gainer followed by Media; and on the flip side, PSU Banks and FMCG were the major laggards. Mid and Smallcaps corrected by 0.78% and 0.45% and underperformed the Frontline Index.

Nothing has changed as the strong uptrend is intact and buying on dips will be an ideal strategy. The downside seems to be protected at a psychological support of 24,000 while 24,230 will be an immediate resistance.

Motilal Oswal Financial Services has received administrative warning on July 02, 2024 issued by SEBI vide its letter dated June 28, 2024 and advised to be careful in future for minor operational related matters.

Kotak Mahindra Bank on July 2 said that the Securities and Exchange Board of India (SEBI) has issued a show cause notice dated June 26 to Hindenburg Research, Kingdon, persons related to them as well as K India Opportunities Fund Limited.

SEBI’s allegations relate to short selling of the stock of Adani Enterprises Ltd. prior to the publication of a report by Hindenburg on January 25, 2023, the lender said in a regulatory filing. The transactions in respect of which the above allegations are being made were made by the Fund on the advice, and for the benefit, of its investor Kingdon, the bank clarified.

K- India Opportunities Fund (KIOF) and Kotak Mahindra International Ltd (KMIL) are clients of Kotak Group.

Regarding the notice, Kotak Mahindra Bank issued a clarification saying that Kingdon never disclosed to KMIL that they had any relationship with Hindenburg nor that they were acting on the basis of any price sensitive information. Read More