Stocks in focus: The GIFT Nifty recorded a 0.02% gain during Thursday’s early trading session, with a value of 19,844.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs again and ended Wednesday’s trading session broadly in green. The Nifty 50 rose 0.42% to 19,833.15 while Sensex rose over 300 points to settle at 67,097.44.
“Despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs. Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation,” said Vinod Nair, Head of Research at Geojit Financial Services.
L&T Finance Holdings
The consolidated net profit of L&T Finance Holdings jumped 103% on-year in April-June due to a growth in its retail loan book. The non-bank lender posted a bottom line of Rs 531 crore, up 6% on a sequential basis.
Federal Bank
Federal Bank launched a QIP and set the floor price at Rs 132.59. Additionally, the board of directors of Federal Bank will meet on July 21 to consider issuing up to 72.68 million equity shares on a preferential basis to International Finance Corp, IFC Financial Institutions Growth Fund and IFC Emerging Asia Fund at Rs 131.91 apiece.
LIC
Life Insurance Corporation of India announced that it has appointed Sat Pal Bhanoo as the managing director of the company. Sat Pal Bhanoo will take charge from Siddhartha Mohanty, who has been appointed as chairman of the firm in April.
Olectra Greentech
Olectra Greentech awarded Megha Engineering & Infrastructure a Rs 395.12 crore contract to construct a greenfield electric vehicle manufacturing facility at Seetharampur, Hyderabad. The total consideration for this project is Rs 395.12 crore.
Dr Reddy’s Laboratories
Dr Reddy’s Laboratories received zero observations from the US FDA following its inspection at the drug maker’s API manufacturing facility in Srikakulam.