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Jio Financial Services Q1 profit dips 6%; shares slip over 2%
Jio Financial Services Ltd, the financial services arm of RIL, reported a 6 per cent decline in consolidated net profit to ₹313 crore in the first quarter ended June 2024.
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Sensex, Nifty fall after FM hikes STT on F&O
Sensex and Nifty tanked after Finance Minister Nirmala Sitharaman announced a hike in STT (Securities Transaction Tax) on F&O (Futures and Options) securities. The 30-share BSE Sensex jumped as soon as Nirmala Sitharaman began presenting the Budget for 2024-25. But, within minutes, it slipped in the red and later dropped 1,266.17 points to 79,235.91 during the afternoon trade. The NSE Nifty also ticked higher as the Finance Minister began the presentation. However, volatile trends soon came in and the benchmark later tanked 435.05 points to 24,074.20. The BSE benchmark had climbed 264.33 points to 80,766.41 in early trade. The Nifty had gone up 73.3 points to 24,582.55. Nirmala Sitharaman on Tuesday said the government plans to raise the capital gains exemption limit on certain financial assets to Rs 1.25 lakh per year for the middle and upper middle class. Presenting the Budget for 2024-25, she announced a hike in STT (Securities Transaction Tax) on F&O (futures and options) securities by 0.02 per cent and 0.1 per cent. This is the first Budget during Prime Minister Narendra Modi-led government's third term…
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Jewellery stocks shine as Govt slashes basic custom duty on gold, silver
Shares of gold and jewellery retailers surged on Tuesday after Finance Minister Nirmala Sitharaman said the Government will reduce the basic customs duty on the yellow metal and silver to 6 per cent.
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Markets extend losses for 5th session; metal, bank stocks major drag
Equity market benchmark indices Sensex and Nifty stayed on the back foot for the fifth straight session on Thursday as investors offloaded metal, banking and finance stocks amid a lacklustre trend in global markets.
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Axis Bank stock plunges 7% amid concern over credit cost
Shares of Axis Bank slumped nearly 7 per cent on Thursday to ₹1,150.50 on the NSE due to concern over credit costs. The bank on Wednesday reported a 5.66 per cent rise in consolidated net profit for the June quarter at ₹6,436 crore. However, its gross non-performing assets (GNPA) increased sequentially.
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Broker’s call: Embassy REIT (Add)
Target: ₹415
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Sensex rebounds 1,293 points, Nifty ends at record high on value buying after 5 days of losses
The benchmark Sensex rebounded by 1,293 points, while the broader Nifty shot up nearly 2 per cent to a record high on Friday, cutting short its five-day losing streak on heavy value-buying at lower levels and a rally in blue-chips like Reliance Industries.
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Broker’s call: Bikaji Foods (Add)
Target: ₹760
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Sanstar ends 21% higher on listing day
Shares of Sanstar debuted on postiive note on Friday after blockbuster IPO. As against the IPO price of ₹95, the stock was listed at ₹109 on the NSE and rose further to ₹128.79 before settling at ₹115.07, up 21.25 per cent. On the BSE, the stock close at ₹115.09.
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Sensex, Nifty expected to open weak; analysts foresee volatility
Indian benchmark indices Sensex and Nifty are expected to open with a downward bias on Thursday amid weak global cues. With the Budget being negative for markets (due to taxes on investments and STT) and weaker-than-expected results reported by India Inc. so far, analysts expect the correction to set in sooner. Gift Nifty at 24,142 points to a weak start as Nifty August futures are ruling at 24,492.