Latest Stock Market News

CA Rudramurthy BV suggests Nifty and Bank Nifty are currently weak, advising against shorting now. He recommends focusing on stocks with relative strength, highlighting Indian Hotels with a target of Rs 800 and IndiGo with a target of Rs 6,000. He suggests being sector-specific, favoring pharma, FMCG, chemicals, and insurance.

Umiya Mobile is set to list on the BSE SME platform after a strong IPO response from retail and HNI investors. Despite impressive revenue growth and a significant jump in PAT, the grey market premium is at Rs 0, suggesting a potentially flat or discounted listing. The company plans to use IPO proceeds for debt repayment and general corporate purposes.

Repono, a warehousing and logistics company specializing in hazardous goods management, is set to debut on the BSE SME platform on August 4. The IPO, a fresh issue of 27.79 lakh shares at Rs 96 each, aims to raise Rs 26.68 crore. Fueled by anchor investor confidence and strong financial performance, the listing anticipates a positive market reception.

BLT Logistics launched its Rs 9.72 crore IPO today, offering 12.96 lakh shares at Rs 71–75 each. The IPO will close on August 6, with a tentative BSE SME listing on August 11. Retail investors can apply for a minimum of two lots.

Cholamandalam Investment reports vehicle finance disbursement grew by 7%. Assets under management increased by 18%. Home loan AUM saw a 33% year-on-year rise. The company maintains its AUM growth target of 20-25% for the full year. Borrowing plans involve raising Rs 7,000-10,000 crore monthly. Gold loan business expands to 120 branches by Q2.

Essex Marine, a seafood firm, has launched its initial public offering today. The IPO aims to raise funds for expansion and debt repayment. The company will use the proceeds to increase seafood peeling capacity. They also plan to establish a ready-to-cook section. Retail investors can apply for the IPO. The IPO is scheduled to close on August 6.

Godrej Properties is preparing to issue its largest corporate bond offering to date, aiming to raise approximately 20 billion rupees ($230 million). The real estate developer plans to sell bonds with maturities ranging from three to five years.

Foreign portfolio investors (FPI) significantly increased their investments in the Indian primary market in July, reaching $1.7 billion, driven by a surge in IPO activity. However, FPIs became net sellers in the secondary market due to global uncertainties, resulting in a net outflow when considering both primary and secondary markets.

Indian banks are facing challenges. CASA ratios of top lenders have decreased. This decline affects their net interest margins. HDFC Bank and IndusInd Bank experienced significant drops. Kotak Mahindra Bank saw the sharpest fall. Banks are now relying on costlier funding sources. Some banks are cutting savings account interest rates. This shift impacts core profitability for Indian banks.