Share Market Today
July 1 2024
###Global###
US markets
The Wall Street or US markets closed on a lower note on Friday. The broader market index, the S&P 500, fell 0.41% to close at 5,460.48. Similarly, the tech-heavy Nasdaq Composite pulled back 0.71% to settle at 17,732.60. Following the trend, the Dow Jones Industrial Average dropped 45.20 points, or 0.12%, to end at 39,1118.86.
US Dollar
The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading down 0.21% at 105.63 on Monday morning.
Crude Oil
WTI crude prices were trading at $81.84 up by 0.36%, while Brent crude prices were trading at $85.28 up by 0.33%, on Monday morning
Asian Markets
Asian markets were trading mixed on Monday morning. Japan’s Nikkei 225 was trading up 0.34% at 39,719. The Korean index Kospi was down 0.15% at 2,794. The Asia Dow was trading 0.21% higher at 3,581.34. Hang Seng was flat at 17,719. The benchmark Chinese index Shanghai Composite was also down 0.01% at 2,967.
###Companies###
BEL:Bharat Electronics (BEL) said that it has signed a contract valued at Rs 3,172 crore with Armoured Vehicles Nigam (AVNL) on June 28, 2024. The project entails the supply and installation of an advanced, indigenously designed and developed sighting and fire control system (FCS) for the upgrade of BMP 2/2K Tanks of the Indian Army, along with a comprehensive engineering support package
ITC: Consumers spent Rs 32,500 crore to buy Kolkata-based ITC’s fast-moving consumer goods (FMCG), excluding cigarettes, in financial year 2023-24, the company said in its annual report released on Friday. This represents a growth of 12% against last year (FY23), when consumer spends on FMCG products stood at Rs 29,000 crore, a 21% increase year-on-year. The modest rise in consumer spending can be attributed to weak demand and competitive intensity in FY24, the company said.
Also, Sanjiv Puri, chairman and managing director (CMD) of ITC, was the highest-paid chief executive officer (CEO) among some of the country’s top fast-moving consumer goods (FMCG) peers in FY24. Annual reports for a few FMCG firms, including Hindustan Unilever (HUL) and Nestle India, have been released so far
Tata Steel:Tata Steel UK has initiated legal action against an employees’ union, terming a decision to strike as “unilateral” and warned potential early shutdown of operations at the Port Talbot facility. The union, Unite, called for a strike on July 8 in response to Tata Steel’s plans to shut blast furnaces three months earlier than planned. Unite described this move as the latest in a “long line of threats” and asserted that it would not deter them
Cochin Shipyard:Udupi Cochin Shipyard, a wholly owned subsidiary of Cochin Shipyard, secured an international order for the construction of eight 6300 TDW (total dry weight) Dry Cargo Vessels. The order worth Rs 1,100 crores was placed by Wilson ASA, a Norway-based company. The contract includes the design and construction of four vessels, with an agreement for an additional four vessels to be formally contracted by September 19, 2024
Godrej Properties:Godrej Properties acquired the leasehold rights to an 11-acre plot of land in Pune. The company plans to develop a residential and commercial project, expecting to generate approximately Rs 1,800 crore in revenue, according to an stock exchange filing.
Jindal Stainless:Jindal Stainless completed the acquisition of Sulawesi Nickel Processing Industries Holdings Pte., a Singapore-based firm. This will facilitate the establishment of a joint venture in Indonesia aimed at investing in, developing, constructing, and operating a stainless steel melt shop
FII, DII Data
Foreign institutional investors (FII) sold shares net worth Rs 23.09 crore. However, domestic institutional investors (DII) bought shares net worth Rs 6,658.31 crore on June 28, 2024, according to the provisional data available on the NSE
STORY HIGHLIGHTS:Share Market Today
