Indian Stock Market Daily Updates
The Indian government has approved the world’s largest food storage scheme, which will cost ₹1 lakh crore (US$14 billion). The scheme will involve the construction of 70 million tonnes of food storage capacity in the cooperative sector, which will help to improve food security in India. The scheme was approved by the Cabinet Committee on … Read more
Patanjali Foods, the food and FMCG arm of the yoga guru Baba Ramdev’s Patanjali Ayurved, has announced a price cut of Rs 30-40 per kg on its products. The price cut is effective from June 1, 2023. The company has taken the price cut in order to pass on the benefits of falling input costs … Read more
The US Federal Reserve (Fed) is expected to raise interest rates by 50 basis points at its June 14-15 policy meeting. This would be the second consecutive 50 basis point rate hike, and it would bring the Fed’s benchmark interest rate to 1.50%-1.75%. The Fed is raising interest rates in an effort to combat inflation, … Read more
Nvidia reached a market capitalization of $1 trillion on May 26, 2023. This made it the fifth US company to achieve this milestone, after Apple, Microsoft, Alphabet, and Amazon. Nvidia’s stock price has been on a tear in recent months, thanks to strong demand for its chips from a variety of industries, including gaming, artificial … Read more
Alan’s Bugles, a popular corn snack brand owned by General Mills, has entered the Indian market in partnership with Reliance Consumer Products Limited (RCPL). The product will be available in three flavors – Original (Salted), Tomato, and Cheese – and will be priced starting at Rs 10. The product will first be launched in Kerala … Read more
Strong quarterly results: Medplus reported strong quarterly results on May 25, 2023. The company’s revenue grew by 35% year-on-year to Rs 1,260 crore, while its net profit grew by 40% year-on-year to Rs 100 crore. Financial Results (Q4 FY2023) – QoQ Comparison Financials Q4 FY2023 Q3 FY2023 % Change Total Income ₹1266.676 crs ₹1201.675 crs 5.41% … Read more
Page Industries shares fell 15% in early trade on May 26, 2023, after the clothing company reported a 59% YoY drop in net profit for Q4 2022-23. Revenue from operations was also down 13%. The company declares 4th interim dividend of Rs. 60. The company attributed the decline in profit to higher raw material costs … Read more
The Union Finance Minister, Nirmala Sitharaman, announced today that the government will issue a ₹75 commemorative coin on the occasion of the inauguration of the new Parliament Building. The coin will be made of silver and will have a diameter of 44 millimeters. It will weigh 35 grams and will have a face value of … Read more
Roto Pumps Ltd has recommended a 1:1 bonus issue. This means that for every share that an investor holds, they will receive one additional share. The bonus issue is subject to the approval of the shareholders at the annual general meeting (AGM) to be held on 30th June 2023. Details of the bonus issue: The … Read more
Life Insurance Corporation of India (LIC) has increased its stake in Tata Power and Bata India. LIC’s stake in Tata Power has increased to 7.935% from 5.917%, while its stake in Bata India has increased to 6.532% from 4.497%. LIC is the largest shareholder in both Tata Power and Bata India. The increase in LIC’s … Read more