Stock Market Today: Nifty crosses the 19800-mark while the Sensex opens at more over 66950 points. As investors wait for the release of the Reserve Bank of Australia’s July policy meeting minutes, the Asia-Pacific markets were mixed on Tuesday.
While the Nikkei 225 and the Topix in Japan increased 0.81% and 0.76% respectively as Japan prepares for important economic data later this week, including its trade balance and consumer price index, the S&P/ASX 200 in Australia began lower by 0.25%.
Dollar teeters near one-year low
In response to last week’s lower-than-expected U.S. inflation report, the dollar swayed close to a more than one-year low against its key peers on Tuesday as investors watched new catalysts to determine whether the greenback still had room to fall.
The U.S. dollar index, which compares the dollar to a basket of six different currencies, slightly decreased to 99.84 in early Asian trading on Monday after falling to its lowest level since April 2022 on Friday.
Stock Market Today: Stocks in focus
LTIMindtree
For the quarter ended June FY24, the technology consulting and digital solutions company’s consolidated profit increased by 3.4% sequentially to Rs 1,151.5 crore, mostly due to other income and operating margin. To reach Rs 8,702.1 crore, operating revenue increased by 0.13% on a quarterly basis, while revenue growth in constant currency and dollars increased by 0.1 percent each. When it comes to operations, EBIT climbed by 2.1% sequentially to Rs 1,450.8 crore, and the quarter’s margin increased by 32 bps.
Sheela Foam
The board has given the go-ahead for the manufacturer of polyurethane foam to acquire House of Kieraya (Furlenco), a furniture company, and Kurlon Enterprise, a manufacturer of foam and coir-based home comfort goods. Sheela Foam will pay Rs 2,150 crore to purchase a 94.66% share in Kurlon Enterprise, and the transaction is expected to close by or before November 30, 2023. In contrast, it will pay Rs 300 crore to acquire a 35% stake in Furlenco.
Tata Elxsi
Due to a poor operating margin, the design-led technology services company saw a 2.2% year-over-year increase in profit for the quarter ended June FY24, coming in at Rs 188.85 crore. In comparison to the same period last year, operating revenue increased by 17.1% to Rs 850.3 crore. In terms of operations, EBIT climbed by 4.1% year over year to Rs 230.1 crore, but the quarter’s margin dropped by 340 bps to 27.1%.
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