Markets

MiraeAsset Mutual Fund Acquires Shares in Equitas Small Finance Bank MiraeAsset Mutual Fund has increased its stake in Equitas Small Finance Bank Ltd. through an open market transaction completed on July 01, 2026. The acquisition reflects the continued interest of MiraeAsset in the financial institution.The purchase by MiraeAsset Mutual Fund resulted in an increase in its holding of Equitas Small Finance Bank Ltd. Following the transaction, the fund's ownership percentage stood at 7.80%, up from a previous stake of 7.48%.The acquisition was carried out via the open market. The details of the holding before and after the purchase are as follows:MetricBefore AcquisitionAfter AcquisitionShares Holding87,629,39089,022,343...

Jay Bharat Maruti Limited Completes Voluntary Delisting from Calcutta Stock Exchange Jay Bharat Maruti Ltd has completed the voluntary delisting of its equity shares from the Calcutta Stock Exchange Limited (CSE). The company was officially delisted as of July 03, 2026.The move follows prior intimation regarding the delisting process, which received approval from CSE vide a letter dated July 02, 2026. As a result, Jay Bharat Maruti is now removed from the official list of the Calcutta Stock Exchange.While the shares are no longer listed on CSE, the company confirmed that its equity shares will continue to be available for trading and remain listed on the National Stock Exchange (NSE) and BSE, providing nationwide trading facilities...

GSM Foils Limited Records Impressive Net Sales Growth in June 2026 GSM Foils Limited reported a robust sales performance for the month of June 2026, showcasing substantial year-on-year growth across its business segments. The company announced its net sales figures, which demonstrate a significant increase compared to the corresponding period in 2025, alongside cumulative sales data for the first quarter.The financial results highlight strong operational momentum at GSM Foils Limited. Net Sales reached Rs. 350,659,254 in June 2026, marking a considerable improvement over the net sales recorded in June 2025, which stood at Rs. 181,760,119. This performance translates to an impressive 92.92% Year-on-Year growth.The company's...

Prospect Consumer Products Clarifies Price Movement Following Market Inquiry Prospect Consumer Products Ltd provided clarification regarding recent significant movements in its security's price, stating that the stock price changes are purely market driven and there are no pending material announcements requiring disclosure from the company.The company addressed inquiries concerning the sharp movement of its shares, confirming that all material events and price sensitive information impacting the operation or performance of the business have been communicated periodically as per regulations.In the clarification provided to the market, Prospect Consumer Products Ltd stated that there are no pending information or announcements by the...

Avenue Supermarts Surges 4% After Q1 Revenue Rockets 15.1%, While Sterlite Tech Faces Setback Post QIP Corporate Updates Driving Stock Volatility in Market Focus Several stocks are expected to remain heavily watched on July 2 as the market digests crucial corporate announcements, significant business updates, and various fundraising plans. The stock-specific action remains a primary driver amid the current volatile market environment.Avenue Supermarts saw its share price leap by 4% following robust Q1 performance. The company reported that its standalone revenue soared 15.1%, reaching Rs 18,343.49 crore. This strong financial update boosted investor confidence in the retail giant.PC Jeweller shares also gained over 4%. This rally...

Nifty IT Surges as Soft US Jobs Data Diminishes Fed Hike Bets; HCLTech Secures Major $1.14 Billion Deal The Nifty IT index registered a significant recovery, rising nearly 2% on July 3. This move extended the index's rally to over six days, driven by softening U.S. jobs data which has eased concerns regarding immediate interest rate hikes by the Federal Reserve. The global shift in risk appetite provided a strong boost for emerging market tech equities.At a trading level of 27,457.45 at 10:08 am, the Nifty IT index continued its upward momentum. Shares of HCLTech and Mphasis showed strong resilience, with both rising up to 4.26% and 3.19%, respectively. This rebound successfully broke a previous four-session losing streak during which...

RBI Unlikely to Hike Inflation Target as Fuel Demand Surges Amid Global Economic Shifts India’s Monetary Outlook and Inflation Positioning Reserve Bank of India (RBI) Governor Sanjay Malhotra suggested that while raising the official inflation target is unlikely at this time, there could be a long-term case for lowering it. This indication comes amidst observations regarding how well anchored inflation remains in the Indian economy.The discussion indicates a sustained focus on managing price stability. By maintaining an anchor on inflation expectations, RBI aims to ensure macroeconomic stability across critical sectors of the domestic market.Resilient Fuel Demand Drives Consumption Growth Fuel consumption in India showed remarkable...

Bank of Baroda Stock Plummets as NMC Settlement Weighs; PSU Banking Sector Lags Amid Market Gains Bank of Baroda (BOB) shares experienced significant selling pressure on Friday, falling nearly 4 percent in morning trade. This drop occurred amid investor reactions to the lender's recent $600 million settlement concerning the long-running NMC Health litigation. The stock traded around ₹250 at the time of trading, marking a decrease of 3.9 percent and positioning it among the top decliners on the Nifty 500.The decline in Bank of Baroda has been persistent throughout the year. Its stock has declined by 16.7 percent so far this year, which is notably sharper compared to the 7 percent fall registered by the Nifty 50 over the same period...

Elgi Rubber Surges as Momentum Stocks Rally on Technical Breakouts; MosChip and Zensar Post Strong Gains Several stocks, driven by decisive technical breakouts and sustained buying interest, grabbed attention on July 3. In a period lacking fresh overarching sector-specific catalysts, these high momentum names continued their upward trajectory, trading significantly above key moving averages.Stocks Riding Technical Momentum Surge Elgi Rubber witnessed robust bullish strength, rallying 14.3% to ₹54.80. The stock is currently trading above all its major moving averages: the 30-day, 50-day, 150-day, and 200-day simple moving averages.MosChip Technologies also advanced strongly, gaining 6% to reach ₹222.92. This gain reflects continued...

RBI Auction Results Shock Market: GS 2036 Security Underwritten at ₹34,000 Crore; Check ACU Commission Rate Reserve Bank of India Concludes Underwriting Auction for Government Securities The Reserve Bank of India (RBI) has released the official results of the Additional Competitive Underwriting (ACU) auction conducted on July 03, 2026. This auction focused on a specific Government Security (GS 2036), setting crucial benchmarks for the underwriting commission payable to Primary Dealers.The RBI's announcement provides complete details regarding the commitments and accepted amounts across all participating entities in this significant securities auction. The results underscore the active participation and commitment seen from financial...

Marcan Pharmaceuticals Acquires Class E Special Shares in Mantra Pharma Inc. for CAD $50 Million Emcure Pharmaceuticals Ltd's subsidiary, Marcan Pharmaceuticals Inc., has entered into a share purchase agreement to acquire all of the Class E Special Shares of Mantra Pharma Inc., completing a significant transaction within its steps-down subsidiary structure. The acquisition was finalized on July 2, 2026.Mantra Pharma Inc., which operates in Canada and focuses on the marketing and distribution of prescription drugs and natural health products, is one of the entities involved. Marcan Pharmaceuticals Inc. purchased all Class E Special Shares from certain shareholders of Mantra. Following this purchase, Mantra remains a wholly-owned...

Mastek Recognized in Landmark Publication Honoring Contributions to United Kingdom Mumbai: Mastek, a trusted provider of AI-first digital engineering and cloud transformation services, has been featured in '100 Years in Monarchy and Democracy,' a significant publication celebrating organizations that have contributed substantially to the United Kingdom (UK) over the past century. The recognition highlights the company's longstanding commitment and technology-led contributions to modern Britain.Published by St James's House in collaboration with the History of Parliament Trust, the publication delves into the evolution of Britain's constitutional and democratic institutions. Mastek was selected for inclusion specifically due to its...

Nestle India Declares Special Dividend of Rs 2 Per Share Nestle India Limited has announced a special dividend for 2026, declaring a payment of Rs 2/- per equity share. The dividend is payable from July 30, 2026, and will be disbursed along with the final dividend for the financial year 2025-26.The Board of Directors declared the special dividend following its meeting held on July 3, 2026. Each equity share, which carries a face value of Re. 1/-, was included in the calculation. The company’s total issued, subscribed, and paid up equity share capital stands at 1,928,314,320 shares.The payment is sourced from the retained earnings of the Company. As per Nestle India’s standalone audited financial statements for the financial year...

PB Fintech Plunges 8% as Temasek Stake Selldown Hits Market, Triggers Major Investor Exodus Block Deal Sparks Significant Dip in Policybazaar's Shares Shares of PB Fintech, the parent company of Policybazaar, saw a sharp decline on Friday. The stock plummeted nearly 8 percent in early trading after a large block deal was executed. This significant transaction involved 2.37 percent of the company's equity changing hands.PB Fintech shares were trading at ₹1,553.6, reflecting the heavy selling pressure. This movement comes amidst speculation regarding the exit plans of major institutional investors. The stock, which commands a market capitalization exceeding ₹72,000 crore, is currently down about 14 percent this year.Analyzing the...

Bluspring Subsidiary Awarded Rs 1,437 Crores Contract for Power Plant Operations at Vedanta AluminiumBluspring Enterprises Limited's wholly-owned stepdown subsidiary, STEAG Energy Services (India) Private Limited, has secured a significant contract with Vedanta Aluminium Metal Limited. The deal involves the comprehensive operations and maintenance of VAML’s Captive Power Plant.The contract details an estimated aggregate value of Rs 1,437.17 Crores, which includes additional services, and is set to remain in force for a period of five years.STEAG Energy Services (India) Private Limited was awarded the order by Vedanta Aluminium Metal Limited (VAML), a domestic entity. The contract covers the comprehensive Operations and Maintenance...

Government Moves to Unlock 30,000 Tonnes of Idle Gold by Integrating Jewellers into GMS The government is intensely exploring a significant proposal: allowing jewellers to participate in a revamped Gold Monetisation Scheme (GMS). This move aims directly at unlocking an estimated 30,000 tonnes of gold currently lying idle within Indian households.This initiative seeks to make the scheme more attractive to consumers. Currently, this integration would be the first instance where jewellers are formally brought into the GMS framework.Rationale Behind Jeweller Inclusion in Gold Monetisation Scheme The proposed overhaul is a calculated effort by the Centre. It aims to channel dormant household gold into India's formal financial system. By...

HCL Technologies Surges Over 4% on Massive $1.14 Billion AI Digital Transformation Deal Shares of HCL Technologies experienced a significant rally on Friday, soaring by more than 4 percent. This ascent made the IT services company the top gainer among the Nifty 50 stocks for the day. The positive momentum followed the announcement of a major strategic partnership secured with an unnamed Europe-headquartered Fortune Global 50 firm.Details of the AI-Driven Strategic Partnership HCLTech announced that it has signed a substantial agreement to develop and manage an artificial intelligence (AI)-driven operating model. This deal involves transforming and overseeing the client's global digital workplace and enterprise network services. The...

Sensex Surge: Market rallies as Easing Fed Rate Hike Bets Fuel Robust Gains Across India Equity markets saw a positive trend at the open on July 3, with key benchmarks rising as concerns surrounding near-term interest rate hikes by the Federal Reserve began to subside. The sentiment shift provided a strong tailwind, encouraging increased risk appetite across global emerging markets, benefitting Indian equities significantly.Market Performance and Domestic Gains The Sensex closed out the morning strongly at 78,000.81, marking an increase of 498.69 points or 0.64 percent. Concurrently, the Nifty registered a gain of 157.35 points or 0.65 percent, settling at 24,333.05.In domestic stock activity, fifteen out of the sixteen major...

Engineered Fabrics Maker Kusumgar Sets Price Band for ₹4,400 Crore IPO Mumbai's engineered fabrics specialist, Kusumgar, has finalized the price band for its Initial Public Offering (IPO), setting the offering at Rs 398-419 per share. The public issue is scheduled to commence on July 8 and close on July 10.The IPO, with a total size of Rs 650 crore, represents an Offer For Sale (OFS) exclusively by the promoters: Siddharth Yogesh Kusumgar, Sapna Siddharth Kusumgar, and Siddharth Yogesh Kusumgar HUF. This means all net proceeds from the public issue will be received by these selling shareholders.IPO Structure and Retail Investor Allocation Investors can acquire a minimum of 35 equity shares in multiples of 35 thereafter. At the upper...

Rupee Snaps Losing Streak as Soft US Jobs Data Sinks Dollar Index The Indian rupee registered a notable turnaround on July 3, gaining 19 paise and breaking its four-day losing streak. The currency strengthened amid signs of slowing global economic momentum, specifically following weak jobs data released from the United States.The local currency traded at Rs 95.20 per dollar in the trading session, marking a clear improvement from the previous close of Rs 95.39 per dollar. This movement was driven by the decline in US Dollar strength as the market reacted to diminished expectations regarding near-term interest rate hikes by the Federal Reserve.Weak US Payrolls Lead to Dollar Retreat The primary driver for the currency move was the...