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Tata Steel recovers early losses as Q1 earnings beat Street’s estimate

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Despite the drop in Tata Steel’s first-quarter figures, the company’s revenue as well as net income still exceeded market expectations, staving off a decline in the share price. Tata Steel shares recovered their first loss on July 25 as the company’s better-than-expected earnings for the April-June quarter supported sentiment. The stock opened one percent lower, …

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Buy HDFC Life Insurance Company; target of Rs 779: Religare Retail Research

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Religare Retail Research upbeat on HDFC Life Insurance Company recommended a buy rating on the stock with a target price of Rs 779 in its research report dated 24 July 2023. Religare Retail Research Report on HDFC Life Insurance Company HDFC Life’s premium revenue growth in Q1FY24 remained low and in line with expectations at …

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Tata Motors hits 52-week high as JLR India reports record Q1 sales

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Shares of Tata Motors Limited rose more than one percent to hit a 52-week high of Rs 639.50 as of 9:20 a.m. on July 25, with seven thousand shares traded on the NSE. The company’s wholly-owned subsidiary, Jaguar and Land Rover (JLR) India, reported its best-ever first quarter revenue, up 102%. The company recorded a …

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Zomato gains after it initiates liquidation of Portugal-based subsidiary

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Zomato Limited jumped 1.12% in morning trading 24/7 after the food delivery platform announced it had begun the process of liquidating its Portugal-based subsidiary. Zomato Media Portugal is not a significant subsidiary and its liquidation will not affect Zomato Limited’s revenue or income, the food aggregator said in an after-hours filing on July 21. The …

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Karnataka govt divided over 28% GST on real-money gaming

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Karnataka, home to major skill game companies like Gameskraft and Mobile Premier League, seems divided over the GST Council’s recent decision to levy a 28% tax on the real money online gaming sector. Karnataka Revenue Minister Krishna Byre Gowda, who represents the Parliament-run state on the GST council, did not object to the decision. “He …

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AU Small Finance Bank tumbles 5% as asset quality deteriorates in Q1

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Shares of AU Small Finance Bank fell more than 5% in early trading on July 24 after the lender announced a decline in asset quality in the April-June quarter. Despite recording 44% year-over-year growth in net profit, the lender’s asset quality deteriorated in the first quarter. Lenders’ total bad assets increased to 1.76% in the …

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RIL Q1: Brokerages remain bullish, say numbers in-line

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JP Morgan said RIL’s operating profit was stable and the stock now offers many potential catalysts. RIL reported a consolidated net profit of Rs 18,258 crore for the June quarter, down 5.9% year-on-year, with weak performance in the petroleum to chemicals segment partially offsetting the strong growth of its consumer businesses. Analysts continued to be …

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Byju’s vacates its biggest office space in Bengaluru to save costs

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Byju, India’s best-known information technology company, has left its biggest office in Bengaluru, as it seeks to cut costs and increase liquidity despite funding delays. He also gave away a portion of other office space in the city, sources said. Byju`s owns three offices in Bengaluru, including the 5.58 lakh square foot property in the …

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Reliance Jio Q1 net profit rises 12% YoY to Rs 4,863 crore

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Jio Infocomm, the telecom division of Reliance Industries, on July 21 announced standalone net profit for the quarter ended June at Rs 4,863 crore, recording a year-on-year growth of 12.17%. Compared to the previous quarter, an increase of 3.11%. Its operating revenue stood at Rs 24,042 crore, up 9.91% year-on-year. Sequentially, it was up 2.76% …

Reliance Jio Q1 net profit rises 12% YoY to Rs 4,863 crore Read More »

Recovery in dollar may strain commodities; central banks in focus next week

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After hopes of a pause in interest rate hikes by the US Federal Reserve sparked euphoria last week, global markets turned cautious amid mixed US earnings and data. The dollar recovered from a 15-month low of 99.57 hit earlier in the week after an unexpected drop in US jobless claims showed signs the labor market …

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