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<keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in the red. While Sensex dipped around 166 points to close at 78,593.07, well below the 80,000 mark it had breached recently, Nifty closed 0.26% down at 23,992.55, marginally below the 24,000 mark, as of August 6th, 2024. <keyword id="20107252" type="General" weightage="20" keywordseo="Britannia" source="keywords" meta.keywordsubtype="org" meta.entityname="Britannia" meta.hostid="261" meta.entityid="Britannia">Britannia</keyword> (up by 2.81%), <keyword id="19971670" type="General" weightage="20" keywordseo="JSW-Steel" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Steel" meta.hostid="261" meta.entityid="JSW Steel">JSW Steel</keyword> (up by 2.35%), <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> (up by 1.74%), <keyword id="20531945" type="General" weightage="20" keywordseo="Larsen-and-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen and Toubro" meta.hostid="261" meta.entityid="Larsen and Toubro">Larsen and Toubro</keyword> (up by 1.70%) and <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindustan Unilever" meta.hostid="261" meta.entityid="Hindustan Unilever">Hindustan Unilever</keyword> (up by 1.54%) were amongst the top gainers during the day. On the other hand, <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> (down by 4.28%), SBI Life (down by 2.43%), BPCL (1.84%), Shri Ram Finance (down by 1.71%) and SBI Life (down by 1.47%) were the leading laggards. Out of the 2,813 stocks traded during the day, 1,031 stocks saw advances, while 1,703 saw declines, and another 79 remained unchanged. 72 stocks hit their 52-week high price, while 51 stocks also hit their 52-week low price today. 108 stocks hit the upper circuit, or maximum permissible price in a single trading session, while 131 stocks remained in the lower circuit. All broad market indices closed the day in red. India VIX dipped 7.97%, and amidst sectoral indices, financial services and PSU banks dropped over 1% each at the close of day's trade. With the exception of FMCG, IT, media, metal and realty, which managed marginal gains, all other sectors closed in the reds. Aditya Gaggar, director of Progressive Shares explains that although a strong opening reaching higher levels was seen in the opening trade; the index failed to hold its gains and gradually erased it. In the 2nd half of trading, selling pressure intensified, and the index wiped off all its gains to end the session at 23,992.55 with a loss of 63.05 points. "A mixed trend was seen across the board, where realty and IT were the top gainers, while PSU Banks corrected the most, followed by auto. From the broader markets, midcaps and small caps corrected by 0.61% &amp; 0.39% respectively, and underperformed the frontline index. The near-term outlook for Nifty50 turned bearish, unless it gives a convincing move above 24,400 while on the downside, 23,880 will be considered as immediate support", Gaggar continued. Shrikant Chouhan, Head Equity Research, Kotak Securities noted that while today, the markets opened higher due to positive Asian markets, they failed to sustain these levels and closed at the day's lowest point. "Although the market did not break the previous day's lows, it closed below the closing of the previous day. Apart from Nifty realty, metal, and IT, other indices closed in the red. Based on the short-term market structure, the trend-setting levels are 23,900/78,290. If the market falls below this, it may decline to 23,700 or 23,600/78,000-77,800, where it has support from retracements and long-term averages. It's advisable to consider selective buying around this level. On the upside, the major resistance levels are 24,150/79,000 and 24,400/79,700. It's recommended to reduce weak long positions around 24,300/24,400", he said. Rajesh Bhosale, Equity Technical Analyst, Angel One highlighted that the momentum favored the bears, and that the possibility of intermittent rebounds cannot be ruled out. "Therefore, any such bounces, similar to today, should ideally be viewed as selling opportunities. As for key levels, 24,250 appears to be immediate resistance, while the 24,350 - 24,400 range remains a challenging barrier for the bulls. Only a close above this range could potentially revive some positive momentum in the market. On the downside, immediate support is seen at 23,900 - 23,850, below which the Nifty may slip towards the 23,600 - 23,550 levels. Traders are advised to monitor these levels closely and adjust their trades accordingly, while also keeping an eye on global developments, as our markets are particularly influenced by global momentum", Bhosale continued. On the global front, oil prices rose by over 1% today, bouncing back from yesterday's losses, due to supply concerns stemming from the escalating Middle East conflict and strong U.S. services data. However, the fear of Iran retaliating against recent attacks in the region has increased fears of a broader war, threatening global supply stability and impacting oil forecasts. Furthermore, the US ISM Services PMI for July came in at 51.4, slightly above the month's forecast (51) and higher than June's reading (48.8). This is a positive sign, since it indicates a rebound in services sector, improvement in business activities, new orders and employment across industries like finance, healthcare and more. "With the Federal Reserve’s interest rate strategy under scrutiny, any positive US economic data could support the case for rate cuts", continued Chouhan. In response, global indices were seen trading in green. Nikkei 225 in particular, which had dropped around 12.4% yesterday, witnessing its worst crash since 1987, sharply rebounded about 3,217.04 points, or 10.23% to close at 34,675.46 points.

Stock market closing: Nikkei makes a sharp rebound, Sensex ends below 79k and Nifty slips below 24k

Both <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> made a sharp rebound from their previous day lows, which came on the back of weak <keyword id="22682523" type="General" weightage="20" keywordseo="US-employment-data" source="keywords">US employment data</keyword> and <keyword id="22682524" type="General" weightage="20" keywordseo="Yens-carry-trade" source="keywords">Yen's carry trade</keyword> unwinding. While Sensex inched up over 800 points to trade at 79,617.65, Nifty rose 1.06% to trade at 24,316.55 points as of 9:35 am on August 6th, 2024. <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> inched up by over 3% each, while <keyword id="19950117" type="General" weightage="20" keywordseo="Maruti" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti" meta.hostid="261" meta.entityid="Maruti">Maruti</keyword>, <keyword id="20531945" type="General" weightage="20" keywordseo="Larsen-and-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen and Toubro" meta.hostid="261" meta.entityid="Larsen and Toubro">Larsen and Toubro</keyword>, Tech Mahindra rose by over 2% in early trade. On the other hand, Apollo Hospitals, SBI Life and HDFC Life were amidst the leading laggards. Almost all broad market indices, including Nifty mid caps and small caps rebounded by over 1%, with micro caps rising about 2.19% in early trade. India VIX fell 14.10%, after inching up around 42% yesterday. All sectoral indices also opened the day in green, with auto, metal and realty correcting over 2% during early morning trade. Aditya Gaggar, director of Progressive Shares noted that in the lower time frame, an extremely oversold condition was observed, and thus, a short-term pullback is warranted. The immediate support is placed at 23,860 while on the higher side, 24,250 will be considered a hurdle. "After a steep fall in the previous session, a strong reversal was seen in the global markets and an early indication from GIFT Nifty (+200 points) suggests the same, now sustainability at the higher levels will be a key factor to watch out for. After a vertical fall, the near-term trend of almost all sectors has turned bearish, investors should wait for a while to get the market stabilized", he continued. RBI's MPC (Monetary Policy Committe) meeting will start today, with a decision related to interest rate hike or cut to be announced on August 8, 2024. The repo rate was last increased to 6.5% in February, 2023. Experts are not anticipating any rate changes in the upcoming session. Parijat Agrawal, Head – Fixed Income at Union Mutual Fund explains that the inflationary pressures have cooled off and monsoon worries have subsided. The fiscal consolidation seems to have given the required comfort as it follows the glide path. "We expect the policy to have a dovish tilt taking cognizance of the recent weakness in global economy and volatility in financial markets. We expect the policy rates to remain unchanged; Monetary Policy Committee may change the stance to neutral" , he said.

Stock market today: Sharp recovery on cards as Nifty rebounds by 1%, Sensex corrects over 850 points

Mumbai (Maharashtra) [India], July 29 (ANI): The Power Transmission &amp; Distribution (<keyword id="21574285" type="General" weightage="20" keywordseo="PTD" source="keywords">PT&amp;D</keyword>) business of <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="153" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> (<keyword id="19963313" type="General" weightage="100" keywordseo="LT" source="keywords">L&amp;T</keyword>) has secured new orders both domestically and internationally for the construction of substations and <keyword id="21017821" type="General" weightage="20" keywordseo="transmission-lines" source="keywords">transmission lines</keyword>. According to an exchange filing, these projects are integral to the vast, interconnected electricity network, aiming to accelerate the <keyword id="20596535" type="General" weightage="20" keywordseo="clean-energy-transition" source="keywords">clean energy transition</keyword> and ensure a reliable, resilient power supply. In India, L&amp;T's PT&amp;D has been entrusted with two 765kV double circuit transmission line projects. These projects are vital for the evacuation of power from the Jaisalmer/Barmer <keyword id="21873922" type="General" weightage="20" keywordseo="Renewable-Energy-Zone" source="keywords">Renewable Energy Zone</keyword> in Rajasthan, channelling it to substations in Madhya Pradesh for further distribution. This initiative is a step towards harnessing and utilising renewable energy resources efficiently within the country. On the international front, Saudi Arabia continues its pursuit of sustainable and efficient power supply by bolstering its 380kV network in the central region. L&amp;T's PT&amp;D has secured orders to construct a 380kV substation and 380kV overhead line segments. These developments are crucial for enhancing the region's <keyword id="21644086" type="General" weightage="20" keywordseo="electricity-infrastructure" source="keywords">electricity infrastructure</keyword> and ensuring a stable power supply. In the United Arab Emirates, L&amp;T's PT&amp;D has been awarded contracts to build a 220kV substation and three 132kV substations. These substations will be pivotal in meeting the growing electricity demand in Dubai and Abu Dhabi, supporting the utilities in maintaining a robust and reliable power network. Larsen &amp; Toubro, a USD 27 billion Indian multinational, is a prominent player in EPC projects, hi-tech manufacturing, and services with a global footprint. Renowned for its customer-focused approach and relentless pursuit of top-quality standards, L&amp;T has maintained leadership in its major business domains for over eight decades. The recent orders won by L&amp;T's PT&amp;D fall under the 'Large' category, with values ranging from Rs 2,500 to Rs 5,000 crore.

L&T wins multiple orders worth Rs 2500 to 5000 crore to build grids for clean energy transition

Both indices, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> saw a bloodbath as they opened for trade on 25th July 2024. While Sensex was down by over 500 points, inching down the 80,000 mark to trade at 79,616.53 points. Nifty was also down by 0.72% trading at 24,237.65 points. All broad market indices opened the day in red, except for <keyword id="158701" type="General" weightage="20" keywordseo="India-VIX" source="Orion">India VIX</keyword>, which inched up by 1.93% in early trade. As for sectoral indices, all except for media opened in red, with bank, financial services, metal and private banks dipped over 1% each in early trade. <keyword id="80292" type="General" weightage="20" keywordseo="sbi-life" source="Orion">SBI Life</keyword>, <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, <keyword id="90593" type="General" weightage="20" keywordseo="larsen-and-toubro" source="Orion">Larsen and Toubro</keyword>, Nestle India and HDFC bank took early gains in trade, while Axis bank, Hindalco, Shri Ram Finance, Tata Steel and Coal India were amongst the leading laggards. Aditya Gaggar, director of Progressive Shares noted that the level of 24,200 will remains a crucial support and an early indication from <keyword id="17430379" type="General" weightage="20" keywordseo="GIFT-Nifty" source="Orion">GIFT Nifty</keyword> suggests a tepid opening of the Indian equities around the similar levels. "A sustainable move below the mentioned support level will pull the index further to 24,000. On the flip side, 24,450 will act as a stiff hurdle. Bank Nifty is likely to remain in the grip of bears. Among the sectors, <keyword id="34523" type="General" weightage="20" keywordseo="FMCG" source="Orion">FMCG</keyword>, IT and pharma are likely to provide some support to the index while high beta segments such as realty and metal will add to the pressure", he continued. Shrikant Chouhan, Head Equity Research highlighted that from a technical standpoint, there is selling pressure at higher levels. However, the medium-term market structure remains positive, which could offer an opportunity to buy on dips. "We anticipate that the 20-day SMA (simple moving average) at 24,300/79,700 would act as a key level for the day's trend determination. If the market moves above 24,300/79,700, it can rise to 24,500-24,650/80,500-80,750. Conversely, breaking below the 20-day SMA or 24,300/79,700 could lead to increased selling pressure, possibly causing the market to test levels around 24,150-24,100/79,300-79,000. Given that it's the day of the monthly expiry of F&amp;O contracts, there could be a rebound from lower levels. Our strategy is to consider buying between 24,200 and 24,100 levels, with a stop loss at 24,000", explained Chouhan.

Stock market opening: Nifty, Sensex open in red, Sensex dips over 500 points in early trade on July 25th, 2024

The market capitalisation of <keyword id="22204882" type="General" weightage="100" keywordseo="BSE-listed-firms" source="keywords">BSE-listed firms</keyword> hit an all-time high of Rs 438.41 lakh crore on Thursday, fuelled by a record-breaking rally in equities where the <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> breached the historic 79,000 mark for the first time. Rallying for the fourth day running, the 30-share BSE Sensex jumped 568.93 points or 0.72% to settle at a new closing peak of 79,243.18 on Thursday. During the day, it zoomed 721.78 points or 0.91% to hit the new lifetime peak of 79,396.03. In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63% The market capitalisation of BSE-listed companies hit a lifetime high of Rs 4,38,41,960.73 crore ($ 5.25 trillion). Investors' wealth has gone up by Rs 3.93 lakh crore in four trading sessions. Remarkably, the BSE benchmark took just two trading sessions to cover the journey from the 78,000 level hit on June 25 to breach the 79,000 mark on June 27. The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74%. Intra-day, it soared 218.65 points or 0.91% to hit the all-time peak of 24,087.45. The Nifty hit the 23,000 mark on May 24 this year. Among the 30 Sensex companies, <keyword id="19963567" type="General" weightage="20" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> jumped 5% after the country's leading cement maker said it will acquire a 23% stake in its Chennai-based rival <keyword id="20440239" type="General" weightage="20" keywordseo="India-Cements-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="India Cements Ltd" meta.hostid="261" meta.entityid="India Cements Ltd">India Cements Ltd</keyword>, in a deal estimated to be around Rs 1,885 crore. <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword>, JSW Steel, <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Infosys, <keyword id="6357585" type="General" weightage="20" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword>, Kotak Mahindra Bank and Bharti Airtel were also among the major gainers. <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword>, Sun Pharma, Nestle, <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Maruti and State Bank of India were among the laggards. "The Sensex surpassing 79,000 marks a historic milestone, reflecting healthy investor confidence and strong fundamentals in key sectors like banking and telecom. Benchmark indices rallied on Thursday, reversing earlier declines, driven by strong buying in blue-chip companies, propelling the Sensex past this historic barrier and leading the Nifty to a new all-time high". "Remarkably, it took only 23 sessions to rise from 23,000 to 24,000, compared to 88 sessions previously," continued Trivesh D, COO at Tradejini, a discount brokerage firm. "The benchmark indices exhibited bullish momentum, buoyed by an expected revival in the IT sector and consolidation in the cement industry," Vinod Nair, Head of Research at Geojit Financial Services, said.

Market cap of BSE-listed firms hit all-time high of Rs 438.41 lakh crore

<ul><li><keyword id="20046237" type="General" weightage="20" keywordseo="equity" source="keywords">Equity</keyword> benchmark indices rebounded in early trade on Friday, after falling for the past five days, amid a rally in <keyword id="20155107" type="General" weightage="20" keywordseo="Asian-markets" source="keywords">Asian markets</keyword>.</li><li>The 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords" meta.keywordsubtype="org" meta.entityname="BSE" meta.hostid="261" meta.entityid="BSE">BSE</keyword> <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> climbed 550.22 points to 74,435.82 in early trade. The <keyword id="19950205" type="General" weightage="20" keywordseo="nse-nifty" source="keywords">NSE Nifty</keyword> went up by 147.15 points to 22,635.80.</li><li>In the five days of fall, the BSE benchmark tanked 1,532 points or 2%.</li></ul>Equity benchmark indices rebounded in early trade on Friday, after falling for the past five days, amid a rally in Asian <keyword id="19990226" type="General" weightage="20" keywordseo="markets" source="keywords">markets</keyword> along with buying in index majors <keyword id="19975888" type="General" weightage="20" keywordseo="Larsen-Toubro" source="keywords" meta.keywordsubtype="org" meta.entityname="Larsen &amp; Toubro" meta.hostid="261" meta.entityid="Larsen &amp; Toubro">Larsen &amp; Toubro</keyword> and <keyword id="19993913" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Mahindra &amp; Mahindra" meta.hostid="261" meta.entityid="Mahindra &amp; Mahindra">Mahindra &amp; Mahindra</keyword>. The 30-share BSE Sensex climbed 550.22 points to 74,435.82 in early trade. The NSE Nifty went up by 147.15 points to 22,635.80. In the five days of fall, the BSE benchmark tanked 1,532 points or 2 per cent. From the Sensex basket, Larsen &amp; Toubro, Mahindra &amp; Mahindra, Bajaj Finance, UltraTech Cement, NTPC, IndusInd Bank, Tata Motors and Titan were the major gainers. Infosys, Bharti Airtel, Kotak Mahindra, Tata Consultancy Services and HCL Technologies were among the laggards. "The market is tantalisingly poised with the possibility of a sharp move based on the exit poll results tomorrow evening," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, adding, "largecaps in financials, autos, capital goods and telecom have the potential to lead the rally." Vijayakumar further said that the latest macroeconomic data from the US showed the world's largest economy grew at slower than expected pace during January-March 2024. "This means the Fed may not delay rate cuts much longer. If this happens and the US bond yields start declining that can reverse the FII outflows," he added. The electioneering for of the ongoing general elections halted on Thursday ahead of the last phase of polling to be held on Friday. The results will be declared on June 4. In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the positive territory. Wall Street ended lower on Thursday. Global oil benchmark Brent crude went lower 0.34 per cent to USD 81.58 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,050.15 crore on Thursday, according to exchange data. Falling for the fifth day in a row, benchmark equity indices Sensex and Nifty tumbled nearly 1 per cent each on Thursday due to heavy sell-off in metal, consumer durables and select IT shares amid the monthly expiry of derivatives contracts. The 30-share BSE Sensex plunged by 617.30 points or 0.83 per cent to settle at 73,885.60 on Thursday. The index had been on a downtrend since May 23 when it closed at its lifetime high level. The NSE Nifty closed the Thursday's session 216.05 points or 0.95 per cent lower at 22,488.65. 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Markets rebound in early trade after five days of decline

New Delhi, The market capitalisation of BSE-listed firms climbed to a fresh all-time peak of Rs 319.10 lakh crore on Thursday, driven by an optimistic trend in equities, where <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> recorded its fifth straight day rally. The BSE benchmark recovered all the early lost ground and finally ended with a gain of 385.04 points or 0.58 per cent at 66,265.56. In the past five sessions, the benchmark has jumped 1,434.15 points or 2.21 per cent. The buoyancy in equities helped the market capitalisation of BSE-listed firms reach a new record high of Rs 3,19,10,019.04 crore. Investors wealth also climbed Rs 9.50 lakh crore in five days. "After a volatile start, markets rebounded sharply to maintain their upward bias for the fifth consecutive session, even as foreign inflows continued to be patchy amid falling rupee and global economic uncertainty. Today's rally came despite weakness across the Asian and US markets, as investors remain upbeat about India's long-term growth prospects," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd. From the Sensex pack, Larsen &amp; Toubro jumped 4.26 per cent to emerge as the biggest gainer, followed by IndusInd Bank, Tech Mahindra, State Bank of India, HCL Technologies, Power Grid, NTPC, Axis Bank, Kotak Mahindra Bank, HDFC Bank and Wipro. Mahindra &amp; Mahindra, Infosys, UltraTech Cement and Hindustan Unilever were the major laggards. In the broader market, the BSE <keyword id="46258" type="General" weightage="20" keywordseo="Midcap" source="Orion">midcap</keyword> gauge climbed 0.79 per cent and smallcap index jumped 0.40 per cent. Among the indices, capital goods rallied 2.29 per cent, industrials climbed 1.55 per cent, realty jumped 1.44 per cent, bankex gained 1.12 per cent, utilities (1.04 per cent), financial services (0.97 per cent) and energy (0.96 per cent). FMCG emerged as the only laggard. "The domestic market initially opened with a lacklustre performance, influenced by weak global cues. However, as the day progressed, a decline in US bond yields and crude oil prices injected some positivity into the market. "This optimism was most prominent in banking stocks. Interestingly, mid-and small-cap stocks managed to retain investor interest even though their valuations are relatively high," said Vinod Nair, Head of Research at Geojit Financial Services.

Mcap of BSE-listed firms climb to fresh all-time high of Rs 319.10 lakh crore

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

State-owned Oil and Natural Gas Corporation (<keyword id="6354737" type="General" weightage="100" keywordseo="ongc" source="Orion">ONGC</keyword>) has cancelled the bids received for its <keyword id="6392149" type="General" weightage="80" keywordseo="daman" source="Orion">Daman</keyword> upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword> (L&amp;T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A consortium of Afcons and Indonesia's Gunanusa Utama Fabricators emerged a distant second in the bidding, quoting close to USD 801.90 million. Vietnam's PTSC and Abu Dhabi's National Petroleum Construction Company (NPCC) were also among those initially chasing the contract, but did not participate in the bid process. Sources said L&amp;T's quote of USD 663.37 million was 36.77 per cent higher than ONGC's revised internal estimate of USD 485.03 million. L&amp;T offered a USD 1 million discount but this was not acceptable to ONGC, they said, adding that ONGC could have tolerated a maximum variation of 20 per cent over the internal price estimate. Daman upside gas development project envisaged building four new wellhead platforms, seven infield pipelines, a new process gas compressor module and the addition of low-pressure compression at the existing process platform. It also includes topsides modifications at existing wellhead platforms. The project has been in the works for years but has been delayed on several occasions due to unfavourable gas pricing. But a rise in domestic gas prices turned around the project's commercial viability. ONGC has been producing natural gas from Daman since 2016 and has spent an estimated USD 1 billion on offshore infrastructure at the field over the past five to six years. The project to raise production involved building infrastructure that could also handle gas from neighbouring B-12 and C-24 marginal fields. India's domestic crude oil and natural gas production has been dwindling in recent years and ONGC is under increasing pressure from the government to boost its output and reverse the declining trend. Projects like Daman are crucial for meeting those objectives but the scrapping of the tender would add to the delay in boosting output. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-silence-fake-calls-from-unknown-numbers-on-whatsapp/articleshow/100186824.cms">How to silence calls from unknown numbers on WhatsApp</a> <a href="https://www.businessinsider.in/tech/mobile/news/survey-reveals-three-out-of-four-indians-suffer-from-nomophobia-heres-what-it-means/articleshow/100073985.cms">Survey reveals three out of four Indians suffer from NoMoPhobia: Here’s what it means</a>

ONGC scraps bids for flagship Daman gas field development over cost concerns

Shares of Larsen &amp; Toubro on Thursday tumbled over 5 per cent after the company said its non-executive chairman A M Naik has decided to step down from the post and will become the chairman emeritus. The stock fell 5.42 per cent to Rs 2,238.45 on the BSE. At the NSE, it tumbled 5.37 per cent to Rs 2,237.35. The company's market valuation declined by Rs 16,099.79 crore to Rs 3,16,549.73 crore in morning trade. Larsen &amp; Toubro (<keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>) was the biggest laggard among the 30-share BSE Sensex firms. S N Subrahmanyan, who is the chief executive officer &amp; managing director, has been re-designated as the chairman and managing director of the company with effect from October 1, 2023, according to a regulatory filing. Naik has decided to step down as non-executive chairman of the company with effect from September 30, 2023. He has been conferred the status of chairman emeritus by the board, it said. He has been associated with the company for more than 58 years and his stewardship has led to an upsurge in shareholder value creation. Larsen &amp; Toubro on Wednesday reported a 10 per cent rise in its consolidated net profit to Rs 3,987 crore for the quarter ended in March 2023. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lt-q4-net-profit-rises-10-to-3987-crore-cautiously-optimistic-about-fy24/articleshow/100137513.cms">L&amp;T Q4 net profit rises 10% to ₹3,987 crore, cautiously optimistic about FY24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/mankind-pharma-debuts-in-top-100-as-per-market-value-after-a-stellar-listing/articleshow/100123765.cms">Mankind Pharma enters top 100 companies by market cap after a stellar listing</a>

L&T shares fall over 5% in morning trade

<keyword id="27859" type="General" weightage="20" keywordseo="Engineering" source="Orion">Engineering</keyword> and construction conglomerate <keyword id="13457337" type="COMPANY" weightage="20" keywordseo="larsen-toubro" source="Orion" meta.marketcap="284501.91386987997" meta.tagname="Larsen &amp; Toubro Ltd" meta.tagpopularcount="0" meta.sectorid="513" meta.entitytype="company" meta.matchtype="exact" meta.aum="0" meta.entityid="13447" meta.tagseoname="larsen-&amp;-toubro-ltd" meta.sector="Construction" meta.tagnameorg="Larsen &amp; Toubro Ltd.">Larsen &amp; Toubro</keyword> (<keyword id="6354919" type="General" weightage="100" keywordseo="LT" source="Orion">L&amp;T</keyword>) on Monday said it has hired more than 3,000 fresh engineering trainees in the current financial year. The onboarding of over 3,000 graduate and postgraduate engineering trainees in the ongoing fiscal marks a more than three-fold rise as against 1,067 trainees last fiscal. The number of female engineers hired has more than quadrupled to 1,009 trainees in FY23 from 248 trainees in FY22, L&amp;T said in a statement. "It is worth noting that 30 per cent of current batch of fresh engineers are women which is commendable given the fact that 75 per cent of the fresh engineers are hired from mechanical, civil and electrical streams where women candidates are less. "Currently, women employees comprise 7.6 per cent of the total workforce at L&amp;T, and they have already successfully forayed into fields long considered to be male bastions," company's Executive Vice President &amp; Head, Corporate Human Resource C Jayakumar said. The company is expanding rapidly and is currently sitting on a record order book, he said, adding, this requires keeping a steady talent pipeline of trained technical professionals for meeting effectively the current and future <keyword id="15310980" type="TOPIC" weightage="60" keywordseo="Business" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92948412" meta.seopath="b/business" meta.entityname="Business" meta.hostid="153" meta.entityid="business">business</keyword> requirements. "This was central to the management's decision to more than double the hiring of fresh engineers compared to last <keyword id="15314880" type="TOPIC" weightage="60" keywordseo="Fiscal-year" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92741070" meta.seopath="f/fiscal-year" meta.entityname="Fiscal year" meta.hostid="153" meta.entityid="fiscal-year">fiscal year</keyword>. We went to the market to address our additional business requirement and got an overwhelming response from fresh engineers," he added. L&amp;T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/real-estate-investors-may-be-turning-to-india-following-a-continued-slump-in-chinas-property-market-says-a-report/articleshow/95649758.cms">Real estate investors may be turning to India following a continued slump in China's property market, says a report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/companies-discussing-labour-shortage-up-by-28-in-2022-report/articleshow/95654525.cms">Companies discussing labour shortage up by 28% in 2022: Report</a>

Larsen & Toubro hires more than 3,000 engineering trainees in FY23

Mumbai, <keyword id="19896379" type="General" weightage="20" keywordseo="benchmark" source="keywords">Benchmark</keyword> equity indices rebounded in early trade on Monday in-tandem with a rally in Asian markets along with buying in blue chip firms HDFC Bank and Reliance Industries. The 30-share BSE <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> jumped 503.47 points to 71,204.14 points in the early trade. Nifty climbed 178.55 points to 21,531.15 points. Among the Sensex firms, <keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>, Axis Bank, Kotak Mahindra Bank, Power Grid, <keyword id="19945275" type="General" weightage="20" keywordseo="larsen" source="keywords">Larsen</keyword> and Toubro, <keyword id="19903558" type="General" weightage="20" keywordseo="ntpc" source="keywords">NTPC</keyword>, ICICI Bank, HDFC Bank and Reliance Industries were the major gainers. JSW Steel, Infosys, ITC and Mahindra And Mahindra were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the positive territory. The US markets had ended on a mixed note on Friday. Global oil benchmark Brent crude climbed 0.51 per cent to USD 83.98 a barrel. Markets were closed on Friday on account of Republic Day. On Thursday, Sensex declined 359.64 points or 0.51 per cent to settle at 70,700.67 points while Nifty fell 101.35 points or 0.47 per cent to 21,352.60 points. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,144.06 crore on Thursday, according to exchange data.

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