The Sensex and Nifty both increased by 0.07% and 0.10%. The gold market resumed on a downbeat note, with spot gold trading a little down at $1960 per ounce.
Markets are fully priced for 25 basis point increases from the Fed and the ECB, but investors are still wary ahead of a major Federal Reserve meeting. The dollar index was strong at 100.78, and gold prices are expected to consolidate within a constrained range with a bias toward the downside.
Today’s Stock market
After securing a Rs 7,000 crore contract from Punjab State Electricity Corporation Ltd for the construction and acquisition of 1,200 MW of solar electricity, SJVN Ltd stock increased by nearly 12% to Rs 56.10 on July 24.
One thousand megawatts (MW) of solar infrastructure will be built in India by SJVN Green Energy, a fully owned subsidiary of SJVN, with a 200 MW installation in Punjab. The project is anticipated to be operational by December 2024 after being commissioned in less than 18 months.
- Sensex, Nifty rise, gold market declines.
- SJVN Ltd shares rise 12% after Rs 7,000 crore solar contract.
- CreditAccess Grameen shares rise 4% on July 24, driven by Q1FY24 net earnings doubling.
As the Arunachal Pradesh government approved the company’s request to receive the Subansiri Upper HE Project (2000 MW) and Kamala HE Project (1800 MW), NHPC shares increased by 4% on July 24.
The Subansiri Lower hydropower project was given government approval in January 2005, however, development on it was put on hold from December 2011 to October 2019.
On July 24, shares of CreditAccess Grameen increased by more than 4% as a result of the microfinance company‘s doubling of Q1FY24 net earnings. Due to a 20% rise in the borrower base and improved collection efficiency, the total loan book increased by 39.7% to Rs 21,814 crore from Rs 15,615 crore a year earlier.
With a total net loss of Rs 26.3 crore for the April-June quarter, Tejas Networks had an 8% decline on July 24. Tangamayil Jewellery reported a net profit of Rs 58.6 crore, an increase in revenue of 16.2%, and a 96.7% increase in Q1 net profit. Ponawalla Fincorp reported a 62% increase in Q1 sales and net profit.
