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Rupee Updates:
Indian rupee is trading higher by 11 paise at 74.26 per dollar, amid buying seen in the domestic equity market. It opened marginally higher at 74.32 per dollar against previous close of 74.37.
Nifty PSU Bank index rose 1 percent led by the Union Bank of India, SBI, Canara Bank:
Rolex Rings IPO subscribed 6.28 times:
The IPO of Rolex Rings, the manufacturer of hot rolled forged bearing rings and automotive components, had been subscribed 6.28 times on the morning of July 29, the second day of bidding. The issue closes on July 30.
The offer, so far, has received bids for 3.57 crore equity shares against an initial public offering size of 56.85 lakh equity shares, the subscription data available on the exchanges showed.
Retail investors remained at the forefront as the portion set aside for them was subscribed 11.38 times and that of non-institutional investors 2.76 times.
Gaurav Garg, Head of Research, CapitalVia Global Research:
Indian markets traded with mixed cues from across the globe. India is expected to grow with 6.5 to 7 percent in the next financial year and more than 8 percent in the further years to follow. We witnessed a reversal in the market and a swift recovery from the support level near 15500.
We expect the market to breach the level of 15800 and trade in a small range between 15800-15950 in this week. The global sentiment remains positive, and we can expect the market to reach the higher levels of 16100-16200 in the weeks to follow.
Market at 1 PMBenchmark indices extended the gains and trading at day’s high level.The Sensex was up 279.07 points or 0.53% at 52722.78, and the Nifty was up 93.80 points or 0.60% at 15803.20. About 1864 shares have advanced, 1007 shares declined, and 127 shares are unchanged.
Glenmark Life Sciences IPO subscribed 7.77 times on final day
The initial public offering of Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, was subscribed 7.77 times, getting bids for 11.67 crore equity shares against the IPO size of 1.5 crore shares by the morning of July 29, the last day of the offer, subscription data available on exchanges showed.
Retail investors have put in bids 11.26 times their reserved portion and that of non-institutional investors 7.4 times. The portion set aside for qualified institutional investors was subscribed 1.87 times.
Tech Mahindra gains ahead of Q1 results:
Tech Mahindra share price added a percent on July 29 ahead of June quarter results.
The IT firm may see its dollar revenue grow 2.4 percent QoQ at $1,362 million with 30 bps of cross-currency gains, says experts. Revenue growth is likely to be led by 1 percent contribution from acquisitions and by ramp-up of deals in the previous quarters.
The company may see its profit after tax (PAT) rise by 8 percent QoQ due to lower tax and higher other income.
Balrampur Chini to consider share buyback on August 9:
A meeting of the board of directors of the company will be held on August 9, 2021, to consider standalone and consolidated unaudited financial results of the company for the quarter ended June 30, 2021.
The board will also consider buyback of equity shares of the company and matters related/ incidental thereto.
Balrampur Chini Mills touched a 52-week high of Rs 376.75 and was quoting at Rs 371.50, up Rs 23.90, or 6.88 percent on the BSE.
USFDA issues no Form 483 for Taloja unit of Alkem Labs:
USFDA had conducted a remote and virtual Bio-Analytical inspection of the Alkem Laboratories’ Bioequivalence Center located at Taloja, Maharashtra from July 26, 2021 to July 28, 2021.
Alkem Laboratories was quoting at Rs 3,355.00, down Rs 17.10, or 0.51 percent on the BSE.
Abhishek Bansal, Founder Chairman, Abans Group:
Following the Fed meeting announcements, gold is trading near $1815, up significantly from its previous close. The Federal Reserve of the United States has indicated that it is not in a hurry to reduce stimulus.
Despite lingering concerns about Covid-19, the Federal Reserve decided to keep rates unchanged and stated that the US economy is recovering.
Gold prices are expected to remain solid while trading above a major support level of $1790-$1772, while modest resistance might be found near $1827-$1842.
Firstsource Solutions Q1 earnings:
Firstsource Solutions has reported net profit of Rs 134.5 crore in the quarter ended June 2021 against Rs 46.6 crore in the quarter ended March 2021.
Revenue was up 2% at Rs 1,478 crore versus Rs 1,449.6 crore, QoQ.
Firstsource Solutions was quoting at Rs 210.30, up Rs 6.10, or 2.99 percent on the BSE.
