Here are the top stories to start your day.
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⭐ Tata Steel’s profit dips but beats estimates 🔩
Tata Steel’s June quarter net profit fell 21% year-on-year to ₹7,714 crore, mainly due to a rise in the cost of materials consumed. Despite this, the company’s net profits beat the street estimates. The company was able to contain the impact of the steel export restrictions by increasing sales in India owing to its strong marketing network. Meanwhile, revenues rose 18.6% to ₹63,430 crore.
⭐ Lodha to form alliance for development projects
Macrotech Developers (Lodha Group) plans to enter into alliances for joint development projects worth ₹15,000 crore in FY23. Of these, the company is already in three partnerships for projects spread over an area of 5 million square feet and valued at ₹6,200 crore.
⭐ PM to launch SGX Nifty at GIFT City
PM Narendra Modi is set to launch SGX Nifty trade at Gujarat International Finance Tec-City (GIFT City), later this week. Modi will be visiting the GIFT City on July 29 and he will launch NSE IFSC-SGX Connect. Besides this, he will also launch the India International Bullion Exchange, the country’s first international bullion exchange.
Global markets (at 7:30 AM today)
|SGX Nifty||▼ 0.11%|
|Nikkei 225 (Japan)||▼ 0.06%|
|Hang Seng (Hong Kong)||▲ 1.21%|
|SSE Composite (China)||▲ 0.47%|
|Dow Jones (US) (July 25)||▲ 0.28%|
|NYSE (US) (July 25)||▲ 0.63%|
|Nasdaq (US) (July 25)||▼ 0.43%|
|S&P 500 (US) (July 25)||▲ 0.13%|
Fact of the day
More than 200 tonnes of garbage, mainly single-use plastic, were removed from the sea coasts in the first 20 days of the 75-day coastal clean-up campaign.