The stock market on July 11, 2024, is off to a positive start globally, with benchmarks like Sensex and Nifty expected to show strength. The Nifty 50 futures were trading 40 points higher at 24,395, indicating a positive opening. The Asia-Pacific markets showed strength on Thursday morning, with Japan’s Nikkei 225 crossing the 42,000 mark for the first time. Asian-Pacific markets, fueled by a tech rally in the US markets and hopes of a Federal Reserve rate cut, also saw an uptrend.
In India, Moody’s, the global rating agency, has upgraded the outlook of private sector lender Yes Bank from ‘stable’ to ‘positive’. This upgrade is attributed to the gradual improvement in its depositor base and loan franchise, which is expected to help enhance its core profitability over the next 12-18 months. Additionally, reports suggest that First Abu Dhabi Bank PJSC is seeking nearly a $5 billion stake in Yes Bank Limited, with Western Asian creditors considering a bid for a 51% stake.
The State Bank of India has raised Rs. 10,000 crore through its sixth infrastructure bond issue at a coupon rate of 7.36%, oversubscribed approximately 3.6 times the base issue size of Rs. 5,000 crore.
Glenmark Pharma and Glen Saldanha have planned to sell their 7.85% stake through an Offer for Sale (OFS) at a minimum price of Rs. 810 per share.
ICICI Prudential Mutual Fund acquired 1.5 crore shares of Nykaa at an average price of Rs. 174.04 per share on Wednesday, with a total transaction value of Rs. 256 crore.
In the technology sector, Tata Elxsi reported a 6.5% decrease in net profit to Rs. 184.1 crore in Q1FY25, while revenue increased by 2.3% to Rs. 926.5 crore. EBIT decreased by 3.6% to Rs. 225.3 crore, with EBIT margin shrinking from 25.8% to 24.3% compared to the previous quarter.
