NIFTY50: 19,833 ▲ 83 (+0.4%)
SENSEX: 67,097 ▲ 302 (+0.4%)
Howdy, folks !
In the past few weeks, the relentless heatwave around the globe seems to be breaking records, with cities like Phoenix in the US to Beijing in China reporting all-time high temperatures. While local governments take measures to mitigate the climate crisis, Indian markets are also breaking records with their ongoing rally. More on that later.
- Markets continues to rise for fifth straight day, as the NIFTY50 closes above 19,800 level
- In all, 31 of the NIFTY50 stocks closed in the green
- Retail inflation in the UK dropped to 15-month low to 7.9% in June
Among the NIFTY sectoral indices, PSU Bank (+1.9%) and Media (+1.1%) were the top gainers, while IT (-0.06%) witnessed marginal losses.
| Top gainers | Today's change |
| NTPC | 192 ▲ 5.3 (+2.8%) |
| Bajaj Finance | 7,595 ▲ 175 (+2.3%) |
| IndusInd Bank | 1,420 ▲ 30 (+2.1%) |
| Top losers | Today's change |
| Hindalco | 439 ▼ 4.7 (-1.0%) |
| Hero Moto Corp | 3,088 ▼ 28 (-0.9%) |
| TCS | 3,469 ▼ 27 (-0.8%) |
What’s trending
⭐ Bikaji Foods soars on new acquisition
Shares of Bikaji Foods International rose by 5% after the company acquired a 49% stake in packaged-snacks maker Bhujialalji. As part of the deal, Bikaji will receive 9,608 equity shares and 396 compulsorily convertible debentures aggregating to ₹5.1 crore. The management said this acquisition will help the company to grow faster and reach a new set of consumers.
⭐ Polycab jumps on strong Q1 results
Shares of Polycab were up by 4% after the cables and wires manufacturer reported strong growth in Q1FY24. The company’s net profit was up 82% YoY at ₹403 crore as compared to ₹223 crore in the same quarter last year. Meanwhile its revenue increased 42% YoY to ₹3,889 crore supported by higher sales.
⭐ Avanti Feeds gains after business expansion
Integrated seafood company Avanti Feeds has incorporated a new subsidiary Avanti Pet Care. The newly incorporated subsidiary shall deal in manufacturing and trading of pet food and pet care products. This new business venture is an extension of Avanti Feeds’ existing shrimp feed business.
⭐ TV18 Broadcast soars after Q1 result
TV18 Broadcast shares were up by 8.6% after the media company reported a robust performance for Q1FY24. Its consolidated revenue grew 151% YoY to ₹3,176 crore, while its net profit rose 52% YoY to ₹91.2 crore. Additionally, the firm’s OTT platform JioCinema set a new streaming benchmark, amassing 120+ million viewers for the IPL’s final match, making it the most-watched digital event globally.
In Focus
Tech firms bet big on AI for growth
Top Indian IT firms are showing keen interest in Generative Artificial Intelligence (GenAI) technology. In the past few months, tech giants like TCS, Infosys and Wipro have made major announcements, including new deal wins with primary focus on artificial intelligence (AI) led services. Why are IT players making a major move towards AI? Let’s take a look.
What is Generative AI (GenAI)?
GenAI is a new category of AI models. In simple words, GenAI refers to the use of machine learning to generate new data, including images, texts, or other content-based on pattern learning and other techniques. These tools find major applications in various service-led businesses.
GenAI seems to have gained popularity among businesses after the success of ChatGPT, which is generative AI chatbot. As a result, demand for GenAI-based services has increased dramatically.
How are tech firms pivoting to GenAI ?
Recently, Infosys announced a new deal worth $2 billion with focus on AI and automation-led services to its existing client. In May 2023, Infosys also launched a platform called Infosys Topaz for generative AI.
Infosys’s move comes after its rival TCS said it has multiple AI-based pilot projects in the pipeline and expects major deal wins in the GenAI segment in the next two quarters. Also, the company plans to create a talent pool of over one lakh GenAI associates.
Meanwhile, IT firm Wipro recently launched Wipro ai360, which is an AI-first innovation ecosystem, with the goal of integrating AI into every solution used internally and offered to clients. The company plans to invest $1 billion over the next three years on this.
On the whole, Indian tech firms are making major moves in the AI race to gain first mover advantage and market share. But, will AI prove to be a game changer for the Indian IT service industry? We will have to wait and watch.
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