NIFTY50: 19,597 ▲ 80 (+0.4%)
SENSEX: 65,953 ▲ 232 (+0.3%)
Namaste, friends!
This true story makes one believe that “where there’s a will, there’s a way”. A 78-year-old man in Mizoram has re-enrolled to study in Class 9 with the goal of completing his secondary education. The elder scholar also walks three kilometres everyday to reach the school. Talk of going the distance! Meanwhile, even the markets stayed the course by ending in the green. More on that later.
- Benchmark indices edged higher amid volatility, as the the NIFTY50 closed near 19,600
- In all, 35 of the NIFTY50 stocks closed in the green
- Brent crude oil prices rose above $85 per barrel as global supplies tighten
Among the NIFTY sectoral indices, Pharma (+1.5%) and IT (+1.1%) were the top gainers, while PSU Bank (-0.6%) and Media (-0.2%) were the top losers.
| Top gainers | Today's change |
| Divis Lab | 3,914 ▲ 168 (+4.5%) |
| M&M | 1,528 ▲ 63 (+4.3%) |
| SBI Life | 1,299 ▲ 31 (+2.5%) |
| Top losers | Today's change |
| Britannia | 4,670 ▼ 128 (-2.6%) |
| Bajaj Auto | 4,671 ▼ 41 (-0.8%) |
| SBI | 568 ▼ 4.9 (-0.8%) |
What’s trending
⭐ Paytm soars as Founder-CEO increases stake
Paytm shares were up by 6.8% after the company’s founder and CEO Vijay Sharma is set to acquire a 10.3% stake in Paytm from China’s Ant Financial (Antfin) through an off-market transfer. The transaction will increase Sharma’s shareholding in the company to 19.4% As per the company’s closing price on 4 August, the value of the 10.3% stake amounts to $628 million (approx. ₹5,200 crore).
⭐ Whirlpool India posts weak Q1 results
Home appliances major Whirlpool India has reported a fall in its consolidated revenue and profit in Q1FY24. Its total revenue from operations stood at ₹2,038 crore, down 2% YoY (year-on-year), while its net profit was down over 9% to ₹76.7 crore. Weaker results were due to subdued industry growth in refrigerators and air conditioners due to unseasonal weather patterns.
⭐ Venky’s posts weak Q1 results, shares slip
Shares of the poultry products maker Venky's declined over 15% today as it reported a 60% YoY fall in its net profit. For the June quarter, the company's net profit was at ₹19.4 crore compared to ₹49.2 crore in the same quarter last year. Profit margins were impacted due to lower sales in the poultry products and oilseed segment. Meanwhile, its revenue from operations fell 18% YoY to ₹976 crore.
⭐ Concord Biotech IPO fully subscribed
The ₹1,551 crore public issue of Concord Biotech Limited was subscribed 2.7 times on Day 2. The retail category was subscribed 2.2 times. Concord Biotech is a biopharma company that develops and manufactures fermentation-based APIs and supplies its products across 70 countries. The IPO will remain open till August 8. To apply for this IPO, click here.
In Focus
BharatNet Project boosts telecom infra stocks
The Union Cabinet has approved a ₹1.39 lakh crore outlay to boost last-mile connectivity in rural regions. This fund allocation is part of the BharatNet project, which aims to provide broadband connectivity across 6.4 lakh villages in the country. Wondering which sectors will benefit from this initiative? Let’s take a deep dive.
What is the BharatNet project?
BharatNet is one of the biggest rural internet connectivity projects undertaken by the Indian government. The main objective of the project is to provide broadband connectivity to nearly 2.5 lakh gram panchayats across India in a phased manner. So far around 1.94 lakh villages have been connected and the remaining villages will be connected in the next 2.5 years.
Furthermore, this project will enable mobile operators and internet service providers to launch different services catering to rural populations.
Which sectors will benefit from the BharatNet project?
Companies operating in the telecom infrastructure segment, especially cable manufacturers will be key beneficiaries as 37 lakh route kilometres (rkm) of optical fibre cable (OFC) will be laid across India under the project to ensure last-mile connectivity.
In fact, shares of several telecom equipment companies, including Birla Cable, Universal Cables, HFCL, Vindhya Telelinks and others saw strong traction and rose in the range of 6% to 20% today in anticipation of new orders from the government.
Other than this, enhanced connectivity in rural regions is likely to increase demand for high-speed smartphone connectivity. This is expected to benefit existing telecom players like and Bharti Airtel as their subscriber base could rise.
Besides private entities, BharatNet could also help the government push initiatives and deliver e-health, e-education and e-governance services in rural and remote areas.
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