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Business Standard
11 minutes ago
- Business Standard
Benchmarks tumble for second day; Nifty slips below 24,850 as bears tighten grip
The domestic equity benchmarks ended deep in the red on Friday, with the Nifty 50 breaching the key 24,850 level and posting losses for the second straight session. The selloff was broad-based, sparing only pharma and healthcare among NSE's sectoral indices. IT, metals, and auto stocks bore the brunt of the decline, dragging benchmarks lower. Muted corporate earnings, lacklustre global cues, and premium valuations in index heavyweights all weighed on sentiment. Adding to the pressure was persistent foreign institutional selling, which kept investors on edge. Caution also stemmed from lingering uncertainty around U.S.-India tariff talks ahead of the crucial August 1 deadline, the European Central Banks decision to pause rate cuts, and slowing inflows from domestic institutional investors after a period of strong accumulation. The S&P BSE Sensex tanked 721.08 points or 0.88% to 81,463.09. The Nifty 50 index declined 225.10 points or 0.90% to 24,837. In two consecutive trading sessions, the Sensex declined 1.52% while the Nifty fell 1.51%. Bajaj Finance (down 4.73%), Infosys (down 2.44%) and Reliance Industries (down 0.75%) were major drags today. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.46% and the S&P BSE Small-Cap index tanked 1.88%. The market breadth was weak. On the BSE, 1116 stocks advanced, 2893 declined, and 145 remained unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.15% to 11.28. Economy: India and the United Kingdom have taken a major step in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) yesterday under the visionary leadership of Prime Minister Narendra Modi. The agreement was signed by Commerce and Industry Minister, Piyush Goyal and Secretary of State for Business and Trade, Jonathan Reynolds in the presence of the two Prime Ministers. This marks a significant milestone in Indias engagement with major developed economies and reflects a shared commitment to strengthening economic integration. As the worlds fourth and sixth largest economies respectively, India and the UKs bilateral engagement holds global economic significance. The signing of the India-UK CETA follows the successful conclusion of negotiations announced on 6th May 2025. The bilateral trade between the two countries stand at nearly $56 billion, with a joint goal to double this figure by 2030. CETA secures unprecedented duty-free access for 99% of Indias exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals. Numbers to Track: The yield on India's 10-year benchmark federal paper rallied 0.52% to 6.362 from the previous close of 6.329. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.5475 compared with its close of 86.4000 during the previous trading session. MCX Gold futures for 5 August 2025 settlement declined 0.58% to Rs 98,154. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.33% to 97.44. The United States 10-year bond yield rose 0.25% to 4.419. In the commodities market, Brent crude for September 2025 settlement added 11 cents or 0.16% to $ 69.29 a barrel. Global Markets: Most European shares traded lower on Friday, as weakness in automobile stocks weighed on the market. Investors also remained cautious ahead of updates on EU-U.S. trade talks and the upcoming U.S. tariff deadline set by President Donald Trump. Most Asian indices ended lower as investors assessed recent trade developments. Japanese stocks retreated from record highs, with profit-taking ahead of a crucial week that includes the U.S. tariff deadline set by President Donald Trump and several major central bank meetings. Mixed inflation data, however, dampened the sentiment for Japanese investors. Tokyo consumer inflation data for July showed a slightly bigger-than-widely anticipated easing in prices. But core inflation still remained above the Bank of Japans 2% annual target, keeping uncertainty over the central banks rate hikes largely in play. Focus now is on China's Politburo meeting, a convening of top political leaders, for more cues on the Chinese economy. The meeting was supposed to be convened in late July. US stocks were mixed on Thursday, with the S&P 500 notching its fourth record close in a row as tech earnings from Alphabet pointed to AI as a key growth catalyst. The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM (IBM) shares. Alphabet beat widely reported markets second-quarter earnings expectations and doubled down on its AI spending spree. The Google parent's shares rose alongside other AI-linked stocks such as Nvidia, helping buoy the tech-focused gauges. Tesla's stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced "rough quarters" as President Trump's budget bill killed off tax credits. Optimism around trade deals remained strong after the US-Japan agreement helped push the S&P 500 and Nasdaq Composite to new record highs on Wednesday. Meanwhile, media reports indicated that the US and EU are nearing a deal to impose a 15% tariff on most European imports, significantly lower than the previously threatened 30%. Stocks in Spotlight: SBI Life Insurance Company rose 2.01% after the life insurer's profit after tax (PAT) rose 14.41% year-on-year to Rs 594.37 crore in Q1-FY26, driven by a healthy uptick in premium collections and a surge in embedded value. Gross Written Premium (GWP) for the quarter stood at Rs 17,810 crore, marking a 14% jump from Rs 15,570 crore in Q1-FY25. Within this, New Business Premium (NBP) rose 3% to Rs 7,270 crore, while Renewal Premium (RP) shot up 24% to Rs 10,550 crore. Cipla rallied 2.95% after the company reported 10.18% increase in consolidated net profit to Rs 1,297.62 crore on a 3.93% rise in total revenue from operations to Rs 6,957.47 crore in Q1 FY26 over Q1 FY25. Bajaj Consumer Care dropped 3.97% to Rs 234.75 after the company announced a share buyback of up to Rs 186.60 crore. The board approved the buyback of up to 64.34 lakh equity shares (4.69% equity) as of 31 March 2025. The buyback will be executed via the tender offer route at Rs 290 per share, aggregating to a maximum outlay of Rs 186.6 crore. This represents 23.70% of standalone and 24.88% of consolidated free reserves and paid-up share capital, well within the SEBI-permitted limit of 25%. Hexaware Technologies slumped 10.71% after the company's consolidated adjusted profit rose 7.7% to Rs 386.30 crore in Q2 June 2025 (Q2CY25) over Q1 March 2025 (Q1CY25). Consolidated revenue rose 1.6% QoQ to Rs 3260.70 crore in Q2CY25. In constant currency, revenue growth was 1.3% QoQ and 7.5% YoY. Extraordinary expenses surged to Rs 142 crore in Q2CY25 from Rs 8.7 crore in Q1CY25. Phoenix Mills jumped 4.95% after its consolidated revenue grew 5% YoY to Rs 953 crore, aided by a 4% rise in revenue from core businesses retail, offices, and hotels which stood at Rs 881 crore. The residential and other segments contributed Rs 72 crore, a healthy 21% jump from the year-ago period. Net profit after minority interest and associate share came in at Rs 241 crore, marking a 4% growth YoY. The company also managed to reduce its finance cost by 8% even as depreciation rose 21%. KFin Technologies declined 5.88% after the companys consolidated net profit dropped 9.16% to Rs 77.26 crore on a 3.06% rise in revenue to Rs 274.06 crore in Q1 FY26 over Q4 FY25. Avantel tumbled 7.65% after the companys consolidated net profit tanked 56.23% to Rs 3.23 crore in Q1 FY26, compared with 7.38 crore in Q1 FY25. However, revenue from operations marginally increased by 0.29% year on year to Rs 51.91 crore in Q1 FY26. JSW Energy tanked 2.75%. The companys said that its wholly owned subsidiary JSW Neo Energy has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under the SECI FDRE Tranche IV scheme. ACC slipped 2.27% after the cement makers consolidated net profit fell 50.01% to Rs 375.38 crore in Q1 in FY26 as against Rs 751.03 crore posted in Q4 FY25. However, revenue from operations shed to Rs 6,036.11 crore in Q1 FY26 as against Rs 6,039.70 crore reported in Q4 FY25. On a year-on-year (YoY) basis, net profit rose 4.35%, while total income increased 18.05% in Q1 FY26. Tanla Platforms tumbled 4.04% after the companys consolidated net profit tanked 16.15% to Rs 118.41 crore in Q1 FY26, compared with 141.22 crore in Q1 FY25. However, revenue from operations rose 3.84% year on year to Rs 1,040.66 crore in Q1 FY26. IPO Update: GNG Electronics' IPO received bids for 2,08,26,69,120 shares as against 1,41,88,644 shares on offer, according to stock exchange data at 16:45 IST on Friday (25 July 2025). The issue was subscribed 146.78 times. Indiqube Spaces' IPO received bids for 21,12,50,970 shares as against 1,71,48,335 shares on offer, according to stock exchange data at 16:45 IST on Friday (25 July 2025). The issue was subscribed 12.32 times. Brigade Hotel Ventures' IPO received bids for 6,07,49,360 shares as against 5,11,93,987 shares on offer, according to stock exchange data at 16:45 IST on Friday (25 July 2025). The issue was subscribed 1.19 times. Shanti Gold International's IPO received bids for 1,44,01,725 shares as against 1,26,67,200 shares on offer, according to stock exchange data at 16:45 IST on Friday (25 July 2025). The issue was subscribed 1.14 times.
Business Standard
16 minutes ago
- Business Standard
Sensex settles 721 pts lower; Nifty ends below 24,850; VIX jumps 5.15%
The domestic equity benchmarks ended with major losses today, declining for the second day in a row. The Nifty settled below 24,850 mark. Barring the Nifty Pharma index, all sectoral indices on the NSE ended in the red. As per provisional closing data, the barometer index, the S&P BSE Sensex, tanked 721.08 points or 0.88% to 81,463.09. The Nifty 50 index declined 225.10 points or 0.90% to 24,837. In two consecutive trading sessions, the Sensex declined 1.52% while the Nifty fell 1.51%. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.46% and the S&P BSE Small-Cap index tanked 1.88%. The overall market breadth was weak, with a greater number of declining stocks than advancing ones. On the BSE, 1,133 stocks advanced, 2,879 declined, and 163 remained unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.15% to 11.28. Economy: India and the United Kingdom have taken a major step in building a stronger economic partnership with the signing of the Comprehensive Economic and Trade Agreement (CETA) yesterday under the visionary leadership of Prime Minister Narendra Modi. The agreement was signed by Commerce and Industry Minister, Piyush Goyal and Secretary of State for Business and Trade, Jonathan Reynolds in the presence of the two Prime Ministers. This marks a significant milestone in Indias engagement with major developed economies and reflects a shared commitment to strengthening economic integration. As the worlds fourth and sixth largest economies respectively, India and the UKs bilateral engagement holds global economic significance. The signing of the India-UK CETA follows the successful conclusion of negotiations announced on 6th May 2025. The bilateral trade between the two countries stand at nearly USD 56 billion, with a joint goal to double this figure by 2030. CETA secures unprecedented duty-free access for 99% of Indias exports to the UK, covering nearly the entire trade basket. This is expected to open new opportunities for labour-intensive industries such as textiles, marine products, leather, footwear, sports goods, toys, and gems and jewellery, alongside fast-growing sectors like engineering goods, auto components, and organic chemicals. IPO Update: The initial public offer (IPO) of Shanti Gold International received bids for 1,19,51,775 shares as against 1,26,67,200 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 July 2025). The issue was subscribed 0.94 times. The initial public offer (IPO) of Brigade Hotel Ventures received bids for 5,61,29,746 shares as against 5,11,93,987 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 July 2025). The issue was subscribed 1.10 times. The initial public offer (IPO) of Indiqube Spaces received bids for 16,02,57,636 shares as against 1,71,48,335 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 July 2025). The issue was subscribed 9.35 times. The initial public offer (IPO) of GNG Electronics received bids for 1,97,01,81,045 shares as against 1,41,88,644 shares on offer, according to stock exchange data at 15:20 IST on Friday (25 July 2025). The issue was subscribed 138.56 times. Buzzing Index: The Nifty Media index fell 2.61% to 1,669.60. The index declined 5.25% in the four trading sessions. Dish TV India (down 4.58%), Zee Entertainment Enterprises (down 4.53%), Network 18 Media & Investments (down 4%), Tips Music (down 2.76%) and Hathway Cable & Datacom (down 2.57%), Saregama India (down 2.08%), Sun TV Network (down 1.93%), Nazara Technologies (down 1.77%), PVR Inox (down 0.98%) and D B Corp (down 0.69%) declined. Stocks in Spotlight: SBI Life Insurance Company rose 2.07% after the life insurer reported strong performance for the quarter ended June 2025 (Q1-FY26). The company's profit after tax (PAT) rose 14.41% year-on-year to Rs 594.37 crore in Q1-FY26, driven by a healthy uptick in premium collections and a surge in embedded value. Gross Written Premium (GWP) for the quarter stood at Rs 17,810 crore, marking a 14% jump from Rs 15,570 crore in Q1-FY25. Bajaj Finservs consolidated net profit jumped 26.60% to Rs 5,329.17 crore on 12.61% increase in total income to Rs 35,451.34 crore in Q1 FY26 over Q1 FY25. KFin Technologies declined 5.73% after the companys consolidated net profit dropped 9.16% to Rs 77.26 crore on a 3.06% rise in revenue to Rs 274.06 crore in Q1 FY26 over Q4 FY25. Avantel tumbled 7.69% after the companys consolidated net profit tanked 56.23% to Rs 3.23 crore in Q1 FY26, compared with 7.38 crore in Q1 FY25. However, revenue from operations marginally increased by 0.29% year on year to Rs 51.91 crore in Q1 FY26. Trident shed 0.32%. The companys consolidated net profit surged 89.83% to Rs 139.96 crore on a 2.06% drop in revenue from operations to Rs 1,706.89 crore in Q1 FY26 over Q1 FY25. Bharat Electronics (BEL) shed 0.67%. The company has announced that it has secured additional orders worth Rs 563 crore since its last disclosure on 30 June 2025. JSW Energy tanked 3.67%. The companys said that its wholly owned subsidiary JSW Neo Energy has signed a power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) under the SECI FDRE Tranche IV scheme. ACC slipped 2.17% after the cement makers consolidated net profit fell 50.01% to Rs 375.38 crore in Q1 in FY26 as against Rs 751.03 crore posted in Q4 FY25. However, revenue from operations shed to Rs 6,036.11 crore in Q1 FY26 as against Rs 6,039.70 crore reported in Q4 FY25. On a year-on-year (YoY) basis, net profit rose 4.35%, while total income increased 18.05% in Q1 FY26. Tanla Platforms tumbled 3.95% after the companys consolidated net profit tanked 16.15% to Rs 118.41 crore in Q1 FY26, compared with 141.22 crore in Q1 FY25. However, revenue from operations rose 3.84% year on year to Rs 1,040.66 crore in Q1 FY26. Global Markets: Most European shares traded lower on Friday, as weakness in automobile stocks weighed on the market. Investors also remained cautious ahead of updates on EU-U.S. trade talks and the upcoming U.S. tariff deadline set by President Donald Trump. Asian markets ended lower as investors assessed recent trade developments. Japanese stocks retreated from record highs, with profit-taking ahead of a crucial week that includes the U.S. tariff deadline set by President Donald Trump and several major central bank meetings. Mixed inflation data, however, dampened the sentiment for Japanese investors. Tokyo consumer inflation data for July showed a slightly bigger-than-widely anticipated easing in prices. But core inflation still remained above the Bank of Japans 2% annual target, keeping uncertainty over the central banks rate hikes largely in play. Focus now is on Chinas Politburo meeting, a convening of top political leaders, for more cues on the Chinese economy. The meeting was supposed to be convened in late July. US stocks were mixed on Thursday, with the S&P 500 notching its fourth record close in a row as tech earnings from Alphabet pointed to AI as a key growth catalyst. The tech-heavy Nasdaq Composite rose 0.2% to also close at a fresh record, while the S&P 500 ended up just 0.1% higher. The Dow Jones Industrial Average dropped 0.6% amid a post-earnings slide in IBM (IBM) shares. Alphabet beat widely reported markets second-quarter earnings expectations and doubled down on its AI spending spree. The Google parent's shares rose alongside other AI-linked stocks such as Nvidia, helping buoy the tech-focused gauges. Tesla's stock sank after an earnings miss, a continued slump in European sales, and a warning from CEO Elon Musk that the EV maker faced "rough quarters" as President Trump's budget bill killed off tax credits. Optimism around trade deals remained strong after the US-Japan agreement helped push the S&P 500 and Nasdaq Composite to new record highs on Wednesday. Meanwhile, media reports indicated that the US and EU are nearing a deal to impose a 15% tariff on most European importssignificantly lower than the previously threatened 30%.
Time of India
25 minutes ago
- Time of India
How IT professional from Chennai became MobCash agent in four months and is preparing to scale
A few months ago, Anwar, a 26-year-old IT professional from Chennai, believed that the path to his own business would require years of investment, complex planning, and risk. Everything changed in March 2025 when he registered as a MobCash agent and, within a short time, implemented his profitable business model based on the idea of earning additional income and scaling thanks to digital technology. Currently, he works in IT but plans to leave his job and work for himself soon. Today, Anwar devotes 4-5 hours a day to MobCash, monitors social media pages and a Telegram bot, and assists customers; as a result, his income has grown by over 60%. Most importantly, he aims to build his network of agents and even launch a website to reach the next level and gain financial independence. Path from user to entrepreneur At the beginning of the year, Anwar accidentally came across a post on the 1xBet Telegram channel about becoming a MobCash agent. MobCash by 1xBet is a mobile app that allows agents to perform money transfers and earn a commission from 1xBet for these transactions. 'I was interested in the collaboration model: complete freedom over my schedule and the ability to influence my income. It is not a fixed salary - you control how much you earn,' he explains. However, Anwar did not make a decision immediately; he only dared to submit an application on the service website in March. Thanks to the clear instructions and support from 1xBet managers, the process was swift: 'I quickly understood how the platform works. The most time-consuming part was setting up the player search process — it took about a month,' shares Anwar. First growth in income The key moment came when Anwar created a Telegram bot and a social media page, launching targeted advertising. 'Traffic increased, and my customer base started to grow more steadily,' he recalls. On average, Anwar earns an 8% commission on each deposit and a 2% commission on each withdrawal, working independently without a team of cashiers. In his daily work, Anwar is involved in: processing requests from the Telegram channel and bot; updating content on their business pages on social media; checking targeted advertising settings and adjusting campaigns; communicating with customers via messengers; studying: reading sports news and articles for personal development, etc. He assists clients with deposits and withdrawals. 'It's a simple and necessary service — it's convenient for people to have a trusted agent, and it provides me with a steady flow of orders,' says Anwar. Next step: scaling up and generating passive income Like most MobCash agents, Anwar had no business experience, just an understanding of how digital tools work. However, his desire for financial independence and the possibility to control his own time helped him build a successful business. 'All I need is a phone, a laptop, and stable internet. It allows me to work even on the go,' he says. Currently, Anwar works alone, but he plans to: create a team of agents; launch a website; further integrate automation through bots and the website. 'It will allow me not just to earn money, but to build a network that will operate regardless of my schedule,' he explains. Today, Anwar receives an average of $1,200 per month in additional income; however, with the expansion of the network, he is expected to reach $4,000 to $5,000 per month. Tips for beginners Anwar shares insights he gained from his experience: Don't delay the start. He regrets delaying and missing the peak of the season, when he was studying and establishing processes at the beginning. Don't be afraid to communicate with clients. It is the key to building trust between you and your audience. Follow the schedule of matches and sporting events. It helps to plan an activity. Anwar: 'I always wanted to manage my time and earnings' Since becoming a MobCash agent, Anwar has travelled more, gained greater confidence, and is currently building a real business, no longer working for an employer. 'I always wanted to manage my time and earnings. Now it's a reality,' he are the tools that helped Anwar achieve impressive results and boost his income by 60%: Telegram bot, which significantly reduced the time for processing customer requests; personal page with useful content; targeted advertising on social media; training and constant optimisation of processes. Anwar's case from Chennai demonstrates how, even without experience in a niche, starting from scratch and without a team, you can achieve the following in three months: mastering a new market; developing an online customer acquisition system; boosting revenue by over 60%; and, most importantly, transforming additional earnings into a scalable business project. About 1xBet 1xBet is a globally recognised bookmaker with 18 years in the betting industry. The brand's customers can place bets on thousands of sporting events, with the company's website and app available in 70 languages. The official partner list of 1xBet includes FC Barcelona, Paris Saint-Germain, LOSC Lille, La Liga, Serie A, European Cricket Network, Durban's Super Giants, and other renowned sports brands and organisations. The company's ambassadors in India are famous cricketer Heinrich Klaasen and actress Urvashi Rautela. The company has repeatedly been a nominee and recipient of prestigious professional honours such as IGA, SBC, G2E Asia, and EGR Nordics Awards.
