Nifty climbs above 24,750 mark; IT shares jump
IT shares jumped after declining in the past trading session.
At 10:27 IST, the barometer index, the S&P BSE Sensex, added 516.63 points or 0.64% to 81,467.04. The Nifty 50 index advanced 162.60 points or 0.66% to 24,771.80.
In the broader market, the S&P BSE Mid-Cap index advanced 0.15% and the S&P BSE Small-Cap index jumped 0.15%.
The market breadth was positive. On the BSE, 1,942 shares rose and 1,501 shares fell. A total of 216 shares were unchanged.
Result Today:
JSW Steel (up 0.99%), Aditya Birla Fashion and Retail (ABFRL) (up 0.33%), Afcons Infrastructure (down1.16%), AIA Engineering (down 0.93%), Anupam Rasayan India (up 1.32%), Apollo Micro Systems (down 3.02%), Ashoka Buildcon (up 0.05%), Ashok Leyland (up 0.50%), Azad Engineering (down 0.12%), Balkrishna Industries (up 0.56%), BEML (up 0.29%), Cello World (up 0.41%), Devyani International (down 0.50%), Dreamfolks Services (up 7.47%) will announce their results later today.
Buzzing index:
The Nifty IT index jumped 1.87% to 37,743.75. The index fell 1.31% in the past trading session.
Persistent Systems (up 2.56%), Tech Mahindra (up 2.37%), Coforge (up 2.2%), Oracle Financial Services Software (up 2.15%), Infosys (up 2.15%), HCL Technologies (up 1.83%), Mphasis (up 1.73%), Wipro (up 1.61%), Tata Consultancy Services (up 1.24%) and LTIMindtree (up 1.1%) surged.
Stock in Spotlight:
Grasim Industries added 1.09% after the companys consolidated net profit increased 9.2% to Rs 1,545.99 crore in Q4 FY25 as compared with Rs 1,369.82 crore in Q4 FY24. Revenue from operations jumped 17.3% YoY to Rs 44,267.26 crore during the quarter ended 31st March 2025.
Metro Brands jumped 8.23%. The company reported 38.9% decline in consolidated net profit to Rs 94.75 crore in Q4 FY25 as compared with Rs 155.17 crore in Q4 FY24. Net sales jumped 10.3% YoY to Rs 642.77 crore in Q4 FY25.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
23 minutes ago
- India.com
Turkey makes big move, plans to buy F-35 fighter jets from US by selling S-400 to..., bad news for Israel due to...
Turkish President Erdogan Ankara: In a significant development for the defence industries across the world, Benjamin Netanyahu's Israel has urged Donald Trump's US to block Turkey's access to F-35 fighter jets. Fearing that Turkey's use of Russian S-400 air defence systems could compromise Israel's stealth jet's sensitive data and threaten its military edge, Israel has said that if Turkey gets F-35 fighter jets, it would prove to be dangerous for the entire Middle East. The speculations about the same arose when media reports indicated that Turkey has been planning to sell its Russian air defense system S -400 to Pakistan. Why Israel doesn't want Turkey to get F-35 jets? Experts suggest that Israel is opposing the US selling F-35 jets to Turkey partly because Turkey has a close military relationship with Pakistan, which has in turn close relationship with China. Therefore, it is being feared if Turkey receives F-35s fighter jets, Pakistan and China could gain indirect access to sensitive stealth technology. Pakistan and Turkey solidify defence partnership In a fresh set of developments that has alerted the security agencies of India, Turkey and Pakistan have further solidified their longstanding, military-to-military relationship – including training programmes, arms and weapons sales as well as joint projects – during the recent Islamabad visit of two top ministers from Ankara, as per a report carried by IANS news agency. The report noted that the presence of Hakan Fidan, Turkey's Foreign Minister and Yasar Guler, Turkey's Defence Minister in Islamabad recently, was a clear indication of robust ties between the two countries in the security and defence industry sector. The two Turkish ministers met Pakistan's Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar and the Chief of Army Staff (COAS) General Asim Munir. Pakistan's Foreign Minister, Dar publicly admitted Turkey's assistance during the country's recent standoff against India. (With inputs from agencies)
India Gazette
38 minutes ago
- India Gazette
Digital infrastructure transforms India's tax administration, refunds surge 474%
By Shailesh Yadav New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 per cent increase in gross direct tax collections during the same period, which rose from Rs 7,21,604 crores to Rs 27,02,974 crores. Perhaps most impressive is the speed of refund processing. The average time to issue tax refunds has plummeted from 93 days in 2013 to just 17 days in 2024 - an 81 per cent reduction that reflects the success of digital modernization efforts. The transformation is largely attributed to comprehensive digitization of tax processes. The introduction of end-to-end online filing systems, faceless assessments, and automated refund processing has eliminated traditional bottlenecks that previously delayed taxpayer services. 'The adoption of digital infrastructure including pre-filled returns, real-time TDS adjustments, and online grievance redress mechanisms has fundamentally changed how we serve taxpayers,' a senior CBDT official familiar with the modernisation program told ANI. The taxpayer base has also expanded significantly, with income tax returns filed growing from 3.8 crores in 2013 to 8.89 crores in 2024 - a 133 per cent increase that demonstrates growing formalisation of India's economy. The proportion of refunds relative to gross tax collections has risen from 11.5 per cent in 2013-14 to 17.6 per cent in 2024-25. 'Growing refunds reflect increased voluntary compliance and the deepening of advance tax payment mechanisms,' said another senior Income Tax offcial. 'As more taxpayers participate in formal tax processes and TDS coverage expands, excess remittances naturally become more common,' the official added. The surge in refunds and their faster processing carry significant economic implications. Quicker refund turnaround time improves cash flow for businesses and individuals, while the growth in refund volumes signals expanding participation in India's formal economy. The data suggests that India's tax ecosystem has achieved what officials describe as 'systemic maturity' - a state where efficiency, transparency, and taxpayer facilitation have become embedded principles rather than aspirational goals. (ANI)
Hans India
an hour ago
- Hans India
Startup funding stands at $95 million this week
New Delhi: Startup funding in India stood at around $95 million this week, with 17 startups securing investments across various stages. Out of these, five were growth-stage deals and 10 were early-stage, while two startups chose not to disclose their funding details. Among cities, Bengaluru-based startups led with six deals, followed by Delhi-NCR with four. Mumbai, Hyderabad and other cities also witnessed activity. Fintech emerged as the most funded sector this week with four deals. Deeptech and SaaS startups followed with two deals each, while proptech, foodtech, and OTT startups also raised funds. Seed funding rounds dominated this week, with seven deals. Series A and pre-Series A rounds saw two deals each, while pre-IPO, debt, and Series B rounds also featured. The average startup funding over the past eight weeks stands at around $205.24 million, with roughly 21 deals per week. Growth and late-stage startups collectively raised $72.9 million. Leading the pack was IPO-bound proptech firm Smartworks, which raised $20 million in a pre-IPO round. Education-focused NBFC Varthana secured Rs 159 crore (approximately $18.5 million) through debt financing. Clean-label food brand Kehtika raised $18 million in a Series B round led by Narotam Sekhsaria Family Office and Anicut Capital. Fintech player Credit Wise Capital and Avis Hospital were also part of the funding list this week. In the early-stage category, 10 startups raised a total of $22.11 million. Tech-enabled NBFC InPrime Finserv led this segment by raising $6 million in its Series A round from Pravega Ventures. Other notable startups that raised funds include NRI-focused fintech platform Belong, OTT microdrama app Chai Bisket, home services startup Clean Fanatics, and deeptech firm Green Aero. Meanwhile, cybersecurity startup LdotR and SaaS platform Monetize360 also raised capital but did not disclose the amounts. In strategic developments, workspace solution provider Incuspaze acquired VSKOUT, a B2B SaaS platform offering curated data analytics for commercial real estate. Separately, Infinity Fincorp Solution, a non-bank lender, signed a share purchase and subscription agreement with global investment firm Partners Group, which will acquire a significant majority stake in the company.
