Market Wrap: IT, auto stocks lead rally as D-Street cheers easing geopolitical tensions; Sensex ends 700 points higher, Nifty above 25,200
ADVERTISEMENT Meanwhile, Banking gauge Nifty Bank settled at 56,591, higher by 0.23% or 129 points.Nifty's breadth was skewed in favour of the bulls as 42 stocks ended in the green and 8 in the red. The top gainer from the index was Titan Company, which ended with a gain of 3.66%, followed by M&M and Grasim, which were up by over 2%.
Among top losers were BEL (down 2.9%) and Kotak Mahindra Bank (witnessing a decline of 1.3%).
In the broader market, Kirloskar Brothers shares ended with a sharp surge of 19.25%, followed by Jai Balaji Industries shares, which shot up by 15.5%. On the other hand, GRSE and Data Patterns were the top losers, with losses of over 5% each.
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House passes Trump agenda bill, handing president first major win of second term
President Donald Trump on Thursday secured the first major legislative victory of his second term as House Republicans passed his sweeping domestic policy bill, clearing the way for his signature, according to a report. read more House Minority Leader Hakeem Jeffries, D-N.Y., left, speaks in the House chamber as House Democrats stand to applaud him, prior to the final vote for President Donald Trump's signature bill of tax breaks and spending cuts, at the Capitol, on Thursday. AP President Donald Trump on Thursday secured the first major legislative victory of his second term as House Republicans passed his sweeping domestic policy bill, according to a CNN report. The bill squeezed past a final vote 218-214, meaning it can be on Trump's desk to be signed into law on the July 4 Independence Day holiday. The package — already approved by the Senate after a marathon session earlier this week — delivers tax cuts and boosts funding for the Pentagon and border security. STORY CONTINUES BELOW THIS AD To offset those costs, it also enacts deep and controversial spending cuts, marking the most significant reduction of the federal safety net in decades. The bill underscored President Trump's firm grip on the Republican Party, despite internal unease over provisions that significantly expand the national debt and slash funding for health and welfare programmes. A handful of GOP holdouts ultimately backed the legislation after House Speaker Mike Johnson spent the night rallying dissenters to support what Trump called the 'One Big Beautiful Bill.' The legislative win is the latest in a series of successes for Trump, including a Supreme Court ruling last week that curbed lone judges from blocking his policies, and US air strikes that led to a ceasefire between Israel and Iran. His sprawling mega-bill just passed the Senate on Tuesday and had to return to the lower chamber for a rubber stamp of the senators' revisions. The package honors many of Trump's campaign promises: boosting military spending, funding a mass migrant deportation drive and committing $4.5 trillion to extend his first-term tax relief. 'Today we are laying a key cornerstone of America's new Golden Age,' AFP quoted Johnston as saying. Meanwhile, Democrats hope public opposition to the bill will help them flip the House in the 2026 midterm election, pointing to data showing that it represents a huge redistribution of wealth from the poorest Americans to the richest. STORY CONTINUES BELOW THIS AD Jeffries held the floor for his Democrats ahead of the final vote, as he argued Americans would be harmed by Trump's legislation. Jeffries broke the record for the longest floor speech as the House debated the bill. According to an Associated Press report, Jeffries began speaking at 4:53 am EDT, delivering a wide-ranging address that included reading letters from Americans who depend on government programmes like Medicaid and SNAP. He accused the bill of 'stealing' from vital social programmes to fund tax cuts for the wealthy, added the report. 'This bill, this one big, ugly bill – this reckless Republican budget, this disgusting abomination – is not about improving the quality of life of the American people,' he said. With inputs from agencies
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First Post
3 hours ago
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Jeffries invokes ‘magic minute' to delay passage of Trump bill, sets new House speech record
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Mint
5 hours ago
- Mint
Noel Tata talks up Trent's grocery business as its next big Star
Bengaluru: Trent Ltd's grocery business, Star, holds the potential to become larger than the Tata Group-backed company's flagship fashion brands Zudio and Westside, chairman Noel Tata said on Thursday. 'This is only because the food market is much bigger than the market for clothing,' Tata said addressing shareholders at Trent's annual general meeting. 'So, we are convinced there's a huge opportunity there and with time you will see that we will deliver a big business in the food and grocery space as well.' Trent ended Thursday's trading session with a market capitalisation of ₹ 2,19,918.76 crore, which makes it the Tata Group's fourth-most valuable company, behind Tata Consultancy Services Ltd, Titan Co. Ltd, andTata Motors Ltd. Trent's focus on Star comes less than a year after Noel Tata's son Neville Tata, 32, was appointed as the business head of the grocery business. Star has accumulated over ₹ 1,000 crore in losses over the previous six years. Zudio, meanwhile, crossed the ₹ 8,300 crore revenue mark in 2024-25, while Westside generated ₹ 6,210 crore in revenue. Star, however, contributed about 15.2% to Trent's consolidated revenue in FY25, underscoring its growing weight in the company's overall portfolio. Star recorded its highest-ever revenue of ₹ 8,854 crore during the year, up nearly 25% from FY24. According to an analyst report by HDFC Securities Ltd, Trent plans to invest ₹ 2,000 crore in Trent Hypermarket Pvt. Ltd, which runs Star, this financial year. That would be nearly three times the ₹ 754 crore Trent has invested in its grocery business in nearly two decades, the brokerage firm said in a note dated June 27. Neol Tata did not comment on this at the AGM. Trent did not immediately reply to Mint's emailed queries. Trent shares ended Thursday's trading on NSE down 0.68% at ₹ 6,180.00 each, while the benchmark Nifty 50 index shed 0.19%. Trent's Star format store has prioritised focus on building in-house or private-label products. In the fourth quarter of FY25, private-label products accounted for 72% of Star's sales. Fresh produce and general merchandise together accounted for 50.5% of Star's product mix during the quarter. 'They (Star) are not growing aggressively at the moment,' said Pratik Prajapati, equity research analyst at financial advisory Ambit. 'The priority is chasing growth and making existing stores profitable before expanding further.' Trent's ambition for Star, however, comes at a time when quick-commerce firms likeSwiggy's Instamart, Zomato's Blinkit, and Zepto are upending how people, particularly in large cities, buy groceries. 'The format (Star) is facing tough competition in these markets, where speed and convenience are becoming as important as price,' said Prajapati. According to a February report by PwC and Hansa Research, quick-commerce in India grew at 73% in FY24, with over 90% of its demand concentrated in India's top eight cities. Blinkit, Zepto, and Instamart have made significant inroads in metropolitan cities, where 42% of consumers prefer instant deliveries for essentials such as packaged food and personal care products, it said. Noel Tata, who is credited with building Zudio and Westside, was appointed chair of Tata Trusts in October following the passing of Ratan Tata. Tata Trusts is the umbrella entity that oversees the functioning of all the philanthropic entities of Tatas, including the seven Tata Trusts that together own 65.9% of Tata Sons. Tata Sons, headed by chairman Natarajan Chandrasekaran, is the group's operating company and owns shares in 26 Tata companies, including Trent, TCS, and Tata Motors.