Business News at 05:30 pm on 14th August, 2024

Let’s begin…Shares of Ola Electric Mobility Ltd. are trading with losses of over 5% on Wednesday, marking its fourth trading day since Divis Lab, Hero MotoCorpThe stock is currently under scrutiny ahead of the company’s June quarter results, which are set to be reported later today, August 14. In addition to the earnings report, Ola Electric is also in the spotlight for the upcoming unveiling of its first electric motorcycle. The new model will be showcased on Thursday, August 15, at the company’s flagship event, ‘Sankalp 2024.’ Ola Electric made its stock market debut last Friday at its issue price of ₹76. The stock initially surged, ending its trading debut with an upper circuit limit of 20%. This was followed by another 20% upper circuit on Tuesday.

Next up, Markets to remain shut on August 15 on account of Independence Day. Both the exchanges the National Stock Exchange and BSE will not conduct trading on Thursday. The equities, equity derivatives, and SLB segments will remain closed and trading will not happen. The capital markets, futures, and options markets will also remain closed on August 15. This is the only holiday for markets in the month of August. Markets will be operating for a total of 21 days in August. The markets will function normally from Friday itself. But due to weekend markets will again remain shut for August 17 and 18. Investors can buy and sell securities on August 16.

Elsewhere, Shares of state-run SJVN surged over 8% in early trading on Wednesday after the company announced its June quarter results post-market hours on Tuesday. The share price of SJVN jumped 8.54% to intra-day high of Rs 148.84 on NSE. The company reported a robust 29% increase in revenue, reaching Rs 870.4 crore. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) grew by 33% year-over-year to Rs 667.5 crore. The EBITDA margin expanded by 220 basis points to 76.7%, up from 74.5% in the same quarter last year. SJVN’s net profit for the quarter stood at Rs 357.1 crore, reflecting a 31.4% increase compared to Rs 271.8 crore in the corresponding period last year.

Moving on, The Dwarka Expressway, which represents a significant infrastructural advancement within the National Capital Region (NCR), has been a primary catalyst for the expansion of multiple sectors in the real estate market of Gurugram. Notably, New Gurugram has emerged as a prime location for real estate investment and a center for luxury developments. The primary driver behind the expansion of the real estate sector in Gurugram is the Dwarka Expressway, also referred to as the Northern Peripheral Road (NPR), which enhances connectivity between Gurugram and Delhi, thereby reducing travel time. This 29-kilometer corridor has attracted numerous prominent developers who have initiated luxury residential projects, significantly contributing to the swift development of the region.

Up next, Patel Engineering reported Q1FY25 consolidated net profit of Rs 48.17 crore, up 25.81 per cent YoY, from Rs 38.39 crore in Q1FY24. The Q1FY25 revenue came in at The consolidated revenue from operations came in at Rs 1,101.66 crores, down 1.52 per cent YoY from Rs 1,118.61 crores in Q1FY24. The orderbook in Q1 Q1FY25 stood at Rs 17,901.9 crores comprising 50 projects. The 50 projects include 15 hydroelectric, 19 irrigation, 6 tunnels, 5 roads, and 5 others. The client representation had a major share for the state government departments of 31 projects, Central Government/PSUs 17, and 2 international projects. The projects are across 15 states domestically with an international presence in Nepal.

Elsewhere, In a big setback for mining operators, the Supreme Court on Monday upheld that states can levy royalties on the extraction of minerals and clarified that this ruling will also apply retrospectively but with respect to transactions after April 1, 2005.With this clarification, the top court rejected the argument that its July 25 judgment, which upheld the states’ authority to tax mineral rights and mineral-bearing lands, should apply only from the date of the ruling.Earlier in July, the Constitution Bench of SC held that states have the power to levy taxes on mineral rights and that the Union law, the Mines and Minerals (Development and Regulation) Act of 1957, does not limit this power of the states.

Lastly, The benchmark equity indices ended Wednesday’s trading session in the positive territory. The NSE Nifty 50 gained just 4.75 points or 0.02% to settle at 24,143.75, while the BSE Sensex jumped 149.86 points or 0.19% to 79,105.89. The broader indices ended in mixed territory, with gain led by Large-cap stocks. Bank Nifty index ended lower by 104.55 points or 0.21% to settle at 49,727.30. IT and Auto stocks outperformed among the other sectoral indices while Metal and Media stocks shed. TCS, HCL Tech, Tech Mahindra, Infosys, and BPCL are the top gainers on NSE Nifty 50 index whereas the top laggards include Divis Lab, Hero MotoCorp, Coal India, Ultratech Cement, and DR Reddy’s Lab.