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Stock Market News - Vodafone Idea Hits, Auto stocks slip, Polycab climbs 5%

Vodafone Idea Hits All - Time Low After Q1 Results Shares of the country’s largest telecom operator fell as much as 13 percent to trade at a lifetime low of Rs 8.05 apiece. The company announced its first-quarter earnings on Friday.


NEWS ALERT| 
  1. Alvotech & Cipla's Gulf arm enters into a partnership for the commercialization of AVT02Alert: AVT02 is an adalimumab biosimilar in select emerging markets
  1. PNB Housing raises Rs 690 cr from World Bank's International Finance Corp Amount raised for on-lending to buyers in affordable housing space
  1. Indiabulls Housing Fin opens 6% lower on allegations of Rs 1 lakh crore worth fraud. BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the Indiabulls group of  Rs 1 lakh crore worth fraud. The company has denied any wrongdoing. 
  1. Auto stocks slip after govt reduces GST on Electric Vehicles
  1. Hike in the vehicle registration fee will impact demand: Pawan Goenka, M&M to CNBC TV18 June quarter was worst in terms of growth  
  1. Aware that SIAM, ACMA is in talks with govt to reduce GST on autos: Pawan Goenka
  1.  Will launch 3 new EVs in next two yrs: Pawan Goenka to CNBC TV18.  Demand for EVs won't increase this year
Vedanta trades over 1%lower on weak Q1 nos- Vedanta posted an 11.9 percent year-on-year (YoY) fall in its June quarter (Q1FY20) net profit at Rs 1,351 crore, down from Rs 1,533 crore. 

Granules India trades flat with positive bias - USFDA has completed an inspection at the company's Bonthapally facility located at Hyderabad with one(1) 483 observation which is procedural in nature.

Vodafone Idea plunges over 11% after weak Q1 nos - Trades near its 52-week low. India's largest telecom operator Vodafone Idea on Friday reported a consolidated net loss of Rs 4,873.9 crore for the quarter ended June 30, 2019 (Q1FY20). It had reported a profit of Rs 257 crore in the corresponding quarter of the last year.

Gold Update: Gold prices gained on July 29 ahead of this week's US Federal Reserve monetary policy meeting, which is expected to lead to a cut in US interest rates.

Rupee opening - Rupee opens lower at 68.94/$ vs Friday's close of 68.90 against the US dollar

CATCH-ALL MARKET UPDATES - 
  • Bajaj Auto shed 4%
  • Havells India slips over 4%
  • Vimta Labs slides over 11%
  • Apollo Tyres hit a 52-week low
  • Indiabulls Real Estate dips over 6%
  • Maruti Suzuki hits a new 52-week low
  • JSW Steel slips in trade; hits a 52-week low
  • IDFC First Bank slips over 1% in early trade
  • Polycab climbs 5% on robust June quarter numbers
  • Result Impact | ICICI Bank opens over 3% higher
Maruti Suzuki At Over Two-Year Low -  Shares of the carmaker fell as much as 3 percent to Rs 5,630.25 apiece, its lowest since January 2017. The shares have fallen 40 percent in the past 12 months compared with a 1.6 percent gain in the Sensex. The stock traded at 23 times below its estimated earnings per share for the coming year.

Manpasand Beverages rises 5% - Whole-time director Abhishek Singh, CFO Paresh Thakkar, and Harshvardhan Singh were granted bail by Gujarat High court.  The investigation is almost concluded, sources told Reuters.


Market Update | Bank Nifty | Rupee | Gold | Top Gainers | Auto Stocks


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