Markets are trading in the red as of 12:35 pm, with the NIFTY50 trading below the 19,500 level. Here are the top stories of the hour. Let us know what you think in the comments below!
Top gainer: HCLTech: 1,171 ▲ 37 (+3.2%)
Top loser: SBI Life: 1,309 ▼ 25 (-1.9%)
LIC soars on strong Q1 results
LIC reported 14x surge YoY (year-on-year) in net profit at ₹9,544 crore in Q1FY24, up from ₹683 crore. Net investment income was up at ₹90,309 crore YoY from ₹69,571 crore. The company’s assets under management (AUM) increased by 12.4% to ₹46 lakh crore. The PSU insurance company’s shares are up by 3% today.
HCLTech bags a new deal with Verizon
HCLTech shares are up 3% today after the IT major signed a $2.1-billion deal with Verizon Business to provide managed network services for its global enterprise customers. Under this collaboration Verizon’s networking scale will combine with HCLTech’s service capabilities to offer large-scale wireline service delivery.
NBCC rises on strong Q1 results
PSU construction company NBCC reported a net profit of ₹77.4 crore during Q1FY24 as compared to a net loss of ₹4.8 crore in the same quarter last year. Consolidated total income grew 6.6% to ₹1,917.87 crore. The company’s shares are up by 3.2%
US inflation edges upward
Inflation in the United States rose to 3.2% in July from 3% in June. However, the number was below the market forecast of 3.3%. This rise came on the back of costlier housing and low-base effect. Inflation data is a key metric taken into consideration by the Federal Reserve in deciding whether to hike interest rates.