Top market news today - 19th September 2024

Top gainer: NTPC 425 ▲ 11 (+2.7%)
Top loser: BPCL 325 ▼ 10 (-3.0%)

:star: Allcargo Logistics reports 5% jump in LCL volumes in August 2024
Allcargo Logistics’ less than container load (LCL) volume for the month of August 2024 stood at 807 '000 cubic metres. This represents a growth of 5% as compared to last year and a marginal decline of 1% as compared to last month. Volumes are expected to remain upbeat till Q3 (calendar year) of 2024 after which the company expects some impact on account of Golden week in China. Ocean freight rates have now stabilised but are significantly higher as compared to last year. An increase in volume was witnessed in Latin America, Europe and the Middle East. A marginal decline was witnessed in the USA, Asia Pacific, and India. Container utilisation has improved on the back of increase in volumes. Read more

:star: Vodafone Idea slips 15%, Indus Towers tanks 10%: Telecom stocks tumble as SC rejects telcos’ plea on re-computation of AGRs
In a major setback to telecom companies, the Supreme Court of India on Thursday, September 19, rejected the telcos’ plea on re-computation of adjusted gross revenues (AGRs). It must be noted here that Bharti Airtel and Vodafone Idea had cited arithmetic errors in the computation of AGR demand. Immediately after the court verdict, shares of Vodafone Idea and Indus Towers nosedived. Last seen, Vodafone Idea (Vi) was trading nearly 15% lower at ₹10.96 apiece on the NSE. Indus Towers tanked 10% to ₹384.80 on the BSE. Bhart Airtel, on the other hand, was trading 0.89% higher at ₹1,667.40. Read more

:star: Garden Reach Shipbuilders to construct and deliver an additional four vessels for $54 million
Garden Reach Shipbuilders & Engineers announced that the company has received an order from a customer for an additional 4 multi-purpose vessels. The order is part of the contract that the company signed with Carsten Rehder Schiffsmakler and Reederei, Germany, which gave the customers the option for an additional 4 vessels in the future. Following the announcement, shares of the company were trading higher by 3% at ₹1,775 per share. Read more