Economy:

Moodys has revised its calendar year 2024 growth forecast for India to 7.1% from its earlier estimates of 6.8% in June, as it expects growth in the Asia-Pacific region to outpace the global economy.

Gainers & Losers:

Power Grid Corporation of India (up 2.34%), Axis Bank (up 1.29%), NTPC (up 1.11%), Grasim Industries (up 1.11%) and HDFC Bank (up 0.73%) were major Nifty gainers.

LTIMindtree (down 3.87%), Tech Mahindra (down 2.66%), Tata Consumer Products (down 2.21%), Tata Motors (down 1.71%) and Titan Company (down 1.47%) were major Nifty losers.

Stocks in Spotlight:

Delta Corp rallied 4.26% after the companys board approved demerger of its hospitality and real estate business into a newly incorporated company named as Delta Penland (DPPL). According to the scheme of arrangement, each Delta Corp shareholder will receive 1 share of Delta Penland for every 1 share held in Delta Corp and the shares of new entity will be listed on both stock exchanges, NSE and BSE.

Mazagon Dock Shipbuilders (MDL) advanced 1.33% after the company announced the commencement of production activity for the first multipurpose cargo vessel (MPV) for Denmark’s Navi Merchants.

Gillette India declined 2.86% after the companys distributor notified that Procter & Gamble (P&G) Bangladesh terminated the distribution agreement with effect from 31 December 2024.

Mahindra Holidays & Resorts India rose 0.67%. The company said that its flagship brand Club Mahindra, has assumed the complete management of the Club Mahindra Golden Landmark resort in Mysuru, Karnataka.

Ecos (India) Mobility & Hospitality slipped 2.74% after the company reported standalone net profit of Rs 13.50 crore in Q1 FY25, marking a de-growth of 2.87% as compared with the PAT of Rs 13.90 crore recorded in Q1 FY24. Revenue from operations increased by 14.01% to Rs 148.90 crore in Q1 FY25 from Rs 130.60 crore posted in Q1 FY24.

Snowman Logistics slipped 3.69% after the company said that its Chief Executive Officer (CEO), Sunil Prabhakaran Nair has resigned with effect from the close of business hours of 30 November 2024, due to his personal reasons.

Global Markets:

European stocks were traded lower on Wednesday as investors digested Chinese stimulus measures.

Asian stocks traded mixed on Wednesday, buoyed by China’s expansive stimulus package and a strengthening yuan. The rally, which began the previous day, was fueled by the People’s Bank of China’s announcement of measures aimed at supporting the economy and financial markets.

In the United States, the S&P 500 (+0.25%) reached a new all-time high Tuesday, shrugging off concerns about weak consumer confidence. Nvidia’s shares surged 4% following news that CEO Jensen Huang had completed his stock sales.

The Dow Jones Industrial Average (+0.20%) and Nasdaq Composite (+0.56%) also recorded gains.

US consumer confidence suffered its biggest one-month decline in more than three years, hitting 98.7 for September. The data follows a warning from JPMorgan Chase CEO Jamie Dimon about increasing geopolitical instability cast a shadow over the positive market sentiment. Dimon expressed concerns that these geopolitical tensions could impact the global economy.

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First Published: Sep 25 2024 | 1:33 PM IST