Market Bizzz

Reliance Retail’s Q1 revenue rose 8.2% despite the FMCG demerger, while net profit fell 14.2% as e-commerce investments pressured margins. Reliance Consumer more than doubled revenue, driven by Campa and Independence, with rapid growth across grocery, electronics and digital commerce.

JSW Steel’s profit more than doubled year-on-year to Rs 4,696 crore in the June quarter. Robust revenue growth and lower finance costs aided the company’s strong financial performance. Consolidated revenue from operations rose around ten percent on year to Rs 47,364 crore. Total expenses rose less than four percent on year, helping boost earnings. The company retained its capital expenditure guidance for the current year.

The company informed the stock exchanges that it allotted 31,83,961 equity shares to anchor investors at Rs 424 per share, the upper end of the IPO price band.

The IPO is scheduled to make its stock market debut on the BSE and NSE on July 21. The IPO is commanding a Grey Market Premium (GMP) of around Rs 97 per share, implying an estimated listing premium of nearly 17% over the upper issue price of Rs 574.

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South Korean shares experienced a significant decline on Thursday, driven by chipmaker stock sell-offs. The Bank of Korea raised its benchmark interest rate for the first time in over three years. This move aimed to stabilize the nation’s weakening currency against the US dollar. Major chipmakers like SK Hynix and Samsung Electronics saw substantial drops in their stock values. Despite recent volatility, the KOSPI index has shown strong performance year-to-date.

South Korea’s central bank has increased its benchmark interest rate for the first time in three years. This move aims to stabilize the currency and counter rising inflationary pressures. The bank anticipates further tightening of monetary policy in the coming months. Economic growth is expected to significantly exceed previous forecasts this year. Analysts predict at least one more rate hike before the year concludes.

The Rs 42.34 crore SME IPO received an overwhelming response during its subscription window from July 9 to July 11, closing 220.35 times subscribed, reflecting robust demand across investor categories.

The AI adoption craze is looming over what’s promising to be another lackluster earnings season for IT services exporters. Last week, Tata Consultancy Services Ltd., the biggest among them, reported 0.4% growth in revenue over the previous three months after stripping out currency fluctuations, the slowest expansion in a year.

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