India's Retail Inflation Surges to 7.44% in July - Top Indian Market Updates

Here are some of the major updates that could move the markets on Wednesday:

India's retail inflation surges to 7.44% in July

India’s retail inflation (measured by the Consumer Price Index) surged 7.44% on an annual basis in July, compared to 4.81% in June. The consumer food price index (CFPI) rose from 4.49% in June to 11.51% in July. The sharp rise can be attributed to a steeper-than-expected increase in vegetable prices (especially tomatoes) over the past month.

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ITC Q1 Results: Net profit rises 17.5% YoY to ₹4,902 crore

ITC reported a 17.5% YoY rise in net profit to ₹4,902.74 crores for the quarter ended June (Q1 FY24); beating street estimates. Its revenue from operations fell 7.23% at ₹16,995.4 crore during the same period. EBITDA stood at ₹5,083 crore in Q1, up 10% YoY. Revenue from ITC’s core cigarette business grew 13% to ₹7,465.27 crore.

In other news, ITC’s board has approved the scheme of arrangement for the demerger of its hotels business into a separate listed subsidiary. Shareholders of ITC will get 1 share in the demerged hotels business for every 10 shares held in the parent company.

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Axis AMC launches private credit fund

Axis Asset Management (the mutual fund arm of Axis Bank) has launched a private credit alternative investment fund (AIF) and is aiming to raise nearly ₹1,250 crore from investors. The private credit fund is part of Axis Mutual Fund’s alternative assets business, which includes late-stage private equity and real estate AIFs on the private markets side and portfolio management services and long-only equity AIFs on the public markets side.

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Divi’s Labs Q1 Results: Net profit falls 49% YoY to ₹356 crore

Divi’s Laboratories reported a 49% YoY decline in consolidated net profit to ₹356 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 21% YoY to ₹1,778 crore during the same period. Total expenses stood at ₹1,367 crore in Q1, down 8% YoY. 

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SEBI seeks 15-day extension to complete probe in Adani-Hindenburg case

The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to grant 15 more days to conclude the investigation into allegations made by US short-seller Hindenburg Research against the Adani Group. SEBI has completed investigating 17 out of the 24 transactions it had taken up for probe. The regulator has sought more information from other regulators and foreign jurisdictions to plan a further course of action.

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SpiceJet Q1 Results: Net profit at ₹198 crore

SpiceJet Ltd reported a consolidated net profit of ₹197.64 crore for the quarter ended June (Q1 FY24). The airline reported a loss of ₹783.72 crore in Q1 FY23. its revenue from operations fell 19% YoY to ₹2,371.53 crore during the same period. The company's profit was on the back of a 36% Yoy decline in total expenses to ₹2,069.24 crore in Q1.

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Domestic air passenger traffic rises 25% in July

According to the Directorate General of Civil Aviation (DGCA), India's domestic air passenger traffic volume rose 25% year-on-year (YoY) to 1.21 crore passengers in July. IndiGo carried 76.75 lakh passengers, securing a market share of 63.4% during July. SpiceJet flew 5.04 lakh passengers in July, with a market share of 4.2%.

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Ramkrishna Forgings secures $13.65 million order in North America

Ramkrishna Forgings has secured a $13.65 million (~₹107 crore) order from clients in the North American region. The order is for the supply of rear axle and transmission components. The company said it is strategically expanding its footprint in North America and strengthening its position within the light vehicle sector.

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Ashok Leyland to fully acquire OHM India

Ashok Leyland will fully acquire OHM Global Mobility Pvt Ltd from OHM International Mobility Ltd. The automaker will invest ₹300 crore into the acquired entity. The acquisition is a part of the company's EV strategy to engage in the business of e-Mobility as a Service (eMaaS). OHM India is envisaged to operate in transportation, logistics operation and management and eMaaS.

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L&T secures contract to build international cricket stadium

Larsen & Toubro (L&T) Construction has secured an order from the Uttar Pradesh Cricket Association to construct a cricket stadium in Varanasi on a Design & Build Turnkey basis. The scope of work for L&T includes the main ground as per ICC standards, display scoreboard, flood lights, corporate boxes, VIP lounges, office areas, broadcasting, press conference areas, kitchen & dining areas, and a practice ground.

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