Stock Market Today: In spite of conflicting swings on global markets, Indian equity benchmarks Nifty 50 and Sensex are poised to open the session on Wednesday on a high note. Before the opening bell on Dalal Street, GIFT Nifty futures, a forerunner of the Nifty 50 index, was up 23.5 points or 0.12% at 19,533.5. Additionally, Tata Consultancy Services (TCS) will formally launch India Inc.’s earnings season today, July 12, when it releases its June quarter financial results for the current fiscal year (Q1FY24).
GIFT Nifty start flat
GIFT Nifty on the NSE IX traded 9 points, or 0.05 percent, lower at 19,528 to indicate that Dalal Street will likely open Wednesday with little activity. Headline equity index Nifty today closed 83.5 points higher after making higher lows for the previous two trading days, forming a modest green candle on the daily chart with a long upper shadow.
Stock Market Today: Stocks in focus
Tata Motors and Maruti Suzuki
According to experts in the auto industry, the modification to the definition of an SUV for the purpose of attracting a cess above and beyond the GST rate will clarify the taxation structure for utility vehicles and ensure that the rate entry is more accurate, leaving little room for interpretation regarding the range of ground clearance. The Goods and Services Tax (GST) Council determined that the only criteria for defining an SUV will be length (4 metres and above), engine size (1,500 cc and more), and ground clearance (170 mm and more) when the vehicle isn’t loaded.
Adani Enterprises
Adani Enterprises said on July 11 that it had issued non-convertible debentures (NCDs) to raise Rs. 1,250 crore. In a regulatory filing to the stock exchanges, the flagship company of the Adani Group stated, “We would like to inform that the company has raised Rs. 1,250 crore today, i.e., July 11, 2023, by allotment of 125,000 Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures (“NCDs”) of the face value of Rs. 1,00,000/- each.
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