Stock Market Today: SGX Nifty indicates a negative start; Tata Steel, Ideaforge Technology in focus

Stock Market Today: Due to unfavourable external indicators, domestic indexes may debut in the red. At 19,488 the GIFT Nifty futures were down 61 points, or 0.31%. The Shanghai Composite Index in China fell by 0.39%, the KOSPI in South Korea fell by 1.19%, the Nikkei 225 in Japan fell by 0.61%, the Asia Dow fell by 1%, and the Hang Seng in Hong Kong down by 1.12%. The Dow Jones Industrial Average (DJIA), the S&P 500, and the tech-heavy Nasdaq all concluded the overnight session in the red as the US market.

Stock Market Today: US and Asian markets

The Dow Jones Industrial Average (DJIA), the S&P 500, and the tech-heavy Nasdaq all concluded the overnight session in the red as the US market.
The Shanghai Composite Index in China fell by 0.39%, the KOSPI in South Korea fell by 1.19%, the Nikkei 225 in Japan fell by 0.61%, the Asia Dow fell by 1%, and the Hang Seng in Hong Kong down by 1.12%.

Stocks in focus

Reliance Industries

The plan of arrangement between Reliance Industries and Reliance Strategic Investments has been approved by the National Company Law Tribunal, located in Mumbai. The relevant actions will be taken by the firm and Reliance Strategic Investments, including setting the record date for the allocation and listing of equity shares of Reliance Strategic Investments.

Titan Company

Revenue for the jewellery to watch manufacturer increased 20% year over year during the June FY24 quarter, with double-digit growth seen across all major consumer industries. The quarter saw a total of 68 locations added, including CaratLane, bringing Titan's retail footprint to 2,778. The jewellery division saw a YoY growth of 21% with the opening of 18 new stores. Sales in the watches & wearables segment grew by 13%, while those in the eyecare segment rose by 10%. The fragrances & fashion accessories segment saw a YoY growth of 11%, driven by 9% growth in fragrance sales and 13% growth in fashion accessory sales. CaratLane reported a 32% YoY growth that was supported by strong contributions from numerous sources.

IdeaForge Technology

Dalal Street will be the site of the initial public offering (IPO) on Friday. According to information provided by the manufacturer of drones, the ideaForge IPO listing date has been set for July 7, 2023. The tentative plan predicted that the ideaForge IPO listing date will occur on July 10, 2023, a Monday. Grey market and stock market professionals are quite enthusiastic on ideaForge Technology share listing following strong ideaForge IPO subscription status and ideaForge IPO allotment.

Tata Steel

Tata Steel Limited reported an 18% year-over-year rise in domestic volumes across major sectors in the first quarter of Fiscal Year 2024 (Q1 FY24), which the steel company attributed to domestic deliveries. Provisional delivery volumes for the company's Indian vertical were 4.8 million tonnes, an increase of 18% year over year. While deliveries decreased in the company's Europe and Thailand verticals, exports were down year over year to 0.25 million tonnes.

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