Quick Wrap: Nifty Realty Index gains 1.20%
Nifty Realty index closed up 1.20% at 982.9 today. The index has gained 11.00% over last one month. Among the constituents, Sobha Ltd added 5.51%, Brigade Enterprises Ltd jumped 4.73% and Prestige Estates Projects Ltd gained 2.92%. The Nifty Realty index has fallen 9.00% over last one year compared to the 5.50% increase in benchmark Nifty 50 index. In other indices, Nifty Private Bank index has dropped 1.17% and Nifty Energy index has slid 1.07% on the day. In broad markets, the Nifty 50 has declined 0.70% to close at 24542.5 while the SENSEX has dropped 0.78% to close at 80737.51 today.
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Time of India
8 minutes ago
- Time of India
Swiggy may recover quick commerce share despite widening losses: Morgan Stanley
Brokerage house Morgan Stanley believes online food and grocery delivery company Swiggy 's quick commerce business has a bright future. This is despite the fact that while quick commerce has helped drive Swiggy 's revenue growth, the company's expenditure on the vertical continues to drag its bottom line down. Instamart , Swiggy's quick delivery business, saw its gross order value (GOV) rise 101 per cent year-on-year to Rs 4,670 crore. However, the adjusted Ebitda loss also increased to Rs 840 crore during the same period. Nevertheless, Morgan Stanley said in a recent note that Swiggy is well-equipped to weather the rising competition in the quick commerce segment with enough balance sheet strength to continue investing in the vertical. Initiating coverage on Swiggy shares, Morgan Stanley analysts Gaurav Rateria, Sulabh Govila and Sakshi Rana stated in the June 2 note that medium-term concerns about competition in quick commerce will persist. Multiple new players, including major ecommerce companies, are now entering the industry. Even so, Swiggy will be able to protect its relative market share, the analysts noted. Morgan Stanley has revised its estimates for quick commerce's total addressable market—representing the entire potential demand—upwards to USD 57 billion by 2030, from USD 42 billion earlier. The brokerage expects 150 Indian cities to be conducive to the service, compared to the top 30 cities now. This implies multifold growth in the USD 8 billion market seen at the end of March 2025. Existing companies with investments in infrastructure will benefit more from the quick commerce upsurge, the Morgan Stanley note read, and Swiggy has invested heavily in the space over the past 12 months. The company met its target of 1,000 dark stores, adding 316 of these micro-warehouses in the March quarter, and is looking to expand the network. "We believe that store additions will be a derivative of growth... we have made a choice of network where we have these megapods, which are two-and-a-half times larger than dark stores and these can do 5,000-6,000 orders per day compared to 2,000-3,000 orders a day (done by smaller dark stores)," Swiggy's chief financial officer Rahul Bothra had told ET after the March quarter results in May. Swiggy's current balance sheet strength and profit in food delivery will allow it to continue quick commerce investments and focus on at least maintaining market share, Morgan Stanley said. Total cumulative investment, in the form of operating losses or cash burn, in its quick commerce vertical is expected to be over USD 1.2 billion over the next two to three years before the company reaches break-even at the adjusted Ebitda level, the brokerage house said. Swiggy shares rose as much as 9.5 percent during trade today to Rs 365 apiece. The counter closed 8.73 percent higher at Rs 362.50 per share, against a 0.32 percent rise in the Sensex to 80,998.25.
Economic Times
an hour ago
- Economic Times
Green Investing: How Indian investors can drive real change on World Environment Day
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Business Standard
an hour ago
- Business Standard
Indices trade higher; European mrkt advance
The domestic equity barometers traded with substantial gains in afternoon trade, supported by buying interest amid positive global sentiment, expectations of a rate cut in the upcoming RBI policy meeting later this week, and continued foreign fund inflows. While investors await the policy outcome, they are also closely monitoring bond markets, Brent crude trends, and global trade developments. The Nifty traded above the 24,750 mark. Realty, pharma and FMCG shares advanced while PSU Bank, auto and private bank stocks declined. At 13:25 IST, the barometer index, the S&P BSE Sensex, advanced 475.63 points or 0.59% to 81,473.37. The Nifty 50 index jumped 148 points or 0.60% to 24,768.20. In the broader market, the S&P BSE Mid-Cap index rose 0.53% and the S&P BSE Small-Cap index added 0.73%. The market breadth was strong. On the BSE, 2,369 shares rose and 1,473 shares fell. A total of 185 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.87% to 15.29. Gainers & Losers: Eternal (up 4.98%), Trent (up 3.52%), Dr Reddys Laboratories (up 3.40%), Power Gird Corporation of India (up 2.03%) and Shriram Finance (up 1.79%) were the major Nifty gainers. Dr. Reddy's Laboratories rallied 3.40% after the company announced a collaboration with Iceland-based Alvotech to co-develop and commercialize a biosimilar to Keytruda (pembrolizumab) for global markets. IndusInd Bank (down 1.11%), Bajaj Finserv (down 0.79%), Maruti Suzuki India (down 0.67%), Bajaj Finance (down 0.63%) and Axis Bank (down 0.44%) were the major Nifty losers. Stocks in Spotlight: Angel One added 3.54% after the firm announced that its client base jumped 34.1% to 31.95 million in May 2025, compared with 23.83 million in May 2024. Power Grid Corporation of India added 1.99% after the company said that it has acquired MEL Power Transmission (MPTL), a special-purpose vehicle, for an aggregate value of Rs 8.53 crore. Force Motors rallied 3.35% after the companys domestic sales jumped 24.46% to 3,002 units in May 2025, as against 2,412 units sold in May 2024. Newgen Software Technologies rose 0.70% after it has received an order worth $2.5 million (approximately Rs 20.8 crore) from an international customer for the procurement of an enterprise workflow and content management system. Garden Reach Shipbuilders & Engineers added 4.23% after the company announced the signing of memorandum of intent (MoI) and memorandum of understandings (MoUs) with various entities in Norway. CESC declined 1.15%. The company said that its subsidiary, Purvah Green Power, has signed a framework agreement with Envision Energy India for the supply and commissioning of 1 GW wind turbine generators (WTGs). Global Markets: Most European markets advanced as investors awaited a rate cut from the European Central Bank (ECB). The central bank widely expected to trim interest rates by 25 basis points, taking its key rate, the deposit facility rate, to 2% German factory orders rose 0.6% in April from the previous month, preliminary data showed on Thursday. The Federal Statistical Office said the rise in April was largely due to a significant increase in the manufacturing of data processing equipment, electrical goods and optical products. Most Asian indices rose on Thursday, with the South Korean market extending gains from the previous session. Investor attention remained on a potential call between former U.S. President Donald Trump and Chinese President Xi Jinping, which the White House indicated could take place this week. Optimism surrounding the potential dialogue contributed to gains on Wall Street earlier in the week. The Caixin China services purchasing managers index came in at 51.1 in May, rising from 50.7 in April and remaining above the 50-mark, which separates an expansion from a contraction. Chinas services activity in May climbed from the month before, buoyed by rising tourism activity. However, new export orders slowed at a slightly lower pace, weighed by uncertainty from the U.S. tariffs. On Wednesday, U.S. markets closed mixed. The Dow Jones Industrial Average declined by 0.22%, while the S&P 500 inched up 0.01% and the Nasdaq Composite gained 0.32%, supported by strength in technology stocks. Meanwhile, private sector hiring in the U.S. fell to its lowest level in over two years. Data from payroll processor ADP showed that payrolls increased by only 37,000 in May, compared to a revised 60,000 in April. The report has heightened concerns about the impact of trade-related uncertainty on the U.S. economy. The data precedes the release of the official nonfarm payrolls report for May, scheduled for Friday, which investors now expect to show further weakness.
