Latest Breaking News Highlights, July 18, 2024: Welcome to the Financial Express live blog! Here, we deliver real-time updates on both domestic and global events, keeping you informed on the latest developments as they unfold. Whether it’s crucial political updates, important economic reports, notable business developments, or breaking news alerts, we are dedicated to bringing you comprehensive coverage. Stay tuned for continuous updates, expert insights, and immediate analysis. Don’t miss a moment with our timely and in-depth news reporting. Track the real-time developments of major events for July 18, 2024.
Latest News Today, India News Live, Top Breaking News Today Highlights July 18, 2024
The price of Indian rice exports fell even lower this week on expectations that New Delhi might ease export restrictions following a record surge in stocks. Meanwhile, Thai rates dropped to an 8-month low due to softer demand and higher supply.
Byju’s has petitioned the National Company Law Appellate Tribunal (NCLAT) to overturn a previous NCLT ruling that granted the cricket board BCCI’s request to begin insolvency proceedings against the once-famous edtech company.
According to people familiar with the matter, the business is requesting a prompt hearing on the issue. However, Byju’s remained silent about the matter. A Byju’s spokesperson had said, “As we have always maintained, we wish to reach an amicable settlement with the BCCI and we are confident that, despite this order, a settlement can be reached. In the meantime, our lawyers are reviewing the order and will take necessary steps to protect the company’s interests.”
Infosys‘ consolidated net profit grew to Rs 6,374 crore in Q1 of FY25 Vs Rs 5,945 crore it reported a year ago in the same time period. The tech giant's revenue from operations grew 3.6% on year to Rs 39,315 crore for the quarter ended June 30, 2024, against Rs 37,933 crore it posted in Q1 of FY24. Revenue from financial services grew to Rs 10,816 crore in Q1 of FY25, up 1.4% on year, compared to Rs 10,661 crore the segment contributed a year ago in the same time period. Infosys raised the revenue growth guidance for FY25 to 3%-4% in constant currency from 1%-3%, earlier.
Read more: Q1 Results 2024 Live Updates: Infosys, Tata Technologies, JSW Infra, Havells
One person died and 15 others were injured when a Tazia struck a high-tension wire during a Muharram procession in Lakhimpur Khiri, Uttar Pradesh, on Thursday. (Read More)
Havells India records a consolidated net profit of Rs 407.51 crore in Q1 FY25 Vs Rs 287.07 crore in Q1 of FY24, a jump of 42% on year. While the company’s revenue from operations came in at Rs 5,806.21 crore in Q1 of FY25 against Rs 4,833.80 crore it posted in the same period in the previous fiscal year, a jump of over 20% on year.
Read more: Q1 Results 2024 Live Updates: Infosys, Tata Technologies
A professor at the Jamia Millia Islamia was suspended by the varsity after complaints of sexual harassment were brought up against him by four PhD scholars.
Read more: Jamia professor suspended over sexual harassment charges by 4 PhD scholars
Central Bank of India reported a consolidated net profit of Rs 942.42 crore in Q1 of FY25 Vs Rs 494.98 crore posted in Q1 of FY24. Central Bank of India‘s interest income stood at Rs 5,431.34 crore for the quarter against Rs 4,535.14 crore reported in the same period a year ago.
Asian Paints posted results below estimates for Q1 due to demand conditions led by general elections & severe heatwaves, in a research report said Prabhudas Lilladher. The company’s volume witnessed a 7% growth led by rural recovery but revenue declined by 2.3% due to the price cuts & shift in product mix. “Demand conditions are expected to improve with improving rural sentiment & gradual pick-up in monsoons. However, the expected increase in competitive intensity with Grasim’s entry into the paints business continues to remain a key monitorable. We have a “Reduce” rating on the stock,” said Amnish Aggarwal, Head of Research at Prabhudas Lilladher.
The NSE Nifty 50 was down 63 points or 0.25% at 24,550, while the BSE Sensex was down 144 points or 0.18% at 80,573.
Infosys is expected to report a strong quarter-on-quarter revenue growth in Q1 FY25, driven mainly by the ramp-up of large deals. The company’s revenues for the quarter ending June 30, 2024, are seen increasing by 2.5% on-quarter. Meanwhile, the same is likely to jump 2% y-o-y. On a constant currency basis, the revenue growth is likely to see a growth of 3% on-quarter. The company will announce its results on July 18.
The Uttar Pradesh Police in Muzaffarnagar have asked eateries along the Kanwar Yatra route to display the names of owners or proprietors “to avoid any confusion” among the yatris.
Shares of LTIMindtree rose 3.5% to an intraday high of Rs 5,755 after it reported a sequential increase in its revenue and net profit for the quarter that ended June, driven by deal ramp-ups and a rise in digital spending by clients. However, while the topline exceeded estimates, the bottom line slightly missed Street expectations. The consolidated revenue rose nearly 3% quarter-on-quarter to Rs 9,142.6 crore in April-June. This is also higher than the Bloomberg estimate of Rs 9,075 crore.
IAS trainee Puja Khedkar’s mother, Manorama Khedkar, was detained by the Pune Police for allegedly possessing an illegal firearm as troubles mounted for the Khedkar family after certain irregularities were found in Puja Khedkar’s selection by the UPSC.
Read more: IAS trainee Puja Khedkar’s mother, seen waving pistol at farmers, detained
The Railway Board has mandated all railway zones to implement a real-time monitoring system developed by the North Eastern Railway. This system aims to swiftly report and track untoward incidents, with the goal of preventing fraudulent claims. As part of this initiative, rail divisions are setting up online Google Sheets to consolidate data collection on these incidents for centralized monitoring at headquarters.
Read more: Railway Board mandates real-time monitoring of untoward incidents to curb fraudulent claims
According to the latest weather update from the India Meteorological Department (IMD), the monsoon trough is presently active and situated farther south than its typical position. This pattern is anticipated to persist for the next 4-5 days, impacting weather conditions across the area.
Two Special Task Force (STF) constables were killed and four others injured on Thursday in an IED blast triggered by Naxalites in Chhattisgarh’s Bijapur district, Bastar Police has confirmed.
Read more: IED blast by Naxalites in Chhattisgarh kills 2 security personnel, injures 4
The son of a former corporator and Sharad Pawar faction of the NCP’s leader, Bandu Gaikwad, allegedly rammed a speeding SUV into a poultry tempo, injuring two people, in Pune on Tuesday.
Read more: Sharad Pawar’s party leader’s son rams SUV into poultry tempo in Pune | Video
The benchmark equity indices opened Thursday’s trading session on a negative note. The NSE Nifty 50 fell 70 points or 0.28% at 24,543, as soon as markets opened. While the BSE Sensex opened 202 points or 0.25% lower at 80,514. All the front indices were trading in the red.
As LTIMindtree reported a sequential increase in its revenue and net profit for the quarter that ended June, driven by deal ramp-ups and a rise in digital spending by clients. At the same time, Asian Paints net profit dropped by 24.6% on-year in Q1 of FY25. IREDA, Glenmark Pharma, L&T Finance, Bajaj Electricals, and Avenue Supermarts are some stocks to keep in mind before markets open.
Read more: Stocks To Watch: LTIM, Asian Paints, IREDA, Glenmark Pharma, L&T Finance
The White House has announced that US President Joe Biden has tested positive for COVID-19 while visiting Las Vegas on Wednesday. He is currently self-isolating and experiencing mild symptoms. Biden has been facing pressure from fellow Democrats to abandon his re-election bid.
Read More: Joe Biden tests positive for COVID-19 amid concerns over health issues – What’s next?