After opening the day lower, benchmark indices stayed muted on and ended the day lower.

Benchmarks Sensex, and Nifty50 indices stayed in the negative zone on Monday even as broader Mid, and SmallCap indices hit fresh record highs.

At the closing bell, the BSE Sensex stood lower by 36 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 3 points.

ONGC, ITC, and HUL are among the top gainers today.

Titan, BPCL, and Adani ports on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,403, down by 12 points, at the time of writing.

The BSE MidCap index and BSE SmallCap index ended 0.2% lower.

Sectoral indices are trading mixed, with stocks in the oil & gas sector and the FMC sector witnessing the most buying. Meanwhile, stocks in the banking sector and the metal sector witnessed selling pressure.

Shares of Raymond, Thermax, and Trent hit their respective 52-week highs today.

The rupee is trading at 83.5 against the US$.

Gold prices for the latest contract on MCX are trading 0.6% lower at Rs 72,644 per 10 grams.

Meanwhile, silver prices were trading 0.3% lower at Rs 93,282 per 1 kg.
 

L&T's Mega Order Win

In news from the engineering sector, Larsen & Toubro said that its Renewable arm has finalized mega orders with a leading developer in the Middle East to build two gigawatt-scale solar PV plants with a cumulative capacity of 3.5 gigawatts (GW).

The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.

Last month, L&T announced having won a solar-cum-storage plant order in India.

Now, with the fresh mega orders from the Middle East, the L&T renewables portfolio is poised to reach 22 GWp (gigawatt peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making.

As per L&Ts classification, the value of the aforementioned order lies between Rs 100 bn and Rs 150 bn.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services.

It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Why Bank of Baroda Share Price is Falling

Moving on to news from the banking sector, shares of Bank of Baroda fell 4% on 8 July, dragged by the lender's weakest deposit and advances growth in 12 quarters.

On top of that, the lender's deposit and advances also dropped on a sequential basis.

Global deposits fell 1.6% on quarter to Rs 13.1 trillion (tn) while domestic deposits were down 2% to Rs 11.1 tn. Advances also slipped 1.7% on a sequential basis to Rs 10.72 lakh crore in Q1 of FY25.

On a yearly basis, growth was the slowest seen in the last 12 quarters. On an on-year basis, deposits were up around 9% while advances grew 8.1%.

Meanwhile, the company's board also approved the raising of additional capital of up to Rs 75 bn through debt capital instruments.

The bank plans to raise capital in suitable tranches until 31 March 2025, or beyond if necessary, depending on market conditions.

It reported a net profit of Rs 48.9 bn for the March quarter of FY24, a mere 2.3% growth as it was impacted by exposure to grounded airline Go First and pension liabilities.

In the last quarter of FY24, core net interest income grew by 2.3%, driven by increased advances, while non-interest income rose by 20.9%.
 

Tata Motors Q1 Update

Moving on to news from the auto sector, Tata Motors Group's global wholesales in Q1 FY25, including Jaguar Land Rover were at 3,29,847 units, rising 2%, as compared to Q1 FY24.

Global wholesales of all Tata Motors commercial vehicles and the Tata Daewoo range in Q1 FY25 stood at 93,410 units, higher by 6%, over Q1 FY24.

Global wholesales of passenger vehicles in Q1 FY25 were at 138,682 units, down 1% on a YoY basis.

Global wholesales for Jaguar Land Rover were 97,755 vehicles, higher by 5%.

Jaguar wholesales for the quarter were 8,227 vehicles, while Land Rover wholesales for the quarter were 89,528 vehicles.

Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.

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