After opening the day higher, benchmark indices reversed the momentum as the session progressed on and ended the day lower.

Indian shares reached record highs at the opening of trading on Wednesday, driven by the ongoing rally of car maker Maruti Suzuki. However, the benchmark indices quickly retreated from these highs, influenced by weakness in financial stocks.

At the closing bell, the BSE Sensex stood lower by 427 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 120 points (down 0.5%).

Asian Paints, Britannia, and Power Grid are among the top gainers today.

M&M, Tata Steel, and TCS on the other hand, were among the top losers today.

The GIFT Nifty was trading at 24,369, down by 121 points, at the time of writing.

The BSE MidCap index ended marginally lower and the BSE SmallCap index ended 0.7% lower.

Sectoral indices are trading mixed, with stocks in the power sector, healthcare sector, and FMC sector witnessing the most buying. Meanwhile, stocks in the metal sector, auto sector, and IT sector witnessed selling pressure.

Shares of Maruti Suzuki, CAMS, and Grasim hit their respective 52-week highs today.

The rupee is trading at 83.52 against the US$.

Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 72,673 per 10 grams.

Meanwhile, silver prices were trading 0.4% higher at Rs 93,300 per 1 kg.
 

GE Power Bags Order

In news from the engineering sector, GE Power India bagged an order worth Rs 76.7 m from Mangalore Refinery and Petrochemicals, leading its share price to jump almost 6% in trade on 10 July.

The order is for the supply of main turbines in Mangalore Refinery and Petrochemical plants. This will be executed in 18 months.

GE Power shares have been on a tearaway rally, skyrocketing 66% over the past month, with around half the gains coming in the past five sessions.

On 8 July, GE Power India rose almost 8% after bagging an order from NTPC, a major power producer. The order, involving supplying main turbine spares for the NTPC Talcher plant, is valued at Rs 18.7 m. The firm will complete the order in around 10 days.

Earlier in June, the company secured a Letter of Intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services (NGSL).

The contract involves the renovation and modernisation of LMZ Steam Turbines at Wanakbori Thermal Power Station (TPS) Unit No. 1 and Unit No. 2, each with a capacity of 210 MW.

The project aims to enhance the heat rate efficiency and extend the operational life of these units.
 

Nykaa Block Deal

Moving on to news from the retailing sector, around 14.7 m shares of FSN E-Commerce Ventures, the Nykaa parent, were traded in two different blocks in trade on 10 July.

Shares of Nykaa rose 4% following the block deal, however, the stock later gave up its intraday gains.

At 11.30 am, shares of the e-commerce major were trading at Rs 174.49 on the NSE, lower by 0.8% compared to the previous close.

In its quarterly business update, the beauty and fashion platform announced that the company and its subsidiaries are expected to post a revenue growth of around 22-23% on-year during the first quarter of FY25.

The consolidated GMV (Gross Merchandise Value) growth is projected to be in the mid-twenties on a YoY basis.

Gross merchandise value (GMV) is the total value of merchandise sold over a given period through a customer-to-customer (C2C) exchange site.

Starting this quarter, Nykaa will commence vertical-wise segmental reporting, wherein the Beauty segment will comprise of online beauty platform Nykaa, beauty-owned brands, and physical stores, additionally, including its eB2B distribution business Superstore by Nykaa.

Delta Corporation Tumbles 4%. Here's why.

Moving on, shares of Delta Corp fell by more than 4% to Rs 136 per share on July 10 after the company reported disappointing results for the quarter ending in June (Q1FY25), due to higher GST rates, general elections, and seasonal factors.

Delta Corp fell by more than 4% to Rs 136 per share on 10 July after the company reported disappointing results for the quarter ending in June (Q1FY25), due to higher GST rates, general elections, and seasonal factors.

On a sequential basis, Delta Corp's profit nearly halved from Rs 868.8 m reported in the previous quarter. Meanwhile, revenue rose from Rs 128 crore in the December quarter.

Operationally, Delta Corp's earnings before interest, tax, depreciation, and amortization (EBITDA) fell by 68.2% YoY to Rs 305 m in Q1FY25, compared to Rs 958 m in the year-ago period. The company's EBITDA margin also sharply contracted to 16.9% in Q1FY25 from 36.9% in Q1FY24.

The company's board also recommended a final dividend of Rs 1.3 per share.

Additionally, they approved the appointments of Tara Subramaniam and Pankaj Razdan as Additional Directors designated as Non-Executive Independent Directors for a tenure of 5 years.

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