Adani Transmission rises 2% & more about today’s market

ICICI Lombard keeps brokerages bullish

On July 19, shares of ICICI Lombard General Insurance experienced a gain as the company's combined ratio improved to 103.8 percent for the June quarter, compared to 104.1 percent the previous year. The combined ratio, which represents the sum of incurred losses and operating expenses as a percentage of earned premium, indicates the company's financial performance. With the lower combined ratio, ICICI Lombard General Insurance showed improved financial stability. As of 11:15 am, the company's stock was trading at Rs 1,363.20 on the NSE, marking a 0.85 percent increase from the previous close and approaching a new 52-week high by about 1 percent.

TV18 Broadcast jumps 10%

On July 19, TV18 Broadcast's shares surged by 10 percent following an impressive performance in the quarter ending June. The company reported a remarkable 151 percent increase in consolidated operating revenue, reaching Rs 3,176 crore for the quarter, primarily attributed to the streaming of the Indian Premier League (IPL) on JioCinema. Furthermore, the company's net profit witnessed a significant rise of 52 percent, reaching Rs 91.20 crore, and the EBITDA loss also reduced to Rs 54.40 crore compared to Rs 60.02 crore from the previous year's June quarter. Despite these positive results, TV18 mentioned that the advertising environment remained subdued, with only some segments showing signs of improvement.

Adani Transmission rises 2%

On July 19, Adani Transmission saw a 2 percent increase in its shares as the company revealed its Q1 business update, announcing the acquisition of three smart metering projects during the quarter. These projects, totaling 2.7 million smart meters and valued at Rs 3700 crore, were awarded to the company in Andhra Pradesh. Adani Transmission also expressed confidence in its near-term transmission and smart metering pipeline, stating that it is fully prepared to participate in upcoming tenders. The growing global interest in smart grids and meters, coupled with advancements in software, cloud computing, and the Internet of Things (IoT), positions the smart metering segment for substantial growth in the future, according to analysts' predictions.

Medicamen Biotech gains on successful ANDA filing

At 1:15 pm on July 19, Medicamen Biotech witnessed a 6 percent increase in its shares, reaching Rs 759.20, with 56,517 shares traded on the NSE. The company made a significant announcement on the same day, stating that it has successfully filed its first Abbreviated New Drug Application (ANDA) for the BORTEZOMIB injection with the US Food and Drug Administration (USFDA), according to a filing to the exchanges. This achievement marks a milestone for Medicamen Biotech in its pursuit of regulatory approval for the drug in the US market.

Conclusion

In conclusion, the Indian stock market closed on a positive note, with the Sensex and the Nifty 50 reaching their highest levels since July 2022, and the Nifty Bank hitting its highest level since July 2022. The positive performance can be attributed to various factors, including favorable global cues, robust domestic economic growth, and continued interest from institutional investors. ICICI Lombard General Insurance's improved financial stability and successful ANDA filing by Medicamen Biotech were among the notable contributors to the market's gains. However, investors should remain cautious of potential volatility due to rising inflation and geopolitical tensions. Looking ahead, the market is expected to maintain its positive momentum, driven by several favorable factors.

Source - Moneycontrol