The benchmark indices continued to trade with strong gains in mid-morning trade. The Nifty traded near the 24,350 mark. IT shares advanced after declining in the past trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 792.89 points or 1.01% to 79,684.08. The Nifty 50 index gained 233.85 points or 0.97% to 24,349.80. In the broader market, the S&P BSE Mid-Cap index added 0.93% and the S&P BSE Small-Cap index rose 0.86%. The market breadth was strong. On the BSE, 2,421 shares rose and 1,282 shares fell. A total of 137 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 5.85% to 15.63. Buzzing Index : The Nifty IT index added 1.55% to 39,045.70. The index fell 1.95% in the past consecutive trading session. Mphasis (up 4.21%), HCL Technologies (up 2.41%), Persistent Systems (up 2.29%), Tech Mahindra (up 1.96%), LTIMindtree (up 1.68%), Tata Consultancy Services (up 1.63%), L&T Technology Services (up 1.6%), Infosys (up 1.22%), Coforge (up 0.84%) and Wipro (up 0.72%) edged higher. Stocks in Spotlight : Steel Authority of India (SAIL) declined 1.56% after the company's standalone net profit dropped 92.87% to Rs 10.68 crore in Q1 FY25 from Rs 149.83 crore in Q1 FY24. Revenue from operations fell 1.48% to Rs 23,997.78 crore during the quarter as compared with Rs 24,357.58 crore posted in same quarter last fiscal, the growth was affected by a decline in Net Sales Realization (NSR) in the domestic steel market due to cheap imports. JSW Steel added 1.86% after the company said that its consolidated crude steel production for the month of July 2024 was at 22.15 lakh tonnes, which is higher by 9% as compared with the same period last year. Container Corporation of India (CONCOR) shed 1.61%. The company reported 5.14% increase in consolidated net profit to Rs 258.17 crore in Q1 FY25 as compared to Rs 245.56 crore posted in Q1 FY24. Revenue from operations grew by 9.38% year on year (YoY) to Rs 2,103.13 crore during the quarter ended 30 June 2024. Global Markets : Asian shares surged on Friday, buoyed by a strong Wall Street performance. Investor sentiment was lifted by China's release of July consumer price index data, which showed a modest increase and eased deflation concerns. The country's consumer prices rose 0.5% year-on-year last month. However, core CPI, excluding volatile food and energy items, cooled to 0.4% from 0.6% in June. U.S. stocks surged on Thursday after the Labor Department reported a larger-than-expected drop in initial jobless claims to 233,000 for the week ended August 3. The Dow Jones Industrial Average rose 1.76%, the S&P 500 gained 2.30% and the Nasdaq Composite added 2.87%. Powered by Capital Market - Live

Revenue from operations fell 1.48% to Rs 23,997.78 crore during the quarter as compared with Rs 24,357.58 crore posted in same quarter last fiscal, the growth was affected by a decline in Net Sales Realization (NSR) in the domestic steel market due to cheap imports. During the quarter, profit before exceptional items and tax stood at Rs 326.02 crore, up 42.23% as compared with Rs 202.15 crore in Q1 FY24. The steel making company reported exceptional loss of Rs 311.76 crore due to perquisites and allowances payable to executive employees and settlement of contractual disputes under Vivad Se Vishwas Scheme II. Total expenses fell 2.95% to Rs 23,871.60 crore in Q1 FY25 as compared with Rs 24,598.06 crore in Q1 FY24. Cost of material consumed stood at Rs 13,701.16 crore (down 10.32% YoY), employee benefit expenses was at Rs 2782.64 crore (down 2.33% YoY), while finance cost was at Rs 691.45 crore (up 12.87% YoY). EBITDA jumped 15% to Rs 2,420 crore in Q1 FY25 as compared with Rs 2,090 crore in Q1 FY24. Sales volume stood at 4.01 million tonnes (MT) in Q1 FY25 as against 3.88 MT in Q1 FY24 while crude steel production was at 4.68 MT during the quarter as compared with Rs 4.67 MT posted in same quarter last year. Amarendu Prakash, chairman, SAIL, said, 'Domestic steel consumption continues to grow steadily, driven by both traditional and emerging sectors. Additionally, ongoing Government investments in the infrastructure sector, as announced in the recent budget, are expected to bolster growth. With a positive outlook for the domestic steel sector, SAIL is focused on increasing its production volumes. The challenges posed by cheaper imports are anticipated to be addressed appropriately in the future. Steel Authority of India (SAIL) is the leading steel-making company in India. The company is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power, railway, automotive and defence industries and for sale in export markets.Powered by Capital Market - Live

Net profit of Steel Authority of India declined 61.51% to Rs 81.78 crore in the quarter ended June 2024 as against Rs 212.48 crore during the previous quarter ended June 2023. Sales declined 1.48% to Rs 23997.81 crore in the quarter ended June 2024 as against Rs 24359.10 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales23997.8124359.10 -1 OPM %9.256.77 - PBDT1812.161563.35 16 PBT409.85288.17 42 NP81.78212.48 -62 Powered by Capital Market - Live

Steel Authority of India will hold a meeting of the Board of Directors of the Company on 8 August 2024Powered by Capital Market - Live

Steel Authority of India will hold a meeting of the Board of Directors of the Company on 25 July 2024.Powered by Capital Market - Live