Market Today

1. Britannia Q1 results: Profit more than doubles to Rs 543 crore, beats Street estimates

“The quarter posed an uphill task for the economy in wake of Covid-19 and caused significant disruptions due to lockdowns imposed to curtail its spread. Factories, depots, transport & vendors across the supply chain were impacted. Our nimble culture helped us quickly adapt to the situation & meet the market demand,” said Varun Berry, Managing Director of Britannia Industries. 

2. Reliance emerging as bigger threat for US giants like Amazon, Walmart, Zoom

Stake sales in Reliance's digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook, a strong endorsement for an enterprise that until a few years ago focussed largely on oil refining. Some industry watchers equate Reliance's digital plans — which extend from online shopping and cloud computing.

In addition to, Reliance Industries CMD Mukesh Ambani Wednesday announced that the company’s telecom venture Jio has designed and developed from scratch, a complete indigenous 5G solution ready for deployment. The announcement, made at the company’s Annual General Meeting, will enable Jio to export 5G solutions to other telecom players globally, Ambani said.

3. Cadila Health shares gain as Zydus drug receives nod to conduct clinical trials to treat COVID-19

Cadila Healthcare share price gained over a percent in the morning trade on July 17 after Zydus received approval from COFEPRIS to conduct clinical trials in Mexico with Pegylated Interferon alpha-2b to treat novel Coronavirus.

4. Voda Idea tumbles 10% ahead of crucial tribunal hearing

Media reports said Mukesh Ambani-controlled Jio appealed to the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to hear its side before passing any order on Vodafone Idea's petition against the regulatory curbs on premium plans.

5. RBI approves reappointment of Shyam Srinivasan as Federal Bank MD & CEO

In a corporate filing, the bank mentioned, "As required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015), we wish to inform you that the approval from Reserve Bank of India has been received on July 16, 2020 for the reappointment of Mr. Shyam Srinivasan as the MD & CEO of the Bank, w.e.f. September 23, 2020 (the completion of the present term of office) till September 22, 2021 alongwith remuneration as proposed by the Bank".