Stock Market Weekly Recap - 26 Aug to 30 Aug

This week concluded positively for the Indian stock market, with both Nifty 50 and Sensex  achieving record highs and maintaining upward momentum driven by favorable market conditions and investor optimism

On Friday, August 30th, the Nifty 50 closed at 25,235.90, marking a 1.28% weekly increase, while the Sensex closed at 82,365.77, reflecting a 0.90% weekly increase.

Nifty 50: Top Gainers and Losers

Top Gainers

Top Losers

Important Highlights of the Week

Wipro Leverages GenAI to Boost Healthcare Sector, Anticipates Strong FY25 Performance

Wirpo is actively engaged in developing AI-based solutions for clients around the globe. Now, they have entered into contracts with top healthcare sector companies to provide GenAI-powered solutions to implement AI-based co-pilots for customer service agents.

In FY24 quarterly results, the healthcare sector contributed approximately 14% of revenue to the company and due to this collaboration, Wipro expects to see a strong performance in FY25.

Paytm's Stock Gains 12.7%, Nears 100% Rise from May Lows

Paytm's stock soared 12.70% on heavy trading volumes, reflecting a strong upward momentum as the stock has now surged 97% from its May low. This impressive rally is driven by growing investor confidence, likely fueled by recent positive developments in the company's business operations and market position. The significant increase in trading volumes suggests heightened interest and optimism among traders and investors, marking a notable turnaround for Paytm in the market.

RVNL Secures Rs.202.86 Crore Project from South Eastern Railway

Rail Vikas Nigam Ltd (RVNL) received a ?202.86 crore Letter of Acceptance (LoA) from South Eastern Railway for a 132 KV Traction Substation in the Kharagpur division, expected to be completed in 18 months. Following this, RVNL's shares rose over 4.10%, reaching ?603.55 on the BSE on Friday. The company also secured a ?111 crore project from Southern Railway and signed an MoU with Patel Engineering for infrastructure projects.

Greenply Industries Receives Rs.75.5 Lakh Tax Demand

Greenply Industries has been issued a Rs.75.5 lakh tax demand by Delhi's Sales Tax Officer for FY 2019-20, citing excess input tax credit claims and underpayment of tax. The amount includes tax, interest, and penalties. Greenply plans to appeal, asserting compliance with all tax obligations and noting that the order will not materially impact its financial or operational activities. 

Vedanta to Consider Third Interim Dividend for FY25

Vedanta's board will meet on September 2, 2024, to discuss the declaration of a third interim dividend for the fiscal year 2024-25. The record date for determining eligible shareholders for this dividend has been set as September 7, 2024. This follows Vedanta's ongoing practice of rewarding shareholders, with the first two interim dividends already announced earlier this fiscal year.