Share Market Updates: India's benchmark indices remained volatile throughout the session and ended in the negative with around a 2.5% drop during the week.
Meanwhile, Indian government bonds will be included in JPMorgan's widely tracked emerging market debt index from June 2024, the Wall Street bank said on Friday.
Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year.
A report showed fewer U.S. workers applied for unemployment benefits last week than expected. Such a solid labor market helps calm worries about a possible recession. But it may also give U.S. households fuel to keep spending and companies to try to raise prices further and keep upward pressure on inflation.
Investors continue to sell for 4th session in a row as Sensex drops by 200 pts and Nifty by 70 pts; Pharma, Metal, Finance lead the drag; PSU Bank jumps
A fall in pharma stocks dragged India's benchmark indices lower for 4th session on Friday with PSU Bank keeping a check on the drag. Indices had their worst week in seven months as investors feared the U.S. Fed's hawkish note might hold foreign investors back.
The Nifty 50 dropped 70 pts to close below 19,700, at 19,674 , while the S&P BSE Sensex fell 221 points to end the week at 66,009. Both indices closed 2.5% lower for the week to register their first weekly decline in four and their worst week since the week ending Feb 24.
PSU Bank zoomed more than 3% in an otherwise tough trading session for most other sectors. Pharma sector shed more than a per cent, while Metal, Finance and Consumer Durables also ended in the red.
Dr Reddy's and Wipro lost around 2.5% each. Heavyweight HDFC Bank was down 1.5% in today's trading. IndusInd Bank and Maruti gained more than 2% and topped the stock charts.
Asian shares were mixed after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year.
Japanese stocks trimmed early steep losses after the Bank of Japan kept stimulus unchanged and signalled it was in no rush to tighten policy. The Nikkei share average ended the day down 0.52%. The broader Topix pared losses as steep as 1.2% to finish the day down 0.3%.
China stocks had their best day in eight weeks bouncing off 10-month lows on hopes of improving growth, but seven consecutive weeks of foreign net selling underscored lingering economic and geopolitical concerns toward the country. Hong Kong stocks rebounded sharply amid buoyant Asian markets.
China's bluechip CSI300 Index ended the session up 1.8%, after earlier touching the lowest level since Nov. 4, 2022. The Shanghai Composite Index jumped 1.6%. Both indices had their best one-day performance since July 28. In Hong Kong, the benchmark Hang Seng Index climbed 2.3%, led by tech shares.
European stocks fell as risk sentiment took a hit on worries that interest rates will remain high for longer than previously expected.
UK stocks opened slightly lower on Friday, as investors fretted over indications of higher-for-longer interest rates from major central banks a day after the Bank of England (BoE) paused rate hikes.
Sensex Today Live: Mint Explainer: Why half of urban consumers aged 15-55 now live in small towns
An estimated 139 million Indians aged 15 to 55 now live in tier 2 and tier 3 towns, surpassing the number that live in metros, researcher Kantar said in a report released on Tuesday. This demographic and its consumption patterns now influence how brands chart their expansion in these markets. But as consumption picks up in tier 2 and tier 3 towns, brands will have to adapt to changing social norms and expectations of this cohort to ward off local competition. Mint explains:
Sensex Today Live | Share Market Updates: FinMin confident of 6.5 per cent growth in FY24 despite symmetric risks
The finance ministry on Friday exuded confidence that the country will achieve 6.5 per cent growth in FY24 on the back of improved corporate profitability, private capital formation and bank credit growth, notwithstanding the risks of rising crude oil prices and monsoon deficit.
The ministry's August edition of Monthly Economic Review said the 7.8 per cent growth recorded in the first quarter (April-June) was on account of strong domestic demand, consumption and investment. The growth was also witnessed in various high-frequency indicators.
Flagging certain risks like steadily climbing crude oil prices in the global market, impact of monsoon deficit in August on Kharif and Rabi crops, the review said, "that needs to be assessed." At the same time, it observed, the rains in September have erased a portion of the rainfall deficit at the end of August. (PTI)
Sensex Today: Agritech Ergos raises USD 10 mn as equity, debt from investors to grow biz
Agritech firm Ergos has raised USD 10 million (about ₹82.88 crore) through a combination of equity and debt from investors, including Norway's fund Abler Nordic, to expand its operations.
In a statement on Friday, Ergos announced a "capital injection of USD 10 million through a combination of equity and debt, as part of its Series B round led by Abler Nordic and existing investors Aavishkaar Capital, Chiratae Ventures and Trifecta Venture Debt Fund."
Ergos digitises grain storage, empowering farmers to convert their grains into tradable digital assets and earn more by selling produce at optimal times post-harvest.
The company offers a buyer's platform linking farmers to markets, safe grain storage in warehouses, and access to affordable finance through partner lenders. (PTI)
Sensex Today: OYO parent Oravel joins Japan's SoftBank to launch luxury hotel chain 'Sunday' in India: Report
Japanese technology investor SoftBank and Oravel, the parent company of OYO, have come together to establish a joint venture (JV) to launch a premium hotel chain in India. In this venture, both partners share 49.9% stake, reported yourstory.
The joint venture named as Mountainia, plans to introduce 5-star and 4-star hotels under the brand name 'Sunday' in rapidly growing Tier II Indian cities. (Read More)
Sensex Today Live | Share Market Updates: Multibagger stock Mufin Green Finance hits 20% upper circuit despite weak stock market sentiment
Mufin Green Finance has been on an upward trajectory since reaching a low of ₹42.50 per share in early August 2023. It is among the small-cap stocks that have provided substantial returns to its long-term shareholders, outperforming the broader market index. Over the past year, this small-cap stock has witnessed a remarkable surge, climbing from around ₹23 to ₹68.80 per share on the BSE, representing a staggering 200% increase during this period.
In today's trading session, Mufin Green Finance's share price opened higher and hit a 20% upper circuit, reaching ₹68.80 per share, which also marks a new all-time high for the stock. This performance suggests that the small-cap multibagger stock may still have further growth potential. (Read More)
Sensex Today: Economic outlook bright but high oil prices a concern: FinMin
India’s economic outlook for FY24 remains bright with economic activity maintaining its momentum, and prices of select food items driving the inflation are cooling down, but rising oil prices remain a concern, the finance ministry on Friday said in its monthly economic review for August.
Earlier this week, oil prices rose to 10-month highs on extended production cuts from key suppliers. Oil prices on Friday stood at $94.85 per barrel, up 6.1% annually.
"Recent run-up in oil prices is an emerging concern. But, no alarms yet," the government's monthly economic report said. (Read More)
Sensex Today Live: SC allows SpiceJet to make payments to Credit Suisse in instalments
In a relief to SpiceJet, the Supreme Court on Friday allowed the low-cost carrier to pay Credit Suisse $1 million per month for six months, and $500,000 per month thereafter, to clear its dues.
The apex court noted that SpiceJet is behind on monthly payment by $3 million.
Earlier this month, SpiceJet had made a payment of $1.5 million to Credit Suisse, following orders from the Supreme Court. (Read More)
Sensex Today Live | Share Market Updates: PSU Bank turns green and jumps more than 2% in the second half with almost all stocks trading in the red
Sensex Today: Govt aims to meet 70 pc of country's IT hardware need through local production in 3 yrs: MoS IT
The government aims to meet up to 70 per cent of the country's IT hardware requirement through local production in the next three years and reduce dependency on imports from non-trusted sources, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Friday.
Speaking to reporters, Chandrasekhar said Ministry of Electronics and IT will share a draft of IT hardware import rules with industry players later in the day as it looks to curb dependence on supplies from non-trusted sources.
"At present, almost 80 per cent of our supplies to the digital ecosystem come from imports. We want to make sure whatever the sources are, they are trusted. As part of emphasising trust, it is obvious that the Indian component of that supply chain will have to grow. Today 8-10 per cent of our supply requirement comes from India, we want to make that 65-70 per cent in the next three years," the minister said. (PTI)
Sensex Today Live: Shrinking German business activity points to Q3 contraction-PMI
German business activity fell for the third consecutive month in September due to a sustained decline in demand for goods and services, pointing to a "deep" economic contraction in the quarter, a preliminary survey showed on Friday.
The HCOB German Flash Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 46.2 in September from August's 44.6, but came in below the 47.2 forecasts by economists.
The indicator was below the 50 level, pointing to a contraction in business activity.
The composite PMI index tracks the services and manufacturing sectors, which together account for more than two-thirds of the German economy, Europe's biggest. (Reuters)
Sensex Today Live | Share Market Updates: Geojit Financial view on JP Morgan’s inclusion of India in the Emerging Market Index
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: JP Morgan’s inclusion of India in the Emerging Market Index is a very positive move from the perspective of the Indian economy in general and the capital market in particular. The foreign demand for GoI bonds will push down their yields. This will happen much earlier than the date for inclusion, which is June 2024. Most of the corporate bonds yields are benchmarked to the yields on government bonds. Therefore, yields will decline pan India, across industries. The decline in the cost of capital will translate into higher profits for the corporate sector, which, in turn, will boost stock prices enabling the stock market to scale higher levels."
Sensex Today: IndusInd Bank zooms 3% and is now at the top of stock charts
Sensex Today Live: India's Go First says airline's revival could be derailed by lessors' demands
Grounded Indian airline Go First's revival could be derailed if a court agrees to demands of aircraft lessors, who are seeking certain records after jet parts went missing or faced deterioration, according to legal filings from the carrier.
Foreign lessors have been locked in a legal tussle to repossess their aircraft after Go First was granted bankruptcy protection in May, which, as per Indian law, imposed a block on the recovery of 50-plus grounded Airbus planes.
Dubai Aerospace Enterprise (DAE) Capital and ACG Aircraft Leasing recently sought a Delhi court's intervention by complaining some parts had been allegedly "robbed" or the jets were corroding. (Reuters)
Sensex Today Live: Sai Silks Kalamandir IPO: Issue subscribed 75% on day 3 so far, retail portion booked 37%
As of day 3 of the subscription period, the Sai Silks Kalamandir IPO has achieved a subscription rate of 75%. The IPO opened for subscription on Wednesday, September 20, and is set to close on Friday, September 22.
The subscription breakdown for Sai Silks IPO is as follows:
Retail investors have subscribed to 37% of their portion.
Non-Institutional Investors (NII) have subscribed to 67% of their portion.
Qualified Institutional Buyers (QIB) have subscribed 1.49 times their portion. (Read More)
Sensex Today Noon: Indices gain after remaining volatile in today's session; Sensex up 150 pts and Nifty 50 pts; Bank and Finance stocks shine
Sensex Today Live | Share Market Updates: UK Retail Sales Rebound With Shoppers Returning After Wet July
UK retail sales rebounded in August as the return of more settled weather brought consumers back into the shops.
The volume of goods sold in stores and online rose 0.4% in August, the Office for National Statistics said Friday. That partially recovered from a revised 1.1% drop in July, when cool and rainy conditions reduced activity. Economists had expected a gain of 0.5% in the latest month.
The figures come after a separate survey Friday showed consumer confidence rose to its highest level since January last year. Together, the data suggests households are holding up reasonably well in the face of an historic run of interest-rate increases. (Bloomberg)
Nifty PSU Bank up over 2% on JP Morgan's India bond inclusion; Canara Bank, Union Bank shares touch 52-week high
Nifty PSU Bank index jumped over 2% on Friday's trading session after JP Morgan decided to include Indian government bonds in its widely watched emerging-market debt index. Shares of Central Bank of India, Canara Bank, Indian Bank , Union Bank of India, and Bank of Baroda gained 4% to 5% on Friday's session. Canara Bank share price and Union Bank of India shares touched new 52-week high today, while State Bank of India shares were trading close to their 52-week high. (Read More)
Sensex Today Live | Share Market Updates: Bank of Japan keeps interest rates unchanged, gives dovish guidance on future policy
The Bank of Japan (BOJ) kept its ultra-low interest rates on Friday and gave dovish guidance on future monetary policy, indicating that it is not in a rush to end its significant monetary stimulus, according to Reuters news report.
The BOJ maintained a 0.1% interest rate and a target yield on 10-year government bonds of roughly 0% during the two-day meeting that ended on Friday, said Reuters in its news report.
Sensex Today Live: JM Financial views on India Ceramics Sector: Momentary weakness; revival in 2HFY24
Achal Lohade of JM Financial Institutional Securities comments on India Ceramics Sector: Momentary weakness; revival in 2HFY24
India | Building Materials India Ceramics | Momentary weakness; revival in 2HFY24Our channel checks suggest that a weak demand scenario for tiles could drive softer volume growth for leading tile companies in 2QFY24, though volume will increase 5-6% QoQ. We believe tile volume growth will pick up from 3QFY24 as leading construction-related categories (wires, plumbing pipes, etc.) indicate reasonable strength in construction activity, and tile demand comes with a lag of 1-2 quarters. Gas prices, on the other hand, remain steady ((Asia LNG spot/ Gujarat Gas up 8% QoQ/ -3% QoQ and -37% YoY/-73% YoY respectively in 2QFY24), leading to stable/marginal increase in gas cost QoQ for Kajaria/ Somany, though it will decline substantially YoY (-41% YoY/-38% YoY respectively). While the tile pricing scenario remains competitive given weak demand, we have not seen any major change in prices. Exports have picked up substantially in Apr-Aug’23 (INR 88bn, +37% YoY), especially in Aug (estimated to be at a record INR 21.2bn, +57% YoY) on the back of increasing cost competitiveness as European exporters face cost inflation and gas availability issues. While the near-term remains challenging, we are still optimistic on demand recovery in 2HFY24. We marginally tweak our estimates but maintain BUY on Kajaria (KJC) and Somany Ceramics (SOMC) and maintain HOLD on Cera Sanitaryware
Sensex Today: State Bank of India leads the stock charts as the share jumps around 2% in the first half of today's trading
Sensex Today Live: Vedanta shares hit 52-week low despite ₹2500 crore fund raise move
Vedanta shares continued their downtrend for the third consecutive session during Friday morning's trading. The stock opened higher at ₹228.50 per share but experienced profit booking within a few minutes of the stock market's opening, leading to the stock hitting a new 52-week low of ₹222.55 apiece on the NSE. This decline also marked a 14-month low for Vedanta shares.
On the previous day, Thursday, Vedanta Limited had announced to Indian stock market bourses that its board of directors had approved a fund raise of ₹2,500 crore. The company disclosed that the fund raise would be carried out through the issuance of fresh shares. (Read More)
Sensex Today Live: Pharma index tanks in today's trading as almost all stocks in the index is trading in the red
Sensex Today Live | Share Market Updates: InCred Equities views Indian Auto - E2W dealers channel check highlights
InCred Equities maintains OVERWEIGHT for Auto sector: E2W dealers channel check
1. We visited Mumbai E2W dealers to check demand trend post subsidy cut and festival outlook.
2. The demand impact from subsidy withdrawal has been severe on personal purchases, as price hikes have been 8-30% by OEMs. Commercial users mix has increased to 30-50% of sales volume.
3. Dealers feel, E2W festival demand has been weak and below expectation. We feel stronger players with cost rationlisation will be winners, as government policy dependent risk is exposed. We prefer Bajaj Auto as ADD rating in 2W segment, while maintain REDUCE on TVS Motor, Eicher and Hero Motocorp.
Sensex Today Live: Muthoot Finance Ltd to raise ₹700 crores through Public Issue of Secured Redeemable Non Convertible Debentures
Muthoot Finance Ltd announced its 32nd series of Public Issue of Secured Redeemable Non-Convertible Debentures of the face value of ₹1,000 each (Secured NCDs), the company said in a statement. The statement added that the issue has a base size of ₹100 crores with an option to retain oversubscription up to ₹600 crores, aggregating to a tranche limit of ₹700 crores (“Issue"). The issue opens on September 21, 2023, and closes on October 06, 2023, with an option to close on an earlier date or extended date, as may be decided by the Board of Directors or the NCD committee.
This 32nd issue of Secured Redeemable Non-Convertible Debentures is open for subscription from September 21, 2023, and will close on October 06, 2023
The interest rate for this issue has been increased by 0.50% p.a. compared to the previous issue
The proposed NCD issue is rated as AA+ (Stable) by ICRA, highlighting its ‘high degree of safety regarding timely servicing of financial obligations
Sensex Today: Powergrid is among the biggest laggards as it sheds 2% in early session
Sensex Today Live: Samhi Hotels share price debuts at 6.7% premium at ₹134.50 on NSE
Samhi Hotels Ltd's shares made a premium debut on the stock exchanges on Friday. On the NSE, Samhi Hotels' share price opened at ₹134.50 per share, marking a 6.7% increase from the issue price of ₹126 per share. Similarly, on the BSE, Samhi Hotels' share price was listed at ₹130.55 per share.
The Samhi Hotels IPO had opened for subscription on Thursday, September 14, and concluded on Monday, September 18. On the final day of the IPO, it was subscribed 5.33 times, indicating strong interest and demand from investors. (Read More)
Sensex Today Live | Share Market Updates: Zaggle Prepaid share price lists with 1.22% discount at ₹162 apiece on the BSE
Zaggle Prepaid Ocean Services, a SaaS-based fintech platform, had a lukewarm debut on Dalal Street on Friday. The shares of Zaggle Prepaid were listed at ₹162 apiece on the BSE, representing a slight discount of 1.22% compared to the issue price of ₹164 per share.
On the NSE, Zaggle Prepaid shares opened at ₹164 apiece.
It's worth noting that Zaggle Prepaid Ocean Services' initial public offering (IPO) had received significant interest from investors during the subscription period, which lasted from September 14 to September 18. Despite the tepid debut, the IPO had garnered strong investor attention. (Read More)
Sensex Today Live: Glenmark Life Sciences share price falls 2% as Nirma readies to buy 75% stake in it
In early trading on Friday, September 22, Glenmark Life Sciences witnessed a decline of over 2 per cent in its share price on BSE. The stock began the trading session at ₹625.10, slightly lower than its previous closing price of ₹627.10, and subsequently slid by 2.3 per cent to reach ₹612.75.
This decline comes on the heels of an announcement made on Thursday, September 21, in which the company disclosed that Nirma had entered into an agreement to acquire a 75 percent stake in Glenmark Life Sciences for ₹5,651.5 crore. This deal valued the company at ₹7,535.4 crore. (Read More)
GLENMARK LIFE SCIENCES
Sensex Today: Manoj Vaibhav Gems IPO opens today. GMP, review, other details
The initial public offering (IPO) of Manoj Vaibhav Gems 'N' Jewellers Limited has commenced its subscription process today. Investors can bid for shares in this public offering until September 26, 2023. The south Indian jeweler has set the IPO price band for Manoj Vaibhav Gems at ₹204 to ₹215 per equity share. The company intends to raise ₹270.20 crore through its public issue, with ₹60.20 crore allocated for the offer for sale (OFS) route. (Read More)
Sensex Today Live: Geojit Finance views on today's market: In the near term, FIIs may press further selling in response to rising US bond yields
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The Fed’s hawkish pause message has created a global risk-averse sentiment in global equity markets. The spike in the dollar index to 105.52 and the US 10-year bond yield shooting up to a 16-year high of 4.5 % are negative for equity markets, particularly emerging markets. The FIIs have reversed their ‘Buy India strategy’ which they have been following in the last 3 months with selling to the tune of ₹16934 crores in September through 21st.
Countering this negative trend is the hugely positive news of JP Morgan including India in the Emerging Market Bond Index with a weightage of 10% from June 2024 onwards. This will reduce bond yields and the consequent decline in the cost of borrowing will boost the bottom line of companies.
In the near term, FIIs may press further selling in response to rising US bond yields. If this happens, it will open up opportunities for investors to buy quality large-caps, particularly banking stocks which will benefit a lot from the bond inclusion.
Sensex Today Live | Share Market Updates: Sensex and Nifty gain in early trading as FInance and Bank stocks shine; SBI, Bajaj Finserv top the charts
Sensex Today Live | Share Market Updates: Centre seeks inputs over FDI dip worries
Concerned about the decline in foreign direct investment (FDI) ahead of next year’s national elections, government officials met with alternative investment funds, startup founders and fund managers last week to identify and iron out operational challenges impeding capital inflows into India, people present in these meetings said.
During the meeting with the department for promotion of industry and internal trade (DPIIT) officials, industry participants highlighted tax authorities’ reluctance to understand the valuation and revenue mismatch in high-growth startups. “Authorities are questioning founders on how they are able to justify their lofty valuations with low revenues and often suspect there is a tax theft," said a person who was present at the meeting. (Read More)
Sensex Today Live: Sensex starts flat at the preopen session; ICICI Bank, Glenmark, Wipro to be in focus in today's session
Sensex Today Live: Vedanta Ltd board approves raising ₹2,500 crore via NCDs
Vedanta Ltd board on Thursday approved the rasing of ₹2,500 crore through the issuance of non-convertible debentures on a private placement basis.
A decision in this regard was taken at the meeting of Committee of Directors of the company, Vedanta Ltd said in a regulatory filing.
"The Committee of Directors on Thursday, considered and approved for raising, on a private placement basis, up to 2,50,000 secured, unrated, unlisted, redeemable, non-convertible debentures of face value ₹1,00,000 each aggregating upto ₹2,500 crore in one or more tranche(s)," the filing said. (PTI)
Sensex Today Live | Share Market Updates: ICICI Bank share price likely to be in focus as it buys a 10% stake in Quantum CorpHealth
The share price of ICICI Bank is expected to attract attention on Friday, September 22, due to recent developments. On September 21, the bank announced that it had entered into an agreement to invest approximately ₹5 crore in Quantum CorpHealth.
This investment is set to be completed by the end of October 2023, and it involves a cash consideration of nearly ₹4,99,95,000 for acquiring a 9.99 percent shareholding in Quantum CorpHealth Private Limited. Investors and market participants may closely monitor ICICI Bank's share price in response to this strategic investment. (Read More)
Sensex Today Live: Wipro appoints Aparna Iyer as CFO, Jatin Pravinchandra Dalal steps down
Indian IT services firm Wipro on Thursday said that Aparna C Iyer will replace Jatin Pravinchandra Dalal as the company's chief financial officer (CFO).
Iyer will report to chief executive officer and managing director Thierry Delaporte and will join the Wipro executive board, the company said in a regulatory filing. Dalal is stepping down as CFO to explore other career opportunities, the statement said.
In a meeting on Thursday, the company's board of directors approved Iyer's appointment which will be effective 22 September. (Read More)
Sensex Today Live: JSW Steel firm Caretta Minerals to sell assets to West Virginia Properties for USD 24 mn
Caretta Minerals LLC, an asset of JSW Steel in the US, has entered into an agreement to sell its plant and equipment for a consideration of USD 24 million to West Virginia Properties.
The deal also includes the sale of property of Caretta Minerals LLC and mineral rights to West Virginia Properties, JSW Steel said in a regulatory filing on Thursday.
"Caretta Minerals LLC has entered into an agreement on 20 September 2023 for selling its property, plant and equipment and mineral rights to West Virginia Properties for a consideration of USD 24 million as operating the mines is not economically viable in the absence of coal mining lease and plant lease," the filing said. (PTI)
Sensex Today Live | Share Market Updates: Samhi Hotels IPO listing date today. GMP, experts predict par listing
Samhi Hotels shares are scheduled to be listed on both BSE and NSE during a special pre-open session at approximately 9:45 AM. They will subsequently become available for trading from 10:00 AM onwards during Friday's trading session.
Market experts have noted that the Samhi Hotels IPO did not generate significant enthusiasm from investors. The movement of this stock post-listing is expected to be influenced largely by Qualified Institutional Buyers (QIBs). Additionally, the prevailing market sentiment is not particularly positive. Therefore, market experts anticipate that Samhi Hotels shares may have a "par listing," indicating a listing price that closely aligns with the issue price.
Sensex Today Live: Stocks to Watch: Glenmark, Samhi Hotels, Zaggle, Wipro, ICICI Lombard, HDFC AMC, IndiGo, ITC, Godfrey Phillips, Vedanta, JSW Steel, and Adani Energy Solutions
Nirma to buy 75% of Glenmark Life Sciences, Samhi Hotels and Zaggle to debut at bourses, Wipro appoints new CFO, ICICI Lombard CEO resigns, HDFC AMC gets RBI approval to raise stake in private lenders, IndiGo signs codeshare partnership with British Airways, cigarette demand expected to rise, Vedanta to raise ₹2,500 crore through non-convertible debentures, JSW Steel sells US assets, Adani Energy Solutions wins contracts for smart meters. (Read More)
Sensex Today: MMJC & Associates comments on SEBI approving relaxation in the framework for large corporates for meeting incremental finance needs through issuance of debt securities
Makarand M Joshi, Founder MMJC & Associates (A corporate compliance firm): SEBI is spearheading GOI drive of giving push for fund raise via listed debt. It is a subject of national priority.
Though details are yet not released, it seems SEBI has done its bit to listen to corporates and relax some requirements. Now it is a turn of Finmin to come out with more initiatives to incentivise debt securities listing for these large corporates.
One major concern of corporates was to incentives them for doing corporate debt listing as there is cost arbitrage between normal banking channel borrowing and debt listing. Real incentivisation can happen only through FINMIN and GOI
Sensex Today Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:
1] Larsen & Turbo or LT: Buy at ₹2899, target ₹3030, stop loss ₹2840;
2] Cummins India: Buy at ₹1745, target ₹1800, stop loss ₹1710; and
Sensex Today: Zaggle IPO listing date today. GMP, experts signal positive debut despite weak market sentiments
Zaggle Prepaid Ocean Services is poised to mark its debut on Dalal Street as its shares are set to be listed on the Indian stock market exchanges, BSE and NSE, today.
The company's initial public offering (IPO) commenced on September 14 and concluded on September 18. The listing of Zaggle shares is anticipated to be modest on Friday, with analysts predicting a listing price approximately 5-7% higher than the issue price. (Read More)
Sensex Today Live: IndiGo, British Airways sign codeshare pact
India’s largest airline IndiGo has signed a codeshare partnership with UK flag carrier British Airways
InterGlobe Aviation-promoted IndiGo currently has codeshare partnerships with Turkish Airlines, Qatar Airways, Qantas, Virgin Atlantic, KLM, American Airlines, and Air France.
Under a codeshare agreement, airlines agree to sell seats in each other's flights in order to provide their respective customers a wider network. (Read More)
Sensex Today Live | Share Market Updates: ICICI Lombard CEO Bhargav Dasgupta resigns
ICICI Lombard General Insurance on Thursday said its Managing Director and CEO Bhargav Dasgupta has resigned after serving the company for 14 years to pursue a career opportunity outside the country.
The board has taken note of the resignation of Dasgupta, it said in a regulatory filing.
"Dasgupta shall be officiating his responsibilities till his last working date, which shall be intimated in due course of time. The company is in the process of filling up the resultant vacancy," it said.
He tendered his resignation vide letter dated September 21, to pursue a career opportunity outside the country. (PTI)
ICICI LOMBARD GENERAL INSUR COM
Sensex Today Live: JPMorgan to include India in its emerging market debt index, paving the way for billions in inflows
JPMorgan said it will include Indian government bonds in its widely tracked emerging market debt index. This inclusion is likely to prompt billions of dollars of inflows into the world's fifth-largest economy.
India's local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds according to JPMorgan. (Read More)
Sensex Today Live | Share Market Updates: US Stocks drop in an ugly day as allure grows to buy a Treasury bill and chill
Wall Street fell sharply Thursday in an ugly day for stocks worldwide on expectations that U.S. interest rates will stay high well into next year.
The S&P 500 lost 1.6% for its worst day since March. That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted. The Fed has already hiked its main interest rate to levels unseen since 2001, which helps slow inflation but at the cost of hurting investment prices.
High-growth stocks are typically among the hardest hit by high rates, and Big Tech stocks took the brunt of the pain for a second straight day. The Nasdaq composite dropped 1.8% as Amazon fell 4.4%, Nvidia dropped 2.9% and Telsa lost 2.6%. The Dow Jones Industrial Average dropped 370 points, or 1.1%.
Stock prices tend to fall when rates rise because stocks are riskier investments. Why stomach the chance of their big swings when Treasurys are paying more in interest than before? And they’re paying much more.
A 10-year Treasury is offering a yield of 4.48%, up from 4.40% late Wednesday and from only 0.50% three years ago. It’s near its highest level since 2007. (AP)
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