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Business News/ Markets / Live Blog/  Market Highlights: Sensex crashes 800 pts, Nifty closes below 20,000; HDFC, RIL tank; Powergrid shines
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Market Highlights: Sensex crashes 800 pts, Nifty closes below 20,000; HDFC, RIL tank; Powergrid shines

Share Market Updates: The Indian stock market crashed by more than a per cent on Wednesday ahead of the Fed policy decision later today. Finance, Metal, Bank and Energy came under pressure with all sectors ending in the red. HDFC Bank, RIL, and BPCL shed; Powergrid gained. 

Sensex Today | Share Market Updates: Investors remain cautious as Fed policy meeting is underway (iStock)Premium
Sensex Today | Share Market Updates: Investors remain cautious as Fed policy meeting is underway (iStock)

Share Market Updates: Sensex and Nifty have remained subdued with heavyweights like HDFC and RIL dragging the market and as investors choose to wait for the Fed policy decision scheduled to be announced later today.

Nifty goes below 20,000 mark and Sensex is down more than a per cent. Finance, FMCG and Pvt Bank drag the market with all sectors trading lower. HDFC Bank drops almost 4% and JSW Steel and RIL dragged more than 2%.

The Fed began its latest meeting on interest rates Tuesday, with an announcement scheduled for Wednesday. The overwhelming expectation is for the Fed to announce no change to rates. More focus will be on updated projections Fed officials give for where they see rates heading in upcoming years.

20 Sep 2023, 03:45:40 PM IST

Indices crash more than a per cent as HDFC Bank and RIl drag the market; Sensex sheds 800 pts and Nifty more than 200 pts

India's benchmark indexes fell more than a per cent on Wednesday, led by drags in the two of the biggest heavyweights, HDFC Bank and RIL. HDFC Bank shed after the country's largest private lender flagged a hit to its asset quality post its merger with HDFC Ltd, while RIL dragged amidst news of a block deal.

Globally, markets expect the U.S Federal Reserve to opt for a pause at the conclusion of its two-day meeting later in the global day, albeit with a hawkish stance.

The Nifty 50 fell 212 points to end at 19,921, while the S&P BSE Sensex dropped as much as 800 pts and closed at 66,800. All sectoral indices ended in the red in today's session.

HDFC Bank shed more than 3.5%, followed by JSW Steel and Reliance which lost more than 2% each and lagged the most. Powergrid gained 2% and Coal India 1.5% in today's session and topped the charts.

All sectoral indices ended lower in today's session with Bank, Finance, Metal, Realty and Energy dropping more than a per cent each. Auto sector shed the least as it was down around 0.2%.

Asian shares declined Wednesday as markets awaited a decision on interest rates by the Federal Reserve.

Japan's Topix index slipped further from a 33-year peak scaled last week, with investor mood turning cautious ahead of a raft of key central bank policy decisions, including from the Bank of Japan (BOJ) and the U.S. Federal Reserve. The Topix slid 1%, declining from Friday's top, a level last seen in early 1990. The Nikkei lost 0.66%.

China stocks closed down as concerns lingered about the world's second-largest economy despite last week's better-than-expected data, with foreign investor selling also weighing on market sentiment.

The blue-chip CSI 300 Index finished 0.4% lower, and the Shanghai Composite Index declined 0.5% at close. Hong Kong's Hang Seng Index lost 0.6%, while the Hang Seng China Enterprises Index dropped 0.9%.

European shares edged higher ahead of the U.S. Federal Reserve's rate decision later in the day, while UK data showing inflation eased more than expected in August helped British stocks outperform regional peers.

UK stocks rose after data showed a surprise fall in inflation in August, raising hopes that the Bank of England (BoE) was nearing the end of its interest rate hiking cycle.

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20 Sep 2023, 03:32:38 PM IST

Over 40% Indian graduates under 25 years remain unemployed: Report

Amid the speedy economic growth of India, the unemployment rate among graduates under 25 years touched a huge 42 percent post-Covid, according to a report published by Azim Premji University.

"Post-Covid the unemployment rate is lower than it was pre-Covid, for all education levels. But it remains above 15% for graduates and more worryingly it touches a huge 42% for graduates under 25 years," the report -- STATE OF WORKING INDIA 2023: Social Identities and Labour Market Outcomes -- released by Azim Premji University. (Read More)

20 Sep 2023, 03:14:27 PM IST

Sensex Today Live: Akasa Air set to reduce flights after several pilots quit abruptly

Newly launched budget carrier Akasa Air has been forced to reduce flights amid a spate of resignations. CEO Vinay Dube told employees in an email late on Tuesday that the airline would give up market share in the short term to ensure stable operations. The development came mere days after the company said it had taken legal action against the "small set of pilots" who left without serving their notice period.

"When a small set of pilots abandoned their duties and left without serving their mandatory contractual notice period, it forced a disruption of flights between July and September, necessitating last minute cancellations," Dube said in the email reviewed by Reuters. (Read More)

20 Sep 2023, 03:07:20 PM IST

Sensex Today Live | Share Market Updates: Holmarc Opto-Mechatronics IPO: Issue subscribed over 42 times so far on last day

Holmarc Opto-Mechatronics IPO: The initial public offering (IPO) of Holmarc Opto-Mechatronics Ltd, the manufacturer of scientific and engineering instruments, opened for public subscription on September 15 and will close today, September 20.

Holmarc IPO price band has been fixed at 40 per share and the public offer is entirely a fresh issue of 28.50 lakh equity shares. Holmarc Opto-Mechatronics Ltd plans to raise 11.40 crore from the public offer. (Read More)

20 Sep 2023, 02:56:14 PM IST

India issues travel advisory for Indian nationals and students in Canada

India on Wednesday told its citizens to avoid travelling to parts of Canada, following a diplomatic row sparked by the allegation that New Delhi was involved in the killing of a Sikh separatist near Vancouver.

"Threats have particularly targeted Indian diplomats and sections of the Indian community who oppose the anti-India agenda," a foreign ministry statement said, advising citizens to "avoid travelling to regions and potential venues in Canada that have seen such incidents". (Read More)

20 Sep 2023, 02:40:26 PM IST

Sensex Today Live: UK car industry says 'confusion' on climate policy will hinder transition to EVs

The transition to electric cars in Britain will be hindered by any confusion over climate policy, the auto industry's trade body said on Wednesday, following reports that the government was planning to delay a 2030 ban on new petrol car sales.

"The automotive industry has and continues to invest billions in new electric vehicles as the decarbonisation of road transport is essential if net zero is to be delivered," Society of Motor Manufacturers and Traders Chief Executive Mike Hawes said. (Reuters)

20 Sep 2023, 02:38:16 PM IST

Sensex Today Live | Share Market Updates: Kody Technolab IPO: Issue subscribed over 32 times so far on last day

The initial public offering (IPO) of Kody Technolab Ltd, a software development services company, has garnered an impressive response from investors thus far. The Kody Technolab IPO became available for subscription on September 15, 2023, and is scheduled to close on September 20, 2023.

This IPO by Kody Technolab is categorized as an SME issue, and it comprises an entirely fresh issue of 17.20 lakh equity shares, amounting to 27.52 crore.

The price band for the Kody Technolab IPO has been set at 160 per share, with an IPO lot size of 800 shares. For retail investors, the minimum investment required is 128,000. (Read More)

20 Sep 2023, 02:16:44 PM IST

Sensex Today: TCS inks pact with Norway’s BankID BankAxept to boost financial infrastructure

IT major Tata Consultancy Services on Wednesday said it has entered into a strategic partnership with Norway’s national payment and electronic identity system BankID BankAxept to enhance the European country's financial infrastructure.

"BankID BankAxept AS chose TCS to create a new command centre for its proven experience in leading large-scale growth and transformation projects for enterprise clients in the banking and financial services sector," the IT major said in a statement.

The partnership is aimed at enhancing resilience, security, and availability of Norway's critical financial infrastructure, it added. (PTI)

20 Sep 2023, 02:06:09 PM IST

Sensex Today Live: US Fed meeting decision today: PIMCO warns market is underestimating risk of US recession and rate hikes

Pacific Investment Management Company LLC (PIMCO) believes that the market may be ignoring the risk of at least one more rate hike from the US Fed before the year-end and a looming US recession. At this juncture, safe-haven assets may be preferred plays.

"Markets may be underestimating the risks of both a US recession and one more interest-rate hike from the Federal Reserve, making haven assets a preferred play," Bloomberg reported, quoting PIMCO saying so. (Read More)

20 Sep 2023, 01:51:07 PM IST

Sensex Today Live | Share Market Updates: Cipla, Sun Pharma among top pharma picks for Motilal Oswal as US sales to help boost growth

In their analysis of the healthcare industry, brokerage firm Motilal Oswal Financial Services raises a significant question about whether the recent improvements in the market's prospects will lead to a turnaround for pharmaceutical companies, particularly in the context of US generics.

According to the brokerage's report, they emphasize that when it comes to generating additional business, the US generics market remains predominantly driven by specific products. In other words, pharmaceutical companies can expect growth by strategically focusing on and developing particular generic drugs. This approach is seen as a way to not only drive growth but also to counterbalance any decline in their existing product portfolios. 

Motilal Oswal has upgraded Cipla's rating to ‘Buy’ with a target price of 1,420. (Read More)

20 Sep 2023, 01:48:04 PM IST

Sensex Today Live: SJVN share price jump over 9% to hit 52-week high on MoU with PFC for financial assistance for renewable energy projects

On Wednesday, SJVN's share price saw a significant surge, rallying over 9% to reach a fresh 52-week high. This surge followed the company's announcement of signing a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financial support for various projects. SJVN shares surged by as much as 9.31%, reaching a new 52-week high of 83.69 per share on the BSE.

SJVN, a state-run hydroelectric power generation and transmission company, stated that the MoU with PFC covers financial assistance for a diverse portfolio of projects. This includes a significant focus on Renewable Energy projects, as well as thermal generation projects that are planned to be set up. (Read More)

20 Sep 2023, 01:24:04 PM IST

Sensex Today: Metal index sheds more than a per cent with all stocks in the red in today's session

Nifty Metal
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Nifty Metal
20 Sep 2023, 01:22:17 PM IST

Sensex Today Live: Indian carrier Akasa flying less after some pilots quit abruptly - memo

Indian budget carrier Akasa Air is flying less and will give up market share in the short term to ensure it runs a reliable operation after some pilots quit the airline, CEO Vinay Dube told employees in an email late on Tuesday.

"When a small set of pilots abandoned their duties and left without serving their mandatory contractual notice period, it forced a disruption of flights between July and September, necessitating last minute cancellations," Dube said in the email seen by Reuters. (Reuters)

20 Sep 2023, 01:01:38 PM IST

Sensex Today Live | Share Market Updates: UK inflation in surprise drop to 18-month low

British inflation unexpectedly slowed in August, data showed Wednesday, hitting an 18-month low and sparking hope this week's widely-forecast interest rate hike by the Bank of England could be its last for now.

The Consumer Prices Index dropped slightly to 6.7 percent from 6.8 percent in July, the Office for National Statistics (ONS) said in a statement on the eve of the BoE's latest monetary policy decision.

That was the lowest since February 2022 and confounded expectations for an acceleration to 7.1 percent on higher energy prices.

Wednesday's news sent the pound sliding almost 0.4 percent to $1.2347 in morning deals, with the US Federal Reserve set to hold rates later in the day. (AFP)

20 Sep 2023, 12:46:08 PM IST

Sensex Today Live | Share Market Updates: India's banking system liquidity deficit jumps to over 4-year high

-India's banking system liquidity deficit is at its widest in over four years ago, amid tax outflows and the lack of any major inflows, traders said on Wednesday.

Banking system liquidity deficit jumped to 1.47 trillion rupees ($17.67 billion) as on September 18, the highest single day shortfall since April 23, 2019, while banks have borrowed a record 1.97 trillion rupees from the central bank's Marginal Standing Facility window.

Advance tax payments took place last week, while outflows towards Goods and Services tax will be completed by Wednesday, with bankers estimating aggregate outflows of up to 2.50 trillion rupees.

The impact has magnified as the twin outflows have occurred in the same reporting fortnight, at a time when a chunk of the money is not available for use as it is blocked in the incremental cash reserve ratio (I-CRR). (Reuters)

20 Sep 2023, 12:36:27 PM IST

Sensex Today Live: Reliance shares extend losing streak to fourth session amid block deal news

On Wednesday's trading session, the share price of Reliance Industries (RIL) experienced a decline of over 2.5%. This drop followed reports of a substantial block deal that occurred after the market opened. According to CNBC-TV18, approximately 2 crore shares, equivalent to 0.3% of the company's total shares, were involved in this block deal, resulting in an exchange of 4,512 crore within the block deal window. The total value of the transaction is estimated to be close to 5,000 crore. As of the latest reports, the identities of the buyers and sellers involved in the transaction have not been disclosed. (Read More)

20 Sep 2023, 12:21:46 PM IST

Sensex Today Live | Share Market Updates: Zee Entertainment Enterprises to be replaced by Culver Max Entertainment in FTSE indices after Sony merger

Zee Entertainment Enterprises Ltd. (ZEEL) is set to be removed from FTSE Global Equity indices as a result of its merger with Sony Entertainment India. The merger entails ZEEL being acquired by Culver Max Entertainment, which is affiliated with Sony Pictures Networks India.

As a result of this development, Culver Max Entertainment (Sony Entertainment India) has proposed to acquire Zee Entertainment Enterprises, leading to ZEEL's eventual delisting from the exchange. FTSE Russell has taken note of this and will replace ZEEL with Culver Max Entertainment in its indices. (Read More)

20 Sep 2023, 12:19:10 PM IST

Sensex Today: Yatra Online IPO: Issue sees tepid response; booked 39% on day 3 so far

The initial public offering (IPO) of Yatra Online Ltd, an online travel company, has received a lukewarm response from investors, with only the retail portion being fully subscribed thus far. The Yatra Online IPO, valued at 775.00 crore, began accepting subscriptions on September 15 and is set to conclude today, on Wednesday, September 20.

Yatra Online is one of India's largest corporate travel service providers, offering comprehensive travel solutions to both corporate clients and individual consumers.

For this IPO, the company has allocated 75% of the shares to Qualified Institutional Buyers (QIB), 15% to Non-Institutional Investors (NII), and 10% to Retail Investors. (Read More)

20 Sep 2023, 12:06:13 PM IST

Sensex Today Noon Update: Indices shed almost a per cent as Sensex drops 650 pts and Nifty is trading below 20,000; HDFC Bank, RIL lead the drag

Sensex at Noon
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Sensex at Noon
20 Sep 2023, 11:42:37 AM IST

Sensex Today Live | Share Market Updates: Signature Global IPO opens today

Signature Global Limited's initial public offering (IPO) has commenced today, and the public subscription period will remain open until September 22, 2023. The company has set the IPO price band for Signature Global at 366 to 385.5 per equity share, with the goal of raising 730 crore through this public offering. Out of this 730 crores, 603 crore is earmarked for fresh issuances, while the remaining 127 crore is allocated for the offer-for-sale (OFS) route.

The book build issue is intended for listing on both the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange). Notably, shares of Signature Global Limited are trading at 40 in the grey market today, indicating early investor interest in the IPO. (Read More)

20 Sep 2023, 11:41:12 AM IST

Sensex Today: JM Financial views on Sapphire Foods India: Near term challenging, long-term story intact

Mehul Desai of JM Financial Institution on Sapphire Foods India (SAPPHIRE IN): Near term challenging, long-term story intact

Company Update BUY INR 1,630 - 

Sapphire’s performance over the past few quarters has been a mixed bag - SSSG trend has been weak while gross margin has risen steadily QoQ led by a benign input cost environment. In the near term, we don’t see these trends changing materially – SSSG is likely to remain muted with demand challenges continuing for PH and Q2 being a seasonally weak quarter for KFC. That said, the company has undertaken initiatives (value offerings to ensure transaction growth, new launches in premium range, increased marketing spend) to improve brand accessibility/relevance, which, along with the upcoming festive season, should help revive growth in PH. On the positive side, KFC’s (c.65% of sales) brand strength and profitability remain intact; the overall raw material scenario is also stable, which, along with a favourable mix, should support margins. In our previous report, we had highlighted Sapphire’s superior execution (link) and said there was headroom for the discount to Devyani (c.40% on pre-IND AS EV/EBITDA) to narrow over time. Any volatility in the stock should thus be used as an opportunity to add. BUY.

20 Sep 2023, 11:20:54 AM IST

Sensex Today Live: IIFL Finance share price rises over a per cent in a weak market; HSBC sees 35% upside in stock

IIFL Finance share price rose over a per cent in morning trade defying weak market sentiment after global financial firm HSBC initiated coverage on the stock with a buy recommendation, pegging the target price of 790, implying an upside of as much as 35 per cent from the stock's previous session's close of 586.35 on BSE.

In a report on September 18, HSBC pointed out that IIFL has strengthened its business by making the following four strategic pivots: (Read More)

20 Sep 2023, 11:07:53 AM IST

Sensex Today Live | Share Market Updates: All sectoral indices turn red as Sensex and Nifty drop around 0.9% in today's trading

Sectoral indices
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Sectoral indices
20 Sep 2023, 10:51:23 AM IST

Sensex Today: PL stock report on RR Kabel: Wired for better future - BUY

Praveen Sahay – Research Analyst, Prabhudas Lilladher Pvt Ltd recommendations on R R Kabel (RRKABL IN) – 

Rating: BUY | CMP: Rs1,035 | TP: Rs1,407

Company Initiation - Wired for better future

We initiate coverage on RR Kabel with a ‘BUY’ rating and TP of Rs1407 valuing at 35x FY25 earnings. We believe RR Kabel is a play on several opportunities in the W&C segment given 1) strong brand with diverse product portfolio 2) well-structured capacity expansion plans, 3) increasing dealers /distribution network and 4) distribution led export business. Although the company has grown its FMEG portfolio inorganically, yet it expects to minimize losses in coming years by transitioning towards premium markets. In FMEG, too, the company has enhanced its brand presence, positioning and manufacturing capabilities to minimize losses. We estimate Revenue/EBITDA/PAT CAGR of 20.7%/38.8%/44.3% over FY23-26 led by 1) improving business mix 2) operating leverage & cost optimization 3) investments in brand building and 4) increasing distribution reach. Initiate ‘BUY’.

20 Sep 2023, 10:44:48 AM IST

Sensex Today Live: Heavyweight stock RIL sheds more than 1.5% in today's trading and is among the biggest laggards

RIL
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RIL
20 Sep 2023, 10:37:10 AM IST

Sensex Today: Sai Silks Kalamandir IPO: Sai Silks IPO raises ₹360.30 crore from anchor investors

In an exchange filing, Sai Silks Kalamandir's IPO successfully raised 360.30 crore from 26 anchor investors on Monday, September 18, at the upper price band of 222 per equity share. The IPO allocated a total of 16,229,707 equity shares to these anchor investors, achieving the mentioned amount at the upper price of 222 per equity share. Each share had a face value of 2.

The list of anchor investors featured prominent names such as Whiteoak Capital, Abakkus, Citigroup Global, SBI MF, ICICI Prudential MF, HDFC MF, Kotak MF, HSBC MF, Aditya Birla Sunlife MF, and UTI MF. (Read More)

20 Sep 2023, 10:30:40 AM IST

Sensex Today Live: InCred Equities views on HDFC Bank - Takeaways from Analyst Day: ADD - Maintained

Jignesh SHIAL and Mayank AGARWAL from InCred Equities opine on HDFC Bank - Takeaways from Analyst Day: ADD - Maintained | INR1,629 tp:INR2,000

Mkt.Cap:US$169,952m | Avg.Daily Vol:US$426.9m | Free Float:70.5%

HDFC Bank sees margin pressure of ~30-40bp in FY24F amid excess liquidity of Rs1tr post-HDFC merger, which should normalize post liquidity utilization.

■ Wholesale book NPAs of HDFC saw a spurt to ~6.7% in Jul 2023 vs. ~2.9% in Mar 2023. The clean-up to keep HDFC Bank’s near-term asset quality volatile.

■ These are short-term concerns, and we expect normalized RoA by FY25F. Superior growth led by competitive advantage & improved penetration is key.

20 Sep 2023, 10:18:26 AM IST

Sensex Today Live | Share Market Updates: Blue Star share price jumps 10% to hit 52-week high on launch of QIP

In early trade on Wednesday, Blue Star's share price experienced a significant surge, crossing a 10% increase and reaching a fresh 52-week high. This surge was attributed to the company's decision to initiate a qualified institutional placement (QIP) to raise capital. On the BSE, Blue Star shares climbed by as much as 10.59%, reaching a new 52-week high of 884.75 per share.

Blue Star, a prominent air conditioner manufacturer, has established the floor price for the QIP at 784.55 per share. Notably, this floor price represents a slight 2% discount when compared to the closing price of 800 per share on the preceding Monday. (Read More)

20 Sep 2023, 10:05:43 AM IST

Sensex Today Live: Digikore Studios' IPO to Open on September 25 on NSE EMERGE

Digikore Studios Limited (Digikore), a visual effects (VFX) studio in India, is set to launch its Initial Public Offering (IPO) on NSE EMERGE. The IPO, scheduled to open on Monday, September 25, 2023, and close on Wednesday, September 27, 2023.

The IPO comprises a total of 17,82,400 equity shares, including a fresh issue of 12,60,800 equity shares and an Offer for Sale (OFS) of 5,21,600 equity shares. The price band for the IPO has been fixed at 168 to 171 per equity share. The minimum bid lot for investors is set at 800 shares. Application for one lot will be part of retail allocation.

20 Sep 2023, 09:58:52 AM IST

Sensex Today Live | Share Market Updates: Cables maker RR Kabel up 14% in pre-open debut trade

Indian wires and cable maker RR Kabel debuted at 1,180 rupees in pre-open trade on Wednesday, up 14% compared with the initial public offer price of 1,035 rupees. (Reuters)

20 Sep 2023, 09:43:22 AM IST

Sensex Today Live | Share Market Updates: HDFC Bank tanks 3% in early trading and is the biggest laggard

HDFC Bank
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HDFC Bank
20 Sep 2023, 09:29:10 AM IST

Sensex Today Live: Rupee rises 7 paise to open at 83.20 against the US dollar

The Indian rupee opened paise 7 higher against the US dollar on Wednesday amid a drop in American currency and pullback in crude oil prices. The local currency opened at 83.20 a dollar as compared to Monday's close of 83.27.

The US dollar remained firm but softened slightly against the yen ahead of the interest rate decision by the US Federal Reserve later in the day. The US dollar index, which measures the greenback against a basket of rivals, stayed mostly flat at 105.13, Reuters reported. (Read More)

20 Sep 2023, 09:27:23 AM IST

Sensex Today Live | Share Market Updates: Sensex and Nifty shed at open ahead of Fed policy decision; HDFC Bank is the biggest laggard

HDFC Bank
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HDFC Bank
20 Sep 2023, 09:10:58 AM IST

Sensex Today Live | Share Market Updates: Geojit Financial views on today's market: The straining of relations between India and Canada is unlikely to have any lasting impact on the market

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are too many challenges for the market in the near term. Brent crude at $94, the dollar index above 105, the 2-yr US bond yield at 5.09 per cent and the INR at record lows against the dollar are strong headwinds. To add to these headwinds, now there is the disappointing news of the likely compression of NIMs of HDFC Bank, which might temporarily impact sentiments in Bank Nifty. The straining of relations between India and Canada is unlikely to have any lasting impact on the market.

The hectic activity in the mid- and small-caps has pushed valuations in these segments to high levels. The sharp rise in many of these stocks has been driven by hope. It remains to be seen whether this hope will translate into reality. Execution challenges may arise.

Investors may adopt a cautious strategy of staying with high-quality large-caps.

In the broader market, the valuations of reasonably good PSU banks like BoB, Canara Bank and Indian Bank are even now attractive.

20 Sep 2023, 09:03:27 AM IST

Sensex Today Live: Sensex starts in the red at the preopen session; RR Kabel to debut at the bourses today

Sensex at Preopen
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Sensex at Preopen
20 Sep 2023, 08:53:07 AM IST

Sensex Today Live: Eli Lilly sues US medical spas, compounding pharmacies, and wellness centers over sales of bogus Mounjaro for weight loss

The Indianapolis-based drugmaker Eli Lilly said that it was suing 10 US medical spas, wellness centers and compounding pharmacies for selling products claiming to contain tirzepatide. Tirzepatide is an active ingredient in its diabetes drug Mounjaro which is expected to be approved for weight loss later this year.

In a statement, the drugmaker said, “products claiming to contain tirzepatide that are made and/or distributed by compounding pharmacies or distributed by counterfeit sources have not been reviewed by the US FDA or global regulatory agencies for safety, quality, or efficacy." (Read More)

20 Sep 2023, 08:49:15 AM IST

Sensex Today Live | Share Market Updates: Salasar Techno Engineering gets ₹75 crore order in Africa

Salasar Techno Engineering Ltd (STEL) has bagged an electricity transmission order worth around 75.23 crore in Africa.

"The contract worth USD 9.40 million equivalent to 752.38 million by Energy Development Corporation Ltd (EDCL) is for the Rwanda Transmission System Reinforcement and Last Mile Connectivity project," STEL said in a statement on Tuesday.

The company is entrusted with the responsibility of providing end-to-end solution of designing, supplying, and installation of 110kv transmission lines connecting the African regions of Rwinkwavu-Kirehe, Gabiro-Nyagatare, and Rulindo-Gicumbi, the statement said. (PTI)

20 Sep 2023, 08:38:05 AM IST

Sensex Today Live: Walt Disney nearly doubles parks spending, to invest $60 billion over next decade

Walt Disney said on September 19 that it intends to almost double its capital expenditure for its parks business. It further plans to allocate around $60 billion over the next10 years said Disney CEO Bob Iger and Josh D'Amaro, the company's parks chief, during an event held at Walt Disney World Resort in Orlando, Florida, focused on the company's parks business, reported Reuters.

Disney's parks have become a reliable source of profit for the company, helping offset losses in its streaming business, which is expected to turn profitable next year. Bob Iger described the parks as a "tremendous business" for the California-based global entertainment giant. (Read More)

20 Sep 2023, 08:19:03 AM IST

Sensex Today Live | Share Market Updates: Naveen Jindal to assume role as non-exec director on JSPL board

Naveen Jindal, the chairman of Jindal Steel & Power (JSPL), will be re-designated as a non-executive chairman, with effect from 1 October 2023, the company said in an exchange filing here on Monday. Jindal is currently acting as an executive director, designated as chairman, which is due to end on 31 September 2023, as per the exchange filing of the steel manufacturer. (Read More)

20 Sep 2023, 08:17:34 AM IST

Sensex Today Live: Torrent in talks with Apollo to borrow up to $1 billion for Cipla bid, sources say

Torrent Pharmaceutical is in preliminary talks with Apollo Global Management to secure a loan of up to $1 billion to help fund a planned bid for Cipla, two people briefed on the discussions said.

Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Bernstein analysts have estimated that a deal for about 60% of India's No. 3 drugmaker could be worth as much as $7 billion - potentially India's largest pharma deal to date.

Torrent has also been in talks with CVC Capital Partners and Bain Capital who might become equity partners in a consortium and contribute as much as a combined $1.5 billion to the deal, sources have said.

Cipla's founding family is keen to sell their 33.4% holding, sources say, and a bid for that amount would also trigger an open offer for another 26% as per Indian regulations. (Reuters)

20 Sep 2023, 08:00:11 AM IST

Sensex Today Live: Tata Motors to raise commercial vehicle prices by up to 3% from this October: Report

Tata Motors made an announcement on Monday regarding its decision to increase the prices of its commercial vehicles by up to 3%. This marks the third price hike the company has implemented in the current calendar year, aimed at mitigating the ongoing impact of rising input costs. Reuters reported this development.

The price adjustments will take effect from October 1, impacting the entire spectrum of commercial vehicles offered by the Indian automaker. Tata Motors had previously raised prices by 1.2% in January and by a substantial 5% in March, primarily to ensure compliance with the new emission standards. (Read More)

20 Sep 2023, 07:58:55 AM IST

Sensex Today Live | Share Market Updates: Oil prices rise on concerns over tightening supply

Oil prices rose in early trade on Wednesday, hovering near 10-month highs hit the previous day, as a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output reinforced fears of tight crude supply for the rest of 2023.

Global benchmark Brent crude futures climbed 6 cents, or 0.1%, to $94.40 a barrel by 0034 GMT, staying near the highest since November of $95.96 hit on Tuesday. (Reuters)

20 Sep 2023, 07:51:24 AM IST

Sensex Today Live: Stocks to Watch: HDFC Bank, RR Kabel, Tata Motors, Torrent Pharma, CIL, NHPC, Adani stocks, JSPL, Shree Cement, Biocon, and Salasar Techno 

HDFC Bank reappoints Sashidhar Jagdishan as MD & CEO for three more years. RR Kabel set to debut on stock exchanges. Tata Motors to raise prices of commercial vehicles by up to 3%. Torrent Pharma in talks with Apollo for $1 billion loan for Cipla bid. Plea filed to form a new panel to look into Adani Group's stock manipulation. Coal India and NHPC may join hands for pump storage projects. Naveen Jindal to be re-designated as non-executive chairman of JSPL. Shree Cement plans to issue NCDs worth 700 crore. Biocon appoints Peter Bains as Group CEO. Salasar Techno Engineering wins transmission order in Africa. (Read More)

20 Sep 2023, 07:39:39 AM IST

Sensex Today Live | Share Market Updates: Sashidhar Jagdishan's re-appointment as HDFC Bank MD and CEO gets RBI approval

Sashidhar Jagdishan has received approval from the Reserve Bank of India for his re-appointment as the Managing Director and CEO of HDFC Bank. His tenure has been extended for an additional three years, ensuring that he will continue in this position until October 26, 2026. (Read More)

20 Sep 2023, 07:38:02 AM IST

Sensex Today Live: RR Kabel IPO listing date today. GMP, experts predict listing price at 'moderate' premium

The RR Kabel IPO is scheduled to be listed on the stock exchange on September 20, 2023. According to the announcement by BSE, starting from September 20, 2023, the equity shares of R R KABEL LIMITED will be officially listed and included in the 'B' Group of Securities for trading. The listing price for RR Kabel IPO shares will be made available at 10:00 AM during the special pre-open trading session on Wednesday.

While the RR Kabel IPO received a moderate response from investors in categories other than QIB, experts believe that it is poised to benefit from the ongoing bullish trend on Dalal Street. (Read More)

20 Sep 2023, 07:30:12 AM IST

Sensex Today Live | Share Market Updates: Wall Street slips on Tuesday ahead of Fed decision on rates

U.S. stocks edged lower, and yields climbed on Tuesday as Wall Street waits for the Federal Reserve’s latest decision on interest rates.

The S&P 500 slipped 9.58 points, or 0.2%, to 4,443.95. The Dow Jones Industrial Average dropped 106.57, or 0.3%, to 34,517.73, and the Nasdaq composite lost 32.05, or 0.2%, to 13,678.19.

Stocks have been see-sawing for weeks on uncertainty about whether the Fed is done with its market-shaking hikes to interest rates. By pulling its main interest rate to the highest level in more than two decades, the Fed has helped inflation to cool from its peak last year but at the cost of hurting prices for investments and damaging some corners of the economy.

The Fed began its latest meeting on interest rates Tuesday, with an announcement scheduled for Wednesday. The overwhelming expectation is for the Fed to announce no change to rates. More focus will be on updated projections Fed officials give for where they see rates heading in upcoming years.

Traders are split on whether the Fed may raise rates again this year, but they’re largely expecting the Fed to begin cutting rates next year. Such cuts can act like steroids for financial markets, giving a lift to all kinds of investments. (AP)

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