PremiumShare Market Updates: Sensex and Nifty traded on a positive note with Nifty scaling the 20,000 mark and Sensex adding 500 pts with most sectors ending higher. Metal and PSU Bank gained the most, while Media ended in the red.
Kaushik Dani, fund manager – PMS, Abans Investment Managers said, “Resounding success of G20 brings in the desired momentum and market valuations are yet to cross previous peaks. oost in bilateral trades should benefit various segments like pipes and cables. Sectors like Railways, Shipping and Logistics would be direct beneficiaries of recent announcements. With corporate earnings gaining strength, indices seem comfortable to march forward in near to medium term."
Investors also await India's retail inflation data for August and industrial output figures for July, due on Tuesday. Retail inflation likely eased in August, from a 15-month high in July, to 7%, according to a Reuters poll of economists.
Equity benchmark indices extended their rally for the seventh day running on Monday with Nifty crossing the 20,000 mark intraday as investors continued to remain optimistic about the domestic markets. Buying in index majors Reliance Industries and Tata Consultancy Services along with Adani stocks added to the winning momentum in equities.
The Nifty 50 index climbed 176 pts to end at 19,996. Nifty hit an intraday high of 20,008.15. The BSE S&P Sensex added 530 pts to close at 67,127. Fourteen of the 15 major Nifty sectoral indices ended with gains in today's session.
Adani Ports and Adani Enterprises topped the stock charts after news of promoters increasing their stakes in these companies. Powergrid, Axis Bank and Apollo Hospitals were other major gainers. Coal India shed a per cent.
PSU Bank and Metal gained the most in today's session, while IT and Finance indices had a decent climb. Media remained the index to have fallen in today's session.
Stock prices were mostly higher in Asia on Monday as investors awaited US inflation figures and China's latest economic data. A surge in oil prices has added to worries that inflation may not be waning as hoped in the US and other major economies.
Japan's Nikkei share average gave up early gains to close lower as a report flagged a possible early end to the Bank of Japan's (BOJ) negative interest rate policy. The Nikkei fell 0.43% after rising as much as 0.4% earlier in the session. The index initially tracked Wall Street's gains at the end of last week.
China stocks rose buoyed by fresh government stimulus and improving credit data, but technology and property sector shares dragged the Hong Kong market lower. China's bluechip CSI300 Index rose 0.74% by the lunch break, while the Shanghai Composite Index climbed 0.84%. In Hong Kong, the benchmark Hang Seng Index dropped 0.58%, its fourth straight session of declines.
European shares hit a one-week high buoyed by data indicating signs of stabilisation in the Chinese economy, while traders braced for a busy week with the crucial U.S. inflation print and European Central Bank (ECB) policy meeting in focus.
he UK's FTSE 100 index hit a one-month high boosted by miners after positive China data signalled stability in the world's second-largest economy, while shares of homebuilder Vistry jumped after it merged its business units to focus on building affordable homes.
EMS IPO Subscription Status: EMS IPO was subscribed 12.49 times on day 2 so far. EMS IPO opened for subscription on Friday, September 8, and will close on Tuesday, September 12.
EMS IPO received overwhelming response from non-institutional investors (NIIS) and retail investors on day 2. Qualified institutional buyers (QIBs) portion saw decent response.
EMS IPO's retail investors portion was subscribed 14.39 times, NII portion was subscribed 23.37 times, and QIBs portion was subscribed 48%. (Read More)
Coinbase has initiated a move to clarify reports suggesting it was discontinuing services for its Indian users. Earlier reports from TechCrunch had claimed that all services would cease by September 25, prompting some Indian users to withdraw their funds. However, Coinbase has clarified that the notice was aimed at specific users who were found to be in breach of the exchange's updated standards, not all Indian customers, reported Cointelegraph. (Read More)
Today, most sugar stocks experienced positive trading trends, thanks to the recent launch of the Global Biofuel Alliance (GBA) by Prime Minister Narendra Modi during the G20 Summit. However, there was an exception in the case of Ugar Sugar Works Ltd, which saw a decline of nearly 3% in its stock price.
On the other hand, several other sugar stocks traded in the green. Companies such as Uttam Sugar Mills Ltd, Mawana Sugars Ltd, Bajaj Hindusthan Sugar, Avadh Sugar & Energy Ltd, and K M Sugars Mills Ltd witnessed gains ranging from 1% to 2%. Meanwhile, Dalmia Bharat Sugar & Industries Ltd, Sakthi Sugars Ltd, Balrampur Chini Mills Ltd, and Triveni Engineering & Industries Ltd performed even better, with their stock prices rising by over 2.5% to 6%. (Read More)
India retail inflation most likely eased in August on a monthly basis on a fall in vegetable prices but experts believe it will remain significantly above the Reserve Bank of India's (RBI's) target range of 2-6 per cent. Official data on retail inflation will be released on Tuesday (September 12).
According to the median of estimates by 18 economists in a Mint poll, India’s retail inflation likely eased to 7 per cent in August from July’s 15-month high of 7.44 per cent. The poll predicts Consumer Price Index (CPI) will range between 6.8 per cent and 7.3 per cent, with six economists giving the 7 per cent figure, and only four seeing it lower. (Read More)
On Monday, the Supreme Court issued an order directing SpiceJet, the airline company, to settle a $1.5 million debt owed to Switzerland's Credit Suisse bank by September 15. The court further cautioned that "drastic action" would be taken if the payment is not made within the specified timeframe.
According to Reuters, one-third of the total amount is included in a monthly settlement plan that SpiceJet had previously consented to with Credit Suisse, while the remaining portion represents unpaid dues owed to the bank. (Read More)
IRB Infrastructure Developers shares have been in uptrend after ushering in financial year 2023-24. After bottoming out at around ₹22.50 apiece levels on NSE at the end of March 2023, this toll management company's stock has remained an ideal buy on dips stock for positional investors. In near six months, this small-cap stock below ₹50 has rise to the tune of 55 per cent whereas in last one month, it has risen around 35 per cent. However, it seems that the stock still has some steam left. (Read More)
The Indian pharmaceuticals industry is expected to log in a revenue growth of 8-10 per cent in current fiscal aided by a steady domestic growth and increased exports to regulated markets, even as semi-regulated markets face headwinds, according to a report.
A study of 186 drug makers, which accounted for about half of the ₹3.7 lakh crore annual revenue of the sector last fiscal, indicates as much, Crisil said on Monday.
"Similar to last fiscal, domestic growth in fiscal 2024, will be led by 5-6 per cent increase in realisations, supported partly by high price hikes allowed by the National Pharmaceutical Pricing Authority (NPPA) for drugs under price regulation," Crisil Research Director Aniket Dani said. (PTI)
Viraj Gandhi, CEO, SAMCO MF: The excitement seen in mutual fund inflows figures for August 2023 comes as no surprise as Nifty Futures are trading at 20,000 levels.
Small caps and midcaps Funds are the flavour of the season, with small cap funds attracting ₹4,265 crores of inflows, the highest levels for monthly inflows, and midcap funds attracting ₹2,512 crores for the month of August 2023.
Mutual fund investors are drawn to performance. Such inflows have been noticed as a result of the midcap 150 and small cap 250 indices yielding about 8-9% in the previous one month ended 10th September 2023, compared to 2% for the larger index Nifty 50. This was also due to a ₹350 crore outflow from large cap funds throughout the month. After three months of consecutive outflows, the Flexi-cap category experienced a net inflow of ₹2,193 crores, a 4% increase year on year. This was the highest amount of inflows in this category since September 2022.
Sectoral and thematic funds saw inflows of ₹4,806 crores due to five NFO in the category during the month. This shows healthy risk appetite for thematic schemes at current market levels. Debt-oriented schemes, on the other hand, saw an outflow of ₹25,873 crores in August 2023. Liquid funds and very short duration funds had outflows of ₹26,823 crores and ₹4,123 crores, respectively."
Byju's, the Indian ed-tech company, has presented a proposal to fully repay its outstanding $1.2 billion term loan in a remarkably short period of six months. This strategic move comes as a response to an ongoing dispute with its lenders, which has persisted for nearly a year.
Unnamed sources, providing insights to Bloomberg, have disclosed that Byju's has outlined a plan to repay $300 million within the initial three months, subject to the acceptance of the proposed amendment. The remaining balance would be settled in the subsequent three months. Nevertheless, lenders are currently closely examining the proposal, especially focusing on the sources from which the repayment will be made. It's important to note that LiveMint has not independently verified this report. (Read More)
The government is looking at further easing foreign direct investment (FDI) norms in the space sector to attract overseas players, a top official said on Monday.
Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that huge scope is there for Saudi Arabian companies to invest in India in different sectors such as aviation, pharma, bulk drugs, renewable energy, food processing and agrti-tech.
"There is tremendous scope for collaboration... such as in artificial intelligence, robotics, cyber security, automation and space, where we are looking to further liberalise our foreign direct investment norms to bring in private sector and foreign investment in our space sector," Singh said at the India-Saudi Arabia investment forum meet here. (PTI)
ITI share price surged over 17% to hit a 52-week high on Monday's trading session after the company announced about its own laptop and micro PC brand ‘SMAASH’ in partnership with Intel Corporation. ITI share price today opened at ₹125.70 apiece on BSE. ITI stock price gained nearly 1% in its early trade today. Following the news of its debut of two new products at noon, the stock price jumped by over 10% to 17%.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, ITI stock has seen strong positive momentum up 15% with strong volumes. Overall this counters has been in a strong uptrend and expected to continue perfrormance in near term. Immediate support is ₹135 and ₹165 is next possible target. (Read More)
IRB Infrastructure Developers Ltd (IRB) on Monday said its revenue from toll collection grew 24 per cent to ₹417.2 crore in August 2023.
Toll collection stood at ₹336 crore in the same month last year, IRB said in a statement.
Out of its 13 tolls, IRB MP Expressway in Maharashtra contributed the major share of ₹141.1 crore to the total revenue collection, it said.
On a month-on-month basis, the collection was up 14 per cent from ₹365 crore in July 2023.
Amitabh Murarka, Deputy Chief Executive Officer of IRB said, "We have added Hyderabad ORR project. We expect the toll revenue to pick up pace, in view of the forthcoming festival season along with likely commencement of toll collection on newly bagged Samakhiyali Santalpur BOT project in Gujarat." (PTI)
In August 2023, equity mutual funds experienced a significant surge in net inflows, reaching a five-month high of ₹20,245.26 crore. This marked a substantial increase compared to the ₹7,625.96 crore inflow observed in July 2023, as per data from the Association of Mutual Funds in India (AMFI). However, debt mutual funds saw outflows amounting to ₹25,872 crore during the same period. As per the AMFI data, ETFs registered an outflow of ₹1,893 crores vs ₹353 crores inflows in July.
The Mutual Fund industry in India reported Total Assets Under Management (AUM) of ₹46.63 lakh crore (including close-ended schemes), showing a slight increase from ₹46.37 lakh crore in the previous month (MoM). (Read More)
CAMS (Computer Age Management Services) share price has strongly underperformed the equity benchmark Sensex in the last one year but the situation may change now as top brokerage firms believe the stock may see a decent rise from the current levels because of the company's "growing capabilities".
In the last one year, the stock has lost nearly a per cent while the Sensex has gained over 11 per cent. The stock witnessed strong traction on Monday. (Read More)
Three railway stocks were in focus on Monday's trading session following the historic US, European Union (EU) agreed on the Mideast-India Rail and Shipping Corridor at the G-20. The US inked an agreement with India, Middle Eastern nations, and the EU with the goal of linking them through a system of railways and marine lines. Ircon International share price surged 19.3% to touch a 52-week high of ₹159.25 apiece, Rail Vikas Nigam share price jumped 17.6% to hit a 52-week high of ₹191.40 apiece, and Indian Railway Finance Corporation (IRFC)share price rose 10% to touch a 52-week high of ₹84.76 apiece on BSE. (Read More)
CreditAccess Grameen Limited has raised INR 989.58 crore through public issue of secured, redeemable Non-Convertible Debentures (NCDs). According to the statement, the NCDs are listed on both the National Stock Exchange of India Ltd (NSE) and the Bombay Stock Exchange (BSE).
The NCD Tranche II Issue had a base issue size of INR 400 crore with an option to retain oversubscription up to INR 600 crore aggregating up to INR 1,000 crore, which is within the shelf limit of INR 1,500 crore. The NCDs are rated IND AA-/Stable by India Ratings and Research Private Limited, added the statement.
German car giant BMW is to make a multi-million pound investment in its Mini plants in the UK, the government in London said Monday.
The money will be used to "transform" BMW's plant in Oxford, southern England, "securing 4,000 high-quality jobs and strengthening the electric vehicle supply chain," the government said in a press release.
"BMW's investment is another shining example of how the UK is the best place to build cars of the future," said Prime Minister Rishi Sunak.
"By backing our car manufacturing industry, we are securing thousands of jobs and growing our economy right across the country," he added, with his government having offered tens-of-millions of pounds in support for BMW.. (AFP)
Kuala Lumpur-based Capital A, which owns AirAsia, is "very bullish about the Indian market" and wants to bring in more tourists to that country, the company's chief executive officer Tony Fernandes said on Monday.
Capital A (formerly known as AirAsia Group) sold its Indian airline subsidiary to Tata Group last year.
"We are working with the Tata Group and hope to do a lot of work with the conglomerate," he said on the sidelines of the 21st Forbes Global CEO Conference.
Last year, Tata Group-owned Air India signed agreements to acquire a 100 per cent stake in AirAsia India and has commenced the process of merging with Air India Express to form a single Indian low-cost carrier. The merger is expected to take around 12 months and is likely to be concluded by the end of 2023. (PTI)
Satish KUMAR and Abbas PUNJANI of InCred Equities recommendations on Tata Steel: European blues stage a comeback
REDUCE - Maintained | INR130 tp:INR82
■ All hopes of balance sheet deleveraging have been dashed and, instead, its leveraging has started. Tata Steel will have to halt capex for deleveraging.
■ One-time subsidy from the UK government won’t help Tata steel Europe. It needs subsidies on a regular basis to post a sustained positive EBITDA.
■ We value Tata Steel at 6.5x EV/EBITDA to arrive at our target price of Rs82. The rise in TP is due to a higher P/E multiple (vs. 6x earlier). Retain REDUCE.
Prathamesh Mallya, DVP Research, Non-Agro Commodities & Currency, Angel One Ltd
GOLD Outlook: We expect gold to trade lower towards 58700 levels, a break of which could prompt the price to move lower to 58620 levels.
CRUDE Outlook: Crude oil is poised for a positive outlook as Saudi Arabia and Russia's extended supply cuts, along with expectations of further reductions, support prices.
BASE METALS Outlook: We expect copper to trade lower towards 717 levels, a break of which could prompt the price to move lower to 713 levels.
Coffee Day share price today opened downside and went on to hit intraday low of ₹43.35 apiece on NSE, logging more than 17 per cent dip within an hour of early morning deals. According to stock market experts, this slide in Coffee Day shares is because of the IDBI Trusteeship plea at NCLT for insolvency proceedings against the company for alleged ₹228 crore default.
Rishabh Instruments IPO listing date: Shares of Rishabh Instruments Ltd listed on the bourses at a premium on Monday. On the NSE, Rishabh Instruments share price today was listed at ₹460.05 per share, 4.3 % higher than the issue price, and on the BSE, Rishabh Instruments share price was listed at ₹460 per share.
Rishabh Instruments IPO will opened for subscription on Wednesday, August 30, and closed on Friday, September 1. Rishabh Instruments IPO raised about ₹147 crore from anchor investors on Tuesday, August 29. (Read More)
Ratnaveer IPO listing date: Shares of Ratnaveer Precision Engineering Ltd listed on the bourses at a premium on Monday. On the NSE, Ratnaveer share price today was listed at ₹123.20 per share, 25.7 % higher than the issue price, and on the BSE, Ratnaveer share price was listed at ₹128 per share.
Ratnaveer Precision Engineering IPO opened for subscription on Monday, September 4, and closed on Wednesday, September 6. Ratnaveer Precision Engineering IPO has raised about ₹49.5 crore from anchor investors on Friday, September 1. (Read More)
Vivek Kumar of JM Financial Institutional Securities views on Samvardhana Motherson International (MOTHERSO IN): Encompassing play on the Global Automotive Opportunity
BUY INR 130
Led by 30+ acquisitions over the last two decades, Motherson Group has expanded from a single-product / geography to a multi-product / geography auto components behemoth. During this period, its revenue has grown at c.30% CAGR to $14bn. The company has jumped global automotive supplier ranking from Top-40 in 2005 to Top-15 in 2023. We believe analysing this company, like most others, may not be a prudent method, given the enormity of business operations. It is best viewed as an encompassing play in the global automotive space. The company has a proven track record of turnarounds and expanding global market share (c.0.4% in 2010 to c.2.5% in 2023). We believe, the group with its global presence, an expanding portfolio of powertrain-agnostic products and a wide customer base presents a multi-year growth opportunity. SAMIL is our top pick in the space - our Sep’24 TP of INR 130 represents a 30% upside. Given the long growth runway, we see a clear potential for SAMIL to deliver a three-year IRR of c.25% (Exh. 33).
Adani Group promoter firm has increased its stake in two of the group’s listed companies as the conglomerate continues to work on strategy to recover from the effects of the damaging reports. The promoter group in stock exchange filings said it has increased stake in flagship Adani Enterprises to 71.93% from 69.87%. In a separate stock exchange filing, the promoter group informed that it has also increased stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%.
In 2023, ADF Foods has emerged as one of the standout success stories in the Indian stock market. This small-cap gem, boasting a market capitalization of approximately ₹498 crore, has witnessed an extraordinary journey, surging from ₹140 per share to ₹1135 per share over the past three years. This remarkable performance has translated into a remarkable 700 percent return for its long-term shareholders.
However, today, ADF Foods is in the spotlight as it undergoes a stock split. The company's board of directors has approved a stock split in a 1:5 ratio. Furthermore, they have set September 11, 2023, as the record date for this stock split, which is today. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The G20 Delhi Declaration and India’s diplomatic triumph can trigger continuation of the positive market mood and momentum. More importantly, the inclusion of the African Union in G20 and the proposed India-Middle East-Europe Corridor have positive economic and market connotations. For instance, the inclusion of the African Union in G20 is positive news for Bharti Airtel which has a significant presence in Africa.
In the present favourable market mood, Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20000. But investors have to be cautious since fundamentals do not support a sustained rise above 20000. Large FII selling may re-emerge at higher levels. The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps."
Om Mehra, Equity Research Analyst, Choice Broking: India's benchmark Indices had a stellar week, supported by midcap and small cap marking their best performance in previous two months. This surge was fueled by the positive outcomes anticipated from the G20 summit, particularly regarding green hydrogen and the potential India-Middle East-Europe Economic Corridor.
The market is inching closer to the significant 20,000 milestone driven by favorable global indicators and enthusiastic Foreign Institutional Investors (FIIs) participation.
From a technical standpoint, Nifty seems to have a solid support level in the range of 19650-19700 while Bank Nifty finds support around 44500 levels.
The India VIX, a gauge of market fear, settling below 11 levels is a promising indicator, suggesting optimism and confidence in the ongoing rally.
Samhi Hotels has announced the price band of ₹119 to ₹126 per share of a face value of ₹1 each for its upcoming initial public offering (IPO) which opens for public subscription on September 14 and closes on September 18.
The bidding for the anchor investors of the initial share sale of Goldman Sachs-backed Samhi Hotels will open on September 13, according to the red herring prospectus (RHP). (Read More)
State-owned SJVN Ltd has signed an agreement with Bhakra Beas Management Board (BBMB) to set up an 18 megawatt (MW) solar power project at an investment of ₹90 crore.
Both entities signed a power purchase agreement (PPA) in this regard on Friday, SJVN said in a statement.
SJVN, through its wholly-owned subsidiary SJVN Green Energy Limited (SGEL), signed a PPA for 25 years with BBMB for 18 MW solar power. The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab, SJVN CMD Nand Lal Sharma said. (PTI)
Panasonic Electric Works India, which is a subsidiary of Japan’s Panasonic Corp., seeks to double its solar module business within three years, and boost its exports.
“Solar contributes 6% to our overall business, comprising wiring devices, wires, cables and more. Our vision is that in the next three years, we want it to reach double-digit contribution. 10-12% of contribution should come from solar," Amit Barve, head of solar business, said in an interview.
“In distributed solar market we have 3-3.5% right now and we expect to touch 5% in two years. As the world continues to see India as +1 to China, we expect to achieve this," he said. The company plans to position India as an export hub and expects the share of exports to its entire business to increase from 25% as of 31 March 2023, to 30% this financial year. (Read More)
Balaji Amines Ltd's subsidiary, Balaji Speciality Chemicals Ltd, has made the decision to retract the Draft Red Herring Prospectus (DRHP) that was previously submitted to the Securities and Exchange Board of India (SEBI). This announcement was communicated by the company through an exchange filing.
“In connection with the offer, we have been informed by the Balaji Speciality Chemicals that its Board of Directors through a resolution passed in the Board Meeting dated September 8, 2023, has decided to withdraw the DRHP filed with SEBI, and accordingly, the DRHP has been withdrawn on September 8, 2023 as informed by the Balaji Speciality Chemicals vide letter dated September 8, 2023," the company said. (Read More)
IDBI Trusteeship has moved the Bengaluru bench of the National Company Law Tribunal to initiate insolvency proceedings against Coffee Day Enterprises Ltd for an alleged default of ₹228 crore, the company said in a regulatory filing on Friday.
Coffee Day Enterprises is the parent company of the Coffee Day group.
“The company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the matter," Coffee Day Enterprises said in the statement on the stock exchanges. (Read More)
Meta is reportedly working on a new AI system that is expected to be even more powerful than OpenAI's GPT-4 language model. The model is expected to be ready next year and Meta could start training from early 2024.
According to a report in the Wall Street Journal, Meta's new AI system will help companies develop sophisticated text analysis and other services. The new AI model is expected to be several times more powerful than the company's last AI system, Llama 2, which was released just two months ago. (Read More)
Nvidia partners with Reliance, Tata group; Adani increases stake in Adani Enterprises, Adani Ports; RBI approves interim CEO for Kotak Mahindra Bank; SJVN signs solar power project agreement; NTPC's installed capacity reaches 73.8 GW; SAT adjourns hearing on Zee Entertainment chiefs; VRL Logistics promoter divests stake; Balaji Amines withdraws DRHP; IDBI Trusteeship moves NCLT against Coffee Day Enterprises. (Read More)
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends these stocks for day trading:
1] Tata Motors: Buy at ₹627.25, target ₹660, stop loss ₹618;
2] Oberoi Realty: Buy at ₹1179.60, target ₹1250, stop loss ₹1155; and
3] INOX Green: Buy at ₹70.25, target ₹76, stop loss ₹68.50. (Read More)
The listing date for Ratnaveer Precision Engineering's IPO (Initial Public Offering) is scheduled for September 11, 2023, which means that Ratnaveer Precision Engineering shares will become available for trading on Dalal Street during the Monday session. As per the information provided in the BSE notice, starting from Monday, September 11, 2023, the equity shares of Ratnaveer Precision Engineering Limited will be officially listed and allowed for trading on the Exchange, categorized under the 'T' group of securities. Ratnaveer's share price will open for trading on both BSE and NSE during a special pre-open session at 10:00 AM on Monday. The stock will be in the Trade-for-Trade segment for a duration of 10 trading days.
According to stock market experts, the company has demonstrated substantial growth in its business and revenue, and the IPO was reasonably priced. They suggest that in a bearish scenario, Ratnaveer shares may debut at around ₹150 per share, while in a bullish scenario, they could open at approximately ₹165 per share. Furthermore, the grey market is also indicating a strong and robust debut for Ratnaveer shares. (Read More)
Rishabh Instruments' IPO listing date is set for September 11, 2023, which is today. In accordance with the information provided in the BSE notice, starting from Monday, September 11, 2023, the equity shares of Rishabh Instruments Limited will be officially listed and permitted for trading on the Exchange, falling under the 'B' group of securities.
Market analysts and experts anticipate that the strong sentiment prevailing on Dalal Street may contribute to a favorable opening for the public issue, potentially resulting in decent gains. They suggest that in a bullish scenario, Rishabh Instruments' share price could see an opening with a premium of around 20 percent, while in the event of bearish trends dominating the market, the stock may still debut with a respectable premium of approximately 15 percent. (Read More)
US chipmaker Nvidia Corp. on Friday announced separate partnerships with Reliance and Tata group companies to help them develop AI-powered supercomputers, AI clouds and generative AI applications.
While Reliance’s telecom and technology subsidiary Jio Platforms Ltd will build a framework for local-language deployment of generative AI, Tata Communications Ltd will build an AI cloud for its clients. Tata Consultancy Services (TCS), India’s largest IT services firm, will also use Nvidia’s AI computing infrastructure to develop generative AI applications for its clients. (Read More)
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