PremiumGlobal markets welcomed the encouraging comments by Fed Chair on interest rate hikes and China relaxing its Zero-Covid policy. All Asian indices including Tokyo, Shanghai and Hong Kong gained today. Europe is also trading in the green.
The uptrend continued with the Indian indices on Thursday with a new record closing high. The indices got a boost from positive global cues with Sensex and Nifty gaining around 0.3%.
Sensex closed at 63,284, a gain of 185 points. Nifty ended above 18,800, at 18,812, a jump of 52 points. Sensex had crossed 63,400 points intraday.
Today's rally was led by IT and Media indices which gained more than 2% followed by Metal and Realty, each of which added more than a per cent. Oil & Gas, FMCG and Auto remained under pressure and shed in today's session.
Ultratech Cement, Hindalco, Tata Steel, Grasim and TCS were among the stocks which gained the most, all above 2%. ICICI Bank, UPL and Cipla were amongst the biggest laggards today.
Global investors cheered Powell's comments that the Fed was ready to slow its rate hike campaign after a rapid succession of increases earlier in the year.
Tokyo stocks closed higher on Thursday, driven by Federal Reserve Chair Jerome Powell's comment that he would moderate the speed of rate hikes. The benchmark Nikkei 225 index gained 0.92%.
Signs that China may be shifting its approach to containing COVID-19 outbreaks to focus more on vaccinations helped stocks rally in China and Hong Kong. Hang Seng in Hong Kong advanced 0.8% and the Shanghai Composite index climbed 0.5%.
European shares scaled over three-month highs on Thursday cheered by the signal of smaller interest rate hikes and China softening its tone on strict COVID-19 rules. The pan-European STOXX 600 index rose by a per cent in the morning session.
With a market worth of Rs. 2,267.95 Cr., Cosmo First Ltd. is a small-cap company that operates in the packaging industry. In a wide range of specialty films for flexible packaging, lamination, labelling, and industrial applications, Cosmo Films is a major player globally. The firm today announced yet another voluntary and proportionate buyback of fully paid-up equity shares obtained through the tender mechanism from the company's existing shareholders. The buyback price has been set at Rs. 1,070 for each equity share, representing a 33.28 per cent premium over Wednesday's closing price. The buyback will be up to 10.09 lakh shares at a size of ₹108 crores. The Board fixed December 14th, 2022 as the record date for the purpose of ascertaining the eligibility of the shareholders for the buyback. (Read More)
Axis Bank’s Burgundy Private and Hurun India released the second edition of the top 10 women employers in the country. The 2022 Burgundy Private Hurun India list has some of the biggest employers of women in the country. The list is led by Tata Consultancy Services which employs about 2.1 lakh or 35 per cent women employees of the total workforce.
Tata Consultancy Services (TCS) is followed by Infosys, Wipro, HCL Technologies and Reliance Industries that employ 40 per cent, 36 per cent, 28 per cent and 18 per cent of women employees, respectively. (Read More)
Low-carbon cooling in India could be a more than $1.5 trillion investment opportunity over the next two decades, as the country grapples with severe heat waves at an “alarming frequency," according to a joint report from the World Bank and several environmental consulting groups.
The biggest potential lies in cooling homes and commercial buildings -- a prospect that could avoid 200 million tons of carbon dioxide-equivalent emissions annually by 2040, the report said. It stressed the need for the government to support manufacturing of energy-efficient fans and air conditioners, as well as affordable finance for customers to cushion high upfront costs of such equipment. (Read More)
China is set to announce in coming days an easing of its COVID-19 quarantine protocols and a reduction in mass testing, sources told Reuters, a marked shift in policy after anger over the world's toughest curbs fuelled widespread protests.
Cases nationwide remain near record highs but the changes come as some cities have been lifting their lockdowns in recent days, and a top official said the ability of the virus to cause disease was weakening.
Health authorities announcing the easing in their areas have not mentioned the protests - the biggest show of civil disobedience in China for years which ranged from candle-lit vigils in Beijing to street clashes with police in Guangzhou.
The measures due to be unveiled include a reduction in mass testing and regular nucleic acid tests and moves to allow positive cases and close contacts to isolate at home under certain conditions, the sources familiar with the matter said. (Reuters)
The Initial public offering (IPO) of Baheti Recycling Industries Ltd proposed for listing on NSE SME exchange received strong response from investors during three days bidding from 28th to 30th November 2022. The public issue worth ₹12.42 crore got subscribed 347.53 times whereas its retail portion got subscribed 435.65 times. After this huge response from retail investors, grey market sentiments in regard to NSE SME IPO has shot up further. According to market observers, shares of Baheti Recycling Industries are available at a premium of ₹34 in grey market today. (Read More)
State-owned CIL on Thursday said it produced 412.6 million tonnes of coal in the April-November period of the current fiscal and expressed confidence that it will surpass the the output target set for the current financial year.
The PSU had produced 353.4 MT in the April-November period of the last financial year.
Coal India Ltd (CIL) which accounts for over 80 per cent of domestic coal output is eyeing a production of 700 million tonnes (MT) in the current financial year.
"This is achievable", said a senior official of CIL.
The coal behemoth has to produce 287.4 MT of coal during the remaining four months of the current fiscal to reach its output target for the current fiscal. (PTI)
Shares of Orient Beverages hit upper circuit for the fifth trading session on Thursday, surging to ₹179 apiece. The stock has been in an upward momentum in the past few sessions and has rallied more than 81% in the last one month.
With respect to the price movement, the company clarified that “there is a news in the electronic and print media that the “Tata Group" is in the process of acquisition or has acquired trade brand “Bisleri" against certain consideration. This may be one of reasons for fluctuation in the price of our script. However, as on date, we have no official communication from M/s BIPL in this regard, hence we are not in a position to inform you more details or impact of the deal on our company." (Read More)
Visakhapatnam-based RINL has supplied 1,800 tonnes of structural steel to AMNS India for its expansion project in Hazira, Gujarat.
On October 28, the Gujarat-based steel maker AMNS India kicked off the ₹60,000-crore expansion project to scale up the capacity of its steel plant to 15 million tonnes (MT) from about 9 MT at present.
"#RINL Ahmedabad & @larsentoubro officials flagged off first consignment of structural steel (1800 tons) to ArcelorMittal Nippon Steel, Hazira for the expansion project," Rashtriya Ispat Nigam Limited (RINL) said in a Tweet.
Structural steel is a type of steel used for making construction materials.
Under the Ministry of Steel, RINL is among the top six steel producers in the country with an annual capacity of about 7.5 million tonnes. (PTI)
Zomato with its large strong footprint across 23 countries, is well-placed to benefit from the immense potential in the food delivery industry. The business is not losing cash anymore and adjusted EBITDA broke even in the food business, said domestic brokerage and research firm Motilal Oswal.
At the company level, goal is to break even in Q4FY23, or by 2QFY24. Blinkit integration post-acquisition went well and it has not lost any market share in the last quarter, it added. (Read More)
Small-cap stock Shree Securities has been hitting the upper circuit for the last 10 straight sessions as the stock has been in an uptrend for more than a month. After closing at ₹18.20 apiece levels on 17th November 2022, this small-cap stock has been finding no buyers since then on a continuous basis. The stock is in news these days as the board of directors of the company are going to consider a stock split in their scheduled meeting on 16th December 2022.
Informing about the outcome of its recent board meeting, Shree Securities said, "The meeting of the Board of Directors of the Company is scheduled on 16/12/2022, inter alia, to consider and approve the proposal to sub-divide/split of the Equity Shares of the Company in such manner as may be determined by the Board of Directors and subject to approval of the Shareholders and such authorities as may be required." (Read More)
Fast moving consumer goods company Procter & Gamble has announced the appointment of Bala Purushothaman as the company’s chief human resource officer (CHRO), effective January 1, 2023.
With this, Purushothaman becomes the fourth Indian after Shailesh Jejurikar (COO), Sundar Raman (CEO, Fabric & Home Care), and Kirti Singh (Chief Analytics & Insights Officer) to join the global leadership of the company in recent years. P&G already had one Indian CHRO-- Moheet Nagrath-- who served between 2008 and 2012. (Read More)
The fourth tranche of India's first corporate bond exchange-traded fund (ETF) is set to be launched this week, Edelweiss Mutual Fund, which manages the ETF, said on Thursday.
The new fund offer of the ETF, which invests only in AAA-rated corporate bonds issued by state-run companies, will open on Dec. 2 and close for subscription on Dec. 8.
The first offering of the ETF was launched in late 2019.
Through the latest tranche, Edelweiss Mutual Fund plans to raise at least 10 billion rupees ($123.29 million), with a greenshoe option to retain an additional 40 billion rupees.
This series will mature in April 2033 and offer a yield-to-maturity of 7.50%, the fund house said. (Reuters)
Agritech company Cropin is hoping to raise USD 50-70 million by the first half of 2023, from global technology companies, new as well as existing investors, its co-founder and CEO Krishna Kumar has said.
The amount to be raised will be used for expansion of operations across different markets, and to scale up the platform and its AI Labs initiative.
The capital raise will include funding from two large tech companies that have shown immediate interest, and will be followed up by a Series D round, all of which will cumulatively bring in USD 50-70 million, to its coffers.
The company has so far raised about USD 34 million in multiple funding rounds. (PTI)
The Reserve Bank of India will raise interest rates by a smaller 35 basis points to 6.25% in December, according to economists polled by Reuters who expect another modest move up early next year to curb lingering inflation pressures.
A strong two-thirds majority said it was still too soon for the central bank to take its eye off inflation, which slowed to 6.77% in October having stayed above the upper end of the RBI's 2-6% tolerance band all year.
The expectations for a more modest rate rise follow a series of 50 basis point hikes by the RBI, and coincides with expectations that the U.S. Federal Reserve will shift to smaller rate rises at its policy meeting this month.
Thirty-three, or more than 60%, of the 52 economists polled between Nov. 22-30 said the RBI would raise its key repo rate by 35 basis points to 6.25% at its Dec. 5-7 policy meeting. (Reuters)
Adani Green Energy Ltd on Thursday said it has raised 27,954 million Japanese Yen (around ₹1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness.
The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said.
“This is an excellent result for AGEL, showing strong support from our lenders and demonstrates our ability to access bank debt at competitive terms in sync with the underlying asset development model to provide a long-term solution," said Phuntsok Wangyal, CFO, Adani Green Energy. (PTI)
IT, Metal, Media and Realty remain strong
Hi-Tech Pipes shares are one of the multibagger stocks that Indian stock market has delivered in recent years. After ushering in the new financial year 2020-21, this stock has been in an uptrend surging from around ₹70 apiece levels to ₹825 per share levels, logging more than 1,000 per cent rise in the last three years. However, Sharekhan believes that there is more steam left in this small-cap stock. As per the brokerage report, Hi-Tech Pipes share price may go up to ₹900 to ₹910 levels (15 per cent upside from ₹790 apiece levels) in upcoming sessions. (Read More)
IDFC Asset Management Company Limited (AMC), one of the top 10 AMCs in the country, has received regulatory clearances from regulators for its proposed change in ownership. Securities market regulator SEBI granted the necessary no objection for IDFC AMC’s acquisition by a consortium comprising Bandhan Financial Holdings Limited (BFHL), GIC (GIC), and ChrysCapital (CC). (Read More)
Shares of Britannia Industries have been hovering around its record high level of ₹4,386 apiece that it recently hit on the BSE. The company has entered into a Joint Venture with Bel SA of France and Britannia Dairy Private Limited (BDPL) to undertake the development, manufacturing, marketing, distribution, trading and selling of cheese products in India and certain other countries.
“Britannia’s hunger for its cheese business is growing. The company has formed a JV with French cheese major BEL SA (Bel), a large global player with a presence in 120-plus countries. Bel already has a presence in India via its marquee brand ‘The Laughing Cow’ (small in size; we reckon INR150–200mn). Importantly, the JV gives Britannia access to technical knowhow, innovation and expertise, among others," said Edelweiss in a note. (Read More)
India's factory activity expanded at its fastest pace in three months in November, demand despite deteriorating global economic conditions, according to a private survey. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 55.7 last month compared with 55.3 in October, marking the seventeenth successive month of expansion in manufacturing production across India. The reading was also above a Reuters poll median forecast of 55.0.
“Demand resilience boosted manufacturing growth in India, with companies noting the quickest increases in new orders and production for three months. Moreover, firms were strongly confident towards growth prospects, with optimism driving another round of job creation and restocking initiatives," the survey said. (Read More)
Likhitha Infrastructure shares are one of those stocks that are going to split soon. As per the exchange communication of the NSE SME listed company, the board of directors of the small-cap company has fixed 2nd December 2022 as the record date for a stock split. The company board has already declared stock subdivision in a 1:2 ratio.
Meanwhile, ahead of the stock split record date, this Ashish Kacholia share is giving a strong upside move. Likhitha Infra share price has surged from around ₹406 to ₹494 apiece levels in the last two days, logging near 22 per cent jump in the last two straight sessions. In fact, Likhitha Infra's share price today climbed to its record high within a few minutes of the stock market's opening bell. They opened with an upside gap and went on to hit a new peak of ₹494.30 apiece on NSE. (Read More)
The recommendations of a government-appointed panel for reviewing prices of natural gas, headed by Kirit Parikh, if approved by the Cabinet, could accrue gains for city gas distribution (CGD) companies, according to analysts.
The recommendations include setting floor price of $4 per mmBtu (million British thermal units) and a ceiling price of $6.5 for gas produced from old fields as that of ONGC Ltd and Oil India Ltd, with an option to increase ceiling price by $0.5 per mmbtu every year before it gets market-driven from 1 January 2027. (Read More)
Global brokerage visited logistics firm TCI Express’ (TCIE) automated sorting centre at Gurgaon and interacted with Chander Agarwal (CEO) and Mukti Lal (CFO) to discuss the company's business operations. “Profitability and cash flow is the mantra even if it means lower revenue growth. B2B is 95% of revenues, with e-commerce at only 5%. Profitable business focus reflects in the 25%+ ROE and we believe double-digit revenue growth, 28% EPS CAGR in FY22-25E are upside triggers ahead," the note stated. (Read More)
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bullish candle on the daily chart and with sequence of higher tops and bottoms remains perfectly in place indicating continuance of upward momentum with elevated support base at 18100 as it happens to be the 20day EMA and the lower band of recent consolidation followed by resistance turn support from Sept’22 high. Presently Nifty has also been able to trade past the projected 0.618% retracement of the June’22 low and Sept’ high comes around 18535, against that backdrop next resistance level for the market seems around 0.786% retracement at 19025. In the coming session, index is likely to open on a positive note tracking strong global cues. Post initial blip one can expect supportive efforts to emerge around 18550-18570. Thus, a renewed buying interest can be seen in midcap and small-cap space which had been underperforming for quite some time.
The Singapore Exchange and the National Stock Exchange of India said on Wednesday the full-scale operation of their international financial centre, NSE IFSC-SGX Connect, is targeted to be ready by the end of the second quarter of 2023.
The transition of trading of SGX Nifty to NSE IFSC through the Connect was expected to take place shortly after the operations begin, with dollar-denominated Nifty contracts to be exclusively traded on the NSE IFSC, the exchange operators said.
The collaboration, launched in July earlier this year, would enable orders from the SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing, they said in a statement, adding that so far 14 SGX Clearing members have been onboarded. (Reuters)
Factory output slumped widely across Asia in November as slowing global demand and uncertainty over the fallout from China's strict COVID-19 lockdowns weighed on business sentiment, private surveys showed on Thursday.
The results highlighted Asia's darkening economic outlook for 2023, as the lockdowns disrupt international supply and heighten fears of a further slump in its economy, the world's second-largest.
Amid the pandemic curbs, China's factory activity shrank in November, a private survey showed on Thursday. The result implied weaker employment and economic growth in the fourth quarter.
Manufacturing activity also contracted in export-reliant economies, including Japan and South Korea, and in emerging nations, such as Vietnam, underscoring widening damage from weak global demand and stubbornly high input costs, surveys showed. (Reuters)
Singapore state-owned investment company Tamesak through its wholly-owned subsidiary Camas Investments Pte picked up a stake in Zomato on Wednesday, November 30, 2022. On the same day, Alipay Singapore, an arm of Chinese e-commerce giant Alibaba sold stakes in online food delivery aggregator for ₹1,631 crore through an open market transaction.
Camas Investments Pte, a wholly-owned subsidiary of Singaporean sovereign wealth fund Temasek acquired 9.80 crore shares (constituting about 1.14% stake) of the company at an average price of ₹62, taking the transaction value to over ₹607 crore, as per the National Stock Exchange's (NSE) bulk deals data. Post the deal, the sovereign wealth fund's stake will increase to 4% in the company. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Fed chief Powell’s observation that “it makes sense to moderate the pace of rate hikes" has come as a shot in the arm for the bulls to take the ongoing rally forward. The dip in the dollar index to 105.5 and the US 10-year bond yield declining sharply to 3.63 % are hugely favourable for the continuation of FII inflows. In brief, the market construct is favourable for the continuation of the rally. For the near term, concerns of elevated valuations are likely to be ignored by the market. However, investors should be cautious while chasing this rally. Even though the Sensex and Nifty are at record highs the Mid cap index and Small cap index are 2% and 17% away respectively from their peaks. Therefore, retail investors may chase this rally driven by the FOMO factor. That would be risky since mid and small caps will correct sharply during a market pullback, which can happen since valuations are high. Safety is in high-quality large caps."
Deepak Agrawal, Chief Investment Officer, Debt Fund, Kotak Mahindra Asset Management Company (KMAMC): Real GDP has increased by 6.3% in Q2 FY23 in line with RBI's forecast. The GDP for H1FY23 has grown by 9.7%. The growth in gross fixed capital formation has been robust at 15.3% in the first half and is likely to run in double digits in the second half as well.
With full-year forecast for FY23 growth in the vicinity of 7%, the second-half GDP for FY23 is likely to be in the 4.25-4.5% range. After a subdued government spending in the first half, the pick-up in second half will provide support to growth. Recent fall in crude prices and falling inflation expectations will continue to boost private consumption, thereby aiding growth.
On a qualitative aspect, the pick-up in share of private consumption to 59.2% of GDP in 1H 2022-23 from 55.4% in 1H 2021-22 and Gross Fixed Capital Formation to 34.7% of GDP from 33.1% last year holds a silver lining for Indian economy.
The National Green Tribunal has allowed Hindustan Zinc Ltd’s plea for treating the ₹25 crore penalty deposited by it for violation of environmental norms as its contribution toward corporate social responsibility (CSR).
The purpose of CSR is to ensure that corporates give back to the community by taking part in philanthropic causes.
The green panel had earlier imposed a fine of ₹25 crore on the Vedanta group firm for violation of environmental norms in Rajasthan’s Bhilwara district.
A bench of chairperson Justice A K Goel noted that according to the company’s counsel, the project proponent (PP) or Hindustan Zinc Ltd (HZL) had deposited the amount and was willing to execute the remediation plan as proposed by the joint committee comprising the Rajasthan state pollution control board and the Collector of Bhilwara district. (PTI)
The Reserve Bank of India on Tuesday announced the launch of retail digital rupee (eRs-R) on 1 December on a pilot basis. According to a statement from RBI, the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. The Digital Rupee would be issued in the same denominations that paper currency and coins are currently issued. (Read More)
US job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy.
Employers posted 10.3 million job vacancies in October, down from 10.7 million in September, the Labour Department said on Wednesday.
Even with the drop, openings were slightly lower in August, when they dipped below 10.3 million before rebounding the following month.
The number of people quitting their jobs also slipped in October, to 4 million from 4.1 million. (PTI)
NSE continues to keep Bhel, Delta Corp, Punjab National Bank and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Thursday trading as they have crossed 95% of the market-wide position limit. (Read More)
Cryptocurrency prices today continued to gain with the world's largest and most popular digital token Bitcoin was trading more than a per cent higher at $17,106. The value of bitcoin peaked at nearly $69,000 in November 2021 before falling to around $17,000 by mid-June 2022, where it is still hovering now.
The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $897 billion, as per the data by CoinGecko. (Read More)
Adani Power on Monday said that the timeline for the completion of the ₹7,017-crore deal to acquire thermal power assets of DB Power Ltd has been extended by one month till December 31, 2022.
Earlier, the company had extended the timeline for completion by a month till November 30, 2022.
"Parties to the proposed transaction have mutually agreed to further extend the long stop date as December 31, 2022, for achieving the closing/completion," a BSE filing said.
Earlier in August this year, Adani Power had informed the bourses that it has agreed to acquire DB Power Ltd (DB Power), which owns and operates a running 2x600 MW thermal power plant at district Janjgir Champa in Chhattisgarh. (PTI)
Markets regulator Sebi has approved the acquisition of IDFC Asset Management Company Limited (IDFC AMC) by a consortium comprising Bandhan Financial Holdings Limited, GIC and ChrysCapital.
In a release on Wednesday, IDFC AMC said the proposed deal has been cleared by Sebi.
Last month, the Reserve Bank of India's (RBI) approved the deal and the Competition Commission of India (CCI) gave its clearance in August.
In April, the board of directors of IDFC Limited and IDFC Financial Holding Company Limited approved the sale of IDFC AMC and IDFC AMC Trustee Company Limited to the consortium.
Following the completion of the proposed transition, Bandhan Financial Holdings Limited (BFHL) will own about 60 per cent and GIC and ChrysCapital will own approximately 20 per cent each in IDFC AMC. (PTI)
The initial public offer (IPO) of engineering systems and solutions provider Uniparts India received 58% subscription on the first day of the offering on Wednesday. The issue, with a price band in the range of ₹548-577 a share, concludes on Friday, December 2, 2022. The engineering systems and solutions provider raised ₹251 crore from anchor investors ahead of its initial share sale.
As per market observers, Uniparts India shares are available at a premium (GMP) of ₹68 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Monday, December 12, 2022. (Read More)
Vaishali Parekh has recommended two stocks to buy. Here we list out important details in this regard to those day trading stocks:
1] Zee Entertainment: Buy at ₹264, target ₹275, stop loss ₹260; and
2] UltraTech Cement: Buy at ₹7077, target ₹7220, stop loss ₹6980. (Read More)
In three days bidding from 28th to 30th November 2022, the initial public offering ((IPO) of Dharmaj Crop Guard Limited received strong response from investors. As per the official Dharmaj Crop Guard IPO subscription status, the public issue got subscribed 35.49 times whereas its retail portion got subscribed 21.53 times.
Market observers said that Dharmaj Crop Guard IPO grey market premium (GMP) today is ₹56, which is ₹4 higher from its yesterday's GMP of ₹52. They said that rise in GMP can be attributed to two major reasons — mid-cap participation in current stock market rally and FIIs turning net buyers by a huge margin. (Read More)
The rupee rose by 41 paise to close at a two-week high of 81.31 against the US dollar on Wednesday as a weak greenback in the overseas market and huge foreign fund inflows into the capital markets boosted investor sentiment.
At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.30 and a low of 81.64 against the greenback.
The local unit finally settled at 81.31 -- the highest closing level since November 16 -- registering a rise of 41 paise over its previous close. On Tuesday, the rupee declined 4 paise to close at 81.72 against the US dollar.
Heavy FII inflows into capital markets also supported the rupee. According to the provisional exchange data, FIIs purchased equities worth ₹9,010.41 crore on net basis in the cash segment. (PTI)
Union Finance Minister Nirmala Sitharaman on Wednesday said she saw signs of a pick-up in private investments. Speaking at the Reuters NEXT conference, the finance minister said that India will sustain its high growth rate through more government capital spending.
Speaking on inflation, the FM said that inflation will fall within a more palatable range next year, as central bank authorities attempt to tame prices amid tough global headwinds. “External factors were very strong in the inflation-targeting exercise," she added. (Read More)
IT major Tata Consultancy Services on Wednesday said that it has bagged a deal from Rail Delivery Group to design, develop, implement, and operate the UK's Rail Data Marketplace.
The contract between TCS and RDG (Rail Data Marketplace) is for a term of six years including an extension term opportunity.
"Built on TCS Dexam, the Rail Data Marketplace can not only provide data relating to the rail industry but could also present adjacent data sources important to passengers and operators and help deliver an improved experience for users.
"In addition, the platform will have the ability to track environmental parameters, which will allow it to support the UK's rail decarbonisation agenda," TCS UK and Ireland, Country Head, Amit Kapur said in a statement. (PTI)
Having taken control of RRPR Holdings, the NDTV promoter company holding 29.18% equity in the broadcaster, Adani Group through its subsidiary Vishvapradhan Commercial Pvt. Ltd (VCPL) could push to nominate its directors on the NDTV board. And though the open offer didn’t attract any investor interest for the second straight session on Wednesday, Adani Group has become the single largest shareholder of NDTV, taking it a step closer to wresting control of the company, founders of proxy advisory firms have said. (Read More)
The Indian economy has grown by 6.3% in the July to September quarter, down from explosive growth of 13.5% in the previous quarter, as distortions caused by Covid lockdowns faded, but the Reserve Bank of India (RBI) raised repo rates to combat inflationary pressure, official data revealed on Wednesday. Last year, the GDP growth rate was 8.4% in the July-September quarter.
The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation, released the data on the quarterly estimates of the July-September period of the current financial year. (Read More)
Wall Street closed out a solid November with a broad market rally Wednesday after the head of the Federal Reserve said the central bank could soon begin easing up on its aggressive interest rate increases aimed at taming inflation.
Fed Chair Jerome Powell, speaking at the Brookings Institution, reaffirmed that the central bank could begin moderating its pace of rate hikes as soon as December, when its policymaking committee is due to hold its next meeting.
“We have a risk management balance to strike," Powell said. “And we think that slowing down (on rate hikes) at this point is a good way to balance the risks."
Stocks roared higher following Powell’s midafternoon remarks. The S&P 500 rose 3.1%, snapping a three-day losing streak. The Dow Jones Industrial Average gained 2.2% and the Nasdaq composite climbed 4.4%.
The major indexes ended November with their second straight month of gains, though they remain in the red for the year. (AP)
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