PremiumGlobal markets welcomed a Fed official's comment on ‘slow and steady’ interest rate growth and pulling back of Treasury yields. Indian investors felt optimistic after Adani Family, through its trust, sold ₹15,446 crore worth of its stake in four group companies to US-based investment firm GQG Partners
Indian shares rose 1.5% on Friday after GQG Partners' $1.87 billion investment in Adani stocks helped markets look past rate-hike worries for the moment, turning foreign investors into buyers after a six-session hiatus.
The Nifty 50 index climbed 270 points to close just below 17,600, at 17,592, while the S&P BSE Sensex jumped 900 points to end at 59,809.
All the 13 major sectoral indexes rose with PSU Bank gaining more than 5% and Metal climbing 3.5% Pharma and IT traded on a subdued note and rose less than 0.5%.
Adani Enterprises led the rally and jumped 16% followed by Adani Ports which closed 10% higher. SBI also zoomed 5%. Tech Mahindra dropped almost 2%, and Ultratech and Cipla around a per cent each and were the only major laggards.
Global stock markets advanced Friday after a Federal Reserve official raised hopes the U.S. central bank might not step up its anti-inflation fight as much as feared.
Japan's Nikkei index closed at a nearly three-month high on Friday after Wall Street finished higher overnight, with Fast Retailing providing the biggest boost on robust monthly same-store sales at its Uniqlo brand.
The Nikkei rose 1.56% to its highest level since Dec. 15, and marked the sharpest daily gain since Jan. 18. The index rose 1.73% in the week. The broader Topix rose 1.25% adding 1.57% in the week.
China and Hong Kong shares rose on Friday, led by semiconductors and tech stocks, as a private sector survey confirmed prospects of a strong recovery in the world's second-biggest economy.
China's blue-chip CSI300 Index climbed 0.31%, while the Shanghai Composite Index gained 0.54%, closing at its highest level year-to-date. Hong Kong benchmark Hang Seng was up 0.68%. For the week, the index gained 2.8%, marking the first weekly rise after four consecutive weekly losses. The Hang Seng China Enterprises Index rose 1.2%.
European shares opened higher on Friday, underpinned by rate-sensitive technology stocks after comments from a U.S. Federal Reserve official. The continent-wide STOXX 600 rose in early trading, with tech stocks up 1.3%.
UK's exporter-heavy FTSE 100 opened higher on Friday, boosted by mining stocks as metal prices rose on optimism of a recovery in top consumer China. The blue-chip FTSE 100 gained in the morning trade along with the more domestically-focused FTSE 250 midcap index.
he World Bank and India on Friday signed two complementary loans of USD 500 million each to support and enhance the country's healthcare infrastructure.
Through this combined financing of USD 1 billion (about ₹8,200 crore), the bank will support India’s flagship Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), launched in October 2021, to improve the public healthcare infrastructure across the country, the multilateral funding agency said in a statement.
In addition to the national-level interventions, one of the loans will prioritize health service delivery in seven states including Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu, and Uttar Pradesh, it said.
The agreement was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs and World Bank India country director Auguste Tano Kouamé, it said. (PTI)
Indian rupee made sharp gains against the US dollar on Friday, appreciating to a one-month high. The currency even erased the 82 mark! If the gains continue, then it could be the best week in a month for the rupee. The upside in the local currency is backed by strong foreign funds flow, positive Asian peers, and a slide down in the greenback. Also, a strong rally in domestic equities further uplifted the sentiment in the rupee.
At the time of writing, the rupee was trading at 81.9750 against the US dollar up by 0.75% from the previous print. The local unit has touched a high of at least 81.925 in the intraday trade. This would be its best performance since February 2nd. At the latest level, the current week's gains come to around 1.2% in the rupee. (Read More)
Nifty PSU bank index jumped 5% on NSE on Friday during the day. All the PSU banks in the index were trading higher above 3.5%. Union Bank, Punjab and Sindh Bank, UCO Bank and Indian Bank were trading more than 6% higher. The fading effect of Hindenburg report on Adani stocks and global recovery also contributed in the improved performance of the Nifty PSU bank.
The shares of Union Bank were up by 7% at ₹71.55, Punjab and Sindh Bank's stock were trading 6.81% higher at ₹28.25 on NSE on Friday's intra-day trade. UCO Bank was up by 6.36% at ₹27.60 and Indian Bank shares were up by 5.70% at ₹290.15. Nifty PSU continued to perform well after dipping one month low on February 24. (Read More)
Pankaj Kumar, Research Analyst, Vice President – PCG Research, Kotak Securities Ltd: Residential real estate continues with its strong showing, with sales of 22.9 cr sq. ft in Q3FY23, increased 15% yoy, marking the strongest quarterly sales. Sales continued to outpace launches and outstanding inventory across the country reduced to ~1.5 years (based on 12 month trailing sales). There were some pockets of weakness, with Bengaluru reporting a 2% yoy decline in sales and the NCR flat yoy. There was mixed performance from the listed players, but most of the players remain on track to achieve/surpass their sales targets for FY23. Improving sales, market share gains for organized developers and rising real estate prices augur well for listed real estate developers. Valuations for residential developers are at 5-year lows as the fear of rising interest rates and its potential impact on residential demand has led to weak stock performance. We highlight that empirical data on residential sales suggest little correlation of demand with interest rates. We note that among our coverage, Lodha, Sobha and Prestige offer maximum upside on account of de-rating of multiples.
JSW Steel shares have been in base-building mode after ushering in the new year 2023. JSW Steel's share price has corrected from around ₹775 to ₹680 apiece levels in year-to-date (YTD) time, logging around 12 per cent dip in YTD time. In the last one month, this metal stock has shed over 6 per cent by correcting from near ₹730 to ₹680 apiece levels. However, Prabhudas Lilladher believes that JSW Steel's share price may go up to ₹755 apiece levels in the medium term, delivering to the tune of 10 per cent to its shareholders.
Speaking on JSW Steel's share price outlook, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "JSW Steel share price has witnessed a steep slide and consolidated near the significant 200DMA zone of ₹666 levels overall indicated an ascending channel pattern on the daily chart and recently has indicated a pullback with improvement in the bias. The RSI is well placed and has indicated a trend reversal from the oversold zone to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 755 keeping a support level of ₹650." (Read More)
The government is not considering any proposal as of now to increase the sugar export quota from the present 60 lakh tonnes for this marketing year ending September, Union Food Secretary Sanjeev Chopra said.
The food ministry has allowed 60 lakh tonnes of sugar exports for the current 2022-23 marketing year (October-September).
The country had exported around 110 lakh tonnes, an all-time high, of sugar in the 2021-22 marketing year.
"The sugar production is going down by about 9 lakh tonnes, that is our estimate from the previous year. So keeping that in view, as of now there is no proposal to increase the export quota," Chopra said on the sidelines of an event on Thursday late evening.
When asked that the ministry was to assess domestic production this month before deciding on further exports of sweetener, he said, "The production figures have come down. We have to see this buffer stock requirement first. And once that is met, then only we can take a call."
The secretary asserted that "as of now there are no proposals for any further export quota." (PTI)
NTPC Ltd., India’s largest power producer, is making a rare move to buy domestic coal in the spot market, underscoring rising concerns about a potential squeeze on summer energy supply.
The state-owned generator plans to issue a tender for 3 million tons in the next week or so, according to people familiar with the plan, who asked not to be named as the information isn’t yet public.
NTPC didn’t immediately respond to an emailed request for comment.
India is bracing for another summer of grueling heat that’s likely to push power demand to a record and pressure the country’s grid, which relies on coal for about 70% of electricity generation. Weather officials have already warned there’s a higher probability of extreme temperatures in coming months, stoking worries about a repeat of the deadly heat waves last year.
Read more: India Forecasts Heat Waves After Hottest February Since 1901
NTPC, which largely relies on contracted volumes from Coal India Ltd., also wants to boost competition and encourage its major supplier to improve quality by adding alternative sources among private mines that are entering production, the people said. (Bloomberg)
Reliance Industries Chairman Mukesh Ambani on Friday said his group will be investing in Andhra Pradesh to set up a 10 gigawatt renewable solar energy project. Speaking at the inaugural session of the two-day Global Investors Summit 2023 here, Ambani said under the determined and farsighted leadership of Prime Minister Narendra Modi, India has now become the fastest growing economy in the world.
Similarly, Andhra Pradesh has grown phenomenally under the leadership of Chief Minister YS Jagan Mohan Reddy. "This morning, I am happy to announce that we will continue our investments and we will invest in 10 GW of renewable solar energy in the state of Andhra Pradesh," Ambani said. He further said Reliance has invested over ₹1.50 lakh crore in its KG D-6 assets, developing and supporting gas pipelines. Today the natural gas produced by Reliance in KG D-6 basin was fuelling the country's clean energy transition and will contribute to nearly 30 per cent of its gas production. (PTI)
Natco Pharma shares have remained sideways to negative since July 2021. The pharma stock has remained an ideal sell-on-rise stock in the last one and a half years. However, the stock has given some upside movement after ushering in new year 2023, delivering more than 7 per cent return in last one month. However, the pharma company has announced to consider and approve buyback of shares next week in its upcoming board of directors meeting scheduled on 8th March 2023.
Informing buyback of shares move to Indian stock market exchanges, Natco Pharma Ltd said, "Pursuant to Regulation 29(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that, a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, the 8th day of March 2023, inter alia, to consider a proposal for buyback of fully paid up equity shares of the Company of face value of Rs. 2 each as well as matters related/ incidental thereto, in accordance with the applicable provisions under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws." (Read More)
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladheron JSW Steel: BUY
CMP: 680 TRGT: 755 SL: 650
The stock has witnessed a steep slide and consolidated near the significant 200DMA zone of 666 levels overall indicated an ascending channel pattern on the daily chart and recently has indicated a pullback with improvement in the bias. The RSI is well placed and has indicated a trend reversal from the oversold zone to signal a buy and has much upside potential from here on. We recommend a buy in this stock for an upside target of 755 keeping a support level of 650.
The Indian short-form video (SFV) market could potentially be an opportunity of $8 billion to $12 billion by 2030, according to a report by tech and data-driven consultancy firm Redseer Strategy Consultants.
For brands, influencer marketing is becoming an increasingly popular strategy in India. The report projected marketing spend on influencers to be worth $2.8 billion to $3.5 billion in 2028, from the current $0.35-0.4 billion. (Read More)
In order to reduce carbon footprint in its operations, Tata Steel Mining Limited has signed a Memorandum of Understanding (MoU) with GAIL (India) Limited for supply of natural gas to its Ferro Alloys Plant at Athgarh in Odisha’s Cuttack district.
According to the MoU, GAIL will supply the agreed quantity of natural gas through its pipeline from Gujarat to Athgarh.
Signing the MoU, Tata Steel Mining MD Pankaj Satija said, “As a responsible mining company, we are committed to protect the environment by using cleaner fuels and signing of the MoU with GAIL (India) Limited will further help us in this direction."
Furnace oil emits more carbon dioxide, nitrogen oxides and sulphur oxides than natural gas does. Natural gas emits 27 per cent less CO2 and has lower levels of other pollutants, the company said in a statement. (PTI)
Mitul Shah, Head of Research at Reliance Securities: We expect healthy pick-up in aviation traffic over FY23-FY25E on the back of healthy demand for leisure travel in post COVID era. Considering better cost structure ahead on lower fuel prices, contribution of profitable cargo segment, likely strong uptick in aviation traffic with normalised situation, rising yield, likely debt reduction through stake divestment, fund raising triggers, conversion of debt to equity and attractive valuation, we maintain our BUY rating on SPJET, with an unrevised Target Price of Rs61.
Gold prices rose on Friday and looked set to post their biggest weekly gain since mid-January, as the U.S. dollar eased, while traders assessed prospects of further rate hikes by the Federal Reserve.
Spot gold was up 0.2% at $1,839.39 per ounce, as of 0550 GMT, rising about 1.6% so far in the week. U.S. gold futures rose 0.2% to $1,844.80.
Interest rate hikes to contain high inflation discourage investors from placing money in non-yielding assets such as gold.
"There's been a little bit of position-squaring ahead of what is the main event risk left for the week, which is a bunch of different Fedspeak and the services ISM number," said Ilya Spivak, head of global macro at Tastylive. (Reuters)
L&T Financial Services (LTFS) said it added 29 lakh customers in the microloans business during April-January 2022-23, recording a growth of 85 per cent year-on-year.
On average, the company has added a customer base of around 3 lakhs every month in the mentioned period.
The NBFC company has disbursed micro loans of around ₹13,900 crore between April-January 2023, a 91 per cent growth on a yearly basis.
"Out of the 29 lakh customers added during April 2022 to January 2023, over 18 lakh customers added are first cycle customers i.e., those who have taken loan with LTFS for the first time," it said in a release.
It launched its microloans operations in July 2008. (ANI)
Activity in India's dominant services sector expanded at the fastest pace in 12 years in February on strong demand as price pressures eased further, a private business survey showed on Friday.
The robust report could fuel hopes for Asia's third-largest economy, whose growth slowed to an annual 4.4% in October-December from 6.3% in July-September as pent-up demand eased and weakness in the manufacturing industry continued. (Read More)
Citigroup Inc. is cutting hundreds of jobs across the company, with the Wall Street giant’s investment banking division among those affected.
The cuts amount to less than 1% of Citigroup’s 240,000-person workforce, according to people familiar with the matter, who asked not to be named discussing personnel information. Staffers across the firm’s operations and technology organization and US mortgage-underwriting arm are also among those affected. (Read More)
Defence stocks have outperformed the market even during the current market downturn as a number of countries continue to increase their defence spending, including India. The sector has been in limelight in H2CY22 (second half, or H2 of Calendar 2022) and over the past three to four months have undergone healthy retracement of CY22 gains.
ICICI direct, in its report, said that Bharat Electronics Ltd or BEL within the Defense PSU space has undergone decent price/time correction, thus offering a favourable risk-reward proposition. (Read More)
The initial public offering (IPO) of Divgi TorqTransfer Systems Ltd opened for bidding on 1st March 2023 and subscription for the public issue is going to end today. So, investors have just one day in their hand to apply for this ₹412.12 crore IPO. Despite being backed by Infosys co-founder Nandan Nilekani, the IPO has received tepid response from investors. After two days of bidding, the public offer has been subscribed 0.38 times only. As per the Divgi TorqTransfer Systems IPO subscription status after day two of bidding, the retail portion of the public issue has been subscribed 1.56 times whereas NII and QIB portion has been subscribed 0.22 times and 0.06 times respectively.
Meanwhile, grey market sentiments have also gone positive on Divgi TorqTransfer Systems IPO. According to market observers, shares of Divgi TorqTransfer Systems are available at a premium of ₹70 in grey market today. (Read More)
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: The US-based investment firm GQG partners investing ₹15446 crores in four Adani stocks might influence the market positively. This money is mainly to be used for retiring debt, which means that the banks that had funded Adani companies will not face any stress. This is positive news for Bank Nifty. However, the market will continue to be under pressure from FII selling which yesterday was ₹2676 crores excluding the GQG bulk buying of Adani stocks. The US 10-year yield has moved above 4 percent. FIIs can be expected to sell more since this risk-free return is quite attractive considering the muted expectations from the equity markets in the short-term. FII selling will be an opportunity for long-term investors to accumulate high quality stocks, particularly in banking.
The Adani Family, through its trust, sold ₹15,446 crore worth of its stake in four group companies to US-based investment firm GQG Partners, founded by investment manager Rajiv Jain. The transaction will provide much-needed respite to the conglomerate’s promoters and its stocks, which have plummeted since the release of a US short-sellers report alleging stick manipulation and accounting fraud, said fund managers. The share sales, involving Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises, were done through a series of secondary block transactions, the group said in a statement to the stock exchanges.
The Indian rupee will remain at its current level three months from now and gain only marginally by the end of February 2024, barely recouping any of its losses from last year, a Reuters poll of foreign exchange strategists found.
The rupee has steadied after falling more than 10% in 2022, when it was one of the worst performing Asian currencies. It is expected to trade at 82.54 per dollar at the end of May, according to the median forecast in a Feb. 28-March 2 Reuters survey of 34 respondents. (Read More)
Stoxbox Nifty Intraday outlook: Nifty failed to see a follow-through day to Wednesday's trading session with the pivot near 17430 acting as resistance. The index has lately formed its multiple intermediate bottoms on relatively higher volumes and the index is anticipated to show signs of getting into the attempt to rally whilst protecting the lows of 17300. The bullish momentum is reckoned to show traction on sustenance above 17600 levels.
Indian companies may have to spend more to raise short-term funds via commercial papers as liquidity tightens further and government borrowings of similar tenure increase, analysts said.
Short-term rates, which have been edging higher since the Reserve Bank of India started raising rates last year, have already hit their highest level in over four years because the liquidity deficit in the banking system is seen widening and the government has stepped up borrowing via treasury bills at the end of the financial year.
Earlier this week, state-run financial institution NABARD raised three-month funds at 7.65%, which was over 40 basis points higher than what it paid for a similar paper a month ago.
Shadow lenders Bajaj Finance, Aditya Birla Finance and Tata Capital Financial, which are regular issuers, paid 7.84%-7.90% for a three-month paper, up 20-30 bps in the last two weeks. These rates are at the highest level since October-November 2018. (Reuters)
After marking the first big investment of $1.87 billion in the Adani group since the release of US-based shortseller Hindenburg report, GQG Partners Inc saw a 3% fall in its Australian-listed shares on Friday.
The company had invested a total of $1,87 billion in four companies under the Indian conglomerate Adani Group. Under the investment, the Florida-based firm bought a 3.4% stake in Adani Enterprises Ltd for about $662 million, 4.1% of Adani Ports and Special Economic Zone Ltd for $640 million, 2.5% of Adani Transmission Ltd for $230 million, and 3.5% of Adani Green Energy Ltd for $340 million, showed an Adani regulatory filing.
By early afternoon, GOG shares fell by 3% and the S&P/ASX200 benchmark index was up 0.4%. Notably, GQG's investment has come at a time when Adani Group a large chunk of its wealth due to the plummeting value of its stocks in the market after the Hindenburg report. The company is the first major investment received by the Adani Group since the Hindenburg report alleged the company of ‘stock manipulation and accounts fraud’. (Read More)
The Securities and Exchange Board of India (SEBI) will be auctioning off 22 properties belonging to six companies including MPS Group, Tower Infotech, Vibgyor Group, Prayag Group, Multipurpose BIOS India Group and Waris Finance International Group, with a total reserve price of ₹91 crore, in a bid to recover investors' money. The auction will take place on March 3 through online mode from 11 am to 1 pm.
The properties being auctioned include land parcels, storied buildings, flats, and a commercial space situated across West Bengal, according to SEBI. Of the 22 properties, 11 belong to MPS Group, three each belong to Multipurpose BIOS India Group and Vibgyor Group, two each belong to Prayag Group and Tower Infotech Group, and one property belongs to Waris Finance International Group. Quikr Realty has been engaged by SEBI to assist in the sale of these properties. (Read More)
STOCK IN FOCUS
Hero MotoCorp (CMP 2,465) - In view of likely rural revival, focus on premium segment, HMCL’s market leadership position to capitalize on the demand recovery and attractive valuation post recent sharp stock price correction, we have BUY rating on HMCL with a 1-Year Target Price of Rs3,000.
Intraday Picks
BPCL (PREVIOUS CLOSE: RS321) BUY
For today’s trade, long position can be initiated in the range of Rs319-317
for the target of Rs329 with a strict stop loss of Rs313.
SIEMENS (PREVIOUS CLOSE: RS3,132) SELL
For today’s trade, short position can be initiated in the range of Rs3,195-
3,215 for the target of Rs3,075 with a strict stop loss of Rs3,270.
COALINDIA (PREVIOUS CLOSE: RS223) SELL
For today’s trade, short position can be initiated in the range of Rs224-
226 for the target of Rs216 with a strict stop loss of Rs229.
Taiwanese electronics giant, Foxconn will establish a manufacturing facility in Telangana which will create employment generation potential for over 1,00,000 people. According to an official release, Foxconn which is the original equipment manufacturer for various electronics and mobile companies including Apple will create around 100000 jobs which will help in generating direct and indirect employment for the youths of Telangana.
The 'historic deal' has the potential to generate employment to over one lakh people over a period of 10 years, it noted. The CM said his “government is on a mission to transform Telangana for better and has undertaken several marquee projects to realise the vision of Bangaru Telangana. Foxconn’s unit will help in generating large scale employment to youth and will help attract more such industries to the state." Rao emphasized that Telangana considers Taiwan as a natural partner and that the state is glad to be a part of Foxconn’s growth story. He called Foxconn's huge investment and the opportunity to create more than one lakh jobs like never before in Telangana 'commendable. (Read More)
FIIs made a big bang buying on Thursday in Indian equities to a whopping nearly ₹12,771 crore. This would be the largest single-day buying from FIIs in the current year. However, the latest FIIs inflow also has likely included large bulk deals in four Adani stocks. (Read More)
Indian government bond yields are expected to rise marginally early on Friday, as their U.S. counterparts continue to remain elevated, while states come up with yet another heavy borrowing plan for next week.
The 10-year benchmark 7.26% 2032 bond yield is expected to remain in the 7.42%-7.47% band, after closing higher at 7.4386% on Thursday, a trader with a private bank said.
With the 10-year U.S. yield consistently remaining above the 4% mark, local bonds should continue to see bearish pressure, the trader said.
The 10-year U.S. yield touched 4.09%, its highest in four months on Thursday, reinforcing concerns that the Federal Reserve will need to raise interest rates further.
The two-year yield, which is a closer indicator of interest rate expectations, jumped to 4.94%.
Data from Europe had already pushed U.S. government bond yields higher as stickier-than-expected euro zone inflation numbers supported bets that rates would go higher and stay there for longer. (Reuters)
CG Power and Industrial Solutions board on 2 March declared an interim dividend for the Financial Year 2022-23. In a meeting with the Board of Directors, an interim dividend of ₹1.5 per share of the face value of ₹2 each for the fiscal year 2022-23 has been approved.
As per the BSE filing, the Board of directors of the company at its meeting held today i.e. 2nd March 2023 has considered and approved the payment of interim dividend at ₹1.50 per equity share i.e. 75 per cent on the face value of ₹2 per share for the financial year 2022-23. (Read More)
Hindustan Zinc's plan to buy two of Vedanta Group subsidiaries may get a setback as it is known that the Indian government has written to the market regulator underlining its opposition to the proposed deal.
Officials told Reuters that in a letter that was sent in February, the Ministry of Mines said, that the government was "kept in the dark" about the deal.
According to the official, the proposed deal between Hindustan Zinc and Vedanta has jeopardized the government's plans for divesting its stake in the former as investors have turned jittery leading to a drop in the HZL's share price. (Read More)
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares for intraday trading:
1] Voltas: Buy at ₹918, target ₹954, stop loss ₹902;
2] Hero Motocorp: Buy at ₹2463, target ₹2560, stop loss ₹2400; and
3] Torrent Power: Buy at ₹515, target ₹530, stop loss ₹506. (Read More)
Alphabet Inc's self-driving technology unit, Waymo has fired 137 employees in its second round of job cuts this year, the company told Reuters on Wednesday. With this, the firm has laid off a total of 8% (209 staffers) of its workforce.
In an official statement, Waymo said that it has eliminated some engineering roles as a part of the cuts to focus on commercial success. The job cuts at Waymo are part of wider layoffs across the auto and tech industry, including at Rivian Automotive Inc, General Motors Co, and Meta Platforms Inc. (Read More)
Arshad Warsi and wife Maria Goretti have been implicated in a case related to misleading videos posted on YouTube channels that encouraged investors to buy shares in Sadhna Broadcast, a company accused of price manipulation.
The Securities and Exchange Board of India (SEBI) has banned several entities, including Warsi, Goretti, YouTuber Manish Mishra and promoters of Sadhna Broadcast, from the securities market. According to SEBI, Warsi profited ₹29.43 lakh and Goretti earned a profit of ₹37.56 lakh from the scheme.
SEBI has issued two interim ex-parte orders that have restrained 29 individuals from buying, selling, or dealing in securities either directly or indirectly until further orders. The orders are related to pump-and-dump schemes, which refer to the practice of artificially inflating share prices by encouraging investors to buy shares in a company and then selling one's own shares while the prices are high. (Read More)
The Adani Family, through its trust, sold ₹15,446 crore worth of its stake in four group companies to US-based investment firm GQG Partners, founded by investment manager Rajiv Jain. The transaction will provide much-needed respite to the conglomerate’s promoters and its stocks, which have plummeted since the release of a US short-sellers report alleging stick manipulation and accounting fraud, said fund managers.
The share sales, involving Adani Ports, Adani Green Energy, Adani Transmission and Adani Enterprises, were done through a series of secondary block transactions, the group said in a statement to the stock exchanges. Earlier on Thursday, Adani Enterprises officially denied news reports from a day earlier of having secured a $3 billion credit line from a sovereign wealth fund. Only a month ago, Adani Enterprises pulled its ₹20,000 crore follow-on public offering, which had a floor price of ₹3,112 apiece, as a fallout from the Hindenburg Research report. GQG’s acquisition price of Adani Enterprises at ₹1,410.86 on Thursday was at a 10% discount to Wednesday’s closing price. Shares of Adani Enterprises rallied 2.75% after the deal, while Adani Ports gained 3.45%, and Adani Green and Adani Transmission rose to hit the 5% upper circuit at closing. (Read More)
Stocks rose Thursday for their first gain in three days, even as bond yields climbed to tighten the squeeze on Wall Street.
The S&P 500 rose 29.96 points, or 0.8%, to 3,981.35 after erasing a morning loss. The Dow Jones Industrial Average added 341.73, or 1%, to 33,003.57, while the Nasdaq composite gained 83.50, or 0.7%, to 11,462.98.
Stocks flipped from losses to gains after a Federal Reserve official made comments that raised hopes the central bank may not ramp up its fight against inflation as aggressively as feared. That countered recent talk from other officials who raised worries about much bigger increases to interest rates following several hotter-than-expected reports on the economy.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, told reporters that for now he still supports lifting the Fed's key overnight rate to a range of 5% to 5.25%, up from its current 4.50% to 4.75%. That's lower than a good chunk of investors on Wall Street are forecasting.
“That’s what gave the market a little hope, that there is a voice not saying to raise the terminal rate," or where the Fed will ultimately stop hiking rates, said Brent Schutte, chief investment officer at Northwestern Mutual Wealth, “because a lot of the other people who talk seem like they’re constantly saying: ‘Elevator Up.’"
Higher rates can drive down inflation because they slow the economy, but they also raise the risk of a recession down the line. They likewise hurt prices for stocks and other investments. (AP)
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