OPEN APP
Home / Markets / Live Blog /  Indices end in red, Sensex slips 168 pts; Auto drags, Media shines

Indices end in red, Sensex slips 168 pts; Auto drags, Media shines

Stock Market Today: Global cues still remain bleak (Photo: Mint)Premium
Stock Market Today: Global cues still remain bleak (Photo: Mint)

  • Share Market Close: Indices remained volatile on Wednesday and ended in the red. Sensex closed at 59,028 and Nifty at 17,624. Auto and Bank indices were lacklustre. Shree Cement gained more than 8% in today's trading. Bajaj Auto and Tata Motors dragged.

Asian stocks tracked Wall Street and most of the indices lost ground on Wednesday. Mainland China closed flat despite the news of sagging export and stagnant import indicating a slowdown. Europe also was trading in red in the morning session.

07 Sep 2022, 03:46:03 PM IST

Amidst high volatility, Sensex and Nifty shed 168 and 31 pts, respectively, on Wednesday. Auto indices lagged the most.

Indian benchmark indices weren't impervious to global negative cues on Wednesday and lost ground. Sensex dropped 168 points and closed just above 59,000, whereas Nifty closed at 17,624, down 31 points.

Cement stocks did exceptionally well today with Shree Cement and Ultratech Cement gaining 8% and 4% respectively. Adani Ports and Coal India also shined.

The Auto index dropped the most with Tata Motors and Bajaj Auto dragging the index. The Bank index also ended in the red. Media, Pharma and Healthcare were among the top gainers in sectoral indices.

Asian stocks had a mixed day but most indices fell on Wednesday as lingering investor concerns over an economic slowdown remain persistent.

Japan's Nikkei share average tracked Wall Street and dropped 0.71% despite strong performances by exporter stocks which gained on a weaker yen.

Mainland Chinese equities held up relatively well despite negative news of slowing export and stagnated imports, a sign of a darkening global economic picture and weak domestic growth hit by Covid lockdowns and a property slump.

Shanghai Composite Index remained flat and ended with a moderate gain of 0.08%. Hong Kong's Hang Seng lost 0.8% on Wednesday.

European shares opened lower on Wednesday, with miners and energy firms leading losses, as investors fretted over the demand outlook following lacklustre trade data from China.

Sensex at Close
View Full Image
Sensex at Close
07 Sep 2022, 03:14:17 PM IST

India’s LNG imports seen at multi-year lows in August: S&P Global

LNG imports by India likely hovered near multi-year lows in August while natural gas inflows so far this year are estimated have declined more than 10% on year, said S&P Global quoting sources, citing the impact of shrinking global supplies and high prices.

Asian spot prices have more than doubled since the beginning of the year, with the LNG West India marker assessed lower at $58.275/MMBtu. (Full Story)

07 Sep 2022, 03:13:14 PM IST

China’s economy takes hit from global slowdown as exports weaken

China’s export growth slowed more than expected in August and imports stagnated, a sign of a darkening global economic picture and weak domestic growth hit by Covid lockdowns and a property slump.

Exports in US dollar terms expanded 7.1% last month from a year earlier, the slowest pace since April when a lockdown in Shanghai disrupted shipping, and far weaker than economists had predicted. Imports grew just 0.3%, leaving a trade surplus of $79.4 billion last month.

China’s slowdown is rippling across the world, with the weak import figures spelling bad news for major commodity producers such as Australia and Brazil. Top manufactured goods makers, like Germany and South Korea, are also seeing weaker demand from China. (Bloomberg)

07 Sep 2022, 02:54:31 PM IST

Pharma index gains almost a per cent; most stocks in green

Pharma Index
View Full Image
Pharma Index
07 Sep 2022, 02:51:59 PM IST

IT stock's bonus shares issue record date this week. Details here

Sonata Software Ltd's record date for the bonus issue of its equity shares, that it had announced in the ratio of 1:3, is this week on Saturday, September 10, 2022 and the IT stock will start trading ex-bonus a day ahead of the record date i.e., on Friday, September 9, 2022.

Last week, the company in a BSE filing informed that “the company has revised the Record Date and fixed on Saturday, 10th September, 2022 for the purpose of ascertaining the eligibility of Shareholders for issuance of Bonus equity shares of the company in the proportion of one new fully paid up equity share of 1/- each for every Three fully paid up existing equity shares of 1/- each held, subject to the approval of Members which is being obtained by way of Postal Ballot through remote e-voting." (Full Story)

07 Sep 2022, 02:31:56 PM IST

India keen to bolster energy, other ties with Russia, says Modi

India is keen to boost cooperation with Russia, particularly in the areas of energy and coking coal, Prime Minister Narendra Modi said on Wednesday.

Modi also called for a diplomatic and peaceful solution to the Ukraine crisis in his online address to the Eastern Economic Forum in the Russian Pacific city of Vladivostok. (Reuters)

07 Sep 2022, 02:18:56 PM IST

One of the biggest gainers of the day, Ultratech Cement, adds 3%.

Ultratech Cement
View Full Image
Ultratech Cement
07 Sep 2022, 02:03:24 PM IST

Increase in volume to drive growth for consumer durables in FY22-23: Report

The revenues for the consumer durables sector in India are expected to grow by 15 to 18 per cent to 1 lakh crore this fiscal, led by an increase in their volume.

The volume is expected to rise 10-13 per cent in 2022-23, said rating agency CRISIL in a report on Wednesday.

"Demand will be driven by both urban and rural segments, though rural demand will come into play in the second half of the fiscal," it said.

The industry had crossed the pre-pandemic mark in value terms last fiscal and in the current fiscal year it is expected to scale past the pre-pandemic mark by 3 per cent, it said.

Profitability, however, will decline marginally due to higher raw material prices and adverse foreign exchange movements, it added, the credit risk profiles of the sector will remain comfortable due to their strong balance sheets. (ANI)

07 Sep 2022, 02:03:01 PM IST

Coal India’s production up by 44.6 MTs in five months

Coal India’s (CIL) production in the current fiscal as of 4 September rose by 44.6 million tonne, a record high, the company said in a stock exchange filing on Wednesday. This eclipses the previous best of 44.5 million tonne (MT) registered in FY16, which though was for the entire year.

Coal India was hopeful of reaching close to the apportioned H1 target of 306 MTs, if CIL’s mining areas were not excessively affected by heavy seasonal deluge in September. (Full Story)

07 Sep 2022, 01:43:31 PM IST

Japanese stocks fall despite exporters' boost from plummeting yen

Japanese stocks fell on Wednesday, as lingering investor concerns over an economic slowdown overshadowed strong performances by exporter shares which gained on a weaker yen.

Japan's Nikkei share average dropped 0.71%, tracking overnight losses on Wall Street, where all three major indexes fell as a U.S. services industry report underscored expectations the Federal Reserve will maintain its aggressive rate-hike stance.

The Nikkei fell as far as 27,268.70 in early trading, its lowest level since July 19, before closing at 27,430.30.

The broader Topix index lost 0.57%. (Reuters)

07 Sep 2022, 01:26:18 PM IST

BEML's record date for demerger of land assets this week

BEML last month had fixed the record date to determine the eligibility of shareholders for considering 1:1 issue of shares by BEML Land Assets Limited as per Scheme of Arrangement for demerger as approved by the MCA, as Friday, September 9, and the stockwill start trading ex-demerger, a day ahead of the record date i.e., from Thursday, September 8, 2022.

BEML Land Assets is a wholly-owned subsidiary of BEML, incorporated in July 2021, for the demerger of identified surplus and non-core assets as a part of strategic disinvestment of BEML initiated by the government. (Full Report)

07 Sep 2022, 01:24:41 PM IST

Bill on data privacy will be ready "soon", says Sitharaman

Union finance minister Nirmala Sitharaman on Wednesday assured that the new bill on data privacy will be ready "soon" and the Information Technology minister has been diligently working on it.

Ashwini Vaishnaw is the Union minister for information and technology.

"We will soon have a new Data Privacy Bill, which will be a product of consultations and will address every such concern most of us had on the privacy Bill," she said.

Sitharaman made the remarks here today while addressing the ongoing India Ideas Summit organised by US-India Business Council. (ANI)

07 Sep 2022, 12:58:36 PM IST

Auto index under pressure; slip 1%. Bajaj Auto and Tata Motors drag

Auto Index
View Full Image
Auto Index
07 Sep 2022, 12:49:41 PM IST

Sterlite Power commissions 400kV transmission line in Gujarat

Sterlite Power’s Mumbai Urja Marg Transmission Limited (MUML) has commissioned 400kV Banaskantha, Kansari and Vadavi transmission line in Gujarat, four months ahead of schedule.

The high voltage transmission line will help in evacuation of around 1,000 MW of renewable power from the pooling station at Bhuj in northern Gujarat to the national grid. (Full Report)

07 Sep 2022, 12:32:30 PM IST

India’s Agnikul Cosmos secures first patent for 3D-printed rocket engine

Agnikul Cosmos, one of India’s private space startups, has secured its first patent for the design and manufacturing of its 3D printed rocket engine. The patent, which has been offered to the company under the Centre’s patent database, comes after the company opened doors to its first factory to 3D print rocket engines at scale. (Full Report)

07 Sep 2022, 12:14:26 PM IST

Putin warns problems on global food market set to intensify

Russian President Vladimir Putin said on Wednesday that Moscow had done everything it could to ensure Ukraine was able to export grain.

He said that problems on the global food market were likely to intensify and that a humanitarian catastrophe was looming.

He also said the West's sanctions were short-sighted and a danger for the entire world which he said was increasingly turning towards Asia. (Reuters)

07 Sep 2022, 12:01:59 PM IST

Noon Update: Indices claw back and trim their losses; Sensex is now 180 points down and Nifty 50

Shree Cement shines in today's trading with a gain of around 6%. Autos and Metal indices drag.

Sensex at Noon
View Full Image
Sensex at Noon
07 Sep 2022, 11:53:25 AM IST

Why Adani Power share price is skyrocketing today — explained

Adani Power share price has been in uptrend for the last one year, delivering multibagger return. The Adani Group stock hit upper circuit in Wednesday's early deals after Gautam Adani's recent tweet of committed to supplying power to Bangladesh from December 2022. The stock has risen by near 390 to 416 apiece levels on NSE in last two days, logging near 6.50 per cent rise in two straight sessions. Adani Power share price today opened downside but went on to hit intraday high of 415.7 apiece.

According to stock market experts, fundamentals of Adani Power are favourable as demand supply constraint is in favour of the power company and market is expecting better quarterly numbers from the company in upcoming results. However, recent reason for rise in Adani Power share price is Gautam Adani's announcement to initiate power supply to Bangladesh from December 2022. They said that the stock has made bullish engulfing pattern on daily chart, which signals further upside in this multibagger Adani group stock. (Full Report)

07 Sep 2022, 11:32:09 AM IST

Bharti Airtel drags, sheds around 2% in today's trading

Bharti Airtel
View Full Image
Bharti Airtel
07 Sep 2022, 11:31:06 AM IST

Vaibhav Jewellers files IPO papers with SEBI

Vaibhav Gems N' Jewellers Ltd has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). Vaibhav Jewellers IPO will comprise of fresh issue of equity shares aggregating up to 210 crore and OFS of 43 lakh equity shares. (Full Report)

07 Sep 2022, 11:27:46 AM IST

China's export growth sinks in August, imports shrink

China's export growth weakened in August and imports shrank as high energy prices, inflation and anti-virus restrictions weighed on global and Chinese consumer demand.

Exports rose 7% over a year ago to USD 314.9 billion, barely one-third of July's 18% expansion, customs data showed Wednesday. Imports contracted by 0.2% to USD 235.5 billion, compared with the previous month's already weak 2.3% growth.

Demand for Chinese exports has softened as economic activity in Western markets slowed and the Federal Reserve and central banks in Europe and Asia raise interest rates to cool surging inflation. At home, repeated closures of cities to fight virus outbreaks has weighed on consumer spending.

“The slowdown in China's export sector is adding to headwinds for the Chinese economy," said Rajiv Biswas of S&P Global Market Intelligence in a report. Lack of import growth highlights “continued weakness of Chinese domestic demand." (AP)

07 Sep 2022, 11:02:12 AM IST

India's digital revolution offers investment opportunities to US: FM Sitharaman

India's digital revolution offered investment opportunities for the United States, Finance Minister Nirmala Sitharaman said today.

"India's Open Network for Digital Commerce has revolutionised the retail and manufacturing sector," Nirmala Sitharaman said today at a business conference in New Delhi, Reuters reported. (Full Story)

07 Sep 2022, 11:00:10 AM IST

India aims to halve road accidents by end-2024

India aims to halve road accidents and related deaths by the end of 2024, the road and transport minister said on Wednesday, days after the former chairman of the Tata conglomerate died in a car crash.

Nitin Gadkari also said the government hoped to finalise a draft for a mandatory six airbags in all cars this year. (Reuters)

07 Sep 2022, 10:36:05 AM IST

Dixon Tech shares rise 25% in 3 months. Jefferies sees further upside

Dixon Technologies share price has risen 25% in three months on improving margin outlook and global brokerage Jefferies said it stays bullish on Dixon and expects it to post the highest EPS growth in its coverage, at 67% compound annual growth rate (CAGR) in FY22-25 - led by 5 PLI upsides, new categories & clients.

Jefferies has maintained its Buy rating on the stock with a target price of 5,305 apiece. Though, it sees market share loss for key customers, supply chain issues, demand slowdown, lag in pass-on of costs, as key risks. (Full Story)

07 Sep 2022, 10:34:29 AM IST

India now aspiring to take international trade to USD 2 trn by 2030: Goyal

India's goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said.

Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy.

"...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table," Goyal said. (PTI)

07 Sep 2022, 10:16:54 AM IST

Dolly Khanna portfolio stock jumps as stock trades ex-dividend today

Dolly Khanna portfolio: Despite weakness on Dalal Street, Nitin Spinners shares have managed to attract bulls' interest in early morning deals on Wednesday. Nitin Spinners share price today opened downside but soon buying began in the counter and it went on to hit intraday high of 234.70 apiece levels on NSE, recording more than 3 per cent rise in comparison to its Tuesday's close of 225.65 apiece levels. The board of directors of the textile company has approved and declared final dividend of 2.50 per equity share in May 2022, which was in addition to the interim dividend of 1.50 per equity share given by the company in February 2022. The board of directors also fixed 8th September 2022 as record date for final dividend payment for the financial year 2021-22 that means the Dolly Khanna share is trading ex-dividend today. (Full Report)

07 Sep 2022, 10:06:30 AM IST

Shree Cement gains 3% in early trading

Shree Cement
View Full Image
Shree Cement
07 Sep 2022, 10:05:40 AM IST

Rupee falls 11 paise to 79.93 against US dollar in early trade

The rupee depreciated by 11 paise to 79.93 against the US dollar in opening trade on Wednesday, tracking the strength of the American currency overseas.

At the interbank foreign exchange market, the rupee opened at 79.93 against the greenback, registering a decline of 11 paise over its last close. In initial deals, the local unit also touched 79.86 against the dollar.

On Tuesday, the rupee depreciated 4 paise to close at 79.82 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.37 per cent to 110.62. (PTI)

07 Sep 2022, 09:54:06 AM IST

Hyundai eyes record sales in 2022 on robust demand

The second-largest carmaker, Hyundai Motor India, expects to log its best-ever sales in the domestic market this year, by leveraging sustained demand for the new sport utility vehicles (SUV), the Venue and Tucson, as well as its flagship mid-sized SUV Creta.

The local arm of the South Korean auto major is stepping on the gas to retain its number two spot in the domestic market and increase production as chip supplies eased just before the festivals. (Full Report)

07 Sep 2022, 09:51:22 AM IST

IndusInd Bank drags in today's session; sheds 1.5%

IndusInd Bank
View Full Image
IndusInd Bank
07 Sep 2022, 09:45:53 AM IST

Ashika Stock Broking on Nifty: Index is likely to open on a negative note due to weak global cues

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a high wave doji candle suggesting indecision after a rise. There is evidence of reversal pattern in weekly time frame hence in coming sessions, key thing to watch will be a faster retracement above August highs of 18000 that will signal end of the ongoing corrective phase. Else, prolonged consolidation in 17200-17800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating of sluggish momentum for the short to medium term. Thus, one need to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support stands at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a negative note due to weak global cues and is expected to withstand the selling pressure at the crucial support level of 17,350.

07 Sep 2022, 09:44:21 AM IST

Nomura, other FIIs buy stake worth ₹82 cr in this multibagger small-cap stock

Salasar Techno Engineering Ltd has raised 81.9 crore fund through Qualified Institutions Placement of 3 crore equity shares. The foreign institutional investors (FII) who have been allotted shares by the share allotment committee of Salasar Techno Engineering Ltd includes Nomura Singapore and Forbes EMF. Forbes EMF has bought 1.35 crore Salasar Techno shares whereas Nomura Singapore has bought 1.26 crore Salasar Techno shares. Other two FIIs who have been allotted shares in company's fund raise drive are AG Dynamics Fund and Maybank Securities. Shares have been allotted at an issue price of 27.30 per equity shares. (Full Story)

07 Sep 2022, 09:39:37 AM IST

IT Index drags; lost 0.7% in early trading

IT Index
View Full Image
IT Index
07 Sep 2022, 09:33:41 AM IST

Indices in red at open with Sensex down 400 points and Nifty 100 

Sensex at Open
View Full Image
Sensex at Open
07 Sep 2022, 09:09:43 AM IST

Angel One's view on Nifty: Keep focusing on such potential candidates which are likely to continue their recent runs

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it was going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully, and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Yesterday, the kind of start we had, the market should have ideally ended its recent consolidation phase. Unfortunately, it’s not the case in the end. The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flip side, 17600 – 17500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent runs.

07 Sep 2022, 09:07:57 AM IST

Tamilnad Mercantile Bank IPO: Latest GMP on final day of subscription

The initial public offering (IPO) of Tamilnad Mercantile Bank got subscribed 1.53 times on Tuesday, day two of the subscription, after getting fully subscribed in early trade. The three-day issue will conclude on Wednesday. The price band is 500-525 per share. The Tuticorin-based private sector lender on Friday said it has mobilised a little over 363 crore from anchor investors ahead of its share sale. (Read More)

07 Sep 2022, 09:04:35 AM IST

Sensex deep in red at preopen session; Indigo, Wipro, Syngene, Gail India to remain in focus today

Sensex at Preopen
View Full Image
Sensex at Preopen
07 Sep 2022, 08:53:35 AM IST

Japanese stocks fall as slowdown concerns eclipse exporter boost; Hang Seng down 2%

Japanese stocks fell nearly 1% on Wednesday, as investor concerns over a COVID-ravaged economy overshadowed strong performances by exporter shares, which gained on a weaker yen.

Japan's Nikkei share average dropped 0.95%, tracking overnight losses on Wall Street, where all three major indexes fell as a U.S. services industry report underscored expectations the Federal Reserve will maintain its aggressive rate-hike stance.

The Nikkei fell as far as 27,268.70 in early trading, its lowest level since July 19, before settling at 27,362.83.

Meanwhile, Hong Kong's Hang Seng index is deep in red with 2% drop. (Reuters)

07 Sep 2022, 08:38:54 AM IST

Bitcoin falls below $19,000, ether, dogecoin plunge 8%, other crypto prices today also decline

Bitcoin price continued to plunge and declined below the $19,000 level. The world's largest and most popular cryptocurrency was trading more than 5% lower at $18,644. The global crypto market cap today fell below the $1 trillion mark, as it was down over 5% in the last 24 hours at $986 billion, as per CoinGecko. (Full Report)

07 Sep 2022, 08:29:30 AM IST

Stocks to Watch: Indigo, Wipro, Syngene, M&M, Gail India, IDBI Bank, Biocon, Zuari Industries

Delta Corp will continue to remain under the F&O ban stock list today. The stock will be under the ban for the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Report)

07 Sep 2022, 08:20:56 AM IST

FMCG firms bet big on bumper festive sales

Fast moving consumer goods companies are ramping up supply chains and investing in marketing campaigns as they expect stronger sales this festival season.

ITC is witnessing a strong uptick in demand with the onset of festivities.

ITC’s agile supply chains are fully geared to ensure availability of a wide range of products. (Full Report)

07 Sep 2022, 08:17:11 AM IST

Mint SnapView: I-T dept's idea of gross winnings can kill online gaming

Conclusion: How the I-T department chooses to interpret the law and apply it, is therefore, key. Other countries with laws regarding capital gains taxes on games, football pools, lotteries, fantasy cricket, etc., have found ways to keep these popular forms of entertainment going, without killing them with over-zealous tax demands. (Full Report)

07 Sep 2022, 08:12:10 AM IST

IT firms resort to work-from-home amid Bengaluru rain fury; State IT minister calls meeting with several software companies today

India's best-known IT firms and startups have asked staff to work from home as torrential rains brought chaos to the streets of the technology hub, marooning roads and snapping water and electricity supplies.

While parts of the city that houses several global companies and home-grown startups, were underwater, operations in IT firms and startups were largely unaffected as most of them had power backup and a hybrid work environment where some employees logged in from home.

But some of the posh housing colonies were flooded and tractors were pressed into service to rescue residents.

However, technology companies engaged in research and development faced challenges in accessing labs that have adversely impacted their global workflow. (PTI)

IT and BT Minister CN Aswathanarayana has called a meeting with the representatives of the heads of several software companies at 5 pm today i.e. 7 September to discuss the problems created in the city due to the unprecedented rain. (Read More)

07 Sep 2022, 07:53:43 AM IST

Rupee falls 4 paise to 79.82 on strong dollar

The rupee depreciated 4 paise to close at 79.82 against the US dollar on Tuesday as a stronger US dollar against key rivals and a lacklustre trend in domestic equities weighed on sentiment.

However, fresh foreign fund inflows into capital markets and a sharp correction in crude oil prices restricted the rupee’s decline, forex traders said.

At the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It hovered in a range of 79.77 to 79.91 during the session. (PTI)

07 Sep 2022, 07:51:30 AM IST

Oil tumbles to lowest since January as demand concerns escalate

Oil retreated to the lowest level since January on concern a global slowdown will cut demand in Europe and the US just as China’s Covid Zero strategy hurts consumption.

West Texas Intermediate sank below $86 a barrel, after erasing a gain driven by the Organization of Petroleum Exporting Countries and its allies decision on Monday to pare output. Reflecting the softness, Saudi Arabia cut prices for customers in Asia and Europe for next month’s shipments. (Full Report)

07 Sep 2022, 07:50:44 AM IST

Pieter Elbers takes charge as IndiGo's new CEO

Former KLM chief executive officer and industry veteran Pieter Elbers on Tuesday assumed charge as the new CEO of IndiGo.

"Further to our letter dated May 18, 2022, we wish to inform you under Regulation 30 of SEBI LODR Regulations that Petrus Johannes Theodorus Elbers (Pieter Elbers) has joined as Chief Executive Officer of the Company with effect from today, September 6, 2022," InterGlobe Aviation Limited that runs the country's largest aviation service under the brand IndiGo said in a regulatory filing to the stock exchanges.

Elbers has assumed charge three weeks before he was originally envisaged to join. He has replaced 71-year-old Ronojoy Dutta.

As per a statement released by IndiGo on 18th May, Dutta was scheduled to retire on 30th September 2022. (ANI)

07 Sep 2022, 07:35:47 AM IST

Angel One market wrap-up for Tuesday: Key indices might be consolidating but the broader end of the spectrum keeps on buzzing

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it was going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully, and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Today, the kind of start we had, the market should have ideally ended its recent consolidation phase. Unfortunately, it’s not the case in the end. The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flip side, 17600 – 17500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent runs.

07 Sep 2022, 07:33:27 AM IST

Govt trying to make it mandatory for carmakers to provide six airbags in 8-seater vehicles: Gadkari

The government is trying to make it mandatory for carmakers to provide at least six airbags in eight-seater vehicles for enhanced safety of occupants from October, road transport minister Nitin Gadkari said on Tuesday.

Earlier this year, the Ministry of Road Transport and Highways (MoRTH) in a statement said that in order to enhance the safety of occupants of the motor vehicle against lateral impact, it has been decided to enhance safety features by amending the Central Motor Vehicles Rules (CMVR), 1989.

"A draft notification has been issued on January 14, 2022, which mandates that vehicles of category M1, manufactured after October 1, 2022, shall be fitted with two side/side torso air bags, one each for the persons occupying front row outboard seating positions, and two side curtain/tube air bags, one each for the persons occupying outboard seating positions," it had said. (PTI)

07 Sep 2022, 07:27:15 AM IST

Mutual Funds Sundaram, SBI buy stakes in Hatsun Agro for ₹269 cr in open market

Dairy products maker, Hatsun Agro Product on Tuesday climbed nearly 4% on exchanges after two major mutual fund houses bought certain shares in the company via the open market. At the same time, promoter Raja Ganesan Chandramogan offloaded a portion of his equity shares in the company aggregating to nearly 269 crore. 

Promoter Raja Ganesan Chandramogan offloaded a portion of his equity shares in the company aggregating to nearly 269 crore. (Full Story)

07 Sep 2022, 07:26:11 AM IST

ED arrests former NSE boss Ravi Narain in illegal phone tapping case

The Enforcement Directorate late on Tuesday night arrested Ravi Narain, former managing director and CEO of NSE in case of illegal phone tapping at the exchange, said ED official. He will be produced before a special court tomorrow for custody, the official added.

ED had registered and Enforcement Case Information Report (ECIR) in July against former Mumbai police commissioner Sanjay Pandey and former heads of the NSE for allegedly tapping the phones of employees between 2009 and 2017. This is the second case being probed by the investigative agency which is probing alleged violation of money laundering norms in the colocation scam. This is the first time Narain has been arrested when the irregularities at NSE had been a matter of investigation for five years now. (Full Story)

07 Sep 2022, 07:25:10 AM IST

Wall Street stocks drift lower, extending losses into 4th straight week

Stocks closed lower on Wall Street Tuesday, extending the market's losses into a holiday-shortened week.

The S&P 500 fell 0.4% after bouncing between a gain of 0.5% and a loss of 1%. The Dow Jones Industrial Average fell 0.6% and the Nasdaq lost 0.7%.

The major indexes are coming off their third losing week in a row, part of a late-summer slump that erased much of the benchmark S&P 500's gains from July and early August.

Stocks have been losing ground as the Federal Reserve has indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades.

In addition, Wall Street is grappling with worries about a brewing energy crisis in Europe and the implications it could have for the global economy and corporate profits. (AP)

Download the App to get 14 days of unlimited access to Mint Premium absolutely free!

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout