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Business News/ Markets / Live Blog/  Sensex ends 200 pts lower, Nifty down 75 pts; FMCG, Consumer Durables drag

Sensex ends 200 pts lower, Nifty down 75 pts; FMCG, Consumer Durables drag

Share Market Close: Benchmark indices closed around 0.4% lower with Sensex shedding 200 points and Nifty 75 points. All indices except IT ended in the red. Tata Motors, Tata Consumer and Hero MotoCorp dropped the most.

Stock Market Today: Investors bet on further interest rate hikesPremium
Stock Market Today: Investors bet on further interest rate hikes

Global indices reacted sharply to the US Labor Department posting a less-than-expected unemployment rate which increased the likelihood of further interest rate hikes. Chinese stocks tanked amidst poor economic outlook and rising Covid-19 cases. Europe also was trading in red amidst increasing tension between Russia and Ukraine.

10 Oct 2022, 08:14:59 AM IST

India's forex reserves dip by $4.85 bn; hit lowest level since July 2020

India's foreign exchange (forex) reserves slumped by $4.854 billion to $532.664 billion for the week ended September 30, the lowest level since July 2020, as the Reserve Bank of India (RBI) used its kitty to defend the rupee, which has hit record lows.

This is the lowest level of India's forex reserves since July 24, 2020.

The forex reserves had slumped by $8.134 billion during the week ended September 23, 2022, the previous reporting week.

As per the Reserve Bank of India's weekly statistical supplement, foreign currency assets, which are the biggest component of the forex reserves, dipped by $4.406 billion to $472.807 billion during the week ended September 30. (ANI)

10 Oct 2022, 08:14:15 AM IST

Suzlon board appoints Vinod R Tanti as Chairman and Managing Director for three years

Suzlon Energy on Friday announced the appointment of Vinod R Tanti as its Chairman and Managing Director with immediate effect for the next three years.

The appointment of Vinod Tanti comes after the sudden demise of his brother and Suzlon Energy founder Tulsi Tanti, who was holding the position of Chairman and Managing Director.

Tulsi Tanti passed away on October 1, 2022.

The company's board of directors at its meeting on Friday, inter alia, approved the appointment of Vinod R Tanti as the Chairman and Managing Director with immediate effect, i.e. from October 7, 2022 for a period of three years, i.e. up to 6th October 2025, according to a BSE filing. (PTI)

10 Oct 2022, 08:00:43 AM IST

Electronics Mart IPO: Latest GMP, how to check allotment status

After astrong response by investors to the public issue worth 500 crore, bidders and market observers are eagerly waiting for the share allotment date, which is most likely on 12th October 2022. According to market observers, shares of Electronics Mart are available at a premium of 26.50 in the grey market today which means the grey market is expecting a strong listing premium from the public issue. (Read More)

10 Oct 2022, 07:41:22 AM IST

Ambuja Cements gets shareholders' nod for raising ₹20,000 cr from Adani group firm

Ambuja Cements Ltd on Saturday said it has received shareholders' approval for all proposals in its EGM, including a resolution to raise 20,000 crore from an Adani group firm and appointment of Gautam Adani and others on the board of the company.

The Extraordinary General Meeting (EGM) has passed the special resolution proposing to raise 20,000 crore by issuing securities on a preferential basis to Harmonia Trade and Investment Ltd, an Adani group entity, with 91.37 per cent votes, Ambuja Cements said in a regulatory update.

Resolutions to appoint Adani Group Chairman Gautam Adani, his son Karan Adani and two directors and four independent directors on the board of Ambuja Cements were also approved by the shareholders. (PTI)

10 Oct 2022, 07:40:55 AM IST

KKR-backed Livspace sets aside $100 million for acquisitions

Livspace, a home interiors and renovation platform backed by KKR & Co. and Goldman Sachs Group Inc., is setting aside $100 million for acquisitions to fuel expansion across India, Singapore, Malaysia and the Middle East.

The Singapore-based startup is in active discussions with eight to nine companies as it hunts for assets that would help the company generate growth and accelerate its path to profitability, Livspace Chief Executive Officer Anuj Srivastava said. (Read More)

10 Oct 2022, 07:32:10 AM IST

Tracxn Technologies IPO opens today. GMP, price, other details in 10 points

The initial public offering (IPO) of Flipkart founders-backed Tracxn Technologies Limited is going to hit primary markets today. The three days subscription of Tracxn Technologies IPO has opened today and it will remain open for bidding till 12th October 2022. The market intelligence data provider company has fixed Tracxn Technologies IPO price at 75 to 80 per equity share. Meanwhile, shares of Tracxn Technologies are available at a premium of 6 in grey market today. (Read More)

10 Oct 2022, 07:30:38 AM IST

Inflation likely at 7.3% in Sep: Mint poll

Retail inflation is likely to have soared in September to a five-month high due to rising food prices and a low base, according to a Mint poll of 24 economists. The survey’s median estimate showed inflation is expected to rise to 7.3% from 7% in August.

Economists said there were significant chances of the rising inflationary trend to reverse over the next few months. (Read More)

10 Oct 2022, 07:29:43 AM IST

IT cos seen logging steady sequential growth in Q2; all eyes on management cues for demand outlook

Indian IT services companies are expected to log steady sequential revenue growth in September quarter but an overhang of weak global cues tinged with macro risks will put spotlight on management commentary around deal momentum and demand outlook, say analysts.

Brokerage reports and analysts' notes on Q2 earnings preview anticipate reasonably strong growth quarter for Indian IT firms despite challenging macroeconomic scenario in the US and Europe, but there are fair bit of warnings around "incremental pockets of weakness" or "slowdown in coming quarters".

The sunny, all-bullish demand narrative just a few quarters back has made way for more cautious and tempered expectations as storm clouds over global economy prompt economic commentators to flash warnings about recession risks and international market shocks.

Reports suggest that the US-based companies, including many tech firms, have cumulatively laid off thousands of employees in 2022 alone, and slammed brakes on hirings. (PTI)

10 Oct 2022, 07:29:10 AM IST

HUL, Godrej Consumer cut soap prices by up to 15% as raw material rates soften

FMCG firms Hindustan Unilever Ltd and Godrej Consumer Products Ltd (GCPL) have cut prices of some soap brands by up to 15 per cent amid palm oil and other raw materials turning relatively cheaper.

HUL has reduced prices of its offerings under popular soap brands Lifebuoy and Lux by 5 to 11 per cent in the western region.

Godrej Group arm GCPL, which owns soap brand Godrej No 1, has also reduced prices of soaps by 13 to 15 per cent.

Analysts opine that the reduction in prices would help drive growth in volumes in the second half of current fiscal year, especially since overall demand remains sluggish due to high inflation.

One of the reasons for the price reduction is the decline in global prices of palm oil and other raw materials, they added. (PTI)

10 Oct 2022, 07:28:41 AM IST

US STOCKS-Wall Street ended sharply lower on Friday as jobs report cements rate hike regime

Wall Street fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will barrel ahead with an interest rate hiking campaign many investors fear will push the U.S. economy into a recession.

The Labor Department reported the unemployment rate fell to 3.5%, lower than expectations of 3.7%, in an economy that continues to show resilience despite the Fed's efforts to bring down high inflation by weakening growth.

Average closed down 630.15 points, or 2.11%, at 29,296.79, the S&P 500 lost 104.86 points, or 2.80%, to 3,639.66 and the Nasdaq Composite dropped 420.91 points, or 3.8%, to 10,652.41.

Volume on U.S. exchanges was 11.15 billion shares, compared with the 11.73 billion average for the full session over the past 20 trading days.

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