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Sensex ends 580 points up, Nifty 200 pts; Pharma, Consumer Durable shine

Stock Market Today: All eyes on Fed's Tuesday meetingPremium
Stock Market Today: All eyes on Fed's Tuesday meeting

  • Share Market Close: Indices trimmed some of their morning gains toward the end but ended comfortably in the green on Tuesday. Sensex gained 580 points and Nifty ended almost 200 points higher. All sectoral and market indices were in the green. Apollo Hospitals, Cipla and Sun Pharma zoomed.

Global indices made healthy gains on Tuesday despite the fact that Fed is expected to announce a 75 basis point interest rate increase. More central bank meetings are lined up this week with traders betting on further interest rate hikes from these banks to tame inflation.

20 Sep 2022, 03:42:20 PM IST

Indices zoom on Tuesday with a gain of 1%. Sensex ends above 59,700 and Nifty above 17,800

Indian benchmark indices along with their global peers soared today despite traders betting on Fed increasing the interest rate by 75 basis points.

Indices added 1% with Sensex gaining 578 points and Nifty 194. Sensex crossed 60,000 in intraday trading but closed at 59,719. Nifty ended the day at 17,816.

All indices ended on the positive side in today's session with Pharma, Healthcare and Consumer Durable leading the race.

Among stocks, Apollo Hospital and Cipla jumped more than 5%. Sun Pharma also soared 4%. Shree Cements, Grasim and Nestle India struggled and ended in the red.

Asian markets soared on Tuesday despite bets on Fed increasing the interest rate by 75 basis points. Experts believe the markets are fully pricing in a Fed rate hike of at least 75 basis points, with an 18% chance seen of a full percentage point rise.

Japanese stocks marked slight gains on Tuesday as investors zoned in on this week's Feds and Bank of Japan meetings, where the central banks are expected to reinforce their divergent approaches to tackling inflation.

As markets resumed trading after a national holiday, the Nikkei share index opened 0.8% higher before paring gains to finish up 0.44%.

China stocks snapped a four-session losing streak as global markets gained. The blue-chip CSI 300 Index edged up 0.1%, while the Shanghai Composite Index added 0.2%. The Hang Seng Index gained 1.2%.

European shares rose at the open on Tuesday as banks gained. The pan-European STOXX 600 index advanced after a soft start to the week.

Sensex at Close
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Sensex at Close
20 Sep 2022, 03:26:49 PM IST

Japan's Kirin in talks to triple investment in Indian craft beer maker Bira: Report

Japanese beverages firm Kirin Holdings is in talks to invest $70 million in Indian craft beer maker Bira, four sources told Reuters, doubling down on the fast-expanding South Asian market at a time when it is facing pressure on growth at home. (Full Story)

20 Sep 2022, 03:08:00 PM IST

Pharma index leads the race, jumps 3% in today's trading. Sun Pharma, Lupin and Cipla among toppers

Pharma Index
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Pharma Index
20 Sep 2022, 02:45:08 PM IST

Indian group calls for cap on entry fees for online games amid regulatory push

* Group to push for cap of 50 rupees on paid online games

* India panel working on regulations for booming sector

* Move could hit platforms' revenues and growth potential -sources

* Industry plans to lobby against regulations -sources (Reuters)

20 Sep 2022, 02:40:10 PM IST

Outbound Asian tourists to hit pre-pandemic levels by 2024: Agoda CEO

The Asia-focused company expects tourists from Asian countries, excluding China, will take about six months after respective COVID-19 restrictions are lifted to travel confidently, said Omri Morgenstern, who took the helm at Agoda in July.

Across its Asian markets, Agoda's booking volumes have returned to 2019 levels, but more so in domestic travel, Morgenstern told Reuters in an interview, in contrast to the stronger and quicker tourism recovery in the United States and Europe. (Read More)

20 Sep 2022, 02:18:07 PM IST

India says it will support Sri Lanka, mainly through long-term investments

India said on Tuesday it will keep supporting Sri Lanka, mainly through long-term investments, after giving nearly $4 billion of financial help this year as its neighbour faced its worst economic crisis in more than seven decades.

"We continue to be supportive of Sri Lanka in all possible ways, in particular by promoting long-term investments from India in key economic sectors in Sri Lanka for its early economic recovery and growth," the High Commission of India in Sri Lanka said in a statement. (Reuters)

20 Sep 2022, 02:06:43 PM IST

Tata Consumer, Advanced Enzyme among top 3 technical stock picks by Prabhudas Lilladher

Domestic brokerage and research firm Prabhudas Lilladher has shared three top stock picks based on the technical research that investors can look to buy, which are Tata Consumer, Bajaj Auto, and Advanced Enzyme Technologies Limited. (Read More)

20 Sep 2022, 02:02:43 PM IST

Apollo Hospitals shines in today's session, gains more than 5%

Apollo hospitals
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Apollo hospitals
20 Sep 2022, 01:47:07 PM IST

Indian rice shipments stuck at ports, traders seek government help

At least 20 ships are waiting to load around 600,000 tonnes of rice at Indian ports as New Delhi's surprise export restrictions have trapped cargoes for nearly a fortnight, forcing sellers to pay demurrage charges, industry officials told Reuters.

India banned exports of broken rice and imposed a 20% duty on exports of various other types on Sept. 8, as the world's biggest exporter of the grain tries to boost local supplies and calm prices after below-average monsoon rainfall curtailed planting.

The surprise move trapped cargo that was moved to the ports or was in transit before the government made the announcement, said B.V. Krishna Rao, president of The Rice Exporters Association (TREA).

"We have requested the government to provide concession to this transitional cargo as we are paying hefty demurrage charges," he said. (Reuters)

20 Sep 2022, 01:29:47 PM IST

Vikram Solar bags order from US-based firm

Solar energy solutions provider Vikram Solar on Tuesday said it has bagged an order from a US- company for a 350 MW power project.

The order is for supplying solar modules for the project that will be located at Arizona in the US, a company statement said.

The new order further strengthens Vikram Solar’s presence in the US and is aligned to the company’s commitment to accelerate the clean energy transition in this market, it said.

"We are witnessing an increasing demand for high-quality Indian-made modules in the US aligned to the clarion call of diversifying sourcing policies. We are focused on further strengthening our market share in the US and cater to the utility, commercial as well as residential customers," Gyanesh Chaudhary, Vice Chairman and MD, Vikram Solar, said. (PTI)

20 Sep 2022, 01:27:10 PM IST

Private equity firm KKR invests $450 mn in Hero Group's renewable energy arm

Global private equity (PE) major KKR will invest $450 million, or around 3,585 crore, in Hero Future Energies (HFE), the renewable energy arm of the Hero Group, the companies announced on Tuesday.

Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of 31 December 2021. (Read More)

20 Sep 2022, 01:06:55 PM IST

Nestle India has turned red; among very few stocks which have lost ground today

Nestle India
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Nestle India
20 Sep 2022, 01:05:19 PM IST

Japan's stocks steady as investors await Fed, BOJ meetings

Japanese stocks marked slight gains on Tuesday as investors zoned in on this week's U.S. Federal Reserve and Bank of Japan meetings, where the central banks are expected to reinforce their divergent approaches to tackling inflation.

As markets resumed trading after a national holiday, the Nikkei share index opened 0.8% higher and rose as much as 1.23% before paring gains to finish up 0.44% at 27,688.42.

The broader Topix index added 0.45%.

"A lot of investors want to see the results of the FOMC [Federal Open Market Committee] meeting, so they're likely to adopt a wait-and-see attitude today and tomorrow," said Hideyuki Suzuki of SBI Securities.

Markets are fully pricing in a Fed rate hike of at least 75 basis points, with an 18% chance seen of a full percentage point rise. (Reuters)

20 Sep 2022, 12:50:24 PM IST

Govt may stick to or cut its borrowing target on robust revenue

India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced, according to people familiar with the matter. A decision would be taken later this month when finance ministry officials hold consultations with the RBI to decide on the borrowing calendar for October-March. (Full Story)

20 Sep 2022, 12:47:56 PM IST

Consumers willing to spend on health, well-being, says survey

Consumers are willing to spend on health and well-being, despite financial uncertainty, according to findings of a consumer survey conducted by Accenture.

The survey findings revealed that even in the face of widespread uncertainty and personal financial strains, consumers consider health and fitness as essentials, alongside groceries and household cleaning products. (Read More)

20 Sep 2022, 12:24:12 PM IST

Assam govt receives ₹115 cr from Numaligarh Refinery as interim dividend

The Assam government has received 114.76 crore as part of the first interim dividend for the current financial year 2022-23 from Numaligarh Refinery for its stake in the state-owned refiner.

The dividend cheque was handed over to Chief Minister Himanta Biswa Sarma by Oil India's CMD and NRL Chairman Ranjit Rath in the presence of Union MoS Petroleum and Natural Gas Rameswar Teli.

The state government in May 2021 increased its stake in the refinery from 12.35 per cent to 26 per cent. The additional stake costs the state's exchequer 2,187, which was by far the highest ever investment by the state government in any PSUs. (ANI)

20 Sep 2022, 12:17:47 PM IST

Rally in small-cap space is still a while away: Nitasha Shankar

The equity markets have again turned volatile in view of a fresh spike in inflation globally. Nitasha Shankar, head-premium research service (PRS) equity research at Yes Securities, spoke to Mint about the outlook of Indian markets, foreign institutional investors (FIIs) inflows, and where she sees value in this market. 

People who typically look at or employ bottoms up approach, they can still find a lot of value over there. But a rally in the small-cap space is still a while away. It will take at least three-six months for that to happen.

(Edited excerpts)

20 Sep 2022, 12:02:22 PM IST

Mother Dairy expecting 20pc revenue growth in FY23 to ₹15,000 cr

Delhi-NCR's leading milk supplier Mother Dairy is expecting 20 per cent growth in turnover this fiscal year to about 15,000 crore on better demand for products, its MD Manish Bandlish said.

The turnover of Mother Dairy, which also sells edible oils and fruits & vegetables, stood at 12,500 crore in last fiscal year.

"We are expecting 20 per cent growth this fiscal year in our turnover to reach around 15,000 crore," Mother Dairy Fruits and Vegetables Pvt Ltd MD Manish Bandlish told PTI on the sidelines of IDF-World Dairy Summit held last week at Greater Noida.

He said growth would be driven by both increase in volumes and values of its various dairy products.

"We are witnessing strong demand for all our milk and other dairy products. Ice cream sales have grown significantly during summer," Bandlish noted. (PTI)

20 Sep 2022, 12:01:08 PM IST

Noon Update: Indices adds more than a per cent with Sensex 750 points higher and Nifty 230 points.

Sensex at Noon
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Sensex at Noon
20 Sep 2022, 11:55:09 AM IST

Hero MotoCorp shines in today's session, up 3.5% 

Hero Motocorp
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Hero Motocorp
20 Sep 2022, 11:47:18 AM IST

Multibagger Ashish Kacholia portfolio chemical stock rallies 8%, trades near all-time high

Shares of Fineotex Chemical Ltd (FCL) rallied more than 8% on the BSE to 360 apiece on the BSE in Tuesday's early trading session, trading near its all-time high level of 409 it had hit last week on Tuesday, September 13, 2022. The specialty chemical stock has been in an upward moment since the past few sessions and the counter has surged over 41% in the last one month. (Full Story)

20 Sep 2022, 11:40:47 AM IST

Adani Enterprises raises ₹100 cr via non-convertible debentures

Flagship Adani Group company Adani Enterprises raised 100 crore via Non-Convertible Debentures on a private placement basis.

The said debentures will be listed on the wholesale debt market segment of BSE, the company said in a regulatory filing to the stock exchanges on Monday evening.

Non-convertible debentures are typically used as tools to raise long-term funds by companies.

This morning, the shares of the company rose over 1 per cent. So far this year, the shares gave its investors a sharply high return of over 120 per cent.

Meanwhile, shares of Ambuja Cements extended their gains from the previous session to hit a fresh all-time high. It traded nearly 2 per cent higher this morning. (ANI)

20 Sep 2022, 11:40:09 AM IST

Tata Motors’ drive continues to be hindered by chip shortage

Tata Motors Ltd’s UK-based subsidiary, Jaguar Land Rover Automation PLC, continues to be plagued by the semiconductor shortage. The automaker provided an update on the business environment in a meeting with Motilal Oswal Financial Services analysts. The chip crisis is one of the main roadblocks for the Jaguar and Land Rover (JLR) segment.

The chip situation is likely to improve going ahead, which would lead to a reversal in working capital taking JLR close to its zero net debt target by FY24. (Full Story)

20 Sep 2022, 11:25:24 AM IST

Consumer Durable jumps in today's trading, adds 25; all stocks in green

Consumer Durable
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Consumer Durable
20 Sep 2022, 11:22:54 AM IST

Fintech industry needs to work relentlessly on safety to uphold people's trust: PM

Prime Minister Narendra Modi on Tuesday said the fintech sector needs to work relentlessly on safety and reliability to uphold trust of the people.

In his message at the Global Fintech Fest, Modi said the sector has been an example of the wonders that can be worked when a government that encourages innovation comes together with the energy of young and inventive minds.

"Innovation for inclusion has been our mantra, leading to the revolution in public delivery ensured by the JAM Trinity, success of UPI in making digital payments a way of life, and India's global rise in the fintech and startup space as a hub of innovation and investment," Modi said in the message which was read out by Kris Gopalakrishnan, Chairman, GFF 2022 Advisory Board. (PTI)

20 Sep 2022, 11:20:35 AM IST

MarketsMojo on US Fed meeting expectation: US Fed rate hike could impact Indian market sentiments only for a day and not beyond.

Sunil Damania, chief investment officer, MarketsMojo: It’s certain that the US Fed will hike interest rates, but the debate is how much. We sense that the Fed will increase it by 75bps even though there is a low possibility that the hike could be as high as 100 bps. If the Fed hikes the rate by 75 bps, we don’t expect a significant negative impact on the Indian market. In fact, after every 75 bps rate hike (as seen in June and July 2022), the Indian market rose. We expect a similar pattern to play out this time as well. At the most, the US Fed rate hike could impact Indian market sentiments only for a day and not beyond.

 

20 Sep 2022, 11:18:59 AM IST

Appreciated chance to discuss Google's commitment to India: Sunder Pichai after visiting Indian Embassy

Google CEO Sunder Pichai in a first,visited the Embassy of India in the American capital Washington DC and held discussions with India's Ambassador to the US, Taranjit Singh Sandhu, on various aspects of the tech company's activities in the country, particularly its aggressive push towards digitization. (Full Story)

20 Sep 2022, 10:39:47 AM IST

In a session where most stocks have gained, Grasim Industries stock is under pressure

Grasim Industries
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Grasim Industries
20 Sep 2022, 10:31:26 AM IST

Regulator SEBI puts Go Digit's public issue in abeyance

Financial market regulator Securities and Exchange Board of India (SEBI) has kept in "abeyance" the initial public offerings of Go Digit General Insurance.

"Issuance of observations kept in abeyance," the market regulator said in its latest processing status of draft offer documents without giving any explanation.

As per SEBI (Issuance of Observations on Draft Offer Documents Pending Regulatory Actions) Order, 2020, issued by SEBI on February 05, 2020, SEBI is obligated to keep issuance of observations in abeyance for a period of 30 days or 45 days or 90 days or more, as the case may be.

Earlier, in mid-August, the insurance company, which is backed by Canadian billionaire Prem Watsa's Fairfax Group, filed draft papers with the market regulator to raise funds through public issues. (ANI)

20 Sep 2022, 10:22:23 AM IST

Rupee rises 16 paise to 79.65 against US dollar in early trade

The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close.

On Monday, the rupee settled 3 paise lower at 79.81 against the dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 109.57. (PTI)

20 Sep 2022, 10:21:30 AM IST

India sees drop in Covid cases, daily positivity rate at 1.37%

India saw a drop in daily Covid cases with 4,043 infections in last 24 hours, according to an update by the Union health ministry stated on Tuesday. The country saw a further drop in cases after it reported 4,858 Covid cases on Monday. The country’s active caseload has now dropped to 47,379 from 48,027 yesterday, as per the ministry data. (Full Story)

20 Sep 2022, 10:00:35 AM IST

ICICI Direct and ICICI Securities on Aviation sector: Daily fliers remain steady

Market share movement in Aug’22: Indigo/Vistara witnessed market share erosion while Air Asia outperformed peers.

 Market share movements include the impact of aircraft induction/retirement. For example, IndiGo inducted only one aircraft in Jul’22, which would have been in operation in Aug’22. However, IndiGo inducted 4 aircraft at the end of Aug’22, which can lift its market share by the end of Sep’22. Market shares for Air Asia and Air India will also depend on schedule planning at the group level.

 Indigo/Vistara pax market share dipped 110/70bps to 57.7/9.7% in Aug’22.

 Air Asia pax market share improved by 120bps MoM to 5.8%, while that of Go First rose 40bps MoM to 8.6%.

 SpiceJet's market share was at 7.9% (third consecutive month of decline).

 Air India's share of the pie stood at 9.7%, higher by a marginal 10bps MoM.

20 Sep 2022, 09:58:41 AM IST

UN chief warns global leaders: The world is in 'great peril'

Warning that the world is in “great peril," the head of the United Nations says leaders meeting in person for the first time in three years must tackle conflicts and climate catastrophes, increasing poverty and inequality — and address divisions among major powers that have gotten worse since Russia invaded Ukraine.

In speeches and remarks leading up to the start of the leaders' meeting Tuesday, Secretary-General Antonio Guterres cited the “immense" task not only of saving the planet, “which is literally on fire," but of dealing with the persisting COVID-19 pandemic. He also pointed to “a lack of access to finance for developing countries to recover -- a crisis not seen in a generation" that has seen ground lost for education, health and women's rights.

Guterres will deliver his “state of the world" speech at Tuesday's opening of the annual high-level global gathering. U.N. spokesman Stephane Dujarric said it would be "a sober, substantive and solutions-focused report card" for a world “where geopolitical divides are putting all of us at risk."

“There will be no sugar-coating in his remarks, but he will outline reasons for hope," Dujarric told reporters Monday. (PTI)

20 Sep 2022, 09:45:53 AM IST

Ashika Stock Broking on today's market: One can use intraday dip for creating long position for the target of 17900-18000.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a bullish candle on the daily charts after two consecutive day of decline as it is placed within a broader 17.500-18,000 range head of FED event however gradually it can be expected for the Index to head higher towards January 2022 high of 18300 while the lower end the strong support level of 17350-17400 is likely to hold. The undergoing healthy consolidation will help to cool off the overbought conditions ahead of U.S. Fed event as secondary corrections are a part of the bull market that paves the way for next leg of up move as Nifty registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. Though one need to trade aggressively due to the presence of event risk in the market and the risk of a bare minimum correction of 23.6% of the entire rally from 15,183 to 18,096 comes around 17415 followed by 38.2% correction at 16990 still remains. During the day index is likely to open on a positive note tracking positive global cues. Hence, one can use intraday dip for creating long position for the target of 17900-18000.

20 Sep 2022, 09:42:43 AM IST

Tata Motors soars, adds 4% in the morning session

Tata Motors
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Tata Motors
20 Sep 2022, 09:36:33 AM IST

All sectoral indices in green, Metal takes early lead with a gain of more than 1.5%

Sectoral Indices
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Sectoral Indices
20 Sep 2022, 09:34:25 AM IST

INDIA BONDS-Bond yields seen higher, tracking U.S. peers; Fed decision eyed

Indian government bond yields are expected to open marginally higher on Tuesday, tracking U.S. yields, as markets brace for another round of aggressive monetary policy tightening from the U.S. Federal Reserve.

The benchmark Indian 10-year government bond yield is seen in a 7.25%-7.30% band, a trader with a private bank said. The yield ended at 7.2769% on Monday and has risen 17 basis points in last four sessions.

"A hike of 75 basis points is already factored into prices, but if there is hawkish commentary, the Reserve Bank of India will be forced to act in a similar manner, which is keeping traders nervous," the trader said. (Reuters)

20 Sep 2022, 09:28:54 AM IST

Indices soar at open on Tuesday with Sensex gain 600 points and Nifty 180. IndusInd and Tata Motors gain

Sensex at Open
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Sensex at Open
20 Sep 2022, 09:15:31 AM IST

China a 'close friend' but India is 'brother' and 'sister': Sri Lanka envoy

Sri Lanka High Commissioner to India Milinda Moragoda on Monday referred to remarks of Mahinda Rajapaksa about the island nation's relations with India and said that the former President of the country used to say that "China is a close friend but India is our brother and sister". (Full Story)

20 Sep 2022, 09:06:52 AM IST

Wipro appoints Dhruv Anand as country head and MD for Japan

Wipro Limited has appointment of Dhruv Anand as Country Head & Managing Director for operations in Japan. Dhruv will lead Wipro’s business expansion in Japan and will also partner with clients to help them achieve their growth ambitions by leveraging Wipro’s capabilities across the go-to-market themes of Experience, Data, Analytics & Insights, Engineering Edge, FullStride Cloud Services, Cybersecurity, Core Business Transformation, and Managed Services. (Full Story)

20 Sep 2022, 09:03:33 AM IST

Sensex in green at preopen session on Tuesday; Adani Enterprise, Dish TV, Nestle India in focus

Sensex at Preopen
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Sensex at Preopen
20 Sep 2022, 08:56:18 AM IST

Geojit Financial Services view on today's market: Indian market continues to show resilience despite global challenges.

Dr. V K Vijayakumar, chief investment strategist at Geojit Financial Services: Since globally markets are focused on Fedspeak on the 21st, major breaks from the present levels are unlikely for 2 days. A big correction after the Fed decision is possible only if the rate hike is by 100bp.

The Indian market continues to show resilience despite global challenges. Major indices like Nifty Bank, autos, FMCG and cement are at record levels with only Nifty IT dragging the benchmark indexes.

The real winners in this volatile market are investors who remained invested without much trading. This strategy may be continued in the near-term.

There is value emerging in IT for long-term investors.

20 Sep 2022, 08:53:08 AM IST

India’s defense of Rupee takes large bite from record reserves

India’s intervention to protect the rupee is running down currency reserves at a rate that’s poised to eclipse the drawdown during turmoil a decade ago.

While economists and the Reserve Bank of India aren’t ringing any alarm bells just yet, investors are watching closely given the rupee’s slump to an all-time low last month and the risk of a widening in the current account deficit.

Given a steady buildup in the reserves through to their peak last year, they remain at a much healthier level than during the previous period that covered part of the Eurozone crisis and the taper tantrum triggered by the Federal Reserve.

That crisis saw the rupee tumble almost 30% against the greenback between September 2011 and September 2013, making it one of the worst-performing emerging-markets currencies at the time. It’s dropped about 6.8% against the greenback in 2022, which is a much smaller loss than that of most of its peers. (Bloomberg)

20 Sep 2022, 08:52:27 AM IST

Apple to hike App Store prices in several countries from October

Apple Inc said on Monday prices of apps and in-app purchases on its App Store will increase in several countries including Japan, Malaysia and all territories that use the euro currency, from next month.

The new prices, excluding auto-renewable subscriptions, will be effective as early as Oct. 5, Apple said in a blog post.

These changes will also reflect new regulations for Apple in Vietnam to collect and remit applicable taxes, being value added tax (VAT) and corporate income tax (CIT) at 5% rates respectively, the company added. (Reuters)

20 Sep 2022, 08:43:54 AM IST

Stocks to Watch: Adani Enterprises, Dish TV, Nestle India, ONGC, Olectra, Natco Pharma, Reliance, Ircon International, Future Supply Chains

Delta Corp, RBL Bank, PVR, India Cements, Escorts Kubota, and Indiabulls Housing Finance Ltd are put under the F&O ban list for Monday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)

20 Sep 2022, 08:42:15 AM IST

Harsha Engineers IPO: Latest GMP ahead of share allotment. How to check application status online

The Initial Public Offer (IPO) of Harsha Engineers International got subscribed 74.70 times, led by strong demand from institutional buyers, on the last day of subscription that closed on Friday. The public issue received bids for 125.96 crore shares against 1.68 crore shares on offer, according to a data with the NSE.

The registrar for this IPO is Link Intime India Private Ltd, therefore the allotment application can be checked on the registrar's website here or on the BSE website here. (Full Story)

20 Sep 2022, 08:30:09 AM IST

Japanese stocks pare early gains ahead of Fed meeting

Japanese stocks marked slight gains in back-and-forth trading on Tuesday as investors braced for this week's long-awaited U.S. Federal Reserve meeting, where the central bank is expected to announce another big rate hike to tackle inflation.

As markets resumed trading after a national holiday, the Nikkei share index opened 0.8% higher and rose as much as 1.23% before paring gains to finish up 0.42% at the break.

The broader Topix index added 0.43%.

Markets are fully pricing in a Fed rate hike of at least 75 basis points, with an 18% chance seen of a full percentage point rise. (Reuters)

20 Sep 2022, 08:27:22 AM IST

Airlines struggle with scarcity of senior pilots

The civil aviation sector is facing a dichotomy about its pilots as it stages a recovery from the severe disruptions to air travel due to the pandemic.

While junior pilots have been waiting on the bench for the past two years with a letter of intent but without any salary, airlines are battling a paucity of captains who can fly bigger jetliners.

“There must be around 200 such pilots who have a letter of intent from IndiGo. Most were hired by the airline before covid but are waiting to get the call from the airline," said an industry executive aware of the matter. (Full Story)

20 Sep 2022, 08:25:08 AM IST

Cryptocurrency prices today gain: Bitcoin, ether surge about 4%. Check latest rates

Cryptocurrency prices today rose with Bitcoin trading above the $19,000 mark after remaining weak in the last few sessions, hampered by a further drop in the second largest token Ether as well as the prospect of a global wave of monetary tightening this week. Bitcoin, the world's largest and most popular cryptocurrency was trading more than 4% higher at $19,476. (Full Story)

20 Sep 2022, 08:11:33 AM IST

Kotak Securities market wrap for 19/09 : Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty.

Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd: “While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty. Technically, after an early morning fall, the Nifty found support near 17450/ (which is double bottom support level) and bounced back sharply and hovered between 17580-17665 levels. If the index trades above 17550 then the pullback formation is likely to continue. Above which, the index could touch the 20-day SMA level at 17675. On further upside, the index may rally up to 17800. On the flip side, below 17550 the index could retest 17450- 17400 levels."

20 Sep 2022, 08:09:23 AM IST

Assets of bankrupt companies can be sold in parts: IBBI

Insolvency and Bankruptcy Board of India (IBBI) has said that its latest regulations on corporate rescue allow administrators and lenders of bankrupt firms to invite bids for individual assets of the distressed company if they received no rescue plan for the entity as a whole the first time.

IBBI said in a statement that the idea is to maximise value in resolution. The amendments to regulations on ‘Insolvency Resolution Process for Corporate Persons’ issued last Friday enables the resolution professional and the committee of creditors to issue request for resolution plan a second time for sale of one or more of assets of the corporate debtor in cases where no resolution plan has been received for the corporate debtor as a whole. (Full Story)

20 Sep 2022, 08:07:57 AM IST

Rajesh Palviya stock recommendations: 3 stocks to buy today — 20th Sept

This week's trading session begins on a positive note with Sensex reaching over 59,000 and Nifty 50 above 17,600 on Monday. Indian equities recovered last week's some losses. Bank Nifty picked up over 40,900. A rebound was witnessed in broader sectoral indices as investors were prompted to add beaten-down stocks to portfolios. Buying in FMCG, auto, and banking stocks offset the bearish tone of capital goods and metal stocks. Although, overall, global markets outlook remains volatile ahead of US Federal Reserve's monetary policy outcomes. FOMC is set to meet from September 20 to 21. Expectations of another aggressive rate hike are on the cards from Fed. On Tuesday's trading session, Rajesh Palviya, VP - Technical and Derivative Research, Axis Securities recommends three stocks to buy.

Buy Poonawala Fincorp at 323 with a stop loss of 315 target of 345

Buy Maruti Suzuki at 9295 with a stop loss of 9180 target of 9450

Buy Welspun Corp at 266 with a stop loss of 255 target of 280 (Full Story)

The views and recommendations made above are those of individual analysts, and not of Mint.

20 Sep 2022, 07:43:09 AM IST

Olectra bags order worth ₹185 cr from Thane Municipal Transport Undertaking

Olectra Greentech Limited and Evey Trans Private limited (EVEY) consortium has received a Letter of Award from Thane Municipal Transport Undertaking for supply of 123 electric buses, Olectra said on Monday.

These buses will be supplied on a Gross Cost Contract (GCC) / OPEX model basis for a period of 15 years. The order value is 185 crore, Olectra said in a statement.

EVEY Trans will procure the Electric Buses from Olectra Greentech and shall be delivered in 9 months. Out of these 123 E-buses, 55 are (45 Air Conditioned and 10 Non-AC) 12-metre buses. The other 68 E-buses are (26 Air Conditioned, 42 Non-AC) -9-metres. (ANI)

20 Sep 2022, 07:42:23 AM IST

Bengal cabinet nod for issuing LoI to Adani group for Tajpur deep sea port

The West Bengal cabinet on Monday approved a proposal for issuing a letter of intent to Adani Ports and Special Economic Zone for development of a greenfield deep sea port at Tajpur, paving the way for an estimated investment of 25,000 crore, a senior minister said.

The West Bengal Maritime Board will issue the LoI to the Adani group, who was the highest bidder for the mega project, state Urban Development Minister Firhad Hakim told reporters after the cabinet meeting held in the assembly.

"Following the technical and financial evaluation and completion of all formalities, the cabinet today accorded approval for issuance of letter of intent by West Bengal Maritime Board for development of the Tajpur port to the successful bidder, Adani Ports and Special Economic Zone (SEZ)," an official statement said. (PTI)

20 Sep 2022, 07:33:57 AM IST

Domestic banks have sounded out Vedanta Group to express interest in funding semiconductor plant

Multiple domestic banks have sounded out Vedanta Group to express interest in funding the conglomerate’s proposed 1.54-trillion semiconductor plant in Gujarat, hoping to join an extensive project finance exercise. Lenders  express  interest  in  funding  1.54-tn  Gujarat semiconductor  plant. Troubled by rising interest rates, companies are going slow even on using loans that have already been sanctioned. (Full Story)

20 Sep 2022, 07:30:12 AM IST

Yes Bank moves Bombay HC to direct Dish TV to hold EGM

Yes Bank Ltd has upped the ante in its more than a year-long fight against Subhash Chandra-owned Dish TV India Ltd as the bank has approached the Bombay High Court to direct the satellite TV provider to conduct a special shareholder meeting.

On Monday, a division bench of the high court admitted the petition filed by Yes Bank, which is the largest shareholder in Dish TV, owning 24.78%. The court will hear the petition on Tuesday on whether Dish TV should conduct an extraordinary general meeting (EGM). (Full Story)

20 Sep 2022, 07:29:09 AM IST

Rupee falls 3 paise to close at 79.81 against US dollar

The rupee pared its initial gains and settled 3 paise lower at 79.81 against the US dollar on Monday, weighed down by the strength of the greenback in the overseas market.

A fall in crude oil prices and foreign fund inflows into equity markets, however, restricted the rupee losses.

At the interbank forex market, the local unit opened at 79.70 against the greenback. It witnessed an intra-day high of 79.59 and a low of 79.81 during the session.

It finally ended at 79.81, down 3 paise from its previous close of 79.78. (PTI)

20 Sep 2022, 07:28:38 AM IST

Wall Street ends up thanks to technical rebound and bargain hunt

US stocks closed higher Monday thanks to a technical rebound and bargain-hunting after last week's nightmarish run.

The Dow Jones industrial average gained 0.64%, the tech-rich Nasdaq was up 0.76% and the S&P 500 ended 0.69% higher.

All three indices had opened in the red Monday morning, before oscillating back and forth much of the day and finally gaining points before the close.

"I think today it really was about bargain hunting," RegentAtlantic analyst Andy Kapyrin said.

Major Nasdaq stocks, such as Apple ( 2.5%), Meta ( 1.18%) and Nvidia ( 1.39%) all ended higher after struggling for several days.

After flagging Friday, FedEx ( 1.17%) was also in demand Monday, as was Gap ( 4.39%), which was hit by a downturn last week after its deal with designer and rapper Kanye West ended.

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