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Business News/ Markets / Live Blog/  Sensex sheds 200 pts, Nifty closes below 18,500; Coal India, Kotak, Airtel lag

Sensex sheds 200 pts, Nifty closes below 18,500; Coal India, Kotak, Airtel lag

Share Market Close: Indices ended lower for 2nd day as investors chose caution. Sensex closed below 62,500 and Nifty below 18,500. Realty, PSU Bank jumped, while Nifty Bank shed. Bharti Airtel, Coal India and Kotak were the biggest laggards, while Tata Motors and Apollo Hospitals gained. 

Stock Market Today: Investors continue to book profits (AP)Premium
Stock Market Today: Investors continue to book profits (AP)

Markets chose caution and decided to book profits amidst mixed global cues despite strong economic data in which the country's GDP grew at 7.2% in FY23, beating the 7% official forecast. The GDP growth was mainly driven by robust expansion in agriculture, construction, and services sectors and a rebound in manufacturing in the March quarter.

01 Jun 2023, 03:38:26 PM IST

Indices shed as Sensex closes below 62,500 and Nifty below 18,500 with Bank and Finance sectors dragging the market

Indian indices mostly traded around the flat territory but ended in the red as investors chose profit booking for the second day in a row despite strong GDP data and continuous foreign fund inflows.

The 30-share BSE Sensex declined 193 points to close below 62,500, at 62,428. The NSE Nifty dipped 47 points to end just below 18,500. Eight out of 15 broad-based Nifty sectoral indices ended in the green in today's session.

Coal India shed more than 4%, while Kotak Bank and Bharti Airtel dropped more than 3% each and were the major laggards. Apollo Hospitals climbed 3.8% followed by Divi's Labs and Tata Motors.

Nifty Bank which shed 0.7% along with Finance stocks dragged the markets the most. Realty and Pharma rose by around a per cent with Media, PSU Bank and IT also ending with decent gains.

Global benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.

Japan's Nikkei share average ended higher on Thursday as investors scooped up stocks after losses in the previous session and also cheered U.S. lawmakers' vote to approve the debt ceiling bill to avoid a crippling default.

The Nikkei index rose 0.84% after opening lower. The index accelerated gains after the news that a divided U.S. House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling. The broader Topix rose 0.88%.

China stocks gave up earlier gains on Thursday to close with a mixed bag, even after a private sector survey showed the country's factory activity unexpectedly swung to growth in May from a decline in the previous month.

The blue-chip CSI300 Index ended up 0.2%, while the Shanghai Composite Index finished flat. Hong Kong's benchmark Hang Seng slipped 0.1%, and the Hang Seng China Enterprises Index was down 0.2%.

European stocks rose on hopes the Fed could keep interest rates steady this month, while the passage of a U.S. bill through the House of Representatives brought relief to investors worried about a potential debt default.

UK's FTSE 100 index edged up on Thursday, tracking an improvement in global mood, while footwear maker Dr Martens logged its worst day in over four months after warning of lower earnings for the upcoming year.

Sensex at Close
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Sensex at Close
01 Jun 2023, 03:22:46 PM IST

M&M share price rallies as strong SUVs demand drive May sales; should you buy this auto stock?

Auto giant, Mahindra & Mahindra (M&M) share price rallied by at least 1.5% on BSE during Thursday's trading session as the company recorded double-digit growth in May month passenger vehicles sales. Strong demand for SUVs has lifted overall monthly performance, while M&M saw healthy growth in exports and three-wheelers as well.

As per the regulatory filing, passenger vehicles stood at 32,886 units in May 2023, up by 22% from sales of 26,904 units in the same month a year ago. Of the total, SUV sales climbed by a whopping 23% YoY to 32,883 vehicles. (Read More)

01 Jun 2023, 03:15:02 PM IST

Balaji Telefilms reports 76% jump in revenues in FY23

Ektaa Kapoor-owned film, television and web production house Balaji Telefilms said its television revenue surged 44% in FY23 to Rs. 344 crore compared to the previous year. The company reported a 76% year-on-year increase in revenue to 593 crore during the year.

The company said its group-level Ebitda (earnings before interest, taxes, depreciation and amortization) profit stood at Rs. 11.5 crore in the March quarter versus an Ebitda loss of Rs. 31.3 crore in Q4 FY22. (Read More)

01 Jun 2023, 02:51:43 PM IST

SML Isuzu sales in May jump to 13% Jump, sells 1290 total vehicles

Chandigarh-based SML Isuzu has revealed its vehicle sales number for the month of May, 2023. The auto manufacturer has posted 13% increase in its total sales last month as compared to May 2023.

SML Isuzu sold 1,290 total vehicles in May 2023. It had sold 1,145 vehicle units in the same month last year. In the passenger vehicle category, the company sold 1044 units in May this year against the 727 units in May 2022. The company registered 44% growth in the passenger vehicle segment in May 2023.

However, its cargo vehicles sales declined by 41%, from 418 in May 2022 to 246 last month. (Read More)

01 Jun 2023, 02:50:41 PM IST

Mphasis sets up generative AI business unit; CTO Anup Nair to head division

Midcap information technology (IT) services firm, Mphasis, on Thursday announced a dedicated business unit for generative artificial intelligence (AI).

The new division, known as, will offer guidance on the integration of generative AI solutions, create proprietary generative AI technologies, provide licences to more than 250 AI models through its ‘Hyperscaler’ solutions platform, and collaborate with 50 startups to assist clients in solution development. will also supply clients with conversational AI tools, such as chatbots, to employ in their businesses.

Anup Nair, chief technology officer (CTO) of Mphasis Digital, will lead as its chief architect and CTO. (Read More)

01 Jun 2023, 02:24:56 PM IST

Eicher Motors total commercial vehicle sales in May rise 11.6% YoY to 6,289 units; share price gains

Eicher Motors reported total commercial vehicle sales of 6,289 units in the month of May, a rise of 11.6% from 5,637 units in the same month last year.

The total domestic sales of VE Commercial Vehicles, an unlisted subsidiary of Eicher Motors, during the month increased 15.8% to 5,826 units from 5,033, YoY.

However, the company’s total exports registered a sharp decline of 46.9% at 250 units from 471 units in the year-ago period. (Read More)

01 Jun 2023, 02:23:48 PM IST

UCO Bank share price surges over 7% on new MD, CEO appointment; check details

UCO Bank share price surged over 7% on Thursday's intraday session following the appointment of Ashwani Kumar as Managing Director (MD) and Chief Executive Director (CEO) for three years beginning June 1. UCO Bank shares opened at the day's intraday low of 26.21 apiece on the BSE.

The stock prices had been trading in a range for the past couple of weeks, but today, with the news of the appointment of a new MD and CEO, as well as the completion of Soma Sankara Prasad's tenure, UCO Bank shares saw strong positive momentum, breaking through the earlier congestion zone. (Read More)

01 Jun 2023, 01:59:21 PM IST

Brookfield acquires controlling stake in India's CleanMax Solar for $360 million: Reuters

On Thursday, Canadian investor Brookfield announced its acquisition of a majority stake in CleanMax Enviro Energy Solutions, an Indian solar-panel manufacturer, for a significant sum of $360 million.

Although the exact size of the stake was not disclosed, this deal reinforces Brookfield's already substantial presence in India, where it has previously invested billions in private equity and real estate ventures.

CleanMax Enviro Energy Solutions is actively involved in operating solar and wind farms, as well as providing rooftop panels to corporate clients across India, including the Bengaluru airport.

The company's operations currently contribute to the generation of 1.6 gigawatts of clean energy and play a crucial role in offsetting approximately 2.5 million tons of carbon dioxide emissions annually.

01 Jun 2023, 01:57:23 PM IST

IKIO Lighting IPO to open on June 6; price band set at ₹270-285 per share

IKIO Lighting Ltd, the LED lighting solutions provider, will launch its initial public offering (IPO) for subscription on June 6. The three-day IPO will close on June 8, while the bidding for anchor investors will open on June 5.

The company has set the price band for the public issue at 270-285 per share. The IPO consists of a fresh issue of equity shares worth up to 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters Hardeep Singh and Surmeet Kaur, as per the red herring prospectus (RHP). (Read More)

01 Jun 2023, 01:38:32 PM IST

PSU Bank index shines in the second half of today's sessions as it gains a per cent with most stocks trading higher

PSU Bank
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PSU Bank
01 Jun 2023, 01:36:49 PM IST

Multibagger stock Rama Steel Tubes posts 52% PAT growth in Q4, scrip trading 205% above 52-week-low

Established in 1974, Rama Steel Tubes is one of India's top producers of steel pipes, tubes, and G.I. pipes. In the Indian market for steel tubes and pipes, Rama is one of the most reputable and well-known brands.

During Q4FY23, the company recorded revenue from operations of 399.23 Cr up by 58.49% YoY from 251.89 Cr during Q4FY22. Its net income stood at 393.90 Cr during the quarter ended March 2023 as against 250.97 Cr during the quarter ended March 2022. Rama Steel Tubes said its net profit of 11.27 Cr during Q4FY23 up by 52% YoY from 7.40 Cr during the same quarter of FY22. (Read More)

01 Jun 2023, 01:12:26 PM IST

S&P Global affirms Reliance Industries' ‘BBB+’ rating, outlook stable

Rating agency S&P Global affirmed the ‘BBB+’ rating on Reliance Industries with a stable outlook.

01 Jun 2023, 12:51:25 PM IST

IT stock Cyient clocks 8% intraday high as Board fixes record date for 320%

Cyient opened Thursday's trading session at 1300.85 apiece and went to hit an intraday high of 1409.00 logging an upside 8.31%. This bullish trend was witnessed after Board of Directors of the company fixed record date for 320% dividend.

“This is to inform that 12 June 2023 is fixed as the cut-off date for the purpose of final dividend and evoting in connection with the Annual General Meeting of the Company scheduled to be held on 21 June 2023. It is further informed that the board of directors of the company have recommended a Final dividend of 16.00 per equity share (320%) on par value of 5.00 per share for the financial year ended 31 March 2023 to those members as on record date (12 June 2023) subject to the approval of members at the ensuing Annual General Meeting of the company. The dividend will be paid within 30 days from the date of AGM," Cyient said in a stock exchange filming. (Read More)

01 Jun 2023, 12:36:05 PM IST

HFCL plans to further expand optic fiber capacity on backdrop of strong market demand

HFCL Limited, which offers communication network solutions, has announced the expansion of its current capacity of high-quality optical fiber manufacturing from 10 million fiber km/per annum to 33.90 million fiber km/per annum instead of 24.94 million fiber km as planned earlier.

HFCL said in a statement that it is witnessing strong market demand for optical fiber cable and this strategic initiative aims to achieve the dual objectives of margin accretion and insulation from sourcing vagaries. 

The company added that it has earmarked an estimated capex of 470 crore and will be using debt and internal accruals as the mode of financing. The capacity will be added in a phased manner, with the completion targeted by December 2024.

01 Jun 2023, 12:19:46 PM IST

Pharma index remains stable in today's trading most stocks in the index trades in the green

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01 Jun 2023, 12:17:33 PM IST

Nvidia CEO Jensen Huang to visit China amidst growing geopolitical tensions, meeting tech executives and gaming giants

Nvidia's CEO, Jensen Huang, is reportedly planning a visit to China to engage with tech executives in the largest chip market globally, defying escalating tensions between the United States and China. Sources familiar with the situation revealed this information, as per a report by Bloomberg.

As per the report, Jensen Huang, the CEO of Nvidia, intends to visit China in June, marking his first trip to the country in several years. These insiders, who wish to remain unidentified due to the confidential nature of his schedule, disclosed that Huang recently made an appearance at a trade show in Taiwan. During his upcoming visit to China, Huang plans to meet with prominent technology executives from Tencent Holdings Ltd., a leading player in the gaming industry, and ByteDance Ltd., the parent company of popular social media platform TikTok. (Read More)

01 Jun 2023, 12:02:55 PM IST

Noon Update: Investors stay optimistic with a pinch of cautious as indices stay marginally in green; Kotak Bank, Coal India, Bharti Airtel drag; Apollo Hospitals 

Sensex at Noon
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Sensex at Noon
01 Jun 2023, 11:54:04 AM IST

Apollo Hospitals share price rises over 4%; should you buy this stock? Here's what top brokerages say

Apollo Hospitals Enterprise's share price rose over 4 per cent in morning trade on BSE on Thursday (June 1), looking set to extend the gains into the second consecutive session after the company's March quarter earnings. The stock opened nearly a per cent higher at 4,657.75 against the previous close of 4,622.80 and rose 4.5 per cent to 4,830 in the first half of the session.

While the Q4 numbers looked healthy, they missed the estimates of analysts and brokerage firms. Still, most of them maintained their positive views on the stock.

Brokerage firm Motilal Oswal Financial Services maintained a buy call on the stock with a target price of 5,450 even as it underscored Apollo Hospitals delivered a lower-than-expected Q4FY23 performance, dragged down by higher spending on Apollo 24/7 and additional establishment costs for the pharmacy business. However, the brokerage firm added that the healthcare services business posted healthy revenue and EBITDA growth of 13 per cent and 18 per cent YoY to 8,700 crore and 2,100 crore, respectively, in FY23. (Read More)

01 Jun 2023, 11:41:39 AM IST

 Why Coal India shares are falling for fourth day in a row — explained

Cola India shares witnessed heavy sell-off pressure in early morning deals and extended its downtrend for the fourth straight session. Coal India share price today opened lower and hit an intraday low of 229.55 apiece levels on NSE, logging around 4.80 per cent intraday dip on Thursday. Coal India shares are under pressure since Tuesday deals as the PSU stock has announced offer for sale at discounted price of 225 per share.

Coal India OFS has opened today and it will remain open for subscribed till 2nd June 2023. According to stock market experts, Coal India share price is under pressure after Coal India OFS news as Coal India OFS is offered at a high premium and shareholders of the company are offloading their position as they have an option to buy scrip at discounted price via OFS. So, it is more strategic than any flaw in the fundamentals of the company. They advised positional investors to buy around 220 apiece levels as the stock may bounce back strongly after the end of Coal India OFS. (Read More)

01 Jun 2023, 11:16:05 AM IST

Apple achieves milestone as India's largest electronics retailer, raking in record sales at flagship stores

Months after opening its first retail stores in India, Apple has become the nation's leading electronics retail store in terms of sales. Industry insiders report that Apple's initial two proprietary stores in India have generated monthly revenues exceeding 22-25 crore each, surpassing the highest revenue recorded by any non-Diwali period electronics store in the country, reported Economic Times.

Apple CEO Tim Cook attended the grand openings of the Mumbai and New Delhi stores, which took place on April 18 and April 20, respectively.

The report highlights that according to executives, the Mumbai store located at Jio World Drive in Bandra Kurla Complex has quickly become one of the top 10 Apple-owned stores. On its first day, Apple BKC generated revenue exceeding 10 crore, surpassing the monthly earnings of some of the largest local electronics stores by 2-3 crore. (Read More)

01 Jun 2023, 11:14:59 AM IST

Escorts Kubota reports 9% jump in May sales, sells 9,167 tractor units

Escorts Kubota Ltd has announced a 9% increase in vehicle sales for the month of May. The company has sold 9,167 units of tractors in the past month - its highest-ever May sales. It sold 8,421 tractors in May 2022.

Domestic tractor sales in May 2023 were at 8,704 tractors registering a growth of 13.5 percent against 7,667 tractors sold in May 2022, the company said.

Similarly, export tractor sales in May 2023 were at 463 compared to 754 tractors sold in May last year. (Read More)

01 Jun 2023, 10:49:05 AM IST

Realty shines in today's trading as it jumps more than a per cent with most stocks trading in the green

Realty index
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Realty index
01 Jun 2023, 10:42:14 AM IST

India's May factory activity grows at fastest pace in May since October 2020: Reuters

India's manufacturing sector experienced its fastest expansion since October 2020, driven by robust demand and increased output, according to a recent private survey. The survey also revealed that heightened optimism among businesses resulted in the hiring of new employees at the quickest rate in six months.

This positive trend in the manufacturing industry has set India apart from its regional counterparts, including China, Japan, and South Korea, which have faced prolonged challenges in their manufacturing sectors. Over the past few quarters, India's economy has greatly benefited from the solid growth observed in this sector.

The Manufacturing Purchasing Managers' Index, compiled by S&P Global, soared to a 2-1/2 year high of 58.7 in May, surpassing expectations of a decline to 56.5, as predicted in a Reuters poll.

Furthermore, the index has maintained a level above 50, indicating growth rather than contraction, for an impressive streak of 23 consecutive months.

01 Jun 2023, 10:28:58 AM IST

MG Motor India registers 25 per cent growth in retail sales in May 2023

MG Motor India has reported 25 per cent rise in retail sales in May 2023 compared to the same month last year. The auto manufacturer sold 5,006 units last month. It had sold 4,008 units in May 2022.

MG Motor India in a statement said it remains optimistic about growth and meeting the rising customer demand through various ongoing and planned production and operational initiatives.

The growth in sales of ZS EV and the positive response to the recently launched mini electric car Comet EV further encourage the company's stance towards electric mobility, it added. (Read More)

01 Jun 2023, 10:17:01 AM IST

Adani Transmission share price hits 5% upper circuit; Adani Total Gas share price rises 5%

Adani Transmission's share price opened at its 5 per cent upper circuit of 816.40 on BSE on Thursday (June 1) after suffering losses in the last five consecutive sessions. In the last five sessions of losses, the stock declined nearly 15 per cent.

Besides, shares of Adani Total Gas also rose about five per cent in early deals after suffering losses in the last four consecutive sessions which dragged the stock over 16 per cent lower.

The recent fall in these two stocks could be attributed to the MSCI index rejig. (Read More)


01 Jun 2023, 10:08:11 AM IST

Bharti Airtel sheds 3% in early trading and is the biggest laggard in the stock charts

Bharti Airtel
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Bharti Airtel
01 Jun 2023, 09:54:57 AM IST

FIIs remain net buyers in Indian stock markets for third month in a row with a net inflow of ₹27,351.08 crore in May

Indian stock market logged decent gains in May as foreign institutional investors (FIIs) continue to remain 'net buyers' for the third straight month. In May 2023, FIIs net inflow stood at 27,856.48 crore in the cash segment whereas in the F&O segment, FIIs sold out shares worth 505.40 crore. Hence, FIIs remained net buyers in the month of May with a net inflow of 27,351.08 crore. FIIs had remained net buyers in the month of March 2023 and April 2023 as well. (Read More)

01 Jun 2023, 09:44:53 AM IST

IT index jumps around a per cent in early trading with most stocks trading in the green

IT index
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IT index
01 Jun 2023, 09:41:49 AM IST

Geojit Financial Services on today's market: Only concern is the rising valuations which might nudge DIIs to sell

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are many positives going in favour of the ongoing rally. One, the US House of Representatives has passed the US debt ceiling bill indicating that the debt impasse will be resolved. Two, the FPI investment in India continues with big investments during the last 3 days pushing the total investment in May to an impressive 43838 crores. Three, the Q4FY23 and full year FY23 GDP growth figures coming at 6.1% and 7.2% have impressively beaten the market expectations indicating that the FPI optimism is justified. The 4% decline in crude is another macro positive. These positives, particularly the GDP numbers, can impart resilience to the market. The only concern is the rising valuations which might nudge DIIs to sell thereby neutralising the FPI buying.

01 Jun 2023, 09:35:05 AM IST

Bajaj Auto May sales rise 29% to 3.55 lakh units; Domestic sales jump 103% YoY

Bajaj Auto reported a total sales of 3.55 lakh units in the month of May 2023, beating Nomura's estimate of 3.50 lakh units. The company's sales during the month increased 29% as against 2.75 units sold in May 2022.

The company's domestic sales in May jumped 103% to 2.28 lakh units as compared to 1.12 lakh units sold in the same month last year.

01 Jun 2023, 09:32:58 AM IST

Rupee opens 25 paise stronger at 82.47 against US dollar

The Indian rupee opened higher against the US dollar on Thursday supported by strong domestic GDP growth in FY23 and wagers of a US Federal Reserve pause next week and the much higher-than-expected local GDP print. The local currency opened 25 paise higher at 82.47 a dollar against Wednesday’s close of 82.72.

India's economic growth accelerated to 6.1% in the January-March quarter, data out on Wednesday showed, boosting sentiment. (Read More)

01 Jun 2023, 09:28:50 AM IST

Sensex and Nifty start flat with Coal India, Kotak and Airtel dragging, while Apollo Hospitals shine

Sensex at Open
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Sensex at Open
01 Jun 2023, 09:13:54 AM IST

India's semiconductor dreams dashed: $3 Billion ISMC chip facility stalled as Intel takes over tower

A planned $3 billion semiconductor facility in India by chip consortium ISMC that counted Israeli chipmaker Tower as a tech partner has been stalled due to the company's ongoing takeover by Intel, three sources said, dashing India's chip-making plans.

A second mega $19.5 billion plan to build chips locally by a joint venture between India's Vedanta and Taiwan's Foxconn is also proceeding slowly as their talks to rope in European chipmaker STMicroelectronics as a partner are deadlocked, a fourth source with direct knowledge said. (Read More)

01 Jun 2023, 09:05:45 AM IST

Sensex preopens flat on Thursday with focus on Adani group, TCS, Patanjali Foods in today's session

Sensex at Preopen
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Sensex at Preopen
01 Jun 2023, 08:55:58 AM IST

HDFC issues terms sheet in regard to ₹57,000 crore fund raise plan

Housing Development Finance Corporation (HDFC) Limited has issued a post-bidding term sheet for the issuance of non-convertible debentures (NCDs), which aims to raise 57,000 crore. The mortgage lender has offered these two-year bonds at a coupon rate of 7.80 per cent in a sale on Wednesday. In this terms sheet, HDFC has cleared that the bond sale will have a base price of 5,000 crore along with an additional subscription offer of 5,000 crore.

As per the terms sheet issued by HDFC nature of the bond sale will be unsecured and the mode of placement will be private placement. CRISIL and ICRA have given 'AAA' rating to this bond instrument of HDFC. (Read More)

01 Jun 2023, 08:46:15 AM IST

Small cap stock, Gloster, fixes record date for 200% dividend, scrip trading at a dividend yield of 11.94%

On Wednesday's closing session, Gloster Ltd, a small-cap company, had a market worth of 779.32 Cr. The company manufactures and exports a variety of jute and jute-related products, including woven and non-woven jute geotextiles, treated fabrics that are rot- and fire-resistant, and jute products used for packaging industrial and agricultural products.

The Board of Directors has recommended dividend @200% i.e. 20 per share for FY23.

For the purpose of dividend, the Board of Directors said in a stock exchange filing that “The dividend as approved by the Board of Directors of the Company is subject to the approval of the shareholders and shall be paid to: (i) All Beneficial Owners in respect of shares held in deniaterialized form as per the data made available by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as at the close of business hours on 29th July 2023; (ii) To all Members in respect of shares held in physical form after giving effect to valid transfers in respect of transfer requests lodged with the Company on or before the close of business hours on 29th July 2023," said Gloster in a stock exchange filing. (Read More)

01 Jun 2023, 08:34:57 AM IST

Stocks to Watch: Adani Group, TCS, Coal India, Kotak Bank, Patanjali Foods, Welspun Corp, MOIL, NRB Bearings, Lupin, Coffee Day Enterprises

Adani Group plans to raise $3.5bn through an equity share sale to institutional investors, while Tata Consultancy Services new CEO takes full-time charge. Coal India is planning to sell up to 3% stake in a $563m offer for sale, while Welspun Corp saw an 8.9% dip in net profit. Patanjali Foods is planning to sell shares through Qualified Institutions Placement and Offer for Sale to meet minimum public shareholding norms. NRB Bearings reported consolidated revenue growth during Q4FY23, while Lupin received US FDA approval to market a generic medication. National Financial Reporting Authority imposed a penalty on three entities related to Coffee Day Enterprises for alleged professional lapses in auditing. (Read More)

01 Jun 2023, 08:23:41 AM IST

Patanjali Foods promoters to dilute 6% share in June through QIP, FPO: Baba Ramdev

Patanjali Foods Ltd, formerly known as Ruchi Soya Industries Ltd, Wednesday said its promoters plan to sell shares to institutional investors in June through Qualified Institutions Placement (QIP) and Offer for Sale (OFS) for dilution of a 6% stake to meet minimum public shareholding norms of 25%.

At present the public shareholding in Patanjali Foods stands at 19.18%, which needs to be increased to a minimum of 25% to meet the minimum public shareholding norms. Under Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957 mandates a listed entity to have a minimum public shareholding (MPS) of 25%. (Read More)

01 Jun 2023, 08:11:35 AM IST

Krithivasan takes charge as TCS CEO

K. Krithivasan, who was unveiled as the chief executive officer-designate for Tata Consultancy Services (TCS) on 16 March, will on Thursday assume full-time charge of India’s largest information technology (IT) services firm by market cap. Industry experts and observers said the stepping down of erstwhile chief, Rajesh Gopinathan, isn’t expected to pose any uncertainty for the company, for which Krithivasan is the fifth CEO in its 55-year history. Krithivasan, who has been at TCS for over 34 years now, will be the oldest CEO appointment so far. His predecessor, Gopinathan, was the youngest appointee, taking up the role in 2017, aged 46. (Read More)

01 Jun 2023, 08:10:22 AM IST

Elon Musk again becomes world's richest person, overtakes Bernard Arnault

Elon Musk has again become world's richest person after shares of Bernard Arnault LVMH fell 2.6% in Paris trading. Musk and Arnault have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index.

Arnault, the 74-year-old French business tycoon first surpassed Musk in December 2022 as the tech industry struggled and luxury showed resilience in the face of inflation.

Arnault founded LVMH which owns brands including Louis Vuitton, Fendi, and Hennessy. (Read More)

01 Jun 2023, 07:48:42 AM IST

Abrdn sells entire 1.66% stake in HDFC Life Insurance for ₹2,069 crore; SBI Mutual Fund (MF), BofA Securities Europe SA among buyers

HDFC Life Insurance Company’s promoter entity Abrdn has sold its entire stake of 1.66% in the company for 2,069 crore through open market transactions, BSE block deal data showed.

The UK-based investment company Abrdn divested 3,56,94,105 shares of HDFC Life Insurance Company at 579.60 apiece in 15 tranches through its affiliate Abrdn (Mauritius Holdings) 2006 Ltd.

SBI Mutual Fund (MF), BofA Securities Europe SA, Societe Generale, Nippon India MF, Morgan Stanley Asia Singapore Pte, Norges Bank, BNP Paribas Arbitrage, among others bought the shares of HDFC Life Insurance Company Ltd. (Read More)

01 Jun 2023, 07:46:32 AM IST

Buy or sell: Vaishali Parekh recommends three stocks to buy today: Borisil Renewables, Bombay Dyeing, and Intellect Design

Vaishali Parekh has recommended three day trading stocks for today. Here we list out full details in regard to those intraday stocks:

1] Borosil Renewables: Buy at 545, target 567, stop loss 536;

2] Bombay Dyeing: Buy at 83, target 87, stop loss 81; and

3] Intellect Design: Buy at 586, target 608, stop loss 577. (Read More)

01 Jun 2023, 07:20:24 AM IST

Beating estimates, India’s GDP expands 7.2% in FY23 on back of robust expansion in agriculture, construction, and services sectors

India’s economy grew at 7.2% in FY23, beating the 7% official forecast, driven by robust expansion in agriculture, construction, and services sectors and a rebound in manufacturing in the March quarter, data released by the National Statistical Office on Wednesday showed.

For the quarter ended 31 March, the gross domestic product (GDP) expanded 6.1%, accelerating from 4.5% in the preceding three months and 4% in the year-ago quarter.

Data showed that investment in fixed assets saw a strong growth of 8.92% in the March quarter, driven by the government’s capital expenditure, while household spending saw an uptick of 2.82%. Government spending too showed a growth of 2.29% in the quarter on a high base. (Read More)

01 Jun 2023, 07:19:40 AM IST

Wall Street falls on Wednesday as labour data spurs rate hike jitters before debt ceiling vote

U.S. stocks closed down on Wednesday as a deal to raise the federal debt ceiling headed for a crucial vote in Congress, while unexpectedly strong labor market data rattled investors who fear the Federal Reserve might hike interest rates again in June.

Most analysts foresee the bill's approval and U.S. President Joe Biden said on Wednesday he expected the debt ceiling bill on his desk by next Monday.

The Labor Department reported that U.S. job openings unexpectedly rose in April, reflecting persistent labour market strength that suggests pressure on wages and inflation.

The Dow Jones Industrial Average fell 134.51 points, or 0.41%, to 32,908.27; the S&P 500 lost 25.69 points, or 0.61%, at 4,179.83; and the Nasdaq Composite dropped 82.14 points, or 0.63%, to 12,935.29.

For the month, the S&P 500 rose 0.26%, the Dow lost 0.3.48% and the Nasdaq gained 5.80%. (Reuters)

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