Sensex ends 160 pts higher, Nifty adds 50 pts; Bank, Metal shine; Pharma drags | Mint – Mint

Most Asian markets remained under pressure on Thursday with Tokyo shedding and Shanghai ending flat. Hong Kong cheered further relaxation of the strict Covid policy and surged in today’s session. European markets are trading in the red. 

08 Dec 2022, 03:38:40 PM IST

Indices end in green, thanks to a minor surge towards the end with Sensex gaining 160 pts and Nifty 50

Indices eked out some gains with a late surge after remaining flat for most of the session. Negative global cues along with talks of a possible recession are keeping investors on their toes.

Sensex added 160 points to close at 62,570, while Nifty closed just above 18,600, at 18,609, a climb of 50 points.

Bank indices surged in today’s session, especially the PSU Bank index which gained 4%. Metal and Media also ended with decent gains. Pharma, Realty, IT and Consumer Durable ended in the red on Thursday.

Axis Bank, IndusInd Bank, Eicher Motors and L&T were among the biggest gainers, each adding more than 2%. Sun Pharma shed 3% followed by Divi’s Lab and Power Grid which shed more than a per cent each.

Asian stocks had a mixed day with many tracking the overnight loss at Wall Street but the Hong Kong market remained optimistic about the relaxation of the Zero-Covid strategy.

Japan’s Nikkei index closed at a near one-month low Thursday weighed down by economic concerns as well as corporate earnings. The Nikkei share average fell 0.4%. Meanwhile, Japan’s economy shrank less than initially estimated in the three months through September amidst weak consumer spending.

Hong Kong stocks jumped as expectations grew that the government will further relax Covid restrictions that have weighed on its economic outlook. The Hang Seng Index rose 3.4%. Mainland China index ended flat with Shanghai Composite closing 0.071% lower.

European equities extended a four-day slide in the face of economic headwinds. The Stoxx Europe 600 slipped at the open with food producers and banks pacing declines.

Sensex At Close

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Sensex At Close
08 Dec 2022, 03:24:36 PM IST

New terminal of Chennai International Airport to be ready by 2024: Civil Aviation Minister Jyotiraditya Scindia

Civil Aviation Minister Jyotiraditya Scindia on Thursday said work on the new terminal of the Chennai International Airport will be completed by 2024 and subsequently it will be inaugurated.

Speaking in the Lok Sabha, Scindia also said a new site, Parandur, has been chosen for Chennai’s second airport — a greenfield one — out of the four sites offered by the Tamil Nadu government.

“We have a very aggressive plan for the Chennai airport. We are spending almost 2,895 crore for the Chennai airport expansion plan. The probable time of completion of the work is somewhere in 2024. As soon as that is completed, we will inaugurate it,” he said during Question Hour. (PTI)

08 Dec 2022, 03:05:16 PM IST

Foxconn reports 11% drop in iPhone sales after its plant disrupted in China

Foxconn, a Taiwanese multinational that trades as Hon Hai Technology Group in China, has reported an 11 per cent downfall in sales for November from the previous year after shipments were affected by a Covid-19 outbreak in the Chinese city of Zhengzhou.

According to Foxconn, the company reported unaudited consolidated revenue of NT$ 551.1 billion for November 2022, down 29.04 per cent MoM (Month on Month) and 11.36 per cent YoY (Year on Year). (Read More)

08 Dec 2022, 02:57:49 PM IST

JSP acquires debt-laden Monnet Power for ₹410 cr

Jindal Steel and Power (JSP) Limited has acquired debt-laden Monnet Power for 410 crore through an insolvency route, a company official said on Thursday.

The transaction for the Odisha-based 1,050-megawatt power asset was completed on Wednesday, Kapil Mantri, head of the strategy at JSP told PTI.

“We have won the bid for 410 crore for liquidation of the power plant of Monnet Power via NCLT route,” he said.

The new asset will provide power to JSP’s steel plant in Angul, which is in expansion mode, Mantri said.

Replying to a question related to the operations of the power plant, he said it is an under-construction project and his company aims to make it operational within the next one year by infusing fresh investments. (PTI)

08 Dec 2022, 02:40:07 PM IST

Kalpataru Power stock climbs as board approves NCDs issuance worth ₹99 cr

Kalpataru Power on Thursday received board of directors approval for fundraising of 99 crore through the issuance of non-convertible debentures (NCDs). The issue will be on private placement. On exchanges, Kalpataru Power shares rallied as investors turned upbeat.

The NCDs have a face value of 10 lakh each. The issue will be listed on the Wholesale Debt Market and BSE. The date of allotment of debentures is set on December 9, 2022. (Read More)

08 Dec 2022, 02:18:16 PM IST

Bank index zooms 1% as most stock in the index are trading in green

Bank Index

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Bank Index
08 Dec 2022, 02:13:18 PM IST

Air India commits over USD 400 mn to fully refurbish wide-body aircraft cabin interiors

Flag carrier Air India has announced plans to refurbish its entire legacy of widebody fleet, comprising 27 Boeing B787-8 and 13 B777 aircraft, committing over USD 400 million for the project.

According to a company statement, this refurbishment will see a complete overhaul of existing cabin interiors, including the addition of latest seats and best inflight entertainment across all classes.

It will also see the introduction of a premium economy cabin on both fleets. The first-class cabin will also be retained on the 777s. (ANI)

08 Dec 2022, 02:04:31 PM IST

BLS International Services turn ex-bonus, shares rise by 10%

BLS International Services hit a new 52-week high on exchanges as the stock turned ex-bonus on Thursday. BLS received strong buying demand in shares ahead of its 1:1 bonus issue record date. The smallcap stock is a multi-bagger and has given a 2-folds return to investors in a year. Ex-date is is when the price of an equity share of a company gets adjusted for the dividend payout or bonus issuance generally. (Read More)

08 Dec 2022, 01:40:36 PM IST

Landmark Cars IPO to launch next week. Date, price band announced

The three-day initial public offering (IPO) of Landmark Cars will open for public subscription next week on Tuesday, December 13, 2022, and the issue will conclude on Thursday, December 15, 2022. The company has fixed a price band of 481-506 apiece and the bidding for anchor investors will open next on Monday, December 12.

Landmark Cars IPO consists of a fresh issue of equity shares aggregating up to 150 crore and an offer for sale (OFS) of equity shares of up to 402 crore from promoters, with a total issue size of up to 552 crore. (Read More)

08 Dec 2022, 01:23:39 PM IST

CEO of JSW Steel’s US arm resigns

The CEO of JSW Steel’s US-based arm JSW Steel USA, Mark Bush, has resigned, a statement said on Thursday.

His resignation has come ahead of the completion of the steel maker’s Baytown plate mill modernisation project in 2023. Bush joined as the CEO of JSW Steel USA in 2020. Bush has stepped down from his role as Chief Executive Officer (CEO) of JSW Steel USA to pursue other opportunities, the company said in the statement. (PTI)

08 Dec 2022, 01:13:17 PM IST

Powergrid drags in today’s trading, sheds 1.5% and among the biggest laggards

PGCL

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PGCL
08 Dec 2022, 01:04:43 PM IST

Elon Musk’s bankers consider Tesla margin loans to cut risky Twitter debt

Elon Musk’s bankers are considering providing the billionaire with new margin loans backed by Tesla Inc. stock to replace some of the high-interest debt he layered on Twitter Inc., according to people with knowledge of the matter.

The margin loans are one of several options the Morgan Stanley-led bank group and Musk’s advisers have discussed to soften the burden of the $13 billion of debt Twitter took on as part of Musk’s $44 billion acquisition. (Read More)

08 Dec 2022, 12:47:56 PM IST

Inox GFL Group raises ₹1,500 crore, pares down debt; Inox Wind Energy stock rallies

Inox GFL Group on Thursday announced fundraising to the tune of 1,500 crore after the initial public offering (IPO) of Inox Green Energy and stake sale in Gujarat Fluorochemicals (GFL). The fresh capital has been used to pare down debt substantially across its operating companies. With this, the Group takes a significant step towards achieving zero net debt. The majority of Inox stocks are traded in the green.

As per the regulatory filing, the Group raised 740 crore through Inox Green Energy IPO and the proceeds are primarily used for debt repayment. (Read More)

08 Dec 2022, 12:43:01 PM IST

Rahul Pagidipati returns as CEO of crypto exchange ZebPay

Indian crypto exchange ZebPay announced on Thursday that Rahul Pagidipati has been back in charge as the chief executive officer (CEO) of ZebPay effective December 1, 2022. Rahul will spearhead ZebPay’s operations and work with the current leadership team to grow current and new lines of business. (Read More)

08 Dec 2022, 12:32:59 PM IST

Metal Index climbs in today’s session with most stocks trading in green

Metal Index

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Metal Index
08 Dec 2022, 12:06:12 PM IST

Rockwell Automation expands to 3,000 people in India; aims to maintain growth trajectory

Rockwell Automation has grown to a 3,000-people-strong organisation in India from 800 people a decade ago, and aims to maintain its growth trajectory, a senior company official has said.

The Milwaukee, US-headquartered Fortune-500 company looks at India both as a market given the rapid strides in manufacturing in the country, and also as a talent base to aid its global operations, the company’s regional director for India, Dilip Sawhney told PTI in an interaction here.

Its president for Asia Pacific, Scott Wooldridge, said its overall staff strength has grown to 3,000 people in India from 800 a decade ago, and said India has seen a lot of easing on issues like taxation and permissions for setting up new facilities. (PTI)

08 Dec 2022, 12:03:37 PM IST

Noon Update: Indices trading flat amidst negative global cues; IT and Pharma drag while PSU Bank shines

Sensex at Noon

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Sensex at Noon
08 Dec 2022, 11:56:56 AM IST

Govt aims to appoint private sector professional as first CEO of LIC

India aims to appoint a private sector professional as the first chief executive of the Life Insurance Corporation of India in an effort to modernise its largest insurer after a disappointing stock market debut, two government officials said. A private sector appointee to lead India’s largest insurer, which manages 41 trillion rupees ($500.69 billion) in assets, would be a first in its 66-year history. The Ministry of Finance, which oversees the LIC, did not respond to emailed questions. (Read More)

08 Dec 2022, 11:37:51 AM IST

Power giant NTPC will turn to nuclear in climate goal chase

NTPC Ltd., India’s top power producer, is planning to build a massive nuclear fleet that’ll aid the nation’s push to shift away from coal and curb emissions to hit net-zero by 2070.

The state-run company aims to install 20 to 30 gigawatts of nuclear capacity by 2040, according to a person familiar with the plans, who requested anonymity to discuss the private proposals and said the target remains tentative. India currently has 22 operational reactors with about 6.8 gigawatts of capacity. (Read More)

08 Dec 2022, 11:37:06 AM IST

Axis Bank leads the stock chart; climbs 2% 

Axis Bank

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Axis Bank
08 Dec 2022, 11:16:50 AM IST

Media Index going strongly, gains 1% in today’s trading

Media Index

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Media Index
08 Dec 2022, 11:00:34 AM IST

Geojit Financial Services view on IT Sector outlook post the massive lay-offs

Vinod Nair, head of research at Geojit Financial Services: Major U.S. IT companies felt the burn of macroeconomic headwinds and prepared by trimming their employee strength through massive layoffs to improve margins. However, the revenue of the major Indian IT companies in the last quarter (Q2 FY23) was consistent with the estimates with healthy outlook commentary. The average margins of top IT companies expanded by 60bps on improving operational efficiencies. Despite the macroeconomic headwinds that prevailed in the global markets, most of the revenue was supported by cloud, engineering, and digital services. Going forward, healthy deals in the areas are estimated to drive growth. With fresh hires, a return to office policies, and improved cost-cutting measures, margins are likely to normalise in the coming quarters. After a major correction the valuation of IT stocks have moderated by 1/3rd, which is marginally above average and accommodative on the long term basis though volatility can prevail in the short term due to global slowdown.

08 Dec 2022, 10:47:04 AM IST

Infosys ₹9,300 cr share buyback plan commences on 7 Dec. How to participate?

IT-giant Infosys shares are in focus after its buyback offer commenced. On Thursday, the fourth largest company in terms of market share was trading broadly flat. The share buyback worth 9,300 crore commenced on December 7 and will continue till June 6, 2023. On the first day of the offer, Infosys bought back equity shares worth nearly 202 crore on exchanges, as per the regulatory filing.

On Wednesday, in a regulatory filing, Infosys revealed that the company bought back 25,000 shares on BSE and 12.23 lakh shares on NSE at an average price of 1,615.54 apiece. The total shares on the first day bought were to the tune of 12.48 lakh on stock exchanges aggregating to around 201.62 crore at the average price. Kotak Securities was the broker for the transaction. (Read More)

08 Dec 2022, 10:45:42 AM IST

Dharmaj Crop Guard shares surge after positive market debut

Shares of Dharmaj Crop Guard Ltd made a market debut on Thursday with the stock listing at 266 apiece on the NSE, a premium of more than 12% as compared to its IPO issue price of per 237 share. On the BSE, Dharmaj Crop Guard shares started trading at 270 apiece, and later surged to 275 in early deals.

The Initial Public Offer (IPO) of Dharmaj Crop Guard was subscribed 35.49 times on the last day of subscription on Wednesday, November 30, 2022. The issue received bids for 28,43,51,820 shares against 80,12,990 shares on offer. (Read More)

08 Dec 2022, 10:21:06 AM IST

Sun Pharma slips 3%, amongst biggest laggards

The US Food and Drug Administration (FDA) had listed Sun Pharmaceutical Industries Ltd’s facility in Gujarat under an import alert, the company said today. The import alert means all future shipments of products made at the Halol plant can be refused admission to the US market until the facility becomes compliant with the FDA’s Current Good Manufacturing Practice standards, Sun Pharma said in a statement.

Sun Pharma

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Sun Pharma
08 Dec 2022, 10:04:00 AM IST

PSU Bank index shines as it gains 1% in early trading; almost all stocks in green

PSU Bank Index

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PSU Bank Index
08 Dec 2022, 09:49:32 AM IST

Indian bond yields seen lower tracking fall in oil, U.S. yields

Indian government bond yields were expected to open lower on Thursday, tracking a slump in oil prices as well as U.S. yields.

The benchmark 10-year yield was likely to move in a 7.22%-7.27% band today, a trader with a private bank said. The yield ended higher for a fourth straight session at 7.2693% on Wednesday. (Read More)

08 Dec 2022, 09:40:35 AM IST

Siemens shares extend rally after winning ₹20,000 cr Dahod locomotives project. Should you buy?

One of the leading industrial manufacturing companies, Siemens witnessed strong buying for the third consecutive day on Thursday. In the early deals, the shares gained nearly a per cent on BSE. So far this week, Siemens shares held a robust bull run and the reason would be the company emerging as the lowest bidder (L1) for the 9000 HP electric locomotives project in Dahod, Gujarat. This order is expected to boost Siemens’ revenue growth going forward. Experts are optimistic about the stock.

At around 9.22 am, Siemens shares traded at 2,922.60 apiece up by 17.45 or 0.60% on BSE. The shares were near the day’s high of 2,930.55 apiece. Its market cap reached over 1.04 lakh crore. On the previous day, Siemens shares climbed by nearly 7%. (Read More)

08 Dec 2022, 09:32:46 AM IST

Eicher Motors gains at early trading; climbs 1% 

Eicher Motors

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Eicher Motors
08 Dec 2022, 09:30:52 AM IST

LTS Investment Fund sells 5,46,379 shares of NDTV in a bulk deal

On Wednesday, LTS Investment Fund sold 5,46,379 shares of New Delhi Television Limited (NDTV) in a bulk deal at a price of 358.53. LTS is the multi-holding and investment platform of a group of partners listed on the National Stock Exchange (NSE). On Tuesday, 4,71,698 shares of NDTV were sold in a bulk transaction by the Mauritius-based Vikasa India EIF Fund. (Read More)

08 Dec 2022, 09:27:19 AM IST

Indices open flat on Thursday amidst negative global cues and fear of recession

Sensex at Open

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Sensex at Open
08 Dec 2022, 09:11:39 AM IST

Sula Vineyards IPO: Check latest GMP ahead of subscription opening next week

The three-day initial public offering (IPO) of wine maker Sula Vineyards will open for public subscription next week on Monday, December 12, 2022 and conclude on Wednesday, December 14, 2022. The price band has been fixed at 340-357 a share. The bidding for anchor investors will open on Friday, December 9.

As per market observers, Sula Vineyards shares are commanding a premium (GMP) of 43 in the grey market today. The company’s shares are expected to list on leading stock exchanges BSE and NSE on Thursday, December 22, 2022. (Read More)

08 Dec 2022, 09:03:59 AM IST

Sensex in flat-to-green zone at the preopen session; Axis Bank. L&T, Ircon in focus

Sensex at Preopen

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Sensex at Preopen
08 Dec 2022, 08:51:32 AM IST

Geojit Financial Services on today’s market: PSU banking space is likely to continue to remain resilient

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: Even while reaffirming that “the Indian economy is doing well in a world of slowing growth and inflation fears” RBI Governor Saktikanta Das indicated that “the global spillovers are slowing down India’s economic momentum”. In this context, the sharp dip in Brent crude below $78 has come as a shot in the arm of the economy. This has the potential to act as a fiscal stimulus for the economy while the monetary policy is tightening. Next week will be significant for global equity markets since we will have the US inflation print and the FOMC meet. The market is likely to consolidate around the current levels till then. The PSU banking space, particularly the leading names, is likely to continue to remain resilient. Capital goods stocks are showing strength.

08 Dec 2022, 08:44:30 AM IST

Multibagger share declares bonus issue, stock split; gains over 150% in 1 year

Rural-focused HFC, Star Housing Finance will issue bonus shares in the ratio of 1:1 and further carry a stock split in the ratio of 1:2. The company has fixed a record date for next week to determine eligible shareholders for the bonus issue and stock split. The company is a smallcap stock and a multi-bagger. In a year, the stock has climbed by more than 150%. The stock is currently near its 52-week high. (Read More)

08 Dec 2022, 08:33:38 AM IST

Reliance Securities Stock in Focus for Today: Godawari Power & Ispat Ltd

STOCK IN FOCUS

GPIL (CMP 330): We have a positive stance on GPIL considering a) strong demand domestically for the company’s high-grade pellets that command a premium over other makers and b) debt-free balance sheet. By FY24E, GPIL is slated to have net cash to the tune of Rs15bn. We have a BUY rating on GPIL, with a 12-month SOTP-based.

Intraday Picks

COLPAL (PREVIOUS CLOSE: 1,620) BUY

For today’s trade, long position can be initiated in the range of Rs1,608-

1,600 for the target of Rs1,649 with a strict stop loss of Rs1,584.

RECLTD (PREVIOUS CLOSE: 113) BUY

For today’s trade, long position can be initiated in the range of Rs113-112

for the target of Rs119 with a strict stop loss of Rs110.

ASIANPAINT (PREVIOUS CLOSE: 3,227) BUY

For today’s trade, long position can be initiated in the range of Rs3,207-

3,190 for the target of Rs3,280 with a strict stop loss of Rs3,154.

08 Dec 2022, 08:30:40 AM IST

Inox Wind promoters infuse ₹623 cr for paring debt

Inox Wind on Wednesday said its promoters have infused an amount of 623 crore in the company and the fund was used for repaying advances received from Gujarat Fluorochemicals Ltd (GFL).

The board had on August 30, 2022, approved raising up to 800 crore by way of issuance of 0.01 per cent non-convertible non-cumulative participating redeemable preference shares on a private placement basis to the promoter/ promoter group entities. This was consequently approved in the company’s annual general meeting (AGM).

“Promoters of Inox Wind, India’s leading wind energy solutions provider, have infused 623 Crores in Inox Wind Ltd,” a company statement said.

Inox Wind has used these funds to repay GFL the advances (net off wind capacity expected to be commissioned) it had received for setting up wind power capacity, it added. (PTI)

08 Dec 2022, 08:22:36 AM IST

Stocks to Watch: Axis Bank, L&T, 5Paisa Capital, PTC India, Ircon International, Bank of Maharashtra, Macrotech Developers, Triveni Engineering, Inox Wind, and BigBloc Construction

NSE continues to list Gujarat Narmada Valley Fertilizers & Chemicals, Punjab National Bank, and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Thursday trading as they have crossed 95% of the market-wide position limit. (Read More)

08 Dec 2022, 08:16:11 AM IST

Oil gives up the year’s gains, closing at 2022 low

The price of oil fell to its lowest level this year on Wednesday, forfeiting all of the gains since Russia’s invasion of Ukraine exacerbated the worst global energy supply crisis in decades.

The world’s most actively traded commodity surged to nearly $140 a barrel in March, close to an all-time record, following the launch of what Moscow called a “special operation” in Ukraine that has raged ever since.

The market has been steadily declining in the latter months of the year as economists brace for weakened worldwide growth in part due to high energy costs. Wednesday’s losses were driven by bigger-than-expected increases in U.S. fuel stocks. (Read More)

08 Dec 2022, 08:15:06 AM IST

India seeks preferential treatment from global fertiliser suppliers; says will not tolerate cartelisation

With fertiliser subsidy expected to rise sharply to USD 27 billion this fiscal on high global rates, the government on Wednesday asked global suppliers to give preferential treatment to a big market like India and asserted that it will not tolerate price cartelisation.

India is a major importer of fertilisers as well as raw materials. It imports about 9 million tonnes of urea to meet domestic demand. Significant quantities of DAP (di-ammonium phosphate) and MoP (muriate of potash) are also imported.

Addressing a conference organised by the Fertilisers Association of India (FAI), Chemicals and Fertilisers Minister Mansukh Mandaviya said the government has taken various reforms and increased subsidy to ensure farmers get soil nutrients at an affordable price. (PTI)

08 Dec 2022, 08:13:14 AM IST

Bitcoin below $17,000, other crypto prices today also plunge

Cryptocurrency prices today slipped with the world’s largest and most popular digital token Bitcoin trading more than a per cent lower at $16,830. The biggest token is down by three-quarters from its record high of $69,000.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also fell by over 2% to $1,228. Meanwhile, dogecoin price today was trading more than 4% lower at $0.09 whereas Shiba Inu was down by over 2% at $0.000009. (Read More)

08 Dec 2022, 07:54:10 AM IST

Uniparts India IPO: Latest GMP as all eyes on shares listing after allotment

The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Monday, December 12, 2022. As per market observers, Uniparts India shares are available at a premium (GMP) of 55 in the grey market today.

The Initial Public Offer (IPO) of engineering systems and solutions provider Uniparts India was subscribed 25.32 times on the last day of subscription on Friday, December 2, 2022. (Read More)

08 Dec 2022, 07:43:50 AM IST

BharatPe  slaps case against ex-MD’s wife

BharatPe has filed a case against its former managing director Ashneer Grover’s wife and former head of controls Madhuri Jain under Section 420, a person aware of the matter said.

The development comes months after Grover, along with his wife, were ousted by the BharatPe board over misappropriation of funds.

Section 420 of the Indian Penal Code (IPC) deals with the offence of cheating and dishonestly inducing the delivery of property. The maximum punishment for the offence is imprisonment for up to seven years and a fine. (Read More)

08 Dec 2022, 07:35:13 AM IST

Vedantu hands pink slips to 385 employees reducing its workforce by 11.6%

Vedantu Innovation Pvt. Ltd has laid off employees for the third time this year, reducing its workforce by 11.6% as the edtech firm prioritizes profitability over growth. The decision comes as funding for edtech companies dries up, and they face increasing pressure from investors to turn profitable.

The Tiger Global-backed firm laid off 385 employees on Wednesday. Bengaluru-based Vedantu is offering severance pay and placement opportunities to the affected employees, said a person aware of the development, adding that post-layoffs, the company’s workforce stands at over 3,300. (Read More)

08 Dec 2022, 07:33:21 AM IST

Bank of Maharashtra raises ₹348 crore from bonds

State-owned Bank of Maharashtra (BoM) on Wednesday said it has raised 348 crore from bonds to fund business growth.

The lender raised funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing.

The paper of face value 1 crore each carries a coupon rate of 8 per cent, it added.

The bonds will be listed on the Wholesale Debt Market segment of the BSE. (PTI)

08 Dec 2022, 07:32:13 AM IST

Rupee gains 3 paise to 82.47 against US dollar

The rupee pared initial losses and settled marginally higher at 82.47 against the US dollar on Wednesday after the Reserve Bank of India (RBI) hiked the repo rate by 35 basis points.

Easing crude oil prices also supported the domestic unit, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.74 and touched an intra-day high of 82.40 and a low of 82.75 against the greenback.

It finally settled at 82.47, registering a rise of 3 paise over its previous close of 82.50.

“In line with expectation, the RBI raised rates by another 35 bps. It lowered its FY23 GDP forecast to 6.8 per cent from 7 per cent,” said Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services. (PTI)

08 Dec 2022, 07:31:45 AM IST

Triveni Engineering promoter to sell 7% stake

The promoter of Triveni Engineering Industries Ltd Dhruv Sawhney will pare his stake in the company through a secondary placement. This will comprise 17 million shares or a 7.03% stake in the company at 280-285 apiece, a discount of 3.04-4.75% to the 293.95 closing price of the stock on NSE on Wednesday.

The size of the placement aggregates 476 crore at the bottom end of the price range and 484.5 crore at the top end. After the sale, the promoter stake will drop to 61.23% from 68.26% . The trade date for sale is 8 December while the settlement date is 12 December. (Read More)

08 Dec 2022, 07:30:47 AM IST

Axis Bank to raise funds via Tier II bonds worth ₹12,000 cr

Private lender Axis Bank on Wednesday announced it will raise funds by Tier II bonds aggregating to a total of 12,000 crore. The offer comprises of a base issue of up to 1,000 Bonds aggregating to 1,000 crores with a green shoe option to retain oversubscription of up to 11,000 Bonds aggregating to 11,000 crores, said Axis Bank in its regulatory filing. (Read More)

08 Dec 2022, 07:29:06 AM IST

Slump in tech stocks helps send Wall Street to another loss

Wall Street ended a wobbly day of trading with more losses Wednesday, as a slide in technology companies helped pull stocks lower and Treasury yields fell broadly.

The S&P 500 slipped 0.2%, its fifth straight loss. The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5%, while the Dow Jones Industrial Average finished just barely in the green.

Economic updates later this week could give investors more insight into inflation’s path ahead and how the Fed will continue fighting high prices.

A growing number of analysts expect the U.S. economy to slip into a recession in 2023 but are unsure of its potential severity and duration. (AP)


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