BSE Sensex ended the day with the decline of 494 points to 81,006 and Nifty fell 221 points to 24,749 on October 17, 2024. Nifty Bank fell by 512 points to 51,288 and Nifty Midcap slipped 985 points to 58,465 on October 17, 2024. IT stocks witnessed rally in trade today. Shares of Nestle declined over 3% after dismal quarterly results.
Earlier, Equity Market traded lower dragged down by a broad-based sell-off across sectors. Analysts believe that the market's weak performance is due to continued selling by foreign portfolio investors. As of 11:50 AM, the Sensex was down by 480 points (0.59%) at 81,020, and the Nifty was down 196 points (0.79%). Nifty Auto was the top loser among all sectoral indices, falling over 3%. Nifty Bank, FMCG, Media, and Realty indices were also trading lower. On the other hand, Metal, Pharma, and PSU Bank indices showed some strength.
Indian stock market opened volatile on Thursday, October 17, 2024. Sensex ranged from 81,781.40 to 81,472.23, while Nifty 50 performed between 25,029.50 to 24,923.10. Bank Nifty dipped marginally and traded near 51,750 ahead of major banks earnings such as Axis Bank and Indian Overseas Bank.
Stocks like Hindalco, Infosys, SBI, Wipro, and Reliance Industries were top gainers, with upside between 1-2%. Infosys and Wipro will announce their quarterly earnings as well today.
On the other hand, stocks like Bajaj Auto, Hero MotoCorp, M&M, Eicher Motors, and Maruti Suzuki were top bears, witnessing decline between 2% to 8%. Bajaj Auto shares nosedived by over 7% after Q2 earnings.
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Oct 17, 2024, 3:15 pm IST
Ampin Energy Transition Gets Rs 742 Cr Loan From Standard Chartered Bank
New Delhi, Oct 17 (PTI) Ampin Energy Transition on Thursday announced securing a Rs 742 crore loan from Standard Chartered Bank for its 200 MWp hybrid project. The solar-wind project will come up in Rajasthan and is expected to generate over 435 million units of clean energy on an annual basis offsetting 71,66,223 tonne of Co2 per year, the company said in a statement. A green loan of Rs 742 crore (USD 89 million) has been secured from Standard Chartered Bank for the project. The total investment for this project is valued at Rs 944 crore (USD 113 million), it said. The energy generated would be supplied to 74,486 households, the company said. "We announce the financial closure of our 200 MWp (megawatt peak) solar-wind hybrid project in Rajasthan, according to a PTI report.
Oct 17, 2024, 2:43 pm IST
Hi-Tech Pipes Expands Green Energy Initiatives
One of the major producers of steel tubes and pipes in India, Hi-Tech Pipes Limited, is pleased to announce the commencement of its 5 MW captive green power utilization, which is derived via open access agreements and rooftop solar installations. This strategic action solidifies the company's leadership in ecologically conscious production and strengthens its dedication to sustainability.
With the help of a recently constructed 1 MW rooftop solar plant at its Sanand Unit II Phase 1 facility, the project notably incorporates 3 MW acquired through Group Captive open access Solar Project, allowing the firm to directly utilise renewable energy on-site. Hi-Tech Pipes' total solar power usage has now reached 13.5 MW thanks to this most recent achievement, putting the company in a position to significantly reduce energy costs and make noteworthy progress towards its Environmental, Social, and Governance (ESG) goals.
Oct 17, 2024, 2:28 pm IST
Gold Prices Jumps In India For 2nd Day: 22K/100 Grams Gold Price Surges By Rs 2K
Gold prices in India surged for 2nd consecutive day today as traders awaited US economic data for more cues of Federal Reserve’s monetary easing path. 22K gold price today jumped by Rs 200 to Rs 71,600/10 grams and 100 grams of 22 carat precious metal prices today rose by Rs 2000 to Rs 7,16,000. 24k gold price today soared by Rs 220 to Rs 78,110/10 grams and 100 grams of 24 carat yellow metal prices today rose by Rs 2200 to Rs 7,81,100.
Meanwhile, 18k gold prices today jumped by Rs 160 to Rs 58,580/10 grams and 100 grams of 18 carat precious metal prices today soared by Rs 1600 to Rs 5,85,800.
Why Gold Prices Jumped Today In India? According to Renisha Chainani, Head Research - Augmont - Gold For All, “The price of gold is testing its all-time high and receiving assistance from several sources. The anticipated reduction in interest rates by significant central banks, in conjunction with geopolitical uncertainties arising from the continuous wars in the Middle East, are pivotal elements propelling investments towards the yellow metal.
Oct 17, 2024, 1:58 pm IST
Hyundai Motor India IPO: Pubic Issue Sees Tepid Subscription Of 55% On Day 3
The Hyundai Motor India IPO, which opened for subscription on October 15, 2024, is nearing its end today, October 17, with a lukewarm response from investors. Despite Hyundai Motor's strong presence in the Indian automobile market, the initial public offering (IPO) has struggled to gather momentum, and the outlook remains subdued based on its subscription status and grey market premium (GMP).
Purple Finance Limited Rights Issue Oversubscribed 1.5 Times
Purple Finance Limited, an MSME-focused NBFC listed on the BSE (purplefin), has announced the successful closure of its recent rights issue, which was oversubscribed by 1.5 times. The issue offered 1,12,04,985 shares at ₹40 per share, resulting in strong investor interest, with valid applications totaling 1,71,99,236 shares—53% higher than the issued amount. This successful fundraising reflects strong investor confidence in Purple Finance's strategy to support micro, small and medium enterprises (MSMEs) in meeting their funding needs. The capital raised from the rights issue will be used to expand the company’s loan book, enhancing its ability to provide essential financial services to underserved businesses. This also validates the company's vision and operational capabilities, reinforcing its position as a growing financial institution.
Oct 17, 2024, 1:26 pm IST
Allied Blenders & Distillers Limited Appoints New Chief Revenue Officer
Allied Blenders and Distillers Limited (ABDL) further augmented its leadership team with the appointment of Mr. Manoj Kumar Rai as the new Chief Revenue Officer (CRO). Manoj will be responsible for the company's revenue strategies, focusing on enhancing existing revenue streams and exploring new business opportunities across ABDL’s diverse portfolio. With a career spanning over 27 years of experience across diverse industries, including engineering, music-entertainment, consumer goods, and alcobev. Prior to joining ABDL, Manoj spent nearly 19 years at Pernod Ricard India, where he was instrumental in driving revenue growth and profitability, managing multiple business zones across India, as well as handling international markets like Nepal and Sri Lanka.
Oct 17, 2024, 12:58 pm IST
Club Mahindra Expands Its Footprint with the Launch of ‘Club Mahindra Bharatpur’ in Rajasthan
Club Mahindra, the flagship brand of Mahindra Holidays & Resorts India Limited, has announced the launch of its latest property, Club Mahindra Bharatpur, in Rajasthan. This launch further enhances Club Mahindra's portfolio in the region, offering members an exceptional getaway that blends Bharatpur’s rich cultural heritage with the resort's peaceful and scenic surroundings. Located at the periphery of the Keoladeo National Park, a UNESCO World Heritage site and one of India’s most famous bird sanctuaries, the resort offers guests the unique opportunity to experience an exceptional blend of wildlife and heritage, making it a must-visit for nature enthusiasts and bird watchers alike.
Oct 17, 2024, 12:29 pm IST
UAE’s National Bank of Fujairah (NBF) Partners With Intellect For Its eMACH.ai Cloud For Wholesale Banking On Microsoft Azure
Intellect Global Transaction Banking (iGTB) , the transaction banking business unit from Intellect Design Arena Ltd is proud to announce its partnership with National Bank of Fujairah (NBF), an award-winning UAE-based full-service corporate bank, to enhance its digital capabilities. This deal marks the first Microsoft Azure-managed service for Intellect’s eMACH.ai Cloud for Wholesale Banking in the Middle East. NBF currently serves corporates and SMEs through its network in the UAE, providing financial services to optimize commercial opportunities and achieve sustainable growth for their clients. With the eMACH.ai Digital Transaction Banking solution, NBF can offer their clients a suite of comprehensive solutions backed by, Innovative decision-making and enhanced digital capabilities: For improved information visibility and innovation, ensuring quick decision-making and a seamless user experience for corporate and SME clients. Cloud-powered excellence: iGTB, with Microsoft Azure, will provide a fully managed cloud service, freeing NBF to focus on business development and client service.
Oct 17, 2024, 11:43 am IST
India Gold Rates On 17th October Took A Sharp leap
India Gold Prices have taken a jump again today after yesterday's prices hike. 10 grams of 24-carat gold are now priced at Rs. 78,110/-, while 22-carat gold price in India is at Rs. 71,600/- per 10 grams.
Bajaj Auto Share Price Slumps 10% Post Q2 Earnings
The shares of Bajaj Auto tumbled by 10% to Rs 10,414 in morning trade on October 17, following the release of the company's second-quarter results that fell short of market expectations. This sudden drop in the stock price came after Bajaj Auto revised its growth outlook for two-wheeler sales in India to a modest 5%, which is at the lower end of its earlier projection of 5-8%. The results and cautious guidance have sparked mixed reactions from analysts and investors, leading to both bearish and bullish forecasts.
The Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) of Larsen & Toubro (L&T) has secured a prestigious order under its AdVENT Business Vertical from a Government of India Undertaking with Navratna status and a leading fertilizers and chemicals manufacturing company in India. The project involves the License, Engineering, Procurement, and Construction (L-EPC) of a 1,200 MTPD (DAP basis) NPK fertilizer plant along with associated utilities and off-site facilities for Rashtriya Chemicals and Fertilizers Limited (RCF) at their Thal unit in Raigad district, approximately 100 km from Mumbai.
Oct 17, 2024, 10:35 am IST
Tata Power Company Ltd Received LOI From REC Power Development And Consultancy Ltd
The Tata Power Company Limited received Letter of Intent (LOI) from REC Power Development and Consultancy Limited (a wholly owned subsidiary of REC Limited) to acquire ERES-XXXIX Power Transmission Limited (ERES-XXXIX), a project special purpose vehicle (SPV). The Project SPV ERES-XXXIX would be developed on Build-Own-Operate Transfer basis, to provide transmission service for 35 years from the Scheduled Date of Commercial Operation (SCOD) on 31.12.2027. The scope of project involves constructing 2 x 1500 MVA, 765/ 400 kV GIS substation at Gopalpur with associated bays at Angul and Gopalpur (OPTCL), ~190 km of 765 kV double circuit transmission line from existing Angul substation of PGCIL to the proposed 765 kV GIS substation at Gopalpur and ~12 km of 400 kV line from upcoming OPTCL substation at Gopalpur to the proposed 765 kV GIS substation at Gopalpur.
Oct 17, 2024, 10:14 am IST
JSW Energy Signs Its First Hybrid PPA With GUVNL
JSW Renew Energy Seventeen Limited, a step down subsidiary of JSW Energy Limited, has signed Power Purchase Agreement with GUVNL for STU-connected 192 MW Wind-Solar Hybrid capacity. This marks the Company’s first PPA for a wind-solar hybrid capacity. The PPA is signed for supply of power for a period of 25 years with a tariff of ₹3.27/kWh. The project is expected to be commissioned within 24 months and will be connected to the STU in Gujarat. The company currently has a project pipeline capacity of 8.3 GW with PPA signed for 3.2 GW. JSW Energy has total locked-in generation capacity of 18.2 GW comprising 7.7 GW operational, 2.1 GW under-construction across wind, thermal and hydro and RE pipeline of 8.3 GW. The company also has 16.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.
Oct 17, 2024, 9:44 am IST
Nifty Price
Nifty 50 plunged nearly 34 points to trade at 24,937.55, also near its intraday low of 24,923.10. The index opened at 25,027.40, and touched day's high of 25,027.40 before correcting.
Oct 17, 2024, 9:44 am IST
Sensex Price
Sensex dropped by nearly 200 points, and traded near its day's low of 81,305.01. The benchmark opened at 81,758.07, higher from its previous close of 81,501.36, and even touched an intraday high of 81,781.40 before correcting.
Oct 17, 2024, 9:19 am IST
Rupee Above 84
The Indian rupee held above 84 mark against US dollar in the opening bell of forex market on Thursday. The outflow from domestic equities, coupled with demand for USD, and upcoming US retail sales data is driving the sentiment.
Oct 17, 2024, 8:39 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher recommends buy on three stocks. These are - 1) BUY LT FOODS cmp 420.80 Stop Loss 411 Target 447; 2) BUY ABREL cmp 2924 Stop Loss 2860 Target 3050; 3) BUY HFCL cmp 137.85 Stop Loss 134 Target 147
Oct 17, 2024, 8:39 am IST
Nifty, Bank Nifty Outlook
Shiju Koothupalakkal - Technical Analyst at Prabhudas Lilladher expects Nifty to find support at 24,800, and resistance at 25,100. While Bank Nifty spot index's spot and resistance is seen at 51,400 and 52,200 on Thursday, October 17.
Oct 17, 2024, 8:39 am IST
Big Q2 Earnings Today
Companies like Wipro, Infosys, Axis Bank, Nestle, and Indian Overseas Bank among others will announce their Q2 results for FY25.
Oct 17, 2024, 8:38 am IST
Market In Previous Session
On Wednesday, October 16, Sensex dropped 353 points, settling at 81,501, while the Nifty 50 slipped 98 points to 24,971.
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