BSE Sensex ended the day with the gain of 91 points to 83,079 and Nifty 50 soared 34 points to 25,418 on Tuesday (September 17, 2024). Nifty Bank rallied 35 points to 52,188 and Nifty Midcap slipped 79 points to 60,180 on Tuesday. Ola Electric shares gained 10% after BofA, Goldman Sachs give buy call. Shares of NTPC, Titan, Bharti Airtel, and M&M emerged as the top gainers in trade on September 17.
Earlier, as of 01:45 pm Sensex gained 130 points (0.16%) to reach 83,120, while the Nifty 50 climbed 50 points (0.20%), inching closer to a new all-time high.
The market's positive sentiment was driven by the release of India's Wholesale Price Index (WPI) inflation data. The WPI for August fell to 1.31% from 2.04% in July, indicating a significant slowdown in price increases at the wholesale level. This decline suggests that inflationary pressures across the economy are easing, which could positively impact consumer spending and overall economic growth.
Sectoral Indices are performing in mixed manner. While the Nifty Bank index rose by 0.13% and the Nifty IT index by 0.40%, the auto, metal, and media sectors faced declines of 0.5% each.
Tata Motors emerged as a notable underperformer, with its shares dropping by approximately 2% following a block deal on Tuesday.
On the other hand, Britannia Industries, SBI Life Insurance, Divis Labs, Shriram Finance, and Apollo Hospitals are among the top gainers for the day. Indian investors are eagerly awaiting the release of key economic indicators like the Wholesale Price Index (WPI) inflation data, manufacturing output figures, and import-export statistics scheduled for August.
The star of the day was Bajaj Housing Finance, whose IPO proved to be a smashing success. Priced at Rs 70, the stock debuted at Rs 150 and ended the day in an upper circuit at Rs 165 per share, representing a stunning 135% gain from its issue price.
As the week unfolds, market participants are looking to Wall Street for cues, particularly with the upcoming Federal Reserve rate decision. Additionally, with Ganpati Visarjan on Tuesday, trading activity may remain rangebound, and further volatility is expected in the next two sessions.
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Sep 17, 2024, 3:32 pm IST
Indian Entrepreneur Sells Private Labelling Arm Of UK-Based Business
Tails Trading Group, a UK-based supplier of multi-category consumer packaged goods led by an Indian entrepreneur, has announced the sale of its private labelling arm to a large international investor consortium for GBP 395 million. The group’s labelling division has been a key supplier of a wide range of products including food and beverages, personal hygiene items, small domestic appliances and household cleaning products, with its diverse client base made up of large retailers, hotels, airlines and regional importers across North America and Europe. Terming this as a “strategic move” marking a significant milestone in his company's evolution, Siddharth Shankar, CEO of Tails Trading Group, said in a statement this week: “We welcome this bid and are confident that the business and its social impact are safe, if not in better hands, with the new management.” According to the group statement, the investor consortium is led by energy major NetOil and includes companies from the consumer brand distribution sector in Europe, a prominent American retailer, and a green supply chain company from the US, according to a PTI report.
Sep 17, 2024, 3:11 pm IST
RailTel Corporation Bags New Order
Navratna public sector undertaking RailTel Corporation of India Ltd today received yet another order worth Rs 48.7 crore from Health Insurance TPA of India Ltd. The order is for integrated claims management solution portal and mobile application and the time period by which it needs to be completed is June 14, 2030. Current market price of RailTel Corporation of India shares on BSE is Rs 475.70 per share. RailTel Corporation has a market capitalisation of Rs 15,267.04 crore. RailTel Corporation of India shares offered return of 354% in last 2-years and slipped over 4% in last 2-weeks.
Sep 17, 2024, 2:48 pm IST
Bajaj Housing Finance: Philip Capital Gives 'BUY' Rating After Stellar IPO Debut
Following an impressive stock market debut, Bajaj Housing Finance Ltd (BHFL) continues to gain momentum. After a 159% rally from its IPO price of Rs 70 to its new high of Rs 181.48 on September 17, brokerage house Phillip Capital has forecast further upside potential for the stock. The brokerage sees an additional 27% rise over the next year, with the possibility of a 35% surge in a bullish scenario.
Phillip Capital has initiated coverage on Bajaj Housing Finance with a "Buy" recommendation, lauding the company's strategic positioning in the housing finance market. The brokerage highlighted the company's focus, especially its dominance in the salaried home loan segment, stable expense ratios, and manageable credit costs, which contribute to return ratios.
Sep 17, 2024, 2:33 pm IST
Nirmala Sitharaman To Launch NPS Vatsalya Scheme
In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will launch the NPS Vatsalya scheme on September 18, 2024, in New Delhi. School children will also join the launch. The Union Finance Minister will also launch an online platform for subscribing to NPS Vatsalya, release of scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.
As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country. Other locations will join the launch through video conference and will also distribute PRAN membership to new minor subscribers in that location.
NPS Vatsalya will allow parents to save for their children's future by investing in a pension account and ensure long-term wealth with the power of compounding. NPS Vatsalya offers flexible contributions and investment options, allowing parents to make investment of Rs. 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.
Sep 17, 2024, 2:30 pm IST
Nifty, Sensex Today: Trivesh D, COO, Tradejini
Nifty and Sensex have been on quite a roll recently, hitting all-time highs and keeping the momentum strong. Investors are riding this bull run, eager to get in on hot stocks and upcoming IPOs. With such solid footing in the Indian markets, it’s likely this trend will continue, especially with US central bankers talking about possible rate cuts.
SEBI's latest initiative to streamline the Bonus Issue process is a wise one. It not only speeds up the process, but it also closes many of the loopholes that were previously causing delays. Now that a deadline has been established, corporations issuing bonus shares must adhere to a specific protocol. This means that investors can trade such shares in T+2 days, which increases liquidity and provides more trading possibilities.
I believe that if SEBI takes a similar approach towards Dividend payouts, it would be beneficial. Just like the case with bonus shares, there are delays and misleading promises that can upset investors. A more transparent and efficient approach would result in greater clarity and confidence, benefiting everyone.
Sep 17, 2024, 2:29 pm IST
Cellecor Gadgets Share Price In Focus On Announcing Strategic Collaborations
Following the announcement of two partnerships aimed at broadening its market presence and distribution reach on Tuesday, Cellecor Gadgets Limited's share price is expected to be in focus today. The firm has formed partnerships with Comexcell Technologies to expand its distribution network in Uttar Pradesh and Hello Mobiles Pvt Ltd to strengthen its retail presence in Telangana and Andhra Pradesh.
The partnership between Cellecor Gadgets and Hello Mobiles Pvt Ltd, one of the most reputable and well-known retail chains in South India, will further expand the range of Cellecor's wide variety of products. At Hello Mobiles retail outlets, customers in Telangana and Andhra Pradesh will now have direct access to a large selection of Cellecor products, including Smart TVs, Smart Gadgets, Mobile phones, and Home Appliances.
Sep 17, 2024, 1:48 pm IST
Samvardhana Motherson QIP: Auto Ancillary Company Fixes Floor Price At Rs 188.85/Sh; Stock In Focus
Samvardhana Motherson, a leading automotive OEM supplier, has launched its Qualified Institutions Placement (QIP) of shares with a floor price set at Rs 188.85 per share, according to a late evening exchange filing on September 16. This move marks one of the largest fund-raising exercises of the year, with the QIP size pegged at approximately 5 million, as reported by Reuters.
Auto stock Tata Motors dipped 2% on huge block deal. Trust Deed, TML Securities Trust offload 1.14 crore shares on the stock exchanges for the purpose of distribution of fractional share entitlement. The transaction is worth Rs 1,758 crore.
Sep 17, 2024, 12:43 pm IST
RailTel Secures Work Order from Health Insurance TPA for Integrated Claims Management Portal
RailTel Corporation has been awarded a significant work order by Health Insurance TPA of India Ltd. to develop an Integrated Claims Management Solution Portal and a Mobile Application. This contract, secured from a domestic entity, aims to streamline and enhance the health insurance claims process through advanced digital tools. The initiative is expected to improve efficiency in claims management, offering a more seamless and user-friendly experience for stakeholders involved in health insurance claims.
Sep 17, 2024, 12:20 pm IST
WPI Inflation Eases to 1.31% in August
Wholesale Price Index (WPI) inflation for August fell to 1.31%, down from 2.04% in July. This decrease signals a slowdown in price increases at the wholesale level, highlighting a reduction in inflationary pressures across the economy.
Sep 17, 2024, 12:00 pm IST
Zydus Lifesciences Acquires 50% Stake in Sterling Biotech Ltd.
Zydus Lifesciences Ltd. through its wholly owned subsidiary has acquired a 50% stake of Sterling Biotech Limited (“SBL”). The Active Pharmaceutical Ingredients business of SBL is an excellent strategic fit for the Company given that it has a fermentation-based products portfolio with a manufacturing facility at Masar and can meet the Company’s strategic and commercial objectives. Therefore, while acquiring a 50% stake from the shareholders of SBL, the Company had negotiated for the right to acquire the Target Business of SBL at a predefined value.
Sep 17, 2024, 11:35 am IST
JBM ECOLIFE Mobility Secures 0 Million Strategic funding from ADB and Asian Infrastructure Investment Bank
JBM ECOLIFE Mobility (P) Ltd, a subsidiary (JV) of JBM Auto Limited and India's leading electric bus mobility and EV Ecosystem player, has successfully secured a 0 million strategic funding from the Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB). This Funds will be infused towards supplying and operating electric buses under the Gross Cost Contract (GCC) model in multiple states pan India in phased manner. The announcement seamlessly aligns with the company’s mission towards taking the green public mobility revolution on to the grassroot level in India. The strategic funding has been secured following comprehensive Environmental, Social and Governance (ESG) audits conducted by approved consultants, truly reflecting IBM's commitment towards augmenting sustainable mobility across the globe and its focus towards circular economy. This momentous development marks a pivotal step in transforming public transporta on within mul ple ci es providing them with clean mobility solu ons that are technologically superior, safe and convenient.
Sep 17, 2024, 11:03 am IST
Gold rates In India Tumbles On 17th September 2024
Gold prices in India Today took a significant hit .The price for 10 grams of 24-carat gold is now at Rs.74,890/-, while 22-carat gold stands at Rs. 68,650/-, with a substantial drop of Rs .160/- and Rs.150/- for both the purities.
Tech Giant Microsoft Announces Billion Share Buyback Amid AI Investments, Hikes Dividend By 10%
On Monday, Microsoft Corporation announced a massive billion share buyback program. In addition to this, the tech behemoth declared a quarterly dividend of {live-blog}.83 per share, marking a 10% increase, or 8 cents, from the previous quarter.
Microsoft's share repurchase program and dividend hike come at a crucial time as the tech giant has been making substantial investments in artificial intelligence (AI) infrastructure. Earlier in July, Microsoft stated that it would ramp up spending on AI development throughout this fiscal year. This is evident from the company's 77.6% increase in capital expenditure for the quarter ended June 30, with much of that directed toward AI-related infrastructure.
Veefin Group Of Companies Announces The Acquisitions Of EpikIndifi
The Veefin Group of Companies has announced its third acquisition in end-to-end digital lending platform EpikIndifi, in a cash and equity swap deal valued at around INR 125 Cr. Veefin Group has been on a major corporate expansion exercise in FY 24-25 to transform into an end-to-end Working Capital Finance Platform. The acquisitions of the three companies are at a total valuation of INR 400 Cr. The total expected outlay of the first tranche of all three acquisitions in the last three months is INR 215 Cr (through cash and equity). The global SME financing gap is pegged at Tn. Along with the existing group companies, the latest acquisitions have powered Veefin Group to address every aspect of optimizing working capital, by offering solutions across end-to end digital Supply Chain Finance, Digital Identity Verification & Automated Financial Statement Analysis, Trade Securitisation, Transaction Banking, Automated Accounts Receivable (AR) & Accounts Payable (AP) and Software Consulting and Services. Veefin Group has achieved an annual disbursement worth Bn on its platform.
Sep 17, 2024, 10:02 am IST
Samvardhana Motherson QIP Launches at Floor Price of Rs 188.85 per Share
Samvardhana Motherson's Qualified Institutions Placement (QIP) has commenced with a floor price set at Rs 188.85 per share, according to an exchange filing on September 16. The issue price represents a 2.6% discount compared to Monday's closing price.
Sep 17, 2024, 9:26 am IST
Market Opens Mildly Lower
Indian markets opened flat on September 17, influenced by mixed global signals. The Sensex slipped 64.65 points, or 0.08%, to 82,924.13, while the Nifty edged down 13.50 points, or 0.05%, to 25,370.30.
Sep 17, 2024, 9:10 am IST
Oil Prices Rise on US Supply Worries and Anticipated Stockpile Decline
Oil prices continued to climb on Tuesday, driven by concerns over US output following Hurricane Francine and expectations of a drop in crude stockpiles. Brent crude futures for November increased by 16 cents, or 0.2%, to .91 a barrel, while US crude futures for October rose by 34 cents, or 0.5%, reaching .43 a barrel.
Sep 17, 2024, 9:07 am IST
Rupee Opens Mildly Higher
The Indian Rupee opens slightly stronger at 83.87 against US Dollar compared to Monday's close of 83.88.
Sep 17, 2024, 8:31 am IST
GIFT Nifty Signals a Strong Opening for Indian Markets
GIFT Nifty trends suggest a positive start for the Indian markets, with the broader index expected to rise by 30 points, or 0.12%. Nifty futures were trading near the 25,492.50 mark, indicating a firm opening for the session ahead.
Sep 17, 2024, 8:30 am IST
S&P Edges Higher, Nasdaq Drops as Tech Slumps Ahead of Fed Decision
The S&P 500 managed a slight gain on Monday, while the Nasdaq Composite slipped, dragged down by a decline in tech stocks. Investors appeared cautious ahead of the U.S. Federal Reserve's anticipated rate cut decision later this week. The Dow Jones Industrial Average climbed 228.30 points, or 0.55%, closing at 41,622.08. The S&P 500 rose 7.07 points, or 0.13%, to settle at 5,633.09. Meanwhile, the Nasdaq Composite fell 91.85 points, or 0.52%, ending the session at 17,592.13 as tech shares weighed on the index.
Sep 17, 2024, 8:06 am IST
Asian Markets Hold Steady as Investors Await Fed's Rate Decision
Asian stocks remained stable on Tuesday morning as global markets anticipated the Federal Reserve’s upcoming decision, with traders increasingly betting on a half-point rate cut. Equities in Sydney and Tokyo showed some fluctuations, while US stock futures remained mostly unchanged. This follows a mixed Wall Street session, where the S&P 500 edged up 0.1% and the Nasdaq 100 dipped 0.5%, reflecting a shift away from the tech megacaps that have fueled the bull run. Meanwhile, markets in China and South Korea were closed for public holidays.
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