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Investors are increasingly anxious about the slowing economy as they await the widely expected interest rate hike by the Federal Reserve in its bid to squash the highest inflation in decades. However, traders also say that the market has already factored in a 75-basis-point increase.
Leasing of warehousing space rises 62 pc to record 51.3 mn sq ft in FY22
Leasing of warehousing space in India’s eight major cities rose 62 per cent last fiscal to record 51.3 million square feet mainly on rising demand from third party logistic and e-commerce players, according to Knight Frank.
Property consultant Knight Frank India on Wednesday released its ‘India Warehousing Market Report – 2022’ in a virtual press conference.
Warehousing demand data includes spaces leased for light manufacturing/assembling.
Delhi-NCR and Mumbai markets were the top two cities in actual leasing number, but in terms of percentage growth Pune and Hyderabad were leading at 166 per cent and 128 per cent Year-on-Year (YoY), respectively. (PTI)
Volkswagen to hike prices by up to 2 pc from Oct 1
Volkswagen Passenger Cars India on Wednesday said it will increase prices of its entire product range by up to 2 per cent from October 1 in order to offset the impact of rising input costs.
The automaker sells models like Virtus, Taigun and Tiguan in the domestic market.
“Effective October 1, 2022, Volkswagen Passenger Cars India will be increasing prices by up to 2 per cent across its product portfolio owing to rising input costs,” a Volkswagen Passenger Cars India spokesperson said in a statement. (PTI)
Nouriel Roubini, who predicted 2008 crisis, sees stock sinking 40% and global recession
Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession in the US and globally occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500.
“Even in a plain vanilla recession, the S&P 500 can fall by 30%,” said Roubini, chairman and chief executive officer of Roubini Macro Associates, in an interview Monday. In “a real hard landing,” which he expects, it could fall 40%. (Read More)
Pharma index sheds more than a per cent, most stocks in red
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Putin orders partial call-up, renews nuclear threat over Ukraine
President Vladimir Putin declared a “partial mobilization,” calling up 300,000 reservists in a major escalation of his flagging invasion of Ukraine, which he portrayed as a fight to the death with the US and its allies.
“When the territorial integrity of our country is threatened, we will certainly use all the means at our disposal to protect Russia and our people,” Putin said in a televised national address Wednesday. “This is not a bluff.”
“Those who are trying to blackmail us with nuclear weapons should know that the wind patterns can also turn in their direction,” the president said, accusing the US and allies of seeking to “destroy” Russia.
Putin’s threats come after a Ukrainian counteroffensive in the last few weeks has dealt his troops their worst defeats since the early months of the conflict, retaking more than 10% of the territory that Russia held. The Kremlin had long resisted announcing any steps toward mobilization, seeking to limit the impact of its seven-month invasion on the Russian population, but the latest battlefield losses have underlined its shortage of manpower. (Bloomberg)
Dollar’s rally at risk of reversal if fed sets lower-than-expected rate outlook
The US dollar’s rally is at risk of a reversal if the Federal Reserve sets its interest-rate outlook at a lower level than traders are betting on.
Market-implied expectations for the so-called dot plot jumped this month, with some betting the peak will be around 5%, if not higher. Markets are pricing a peak at 4.5% by March and an end-2023 rate of 4% to 4.25%. In contrast, the most recent forecasts by Fed officials in June are almost all below 4% for 2022-2024. (Full Story)
Multiplex revenues set to cross pre-pandemic levels in 2022-23: Report
Revenues of multiplexes are set to cross pre-pandemic levels this financial year 2022-23 as more people are queuing up to watch movies after the pandemic-forced hiatus, said rating agency CRISIL Ratings.
Their revenue is expected to rise to an all-time high of over ₹6,000 crore, or 13-15 per cent above the 2019-20 level.
The sharp recovery in hall occupancy coupled with a troika of factors — increased average ticket prices, higher spend per head on food and beverages (F&B) and the addition of screens — are expected to script the growth story for the sector, the rating agency said in a report.
The average ticket price is expected to be ₹240-245, which is 20 per cent higher than the pre-pandemic level. (ANI)
Germany nationalises country’s biggest gas importer Uniper
The German government said Wednesday that it has agreed to nationalise the country’s biggest gas importing company, Uniper, expanding state intervention in the industry to prevent an energy shortage resulting from Russia’s war in Ukraine.
The deal with Uniper builds on a rescue package agreed in July and features a capital increase of 8 billion euros (dollars) that the government will finance. As part of the agreement, the government will gain a 99% stake in Uniper, which until now was controlled by Finland-based Fortum. The Finnish government has the largest stake in Fortum.
Germany’s economy minister, Robert Habeck, said the deal was necessary because of the significance that Uniper plays in the German gas market. It still needs to be approved by the European Commission. (PTI)
Britannia stock surges 3%, leads the FMCG rally
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Roads ministry notifies draft amendment to make rear seat belt alarm mandatory
The Ministry of Road Transport & Highways (MoRTH) has issued a draft amendment to the Automotive Safety Standards or AIS 156, the set of rules which contains safety regulations for the Indian automotive sector, to make safety belt reminders mandatory for rear passengers. (Full Story)
Ashish Kacholia portfolio: Quant Mutual Fund buys stake in multibagger stock that surged 8000% in 6 years
Best Agrolife shares are one of the multibagger stocks that Indian stock market has given in recent years. The agriculture stock has surged to the tune of 8,000 per cent in last six years, which has probably attracted attention of market investors. In a bulk deal executed on 20th September 2022, Quant Mutual Fund has bought 1.78 lakh shares of the company paying ₹1,222.60 apiece. This means, the mutual fund has invested ₹21,76,22,800 or ₹21.76 crore in this agro company. Best Agrolife is the latest entrant in Ashish Kacholia portfolio as the ace investor recently bought 3.18 lakh Best Agrolife shares paying ₹940.88 apiece. (Full Story)
Adani Ports sheds more than 4% on Wednesday, among top laggards
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ADB cuts India’s GDP growth forecast for FY23 to 7 pc on high inflation, monetary tightening
The Asian Development Bank (ADB) has slashed India’s economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening.
India’s economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday.
“However, GDP growth is revised down from ADO 2022’s forecasts to 7 per cent for FY2022 (ending in March 2023) and 7.2 per cent for FY2023 (ending in March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports,” it said. (PTI)
Ahead of Fed rate hike, Rupee falls 8 paise to 79.82 in early trade
Ahead of the US Fed rate hike, the rupee value faltered by 8 paise to 79.82 against the US dollar in opening trade on Wednesday. The local currency also faced the heat of firm crude oil prices and a strong dollar in the overseas market.
Japan’s Nikkei ends at 2-month low with Fed, BOJ meetings in focus
Japanese stocks notched their lowest close in more than two months on Wednesday, tracking declines on Wall Street and amid broader Asian peers, as investors braced for key policy meetings this week from the U.S. Federal Reserve and the Bank of Japan.
The Nikkei share average settled 1.36% lower at 27,313.13, its lowest closing level since July 19.
The broader Topix fell 1.36%, marking its weakest close since Sept. 7.
“If the Fed implements a 75-basis-point rate hike, as most people expect, the market should avoid upheaval,” said Yasushi Yokoyama of Aizawa Securities, adding that investors are already looking towards the next hike. (Reuters)
KEC International wins new orders worth ₹1,123 crore
KEC International, a global infrastructure engineering, procurement and construction (EPC) major, on Wednesady said it has bagged new orders worth ₹1,123 crore across its various businesses in India.
KEC’s railways business has secured an order for construction of bridges and associated works for railway lines in the conventional segment in India. Its civil business bagged an order for infra works in the hydrocarbon segment. (Full Story)
Noon Update: Indices drop sharply; Sensex sheds 300 points and Nifty 110.
Metal and Bank indices lag whereas FMCG and Consumer Durable remain stable.
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Metal Index drops 2%, most stocks in red
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Businesses cannot be run on black box model : Sebi chief on algo trading
Sebi chairperson Madhabi Puri Buch on Wednesday said any business model that relies on a black box and that cannot be audited or validated will not be permitted.
She also said since data is a public infrastructure, any attempt by any private party to own them cannot be tolerated.
“We are not for or against algo trading as long as there is sufficient transparency and disclosures. Business models cannot rely on a black box… therefore any claim that cannot be audited and validated cannot be permitted,” Buch said addressing the Global Fintech Fest here this morning.
The warnings from the markets regulator come amid reports that it may clamp down on algo trading, which in the past has been misused by certain brokers with the connivance of top NSE officials.
Earlier this month, Sebi had issued new guidelines for stock brokers providing algorithmic trading services after it was found that certain stock brokers provide algorithmic trading facilities to investors through unregulated platforms. (PTI)
India’s HDFC Bank signs long-term data and technology deal with Refinitiv
HDFC Bank, India’s largest private lender, said on Wednesday it has signed a long-term data and technology agreement with Refinitiv, an LSEG business. (Reuters)
Swaraj Engines shares hit 52-week high as Mahindra & Mahindra to buy additional stake
Shares of Swaraj Engines Ltd (SEL) surged over 13% to hit a 52-week high of ₹1,960 apiece on the BSE in Wednesday’s trading session after Mahindra & Mahindra Ltd (M&M) on Tuesday said it will acquire an additional 17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for ₹296 crore. (Full Story)
Consumer Durable index continues to impress, adds 0.5% in today’s trading
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Angel One commodity outlook for today: Rate hike fears loom over gold and other commodities
Prathamesh Mallya, AVP- research, non-agri commodities, and currencies, Angel One Ltd’s outlook on:
Gold: We expect gold to trade lower towards 48740 levels, a break of which could prompt the price to move lower to 48320 levels.
Crude: We expect crude to trade lower towards 6630 levels, a break of which could prompt the price to move lower to 6490 levels.
Base Metal: We expect copper to trade lower towards 638 levels, a break of which could prompt the price to move lower to 628 levels.
China stocks hit four-month low as Fed rate hike looms
China stocks tumbled to a more than four-month low on Wednesday, tracking global peers lower ahead of an expected aggressive interest rate hike from the U.S. Federal Reserve.
Hong Kong’s main stock benchmark plunged to its lowest level since mid-March.
** The CSI 300 Index lost 1% by the end of the morning session, set to hit the lowest level since May 9, while the Shanghai Composite Index retreated 0.6%.
** The Hang Sang Index fell 1.5%, and the Hang Seng China Enterprises Index declined 1.9%. (Reuters)
Bonus issue to be considered by this infra stock next week; shares surge
GPT Infraprojects’ board will meet next week on Tuesday, September 27, 2022 to consider the issue of bonus equity shares of the company. Shares of GPT Infra surged about 2% on the BSE to ₹131 apiece in Wednesday’s early trading session.
Further, the company said that the date of the board meeting of the company for consideration and approval of Financial Results for the 2nd quarter and half year ended September 30, 2022 will be intimated in due course. (Full Story)
Ashika Stock Broking on today’s market: Can expect buying interest at lower levels of 17650-17675 for upside target 17900-18000.
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a small positive candle on the daily chart with a long upper shadow, reflecting the presence of strong overhead resistance around 17,900-18,000 levels, it seems that Index is placed within the broader 17.500-18,000 range ahead of US FED decision on the key policy rates on Wednesday, however gradually it can be expected for the Index to head higher towards January 2022 high of 18300 while the lower end the strong support level of 17350-17400 is likely to hold. The undergoing healthy consolidation will help to cool off the overbought conditions ahead of U.S. Fed event as secondary corrections are a part of the bull market that paves the way for next leg of up move as Nifty registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. Though one need to avoid trading aggressively due to the presence of event risk in the market and the risk of a bare minimum correction of 23.6% of the entire rally from 15,183 to 18,096 comes around 17415 followed by 38.2% correction at 16990 remains. During the day index is likely to open on a negative note tracking weak global cues. However one can expect buying interest at lower levels of 17650-17675 for upside target 17900-18000.
India’s banking system liquidity slips into deficit: RBI
India’s banking system liquidity has slipped into deficit for the first time in nearly 40 months, according to the Reserve Bank of India. The RBI infused 218 billion Indian rupees ($2.73 billion)into banking system on Tuesday, the biggest since May 2019. Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019.
Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019. (Full Story)
IndusInd Bank stock slips in early trading; drops around 2%
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FMCG index up 0.7% in early trading with most stocks in green
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INDIA BONDS-Bond yields may track U.S. peers higher ahead of Fed decision
Indian government bond yields are expected to open marginally higher on Wednesday, as U.S. yields continued their upward momentum, while markets brace for another round of aggressive monetary policy tightening from the U.S. Federal Reserve.
The benchmark Indian 10-year government bond yield is seen in a 7.24%-7.28% band, a trader with a private bank said. The yield ended at 7.2645% on Tuesday and has risen 18 basis points in the last five sessions.
“A move of 75 basis points by the Fed is factored in, but if the commentary is hawkish, we may see the break of 7.30% on the benchmark,” the trader said. (Reuters)
Oil edges higher ahead of central bank moves on interest rates
Oil edged higher ahead of inflation-taming rate hikes from central banks that are likely to suppress demand.
West Texas Intermediate traded above $84 a barrel after closing almost 2% lower near an eight-month low on Tuesday. The Federal Reserve is expected to raise interest rates by 75 basis points on Wednesday, and put numbers on the “pain” it’s been warning of when it publishes new economic projections.
Crude is on track for its first quarterly loss in more than two years as concerns over a global economic slowdown weigh on the outlook for energy demand. The Fed decision will be followed by other central banks from Europe to Asia, which are also expected to increase borrowing costs. (Bloomberg)
Rajesh Palviya’s stock recommendations: Axis Securities expert unveils 3 stocks to buy or sell today — 21st Sept
Rajesh Palviya of Axis Securities recommended three stocks to buy on Wednesday session — Balrampur Chini, Biocon and IndusInd Bank. Here we list out full details:
1] Balrampur Chini: Buy at ₹379, target ₹398, stop loss ₹370;
2] Biocon: Buy at ₹299, target ₹315, stop loss ₹294; and
3] IndusInd Bank: Buy at ₹1259, target ₹1300, stop loss ₹1235.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. (Full Report)
Indices open flat with Sensex and Nifty hovering around the previous day’s close. Infosys and IndusInd bank lose 1% at start.
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Japanese stocks hit a two-week low in line with Wall Street and broader Asian peers
Japanese stocks fell on Wednesday, in line with Wall Street and broader Asian peers, as investors adjusted positions ahead of key policy meetings this week from the U.S. Federal Reserve and the Bank of Japan.
The Nikkei share average was down 1.37% at 27,308.66, as of midday break. The index hit a two-week low of 27,297.5 earlier in the day.
The broader Topix fell 1.28% to trade at its lowest level since Sept. 7.
Markets have priced in a rate hike of at least 75 basis points, with an 18% possibility seen of a full percentage point, as the U.S. central bank is expected to reinforce its hawkish approach to tackle inflation. (Reuters)
Cryptocurrency prices today: Bitcoin, ether, Shiba Inu fall while dogecoin gains
Bitcoin price today remained above the $19,000 mark even as the world’s largest and most popular cryptocurrency was trading more than 2% lower at $19,042. The global crypto market cap today remained below the $1 trillion mark, as it was down over a per cent in the last 24 hours at $968 billion, as per CoinGecko. (Read More)
Sensex slips are pre-opening session; Gail India, ACC, Ambuja Cements, Yes Bank in focus
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US Fed rate hike: Market red flags that may prompt US central bank to tone down
As investors brace for a hefty rate hike from the US Federal Reserve and clues on further hikes, the Fed is set to announce its decision at the end of a two-day policy meeting later today. It is expected that it will raise the rates by another 75 basis points to a range of 3 per cent to 3.25 per cent — which would be the third consecutive increase of that magnitude. Fed policymakers have been reiterating their commitment to bring inflation down which holds close to levels not seen in 40 years.
Strategists are looking beyond the key issue of inflation for other potential market metrics that may cause the Federal Reserve to slow its aggressive cycle of interest-rate hikes. (Read More)
Nilekani pitches for BNPL products through UPI after launch of Rupay credit card on UPI platform
Tech industry veteran Nandan Nilekani on Tuesday pitched for more credit products like Buy Now Pay Later (BNPL) on the Unified Payments Interface (UPI) after the launch of a credit card on the platform.
The National Payments Corporation of India (NPCI) on Thursday launched the Rupay credit card on UPI platform, following a RBI policy move authorising it.
“I think on the credit side, I personally see the launch of UPI and Rupay credit card as the first step of credit on UPI,” Nilekani, non-executive chairman of Infosys and also one of the architects of the UPI platform, said at an event here.
Nilekani said “we are testing the waters of credit” through the launch of Rupay credit card on UPI, and called it as a “sensible first step”. (PTI)
Geojit Financial Services views on market: Domestic economy-facing segments like financials, autos, capital goods, telecom, cement and FMCG are on strong wicket.
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: “The overarching trend in the market now is India’s outperformance vis-a-vis other markets, particularly the mother market US. The big question is whether this outperformance can sustain. This is possible since the Indian economy and corporate earnings are outperforming. However, the risk is the high valuation in India- Nifty at 18000 is trading at 22 times FY23 earnings. If there is a sharp cut in the US market on recession fears triggered by sharp rate hikes or if the Ukraine war escalates, as some fear now, the Indian market too will be impacted. Otherwise, the outperformance can sustain. Domestic economy-facing segments like financials, autos, capital goods, telecom, cement and FMCG are on strong wicket.”
Wealth inequality in India at an all-time high during Covid
Credit Suisse Global Wealth Report released on Tuesday showed that the Gini coefficient for India hit a peak of 82.3 in 2020 and remained the same at the end of 2021. The Gini coefficient is a measure of inequality with a higher figure denoting higher levels of inequality.
The Gini remained unchanged in 2021 from 2020 even as the household wealth in India saw a sharp jump for the same period. Total wealth in India was $14.2 trillion in 2021, up by 1.5 trillion or 12% from 2020, as per the report. (Full Story)
Stocks to Watch: ACC, Ambuja Cements, Gail India, Yes Bank, SpiceJet, Hero MotoCorp, Tamilnad Mercantile Bank, KRBL, Tata Steel, Central Bank of India, M&M
Delta Corp, RBL Bank, PVR, India Cements, and Escorts Kubota will remain under the F&O ban list for Wednesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)
RBI flags concerns over digital lending apps
Reserve Bank of India governor Shaktikanta Das on Tuesday flagged concerns on the mushrooming of digital lending apps, pointing to the need for regulated entities to increase oversight.
“I would also like to flag certain material concerns regarding the unbridled mushrooming of digital lending apps. The need of the hour is to ensure assurance of safety after following a process of green-lighting (whitelisting) and due-diligence by the regulated entities. The RBI, in association with other relevant agencies, is taking steps to address this issue and take further steps as may be necessary,” he said. (Full Story)
Reliance Securities Stock in Focus for today: Sail
STOCK IN FOCUS
SAIL (CMP Rs.81)
We have a BUY rating on the company with a Target Price of Rs90.
Intraday Picks
APOLLOTYRE (PREVIOUS CLOSE: 289) SELL
For today’s trade, short position can be initiated in the range of ₹292-295 for the target of Rs.280 with a strict stop loss of ₹298.
BPCL (PREVIOUS CLOSE: 323) BUY
For today’s trade, long position can be initiated in the range of ₹317- 320 for the target of Rs.328 with a strict stop loss of ₹315.
INDIACEM (PREVIOUS CLOSE: 283) SELL
For today’s trade, short position can be initiated in the range of ₹286- 289 for the target of Rs.276 with a strict stop loss of ₹292.
Mahindra & Mahindra to acquire Swaraj Engines’ 17.41 pc stake from Kirloskar Industries
Mahindra & Mahindra(M&M) Ltd on Tuesday said it will acquire an additional 17.41 per cent stake in Swaraj Engines Ltd from Kirloskar Industries Ltd (KIL) for ₹296 crore.
The acquisition will result in increasing the company’s stake in Swaraj Engines Ltd (SEL) to 52.13 per cent from 34.72 per cent, M&M said in a regulatory filing.
The company proposes to acquire 21,14,349 equity shares constituting 17.41 per cent of the paid up equity share capital of SEL from KIL at a price of ₹1,400 per share, it said.
Consequently, SEL, which is currently an associate of the company, would become a subsidiary of M&M, the filing said. (PTI)
Yes Bank to sell stressed assets worth ₹48k cr to JC Flowers ARC
Yes Bank on Tuesday said its board has approved the sale of stressed assets worth around ₹48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio.
The US-based asset reconstruction company (ARC) had in July this year emerged as the base bidder for the proposed sale of the identified stressed loan book of Yes Bank aggregating up to ₹48,000 crore.
As per Reserve Bank of India (RBI) guidelines on transparent bidding process, the private sector lender had conducted a Swiss challenge for inviting challenger bids.
The Swiss challenge process has now concluded and the bank has not received any challenger bids to the base bid, Yes Bank said in a regulatory filing. (PTI)
LKP Securities view on Tuesday’s Nifty: The trend is likely to remain positive as long as it sustains above 17700.
Rupak De, senior technical analyst at LKP Securities: “Nifty had started to gap up and remained range bound during the day. On the higher end, 17900 has acted as resistance leading to a close near the day’s low. The trend is likely to remain positive as long as it sustains above 17700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher.”
Government extends deadline for export of broken rice to ease port congestion
In a move that could ease tension at the ports, the union government on Tuesday allowed the export of broken rice that was in transit till September 30. India banned exports of broken rice and imposed a 20% duty on exports of various other types on September 8 over food security concerns. The central government extends the period for exports of broken rice from 15 Sept till 30 September. (Full Story)
India’s fintech market to reach USD 1 trillion by 2030, says CEA Nageswaran
Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is among the fastest growing fintech markets in the world with a market size of USD 31 billion in 2021 that is expected to reach USD 1 trillion by 2030.
Speaking at the Global Fintech Fest 2022 (GFF 2022) here, Nageswaran said, “A major shift towards a more equitable distribution of investment across sectors including InsurTechs, WealthTechs, etc, has started taking place. We are talking about bridging the digital divide and the economic divide. Therefore the focus now is on how the combination of technology and finance is enabling access to finance and access to opportunities.” (ANI)
After Russian flows dry up, Gail India pays up to double price for gas
India purchased some of the nation’s most expensive liquefied natural gas shipments ever after vital Russian deliveries were canceled.
GAIL India Ltd. bought several LNG cargoes for delivery between October and November at more than double the price it paid around this time last year. The New Delhi-based company is struggling to replace supply from the former trading arm of Gazprom PJSC, which was nationalized by Germany earlier this year and is paying contractual fines rather than delivering fuel.
The global surge in natural gas prices after Russia’s invasion of Ukraine has hit price-sensitive emerging countries hard, forcing them to pay the high spot market rates or face blackouts and industrial shutdowns. India’s retail inflation surged in August due in part to higher fuel costs. (Bloomberg)
Adani pledges entire Ambuja, ACC stake to fund $6.5 bn deal
Billionaire Gautam Adani pledged his entire stake in Ambuja Cements Ltd and ACC Ltd, worth as much as $12.5 billion, to foreign banks to fund his family’s $6.5 billion acquisition of the two cement makers.
The family’s 63.15% stake in Ambuja Cements and 56.69% in ACC (of which 50.05% is held through Ambuja Cements) have been pledged by Adani Group, filings made to BSE on Tuesday by Ambuja Cements said. On 16 September, the Adani family completed the acquisition of Ambuja Cements and ACC from Holcim India, making the group India’s second-largest cement maker after Ultratech Cement Ltd. (Read More)
Harsha Engineers IPO share allotment likely today. How to check allotment status
The finalisation of share allotment of Harsha Engineers International Ltd IPO (initial public offering) can be announced any time today as tentative Harsha Engineers IPO allotment date is 21st September 2022. So, those who have applied for the public issue worth ₹755 crore are advised to check Harsha Engineers IPO allotment status online after the announcement of share allotment. They can check their allotment status online by logging in at BSE website or at the website of official registrar of the IPO. The official registrar of the public issue is Link Intime private Limited and its official website is linkintime.co.in. (Read More)
Rupee rises 7 paise to close at 79.74 against US dollar ahead of Fed meet
The rupee consolidated in a narrow range and settled 7 paise higher at 79.74 against the US dollar on Tuesday, snapping its four-session falling streak as investors await the US Fed’s policy statement for further cues.
At the interbank forex market, the local unit opened at 79.70 against the greenback. It witnessed an intra-day high of 79.58 and a low of 79.77 during the session.
It finally ended at 79.74, up 7 paise from its previous close of 79.81. The rupee declined by 64 paise in the past four sessions due to forex outflows and a stronger dollar.
The dollar index, which measures the greenback’s strength against a basket of six currencies, rose 0.12% to 109.87.
Wall Street stocks end with steep declines as Fed opened their two-day policy meeting
Wall Street equities ended with solid losses Tuesday as US central bankers opened their two-day policy meeting which is widely expected to end with a three-quarter-point interest rate hike.
Fed officials have vowed to raise rates to bring down soaring inflation, with some observers speculating about a possible one-percentage-point move.
Markets have been roiled in recent days by the central bankers’ decidedly hawkish statements, despite a brief bounce Monday.
However, analysts have already begun setting their sights on the prospect of future increases, awaiting information on what the Fed’s next steps will be and how high rates could go.
At the end of the trading session, the Dow Jones Industrial Average dropped 1.0% to 30,706.23.
The broad-based S&P 500 lost 1.1% to finish at 3,855.93, while the tech-rich Nasdaq Composite Index sank 1.0% to 11,425.05. (AFP)
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