Consumer Durables News

Stocks Market LIVE: Indices turn flat; Airtel, Titan drag; NTPC shines


Wall Street ended lower on Tuesday as investors wait for Fed Chair Jerome Powell’s end-of-week speech and any revelations on interest rate plans. Asian markets are in red with the Nikkei opening higher but soon plunging into the red, Shanghai and Hong Kong are also down. Euro dove to a new two-decade low against the dollar on Tuesday. 

24 Aug 2022, 12:44:37 PM IST

IT Index under pressure for second day in a row; most stocks in red

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IT Index
24 Aug 2022, 12:41:16 PM IST

Tata Motors’ JLR segment lags peers; volumes set to improve

Tata Motors Ltd’s UK-based subsidiary, Jaguar Land Rover Automation PLC is lagging its peers Audi, BMW, and Mercedes Benz. Supply chain issues, slower-than-expected ramp-up of the new Range Rover and Range Rover Sport, lockdowns in China are weighing on sales volumes.

As operating conditions improve and demand firms up, JLR’s volume guidance of 90,000 units in the September quarter is doable, said analysts. (Full Story)

24 Aug 2022, 12:39:37 PM IST

Rupee worries force India’s importers to hedge extra

Worried about India’s precarious external accounts and the weakening rupee, domestic importers are hedging a lot more of their currency exposures than they are required to.

The rupee is down about 7.5% versus the U.S. dollar this year, and headed for what could be its worst year in four.

Trading just shy of its 80.0650 per dollar record low reached last month, the rupee has been under pressure from a ballooning oil import bill, high domestic inflation and the Federal Reserve’s aggressive interest rate rises that have elevated yields on the U.S. dollar.

That is in spite of the Reserve Bank of India’s (RBI) concerted and steady efforts to defend the currency. (Reuters)

24 Aug 2022, 12:23:53 PM IST

For Mphasis, softness in mortgage segment is a dampener

The near-term outlook for tier-II IT services provider Mphasis Ltd is not very encouraging. This is despite the company’s deal win momentum and deal pipeline being steady. Relatively higher exposure to the mortgage segment is seen as a dampener, especially in the backdrop of rising interest rates in the US. Also, the company’s management has cautioned against some pockets of weakness such as deferment in spending by some clients and furloughs by a few others. (Full Story)

24 Aug 2022, 12:10:23 PM IST

Covid-19: India reports 10,649 new cases, 36 deaths in 24 hours

India reported 10,649 fresh coronavirus infections and 36-related deaths in the last 24 hours, as per the Union health ministry’s update on Wednesday. The country’s active covid caseload currently stands at 96,442 cases, taking the tally of reported cases since the pandemic hit in March 2020 to 4.43 crore, and death toll to 5,27,452.

Delhi’s active covid-19 cases stand at 4,656, Maharashtra has 12,355 cases, Haryana has 3,207 cases, Punjab 16,737, Kerala has 7,874 covid cases, Tamil Nadu has 5,732 and Karnataka has 10,709 active cases currently. (Full Report)

24 Aug 2022, 12:02:58 PM IST

Noon update: Indices are trading flat after being in green for some time in the morning. IT and Consumer Durables drag

Realty, Bank and Media see reasonable gain with NDTV hitting the upper circuit.

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24 Aug 2022, 11:55:25 AM IST

Auto component stock to consider bonus shares issue as board meet today

Bharat Gears Ltd had earlier informed that its board of directors is going to consider and approve bonus shares in its finance committee meeting scheduled on 19th August 2022. However, the company informed BSE on 19th August 2022 that the meeting has been rescheduled to Wednesday, 24th August 2022. (Read More)

24 Aug 2022, 11:41:33 AM IST

No evidence of Indian companies circumventing Russian sanctions: US official

The US Deputy Secretary of Treasury Wally Adeyemo on Wednesday said there is “no evidence” of Indian companies circumventing the sanctions imposed following Russia’s invasion of Ukraine.

“I’ve seen no evidence of Indian companies circumventing sanctions that have been placed on Russia,” Adeyemo told reporters during a visit to IIT-Bombay here.

He added that companies around the world, including those in India, the US and Europe, are taking the sanctions seriously and implementing them as well. (PTI)

24 Aug 2022, 11:25:48 AM IST

Realty index zooms, gains around 1.5%. All stocks in green.

Realty Index

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Realty Index
24 Aug 2022, 11:14:27 AM IST

Multibagger stock rallies to record high on bonus shares issue announcement

Shares of SecMark Consultancy Ltd rallied as much as 10% to hit a new high of 250 apiece on the BSE in Tuesday’s opening deals after its board approved the issue of bonus equity shares in the ratio of 3:2, subject to the approval of the shareholders. Bonus shares are fully paid additional shares issued by a company to its existing shareholders. (Full Report)

24 Aug 2022, 11:00:34 AM IST

United States reaches 65,000 H-1B visa cap for 2023: USCIS

The US has received enough petitions needed to reach the congressionally mandated 65,000 H-1B visa cap for the fiscal year 2023, a federal agency has announced.

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.

The H-1B visa programme is the most sought-after work visa among foreign professionals, including Indians. (PTI)

24 Aug 2022, 10:43:20 AM IST

NDTV shares climb 5%; hit upper circuit limit

Shares of NDTV jumped 5% to hit their highest trading permissible limit for the day on Wednesday after Adani group launched a bid to take over the media company.

The stock climbed 5 per cent to 384.50 — its upper circuit limit as well as 52-week high — on the BSE after begining the trade on a positive note.

At the NSE, it jumped 4.99% to 388.20 — its upper circuit limit as also the one-year peak. (PTI)

24 Aug 2022, 10:20:59 AM IST

ONGC gains more than 2% in the initial trading

ONGC

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ONGC
24 Aug 2022, 10:19:11 AM IST

Multibagger Radhakishan Damani stock doubles shareholders’ money in one year

Astra Microwave Products shares are one of the multibagger stocks that Indian stock market has produced in last one year. This Radhakishan Damani stock has risen from 157.65 to 322.65 apiece levels in last one year, doubling positional shareholders’ money in this time. Despite weakness in Indian stock market after the outbreak of Russia-Ukraine war, this multibagger stock has delivered stellar return to its shareholders in last six months. In fact, it has delivered whopping YTD return to its shareholders as well. (Full Report)

24 Aug 2022, 10:17:34 AM IST

Sluggish economic growth in US to continue till end of 2023: Report

The ongoing sluggish economic growth in the US is expected to continue through the end of 2023 as moderate gains in consumer spending and government purchases are offset by a significant decline in construction activities, global business intelligence solution firm S&P Global Market Intelligence said in an analysis.

The GDP growth in the US is projected to slow from 5.7 per cent in 2021 to 1.5 per cent in 2022 and 1.0 per cent in 2023 before picking up to 1.7 per cent in 2024.

“With growth falling short of potential, the US unemployment rate will likely rise from 3.5 per cent in July to 4.8 per cent in mid-2024,” it said.

On recession in the US, it said although real GDP decreased slightly in the first two quarters of 2022 but “do not call it a recession.” (ANI)

24 Aug 2022, 10:10:49 AM IST

Angel One Currency Outlook: EURINR Spot to further dive south

Heena Naik, research analyst – currency, Angel One Ltd: We expect EURINR Spot (CMP: 79.56) to further dive south towards 77.00 levels in a month (by Sep’22 end) as it is difficult to reverse the energy crisis in the EU which is expected to deepen in the coming winter. A lot of European companies are considering a shift in some production capacity with China being their prime contender. German companies have already accelerated the pace of investment and factory establishment in China. German chemical giant BASF has given final approval for the construction of the Zhanjiang Verbund site which will be BASF’s third-largest site worldwide.

24 Aug 2022, 09:56:53 AM IST

Rupee falls 4 paise to 79.87 against US dollar in early trade

The rupee depreciated 4 paise to 79.87 against the US dollar in opening trade on Wednesday, tracking the strength of the American currency in the overseas market.

At the interbank foreign exchange, the rupee opened at 79.84 against the dollar, then fell to 79.87, registering a decline of 4 paise over the last close.

On Tuesday, the rupee moved up 1 paisa to settle at 79.83 against the dollar. (PTI)

24 Aug 2022, 09:38:06 AM IST

Most broad market indices are flat to green. Realty gains 1%

Broad Market Indices

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Broad Market Indices
24 Aug 2022, 09:30:55 AM IST

India bond yields seen up as high oil prices stoke inflation fears

Indian government bond yields are expected to open higher on Wednesday, as the benchmark Brent crude contract touching over $100 per barrel added to prevailing unease over inflation.

The benchmark 10-year government bond yield is likely to fluctuate in 7.26%-7.32% band, a trader with a private bank said. The yield has risen 10 basis points in the last four sessions. It had ended at 7.2811% on Tuesday. (Reuters)

24 Aug 2022, 09:29:27 AM IST

Maruti Suzuki recalls 166 Dzire Tour S vehicles. Here is why

Maruti Suzuki has announced to recall 166 Dzire Tour S vehicles due to a suspected defect in the airbag control unit, the company said in a regulatory filing. The suspected defect has been found in vehicles manufactured between 6th August 2022 to 16th August 2022. (Full Report)

24 Aug 2022, 09:22:40 AM IST

Sensex and Nifty trading flat. ONGC and Induslnd Bank open with some gains. Bharti Airtel sheds 1% at open

Sensex at Open

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Sensex at Open
24 Aug 2022, 09:12:12 AM IST

India stock markets: Why are foreigners back in buying mode?

Foreigners are returning to Indian stocks after dumping them in the first half as they look for higher returns amid expectations that major central banks will slow their hiking cycles as price pressures ease. Fears of an economic recession have lifted hopes that central banks will dial back or even halt the rate hikes to avert a slowdown. U.S. Fed officials indicated in the minutes of their July meeting released last week that they would adopt a less aggressive stance if inflation starts to recede. (Full Report)

24 Aug 2022, 09:08:16 AM IST

Ashika Stock Broking: Nifty is likely to open on a flat to slightly negative note however overall sentiment remains positive

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a bullish candle on the daily charts that resembled closure to a piercing line formation. Higher high and higher low in weekly time frame remains perfectly in place defining that the trend to remain positive. Yesterday Nifty rebounded sharply from 17,345 levels, coinciding with the 20dma which going forward would remain a crucial support zone in the near term. On the upside, present buying momentum may escalate if Nifty provides a decisive close above the gap area of 17690-17710. Thus, during the day, Nifty is likely to open on a flat to slightly negative note however overall sentiment remains positive. Hence one can initiate buy position at lower levels of 17550-17550 for an upside target of 17800-17860.

24 Aug 2022, 09:04:55 AM IST

Sensex preopens in red. Asian markets are trading in the red. NDTV, Adani Enterprise, NTPC stocks in focus 

Sensex at preopen

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Sensex at preopen
24 Aug 2022, 08:58:26 AM IST

Stocks to Watch: Adani Enterprises, NDTV, P&G, Hindalco, NTCP

Indian benchmark indices snapped a two-day downward spiral on Tuesday to end with a gain of around 0.5%. Tata Chemicals is out of the list of stocks under the NSE F&O ban. (Full Report)

24 Aug 2022, 08:48:01 AM IST

Bitcoin, ether, dogecoin fall while Polkadot, Avalanche gain

Bitcoin price continued to slip as the usually volatile token has gotten stuck trading within a narrow range. The world’s largest and most popular cryptocurrency was trading nearly a per cent lower at $21,190. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.07 trillion, as per CoinGecko.

On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, fell about a per cent to $1,613. Meanwhile, dogecoin price today was trading over 2% lower at $0.06 whereas Shiba Inu plunged over a per cent to $0.000013. (Full Report)

24 Aug 2022, 08:42:53 AM IST

Stitched Textiles scraps IPO plan; withdraws draft papers

Stitched Textiles, which owns leading men’s wear fashion brand “Barcelona”, has decided to withdraw its 200 crore-Initial Public Offering (IPO).

The IPO was slated to be entirely a fresh issue of equity shares. Proceeds of the issue were to be used for expansion of the company’s retail network by launching exclusive brand outlets, enhancing the visibility and awareness of its brand for funding working capital requirements and general corporate proposals.

The company had filed the Draft Red Herring Prospectus (DRHP) for the proposed IPO on June 17 with the Securities and Exchange Board of India (Sebi). (PTI)

24 Aug 2022, 08:30:30 AM IST

Angel One market wrap-up for August 23: Better to follow one step at a time for a couple of trading sessions.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Last night, US markets had one more round of selling which dampened the overall sentiments of traders across the globe. Tracking these cues, our markets too started lower to hasten towards the key support of 17350. This being the ’20-day EMA’ level, the correction halted in the opening hour which was then followed by a sharp recovery to not only erase all losses but also entered the positive terrain. The similar sort of swings on either side was repeated during the latter half as well. Eventually, the action-packed session ended with half a percent gain tad below the 17600 mark.

The Nifty has completed a price correction of 650 points in merely three sessions i.e. nearly 3.50% from Friday’s high of 17992.20. In our previous commentary, we had mentioned the support zone around 17400 – 17350. Since it coincided with the key moving average (20-EMA), the oversold market attracted some buying at lower levels. With the help of RIL and the banking space who became the real protagonists, the benchmark index Nifty managed to close almost at a day’s high. Although the rebound was very much on expected lines, one should avoid getting carried away with this. We are still not out of the woods yet till a time a few important levels are taken out in the upward direction. As of now, 17650 – 17710 is to be seen as an immediate resistance zone and momentum traders should ideally look to lighten up longs around it. On the flip side, 17525 – 17450 are to be seen as immediate supports. The coming session can slightly be a tricky one because if we rebound first towards the mentioned intraday hurdles, the index is likely to land up in a corridor of uncertainty. Hence, it’s better to follow one step at a time for a couple of trading sessions.

24 Aug 2022, 08:28:30 AM IST

Indian firms await Russian nod on bid to acquire stakes

Russia hasn’t been amenable to overtures by Indian state-run firms in acquiring the stakes of Western energy majors in Russian oil and gas assets after their exit from the sanctions-hit nation, said a top Indian government official aware of ongoing deliberations. Russia is looking to buy and resell stakes of Western firms in sanctions-hit oil and gas assets. (Full Story)

24 Aug 2022, 08:10:48 AM IST

After wheat, retail price of rice rises 6.31% on supply concerns

After wheat, rice prices are firming up on reports of supply concerns with the all India average retail price of the grain ruling higher by 6.31% at 37.7 per kg compared to the year-ago period, according to an official data.

The All India average retail price of wheat has risen by over 22% to 31.04 per kg as of August 22 compared to 25.41 per kg in the year-ago period, according to the data maintained by the Consumer Affairs Ministry.

The average retail price of wheat flour (atta) has increased by over 17% to 35.17 per kg as against 30.04 per kg in the year-ago period, the data showed. (PTI)

24 Aug 2022, 08:07:35 AM IST

Dreamfolks Services IPO opens today. Should you apply or skip? GMP, key details inside

Airport Service aggregator platform Dreamfolks Services Ltd’s three-day initial public offering (IPO),with a price band of 308- 326 apiece, will open for public subscription on Wednesday, August 24, 2022 and the issue will conclude on Friday, August 26. Dreamfolks Services IPO is entirely an OFS of up to 1.72 crore equity shares by its promoters. (Full Story)

24 Aug 2022, 07:53:17 AM IST

Rupee ends almost flat against US dollar

The rupee inched up 1 paisa to settle at 79.83 against the US dollar on Tuesday amid a strong American currency in the overseas market and rising crude oil prices.

At the interbank foreign exchange market, the local currency opened at 79.85 and saw an intra-day high of 79.81 and a low of 79.90 against the American currency.

It finally ended at 79.83, up 1 paisa over its previous close. (PTI)

24 Aug 2022, 07:52:10 AM IST

Exports likely to be around USD 470-480 bn in FY23: Commerce Secretary

India’s merchandise exports are likely to be around USD 470-480 billion in the current fiscal against USD 420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam said on Tuesday.

The secretary also said the trade deficit, which crossed USD 100 billion in the first four months of the current fiscal, is not going to cross a “discomfort level”.

Talking to reporters, Subrahmanyam said the merchandise trade during 2022-23 will be USD 470-480 billion and the services sector is likely to contribute another 280 billion.

“We are pretty much on track,” he said, adding the exact target for the fiscal may be announced later. (PTI)

24 Aug 2022, 07:50:36 AM IST

Tier-III cities show strongest recovery in hotel business

Tier-III cities with resort locations in India have seen the strongest recovery amid a rebound in leisure tourism. This has allowed these locations to command average rates higher than what they originally achieved prior to the pandemic, a new report by hospitality consulting firm Hotelivate said.

Business is robust across markets, especially with leisure locations continuing to outperform urban markets. (Full Report)

24 Aug 2022, 07:34:25 AM IST

Adani  acquires  29%  stake in NDTV, launches open offer

Gautam Adani, Asia’s richest man, signalled serious intent for a play in India’s media and entertainment industry as his companies acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as mandated by law.

The acquisition capped months of speculation about a potential acquisition that saw the NDTV stock rally fivefold in nine months (from 75.55 on 1 December to 376.55 on Tuesday on BSE). (Full Story)

24 Aug 2022, 07:33:33 AM IST

Oil prices fall as fears of imminent OPEC+ output cut recede

Oil prices fell on Wednesday, taking a breather from a nearly 4% surge the previous day on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+.

Global benchmark Brent crude futures fell 21 cents, or 0.2%, to $100.01 a barrel by 0114 GMT, after rising 3.9% on Tuesday. The U.S. West Texas Intermediate crude futures contract was down 10 cents, or 0.1%, at $93.64 a barrel, having jumped 3.7% the previous day.

Both contracts soared on Tuesday after de facto OPEC leader Saudi Arabia flagged the possibility of introducing cuts to balance a market it described as “schizophrenic”, with the paper and physical markets becoming increasingly disconnected. (Reuters)

24 Aug 2022, 07:26:46 AM IST

Narendra Modi’s nuclear power push gains traction with new plants on way

India’s largest power producer is looking to develop another massive nuclear project just weeks after announcing its entry into the sector, a sign that Prime Minister Narendra Modi’s expansion into atomic energy is gaining momentum.

A venture between NTPC Ltd., which relies mostly on coal to supply energy to the world’s fastest growing population, and India’s monopoly nuclear developer is in advanced talks with the government to develop two 700-megawatt reactors in the central state of Madhya Pradesh, according to people familiar with the matter, who asked not to be identified as the discussions aren’t public. (Full Report)

24 Aug 2022, 07:25:36 AM IST

India INX MD, former MCX chief lead race for BSE top job

V. Balasubramaniam, managing director (MD) and chief executive officer (CEO) of India INX, a BSE subsidiary at Gift City, and NemL MD and CEO Mrugank Paranjape are the top contenders to head BSE, according to two people aware of the development.

Balasubramaniam was second-in-command at BSE when Ashishkumar Chauhan was the MD and CEO. Chauhan now heads rival NSE. A broker Mint spoke to said Balasubramaniam had the “right mix of aggression and quality” to lead the exchange. He has served as the chief business officer of BSE, overseeing business development across segments such as equity, equity derivatives, debt, and mutual fund distribution. (Full Story)

24 Aug 2022, 07:25:36 AM IST

Stocks dip as steadying yields calm Wall Street after fall

Stocks drifted to modest losses in a quiet Tuesday on Wall Street, as steadying Treasury yields helped calm the market following its worst tumble in months.

The S&P 500 dipped 9.26 points, or 0.2%, to 4,128.73 after flipping between small gains and losses throughout the day. The edge lower follows up on Monday’s sharp 2.1% drop, which came on the heels of the first losing week for the index in the last five. (AP)


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