MarketExpress live: Godrej Agrovet IPO fully subscribed; top industrialists back PM Modi

A man walking past the Bombay Stock Exchange building. (Image: Reuters)

Sensex and Nifty opened marginally higher on Thursday after cheering up RBI’s move to keep the repo rates unchanged on Wednesday. BSE Sensex gained 54 points to open at 31,725.85 points and NSE Nifty added 12 points to start at 9,927 points. Within minutes of trading, both the benchmark indices pared most of the morning gains. Sensex shuttled between the range of 31,749.29-31,679.91 points in the early morning trade. US stocks edged up to extend their run of record closing highs on Wednesday as data on the services sector added to signs of strength in the economy and prospects for earnings. RBI (Reserve Bank of India) kept the repo rate unchanged at 6%, reverse repo rate unchanged at 5.75%, as expected. Monetary Policy Committee maintained the stance as ‘Neutral’. The central bank slashed SLR by 50 basis points to 19.5% effective from 14 October fortnight.

5.37 pm: India in golden period, but long way to go, says third richest man Prakash Hinduja: At a time when there is growing clamour of economic growth slowdown from all sides, even as the Narendra Modi-led government is facing severe backlash from opposition and party-men alike; Prakash Hinduja, says India is going through a golden period.

5.35 pm: Uday Kotak corporate governance panel suggests greater role for independent directors: The Uday Kotak panel on corporate governance has sought more active role and greater autonomy for independent directors and more transparency in their appointment and separation.

5.09 pm: GST Council Meet tomorrow: Tax slab, exporters woes, small taxpayers likely to be discussed: The Goods and Services Tax (GST) Council may reduce consider reducing the tax slab to 5% from the existing 12% on the labour component in government project works when it meets for the second time on Friday.

2.55 pm: Gujarat first to respond to Modi government call for petrol, diesel tax rate cut: Prime Minister Narendra Modi’s home state Gujarat has become the first state to cut retail VAT rates on petrol and diesel prices, a day after the Finance Ministry asked states to do so.

1.42 pm:  Here’s how much petrol price will fall if states agree to Modi government’s tax cut demand: The Finance Ministry is asking state chief ministers to cut retail VAT rate on petrol and diesel by as much as 5%. We take a look at how much the petrol and diesel price may fall if the states actually comply and cut VAT rates by 5 percentage points.

1.31 pm: Godrej Agrovet IPO fully subscribed as day 2 bidding still on; good response from retail investors: Godrej Agrovet IPO which opened on Wednesday for subscription got fully subscribed as the second-day bidding continues.

12.53 pm: Economic Slowdown? Top industrialists back Modi, say economy firing on all cylinders:  At a time when the Narendra Modi government is facing criticism from all sides, top industrialists choose to back his structural reforms agenda.

12.49 pm: Forbes India Richest 100: Chart topper is no surprise; here’s how long he has been there: Mukesh Ambani the Chairman of India’s most valued company–Reliance Industries, topped the list of Forbes India Rich 2017 list with a jaw-dropping net worth of $38 billion, and what is more, he has retained the top spot for the 10th consecutive year.

11.14 pm: This Rakesh Jhunjhunwala stock may be debt-heavy, but it has far more assets: Jaiprakash Associates, a company in which Rakesh Jhunjhunwala holds more than 1%, may be a debt-heavy company but the shares have returned a staggering 134% in the year so far. N Jayakumar of Prime Securities says that the company has a lot more of assets than debt.

9.51 am: Sensex inches above 31,700 in a dull trade; Rupee slips 6 paise vs US dollar: Sensex and Nifty opened marginally higher on Thursday after cheering up RBI’s move to keep the repo rates unchanged on Wednesday. The Indian rupee lost 6 paise to open at 65.07 against US dollar after it made a strong recovery yesterday.

9.08 am: Prataap Snacks shares to debut on stock market today: Prataap Snacks shares are all set to debut on the stock exchanges from today, 5 October 2017 after the company recently concluded its Rs 482 crore public offer.

8.33 am: Stocks of State Bank of India, Reliance Communications, Force Motors will be in focus today: Sensex and Nifty are likely to open higher on Thursday following the record-breaking streak of Wall Street markets on Wednesday.