PremiumNew inflation indicators from China, Germany and the U.S. hardened expectations that high interest rates would be in force longer than expected. FIIs offloaded equities for the sixth day in a row on Wednesday. The sell-off from FIIs is more than ₹10,474 crore in domestic equities.
Indian market halted its eighth consecutive day of selling on Wednesday but foreign institutional investors continued to be net sellers. FIIs offloaded equities for the sixth day in a row. (Read More)
The process to manufacture 200 semi-high-speed Vande Bharat trains have moved next step with Russia's CJSC Transmashholding and Rail Vikas Nigam Ltd (TMH-RVNL) consortium has emerged as the lowest bidder for a ₹58,000-crore contract to manufacture and maintain the trains according to officials.
After CJSC-RVNL consortium the second lowest bidder was the consortium of state-run Bharat Heavy Electricals Ltd (BHEL) and Titagarh Wagons, they said and added that it will be given a chance to match the lowest bid to bag a share of the tender. According to the tender document, the selected bidder will manufacture 200 train sets of sleeper version of 16 coaches each at the railway factory in Latur in Maharashtra and the ICF in Chennai.Under the bid conditions, manufacture, supply and maintenance of 120 trains would be awarded to the lowest bidder (L1). These would be manufactured at the Latur facility of the Indian Railways. (Read More)
After hearing a batch of four petitions that sought intervention of the court and an investigation on Adani-Hindenburg case, the apex court will deliver its decision on the formation of a panel on Thursday. The bench hearing the petition comprises CJI DY Chandrachud, justices PS Narasimha and JB Pardiwala.
The petitions were heard by the Supreme Court bench on February 17. However, the bench had reserved its order on the composition and remit of a committee. The committee will be responsible for looking into the Adani-Hindenburg matter that led to a massive slide in the conglomerate’s stock value post the release of the report. The report accused Adani group of stock manipulation and frauds, but Gautam Adani-led group denied all such claims. (Read More)
The rupee appreciated by 9 paise to close at 82.49 against the US dollar on Wednesday as a positive trend in domestic equities and easing crude oil prices supported investor sentiments.
Weakness in the US dollar in the global markets and gains in Asian currencies following positive Chinese macro data also bolstered the local unit.
At the interbank foreign exchange market, the local unit opened at 82.48 against the American currency and touched a high of 82.36 in the day trade.
It finally settled at 82.49 against the greenback, registering a gain of 9 paise over its previous close of 82.58.
The rupee traded strong as the dollar faced hurdles near 105 level. Moreover, weakness in crude oil prices also supported the local unit, with WTI taking resistance at USD 77 per barrel, said Jateen Trivedi, VP Research Analyst at LKP Securities.
"Major strength was seen from the positive trend in capital markets, which led to gains for the rupee. US PMI data later in the evening can give further cues to dollars and other currencies," Trivedi said. (PTI)
Mahindra & Mahindra (M&M) on Wednesday said its total sales increased by 8 per cent to 58,801 units in February.
The company's total dispatches to its dealers stood at 54,455 units in February 2022.
The Mumbai-based auto major's passenger vehicle sales in the domestic market rose by 10 per cent to 30,358 units last month against 27,663 in February last year, the auto major said in a statement.
Commercial vehicle sales increased to 26,193 units last month compared to 23,978 units in the year-ago period.
The company said its exports last month declined 20 per cent to 2,250 units as compared with 2,814 units in the year-ago period.
M&M Automotive Division President Veejay Nakra said the company continues to sell more than 30,000 SUVs per month. (PTI)
Billionaire Mukesh Ambani’s group is getting into genetic mapping, looking to make a healthcare trend led by disruptive US startups like 23andMe more affordable and widespread in India’s growing consumer market.
The energy-to-ecommerce conglomerate will roll out within weeks a comprehensive 12,000-rupee ($145) genome sequencing test, according to Ramesh Hariharan, chief executive officer of Strand Life Sciences Pvt., which has developed the product. Reliance Industries Ltd., led by Asia’s richest person, acquired the Bengaluru-based firm in 2021 and now owns about 80% of it. (Read More)
Global market update: US stocks declined lower on Wednesday, witnessing some selling pressure and dropped for a second straight session after economic data highlighted persistent inflationary pressures and US Federal Reserve officials continued to sound hawkish. However, US dollar continued to remain 'buy on dip' asset for investors as Dollar Index added 0.12 per cent in early morning deals on Thursday. Crude oil prices tumbled 0.12 per cent to $77.60 per barrel levels in Thursday morning deals.
Here we list out key triggers from the global market news, which may dictate Indian stock market today: (Read More)
Japanese conglomerate Softbank on Wednesday divested 3.8% of its stake in supply chain company Delhivery for ₹954 crore through open market transactions. The shares were sold at an average price of ₹340.8 each share, taking the aggregate value to ₹954.24 crore.
According to the block deal data available with the BSE, SVF Doorbell (Cayman) offloaded 2.80 crore shares in eight transactions, amounting to 3.8 per cent stake in the firm. (Read More)
Vaishali Parekh has recommended three intraday stocks for today, here we list out full details in regard to those three shares:
1] Maruti Suzuki: Buy at ₹8764, target ₹8960, stop loss ₹8640;
2] HAL: Buy at ₹2684, target ₹2780, stop loss ₹2630; and
3] RCF: Buy at ₹100, target ₹106, stop loss ₹98. (Read More)
Moody’s Investors Service revised upwards India’s GDP growth projections to 5.5% in 2023 from its earlier projection of 5%, owing primarily to the sharp increase in capital expenditure budget allocation for FY24 and ongoing economic resilience.
“In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure budget allocation to ₹10 trillion (3.3% of GDP) for fiscal year 2023-24, up from ₹7.5 trillion for the fiscal year ending in March 2023," the agency said in a note Wednesday. (Read More)
Clarifying on the Reuters report of securing $3 billion from sovereign wealth fund, Adani group clarifies that it's false. According to a Reuters report, India's Adani Group informed creditors on Wednesday that it had secured a $3 billion loan from a sovereign wealth fund.
A day after company management informed bondholders that it anticipated prepaying or repaying share-backed loans of $690 million to $790 million by the end of March, news of Adani securing new credit circulated. The credit line from the sovereign wealth fund could be increased to $5 billion, according to a Reuters report.
Post the announcement, NSE and BSE sought clarification from Adani Enterprises on Wednesday with reference to news appeared dated 1st March 2023 quoting ‘Adani says has secured $3 billion from sovereign wealth fund, however the reply is awaited from the exchanges. (Read More)
Two of three major Wall Street stock indexes declined on Wednesday, while Treasury yields marched higher, as new inflation indicators from China, Germany and the U.S. hardened expectations that high interest rates would be in force longer than expected.
China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month, marking the fastest growth in more than a decade, from 50.1 in January.
In the U.S., prices for raw materials increased last month, suggesting inflation could remain elevated after monthly consumer and producer prices surged in January.
And inflation data from Germany bolstered expectations that the European Central Bank will push interest rates higher than previously thought, a day after February numbers showed price pressures surged more than expected across France and Spain.
"Global PMI continues to point to a firmer global growth outlook - creating some upside risk to domestic activity and inflation," Citi U.S. economic strategists said in a note on Wednesday.
The Dow Jones Industrial Average was virtually flat, closing up just 0.02%, while the S&P 500 lost 0.47% and the Nasdaq Composite dropped 0.66%. (Reuters)
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