PremiumFed Chair on Wednesday said that the Fed hasn't made a decision yet on the size of its future hikes. That gave some solace to the market, which shuddered a day earlier on fears the Fed was set to increase the size of its rate hikes. Meanwhile, more shares belonging to some Adani Group companies have been encumbered, a trustee said Wednesday.
The initial public offering (IPO) of MCON Rasayan India Limited opened for public subscription early this week on Monday, March 6, 2023 and the initial share sale will conclude on Friday, March 10, 2023. The price of the SME issue has been fixed at ₹40 per share for the total Issue size of 17,10,000 equity shares.
As of Wednesday, March 8, MCON Rasayan IPO has been oversubscribed 74.45 times, with 115.87 times bid in the retail category, 33.03 times in the NII category, as per the exchange data. As per market observers, MCON Rasayan shares have been commanding a premium (GMP) of ₹26 in the grey market today. (Read More)
Indian shares recovered from lows on Wednesday to close near the day's high. The probability of a 50 basis point hike at the Fed's policy meeting later this month has now risen above 70% and thus global investors fear that this might push the economy into recession. (Read More)
Allotment of shares can be announced any time soon as the tentative Divgi TorqTransfer Systems IPO allotment date is 9th March 2023 i.e. today. Those who have applied for the public issue are suggested to check their allotment status online either at the BSE website or at the official registrar's website. The official registrar of the Divgi TorqTransfer Systems IPO is Link In time Private Limited.
Divgi TorqTransfer Systems IPO allotment links
As mentioned above, applicants can check their application status online at BSE or at the Link In Time website. The official website of BSE is bseindia.com whereas Link Intime website is — linkintime.co.in. For convenience to the bidders, they can login at direct BSE link — bseindia.com/investors/appli_check.aspx or at the direct Link Intime web link — linkintime.co.in/MIPO/Ipoallotment.html. (Read More)
Kirloskar Oil Engines' promoter entities on Wednesday divested 17.71 per cent stake in the company for ₹825 crore through open market transactions.
The promoter and promoter group which offloaded the shares include Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni.
Nomura Trust and Banking Co. Ltd, Societe Generale, Sageone Investment Managers LLP, the Regents of the University of California, BNP Paribas Arbitrage, Max Life Insurance Company and DSP Mutual Fund, among others, were the buyers of the shares.
According to the block deal data available with the National Stock Exchange (NSE), the promoter and promoter group sold a total of 2,56,22,987 shares, amounting to 17.71 per cent stake in the company.
The shares were sold at an average price of ₹322 each scrip, taking the total transaction value to ₹825.06 crore. (PTI)
Vacancies at US employers retreated at the start of the year but remained historically elevated, highlighting persistent labor tightness that supports a higher level of interest rates from the Federal Reserve.
The number of available positions decreased to 10.8 million in January from an upwardly revised 11.2 million a month earlier, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. The median estimate in a Bloomberg survey of economists called for 10.5 million openings. (Read More)
According to an NSE circular, Adani Enterprises, Adani Power, and Adani Wilmar have been included under the short-term additional surveillance mechanism framework from Thursday. This information was released following the National Stock Exchange's (NSE) and Bombay Stock Exchange's (BSE) Monday announcement that Adani Enterprises will exit the framework for short-term additional surveillance measures (ASM).
According to the circular published by the exchanges, the adjustment will take effect on March 8. Three Adani Group firms, including the flagship Adani Enterprises, were placed under the framework of short-term additional surveillance measures by the NSE and BSE last month. The other two businesses listed by the exchanges, in addition to Adani Enterprises, were Adani Ports and Special Economic Zone (APSEZ) and Ambuja Cements. Nevertheless, on February 13 APSEZ and Ambuja Cements were excluded from the ASM framework. (Read More)
The rupee depreciated 3 paise to close at 81.95 against the US currency on Wednesday as a strong dollar in the overseas market weighed on investor sentiments.
Forex traders said the Dollar index gained strength after US Federal Reserve Chairman Jerome Powell reignited worries of a 50-bps rate hike in the Federal Open Market Committee (FOMC) meeting to be held on March 21-22, 2023.
At the interbank foreign exchange market, the rupee opened at 82.25 against the greenback and closed at 81.95, registering a fall of 3 paise over its previous close of 81.92 on Monday.
Stock and money markets were closed on Tuesday on account of Holi.
During the session, the domestic unit witnessed an intra-day high of 81.95 and a low of 82.29 against the American dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent higher at 105.75. (PTI)
The nation's largest lender State Bank of India on Wednesday raised ₹3,717 crore through additional tier 1 bond sale.
The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25 per cent.
The proceeds will be used to augment its additional tier 1 capital and overall capital base of the bank and also for strengthening capital adequacy in accordance with RBI guidelines.
These perpetual bonds have a call option after 10 years and every anniversary thereafter.
On the investor interest, the bank said the issue attracted an overwhelming response from investors with bids of ₹4,537 crore from 53 bids from provident and pension funds and insurance companies and was oversubscribed by about 2.27 times against the base issue of ₹2,000 crore.
Given the high response, the bank has decided to accept ₹3,717 crore at a coupon rate of 8.25 per cent payable annually. This represents spread of 66 bps over the corresponding G-Sec par curve on March 8. (PTI)
The US equity market whipsawed on Wednesday, even after the Fed chief’s reassurance that no decision has been made on the size of a rate increase in March and the central bank is not seeking to cause a recession. The US dollar was steady on the day but down from three-month highs reached earlier on Wednesday whereas SGX Nifty today opened sideways, signalling a tepid opening on Dalal Street on Thursday.
Here we list out important global market triggers that may dictate the Indian stock market today: (Read More)
India has imposed money laundering provisions on the cryptocurrency sector, the latest step by the government to tighten oversight of digital assets.
The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. (Read More)
The tiny island of Mauritius spent years trying to clean up its image as a base for murky money launderers and shell firms. The short-seller allegations against billionaire Gautam Adani are once again reviving questions about the country’s role as a tax haven for India’s tycoons.
In a report late January that sent Adani stocks on a $153 billion downward spiral, Hindenburg Research said that entities controlled by the tycoon’s brother, Vinod, or his associates used Mauritius as a conduit for money laundering and share-price manipulation. Though the report mentioned a “vast labyrinth" of shell companies from the Caribbean to the United Arab Emirates, it pinpointed offshore firms in Mauritius as having played a pivotal part. (Read More)
Stocks steadied on Wall Street Wednesday and closed with a mixed finish, a day after worries about interest rates sent them to one of their worst tumbles of the year.
The S&P 500 rose 5.64 points, or 0.1%, to 3,992.01. The Dow Jones Industrial Average fell 58.06, or 0.2%, to 32,798.40, while the Nasdaq composite added 45.67, or 0.4%, to 11,576.00.
They were coming off a sharp drop the prior day after the head of the Federal Reserve warned it could speed up its hikes to interest rates if pressure on inflation stays high. Such hikes can ease inflation by slowing the economy, but they also hit prices for stocks and other investments and raise the risk of a recession in the future.
The Fed’s chair, Jerome Powell, said again Wednesday that pressure on inflation appears to be running higher than earlier expected. But he also stressed much more strenuously than he did on Tuesday that the Fed hasn't made a decision yet on the size of its future hikes.
He said policy makers want to see what reports say in the run-up to their next meeting later this month. That gave some solace to the market, which shuddered a day earlier on fears the Fed was set to increase the size of its rate hikes.
“We’re not on a preset path, and we will be guided by the incoming data," Powell said. (AP)
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!