PremiumShare Market LIVE Updates: Indian benchmark indices will start with caution on Friday after a day's break with SGX Nifty trading flat. Wall Street ended in the green on Thursday. Asian markets are having are mostly up in the morning session.
Forceful actions by regulators worldwide have helped build confidence that the current trouble for banks won’t torpedo the economy. Traders have also begun betting heavily that the Federal Reserve will have to cut interest rates soon. Such cuts could offer relief after a year of relentless hikes to rates.
Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said.
In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current distressed global economic situation when funding is scarce.
"We have taken every step in the right direction to make our core business profitable, yet it's not enough. We have to go further. We have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12 per cent to ensure that we can meet the goals we are chasing in the current realities we face," Munjal said.
The company is backed by leading global investors like General Atlantic, Tiger Global and Softbank, among others.
"I did not anticipate I would have to do this again, and I'm very sorry," Munjal said. (PTI)
Markets will open on Friday after a one-day holiday. Benchmark indices Sensex and Nifty surged on Wednesday as easing worries about the global banking crisis brought back risk-taking and led to a broad-based gain among all sectors, while a rebound in the Adani Group stocks helped sentiment. (Read More)
The Initial Public Offer (IPO) of MOS Utility Limited will open for public subscription on Friday, March 31, 2023 and the SME issue will close on Thursday, April 6, 2023. The price band of the initial share sale has been fixed in the range of ₹72 to 76 per share.
As per market observers, MOS Utility shares are commanding a premium (GMP) of ₹7 in the grey market today, up from ₹6 in the previous session. The company's shares are expected to list on April 18, 2023 on the NSE SME platform.
NIFTY SME EMERGE Index is designed to reflect the performance of a portfolio of eligible small and medium enterprises that are listed on NSE EMERGE platform. (Read More)
The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has elevated Niranjan Gupta as the new Chief Executive Officer (CEO).
Gupta, currently designated as Chief Financial Officer (CFO), Head - Strategy and M&A, takes over as the CEO with effect from May 1, 2023.
The company's board has appointed Gupta as the new CEO elevating him from his current position as its CFO, Head - Strategy and M&A, the two-wheeler major said in a regulatory filing.
Pawan Munjal will continue as executive chairman and whole-time director on the company's board, it added.
The company said it will announce a new CFO in due course of time.
"Gupta is a leader with sharp business acumen and a proven track record in delivering strong business results in a highly competitive environment. He has been instrumental in defining the organisation's growth story with his rich and diverse experience across finance, strategy and operational effectiveness in both developed and developing markets," Munjal noted. (PTI)
Welspun Group on Thursday said it has acquired water tank maker Sintex for ₹1,251 crore to expand its building material portfolio.
In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India.
"With its acquisition, Welspun will be an integral part of many more households nationwide, expanding its building material portfolio, which is a huge part of the larger B2C strategy," the steel to textiles group said.
The acquisition was acquired in a ₹1,251-crore deal, it added. (PTI)
Adani Group executives met US investors, including from BlackRock Inc., Blackstone Inc. and Pacific Investment Management Co., as part of its plans to market privately placed bonds for some of its group companies, according to people familiar with the matter.
The conglomerate led by billionaire Gautam Adani is aiming to raise up to $1 billion in two tranches this year via such a route, said the people, who declined to be named as they were not authorized to speak about it. (Read More)
Milk prices, which have been rising steadily in the past year, may hit new highs in the year ahead, as production suffers due to insufficient fodder and fewer new lactating cattle, and farmers raise prices to make up for losses in the last two years.
Fodder availability has declined thanks to increased exports of wheat used in cattle feed and damage to fodder crops from heat waves and surprise rains; at the same, there have been fewer inductions of lactating cattle, in a lag effect of fewer artificial inseminations during the worst of the pandemic days. (Read More)
Vaishali Parekh has recommended three day trading stocks to buy today, here we list out full details in regard to those intraday stocks:
1] HUL: Buy at ₹2530, target ₹2630, stop loss ₹2490;
2] ZEEL: Buy at ₹216, target ₹226, stop loss ₹212; and
3] TVS Motor: Buy at ₹1079, target ₹1125, stop loss ₹1055. (Read More)
FTSE Russell said it will keep South Korea on the watch list for inclusion to its global bond index — and India for the emerging-market equivalent — prolonging the countries wait to get into key market gauges.
Korean authorities are undertaking initiatives to improve the structure and accessibility of its capital markets which require local laws and regulations to be amended and may not be complete until 2024, FTSE said in a statement on Thursday. The index provider will seek evidence from market participants on the efficacy of the enhancements and whether they’re operating as intended prior to any reclassification decision, the firm said. (Read More)
Nestle SA, the world’s biggest food group, is among final bidders competing to acquire India’s Capital Foods Pvt as it seeks to boost its presence in the fast-growing economy, people familiar with the matter said.
The Swiss company has been discussing terms of a potential deal for Mumbai-based Capital Foods, the people said, asking not to be identified because the information is private. Any transaction would likely value the Indian firm at more than $1 billion, according to the people.
Capital Foods makes the Ching’s Secret brand of spicy noodles and fusion chutneys infused with so-called “desi Chinese" flavors. It also sells Smith & Jones cooking pastes and masala mixes. (Read More)
India’s passenger vehicle industry is expected to report a 10-15% decline from planned production in March due to semiconductor chip shortages, causing long wait periods for popular models such as those from Mahindra & Mahindra and Maruti Suzuki.
The agonizingly long waiting periods for popular models have prompted customers to cancel bookings or purchase off-the-shelf products from rival brands. As a result, some customers are opting for used cars or less popular variants with fewer features, leading to cancellations and softening of demand, industry experts said. (Read More)
Stocks rose Thursday as a bit more fear evaporated from Wall Street, keeping its main index of health on track for a winning month.
The S&P 500 rose 23.02 points, or 0.6%, to 4,050.83 for its fifth gain in the last six days. It’s been on a sharp turnaround after struggling in earlier weeks on worries about whether the banking system was cracking under the weight of higher interest rates.
The Dow Jones Industrial Average rose 141.43, or 0.4%, to 32,859.03, and the Nasdaq composite gained 87.24, or 0.7%, to 12,013.47.
Forceful actions by regulators worldwide have helped build confidence that the current trouble for banks won’t torpedo the economy like the 2008 financial crisis did. Traders have also begun betting heavily that the Federal Reserve will have to cut interest rates soon. Such cuts could offer relief after a year of relentless hikes to rates, and they also tend to act like steroids for markets.
To be sure, all the recent ebullience has some professionals on Wall Street wary.
“Markets are pricing the best of both worlds: a recession that brings inflation down rapidly and keeps rates low, yet one where corporate earnings do not fall sharply," according to analysts at Barclays led by Ajay Rajadhyaksha, global chairman of research.
They are skeptical and think both bonds and U.S. stocks look too expensive.
Since Silicon Valley Bank earlier this month became history’s second-biggest U.S. bank failure, Treasury yields in the bond market have tumbled as traders built bets the Federal Reserve would have to take it easier on interest rates. (AP)
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