Business Samachar

Sensex down 1,600 points in 3 days; Rs 5.4 lakh crore loss Headline equity index Sensex, which was on its longest winning streak since 2007 by rallying non-stop for 11 days last week, has now lost over 1,600 points in a span of just 3 days with Dalal Street investors being poorer by about Rs 5.4 lakh crore. Sensex lost 242 points on Monday, 796 points on Wednesday and over 570 points on Thursday, taking the total loss to 1,608 points this week. The market was shut on Tuesday to mark Ganesh Chaturthi festival.  "Domestic market declined following a hawkish stance by the Fed chair and prolonged high interest rate trajectory which is not positive for a slowing global economy. PSU Banks and Mid & Smallcaps were the worst hit due to stretched valuations and concern over moderation in yields. Rising oil prices and erratic rainfall further led investors to stay cautious in the market." said Vinod Nair, Head of Research at Geojit Financial Services. The Sensex, India's headli...

India issues advisory, warns nationals in Canada of 'hate crimes' as ties worsen posted by NILESH WAGHELA Mumbai/New Delhi: Amidst the ongoing tensions with Canada, the Ministry of External Affairs has issued an advisory for Indians living in Canada. The Ministry of External Affairs said in the advisory that due to the increase in anti-India activities and politically motivated hate crimes and criminal violence in Canada, all Indians traveling there and present there are advised to exercise caution. “Recently, threats have particularly targeted Indian diplomats and sections of the Indian community who oppose the anti-India agenda”, further stated the advisory.  Therefore, Indian citizens should avoid going to places where violent incidents have taken place in Canada recently, or places where violence is possible.  The Ministry of External Affairs has mentioned that it will remain in touch with Canadian authorities to ensure the safety and well-being of the Indian community in ...

Odisha commited to become the 'Stainless Steel destination' for the world Government Announces Ground Breaking Subsidy Scheme at Global Stainless-Steel Expo 2023 Posted by NILESH WAGHELA Mumbai:  The Odisha Government has unveiled an ambitious Special Subsidy Scheme to boost the stainless-steel Industry within the state. This momentous announcement was made during the inauguration of the Global Stainless-Steel Expo 2023 (GSSE 2023) in Mumbai, further solidifying Odisha's commitment to becoming the 'Stainless Steel destination' for the world. The GSSE 2023 event, was inaugurated today by esteemed dignitaries including Shri. Hemant Sharma, Principal Secretary, Industries, Government of Odisha; Mr. Abhyuday Jindal, Managing Director, Jindal Stainless Ltd.; Dr. Aruna Sharma, GSSE Steering Committee Member and Former Secretary, Ministry of Steel; and Ms. Anitha Raghunath, Director, Virgo Communications and Exhibitions. In his inaugural address, Managing Director, Jindal ...

  Signature Global fixes IPO price band at Rs 366-385/share Posted by: NILESH WAGHELA MUMBAI: The Rs 730 crore initial public offering (IPO) of realty player Signature Global will open on September 20 and close for subscription on September 22.  The company has set the price band of Rs 366-385 per share. Signature Global is the largest real estate development company in the national capital region of Delhi in affordable and lower mid-segment housing in terms of units supplied between 2020 and the three months ended March 31, 2023, with a market share of 19%.  The IPO comprises a fresh equity issue of Rs 603 crore and an offer for sale (OFS) segment of Rs 127 crore by selling shareholder International Finance Corp.

Zaggle Prepaid Ocean Services IPO to open for subscription on September 14th  Price band : RS.156- 164 per equity share posted by: NILESH WAGHELA  Mumbai: Zaggle Prepaid Ocean Services Ltd is all set to open for subscription on Thursday. The three-day long initial public offering (IPO) will conclude on September 18. The bidding for anchor investors will open on September 13. It will open for retail investors on September 14, said the red herring prospectus (RHP) filed on Friday. The fintech player has revised the size of its fresh issue to ₹392 crore from ₹490 crore after performing a pre-IPO placement in two tranches in August and raising ₹98 crore from investors. Now, the size of the fresh issue is reduced to ₹392 crore. The company's offer for sale (OFS) component was reduced from 1.05 crore equity shares to 1.04 crore shares after one of its selling shareholders exited the issue, according to the RHP. The OFS of Zaggle consists of up to 1.04 crore equity shares held by pro...

Stock market: Nifty may cross 20,000 mark thi week Price band : RS.156- 164 per equity share posted by; NILESH WAGHELA Mumbai: Macroeconomic dats like India, US inflation, crude prices, trading activities of FII and other global factors will determine D-St dynamics next week Indian equity market logged its best week in the last two months, with the Nifty 50 and the Sensex rising 1.98 percent and 2.64 percent at the close on September 8. The Nifty 50 managed to close beyond the crucial 19,800 mark at 19,819.95, while Sensex closed at 66,598.91. Going ahead, as August inflation numbers trickle in, it is important to monitor if the market momentum can sustain. Among sectoral indices, metal, realty and media led gains in the week gone by. Broader markets also continued their rally, with the Nifty Midcap 100 index gaining more than the Nifty even as the advance decline ratio stayed high at 1.15:1. The Nifty Midcap and Smallcap indices have now posted substantial gains for the third consecut...

RR Kabel sets IPO price band at Rs 983-1,035 per share Posted by: NILESH WAGHELA Mumbai: RR Kabel IPO |The initial public offering will open for subscription on September 13 and the closing date will be September 15.   RR Kabel sets IPO price band at Rs 983-1,035 per share Global private equity firm TPG-backed RR Kabel has set the price band at Rs 983-1,035 per share for its maiden public issue, as per the advertisement published by the company in newspapers. The fund raising via IPO would be Rs 1,964 crore at the upper price band. The IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer for sale (OFS) of 1,72,36,808 equity shares worth Rs 1,784 crore, at the upper price band, by the promoters and investors. TPG Asia VII SF Pte Ltd will be the largest seller among selling shareholders, offloading 1.29 crore equity shares via OFS, while public shareholder Ram Ratna Wires will be selling its entire shareholding of 13.64 lakh shares in the IPO. Promoters Mahendra...

Stock Markets in Bulls control, 19600 is handy for Nifty posted by NILESH WAGHELA  Mumbai: Bulls are getting control over Stock Markets gradually, and 19600 is handy for Nifty, says experts.  Bulls seem to have turned strong after recent consolidation and pushed the Nifty50 above 19,500 mark.  As long as the index holds the same level, 19,600 can be possible in the immediate term and then 19,800 can't be ruled out. whereas, on the flip side, 19,400-19,300 range is likely to provide good support to the index, experts said. The market settled higher for the third consecutive session with the BSE Sensex rising 152 points to 65,780, while the Nifty50 climbed 46 points to 19,575 and formed a small bullish candlestick pattern on the daily charts with continuing higher highs and higher lows formation and holding above the downward sloping resistance trendline. "The Nifty has sustained a breakout from a descending channel on the daily chart. The trend will remain favourable as lo...

FII investment jumps six times Institutional investments in alternatives cross USD2.0Bn in 5 years  foreign investments rise 6X since 2019 ·         Share of alternatives in total investments rose from 3% in 2019, to 18% in 2022 ·         Foreign investments accounted for 78% of the total investments in the sector ·         Data centers received USD1Bn of inflows since 2019, 51% of total investments in alternatives Mumbai:  Alternative assets in India received cumulative investments of about USD2.0Bn during the last 4-5 years (2019-H1 2023), led by foreign investors. Foreign investments accounted for 78% of the total investments in the segment, as investors continued to seek newer markets and newer avenues segments to diversify their asset portfolio while enhancing risk adjusted returns. Institutional investors who were primarily focused on core asset classes have been buil...