Business News Highlights: Stock Market Closes Flat; Sensex Up 11 Points, Nifty Below 19,400
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
PhonePe on Wednesday announced the launch of its market trading platform Share.Market. The Walmart group firm PhonePe said it has started 'Share.Market' with stocks and ETFs and will gradually add future and options segments.
Ujjwal Jain will be the Chief Executive Officer of the new platform -- Share.Market.
With the foray into the stock broking segment, the company has completed its financial services portfolio, PhonePe Founder and CEO Sameer Nigam said. At present, the company provides payments, e-commerce, banking, and insurance services
The key benchmark indices, Sensex and Nifty, closed on a flat note on Wednesday after trading higher in the early session. At close, the Sensex was up 11.43 points or 0.02 per cent at 65,087.25, while the Nifty was up 4.80 points or 0.02 per cent at 19,347.50.
Leading the gainers on the Nifty were Tata Steel, Maruti Suzuki, M&M, Eicher Motors, and Infosys. Meanwhile, Power Grid Corporation, SBI, BPCL, Dr. Reddy's Laboratories, and Hero MotoCorp were among the losers.
Sectorwise, the realty index saw a 1 per cent increase, while auto, FMCG, information technology, and metal rose by 0.5 per cent each. Conversely, power, oil & gas, and bank sectors declined by 0.5 per cent each.
The BSE midcap and smallcap indices both registered gains of 0.5-0.8 per cent each.
Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that the government will absorb the impact of the Rs 200 reduction in the price of domestic cooking gas cylinders, reported Moneycontrol The comments came a day after the government announced the price cuts on domestic cooking gas cylinders.
According to the report, the LPG price cut has raised concerns among oil marketing companies (OMCs) due to the potential cost impact of approximately Rs 7,500 crore.
BharatPe's Chief Business Officer Dhruv Dhanraj Bahl is stepping down from the company after about 4 years, the company said. As per a PTI report, Bahl's exit follows a series of exits of top executives from the Gurugram-based company. Dhanraj Bahl joined the company in 2020 as head of operations and was elevated to Chief Operating Officer, before assuming his present role of CBO for Merchant Lending.
Bahl has also worked at Paytm and Airtel Payments Bank. Prior to joining BharatPe, he served as the Chief Business Officer (CBO) at insurance firm Roadzen.
Oil prices climbed on Wednesday jitters of reduced US crude inventories, the largest fuel consumer globally, along with concerns arising from a Gulf of Mexico hurricane, reported Moneycontrol.
In the global market, October's Brent crude futures rose 42 cents reaching $85.91 per barrel at 07.48 GMT, as per report. With the October contract expiring on Thursday, the more active November contract stood at $85.32, marking a gain of 41 cents. Meanwhile, US West Texas Intermediate crude futures rose 50 cents to $81.66.
Inox India Ltd, the cryogenic tanks manufacturer, has submitted initial documents with the SEBI for initial public offering (IPO) to raise funds. The IPO, as outlined in the Draft Red Herring Prospectus (DRHP) filed on Tuesday, will consist solely of an Offer For Sale (OFS) involving up to 2.21 crore shares. These shares will be offered by the company's existing shareholders and promoters.
The shareholders participating in the OFS include Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, and Manju Jain. As the offering is exclusively an OFS, Inox India Ltd, will not receive any proceeds from the IPO, as all the raised funds will be directed to the selling shareholders.
Inox India, one of the leading cryogenic tank manufacturers, provides products like standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.
ICICI Securities and Axis Capital are the book-running lead managers to the issue.
Zomato shares opened with gains on Wednesday following a block deal. Around 1.17 per cent of shares of the online food aggregator changed hands at an average floor price of Rs 94.70 apiece, reported CNBC-TV18. Although the details of the buyer and seller involved in the transaction are public, the report citing sources said that SoftBank was looking to pare 1.17 per cent stake in Zomato.
At 10.38 am, shares of Zomato were trading at Rs 99.20 on the BSE, up 4.81 per cent from the previous close.
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The key benchmark indices opened higher on Wednesday following strong global cues. The Sensex was up 300 points at 65,375, and the Nifty gained 81 points to 19,424.
On Nifty, Hindalco Industries, Tech Mahindra, HCL Technologies, UPL, and Cipla were among the major gainers, while losers were BPCL, Power Grid Corp, Apollo Hospitals, HUL, and Asian Paints.
Benchmark indices are trading with gains after opening on a mixed note. The Sensex was up 200 points to 65,347, and the Nifty gained 81 points to 19,423.
The rupee opened marginally higher at 82.66 against the dollar on Wednesday compared to Tuesday's close of 82.70.
Benchmark indices started trading mixed in the pre-opening session at 9.00 a.m. The Sensex was down 89.25 points to 64,986.57, and the Nifty was down 15.50 points to 19,327.20.
Rishabh Instruments IPO: The initial public offering (IPO) of energy efficiency solutions provider Rishabh Instruments Ltd opens for subscription today. The company raised Rs 147.2 crore via anchor investors on August 29, ahead of the IPO opening for public issues, reported Moneycontrol. The IPO will close on September 1.
The public offer comprises a fresh issue of equity shares worth Rs 75 crore, with an offer for sale (OFS) portion of 9.43 million equity shares of Rs 415.78 crore. Rishabh Instruments IPO price band has been fixed at Rs 418 to Rs 441 per equity share at a face value of Rs 10 each. At the upper end of the price band, Rishabh Instruments IPO size stands at Rs 490.78 crore, report said.
The company specialises in electrical automation, metering and measurement, precision-engineered products, and aluminium high-pressure die castings. The net proceeds from the offer will be used to finance the cost of expansion of Nashik Manufacturing Facility I, and meet general corporate purposes, the company has said.
Asian markets followed Wall Street sentiment on Monday, starting trade with gains. Hong Kong's Hang Seng index and Japan's Nikkei 300 rose over 1 per cent. Australia's S&P 200 index also gained in early trade.
Overnight, Wall Street ended the trading session with sharp gains on Tuesday as expectations of an interest rate pause by the US Federal Reserve lifted market sentiment. The S&P 500 climbed 1.45 per cent to 4,497.63 points. The Nasdaq gained 1.74 per cent to 13,943.76 points, while the Dow Jones Industrial Average rose 0.85 per cent to 34,852.67 points.
Tesla, Nvidia and other mega-cap stocks led the market rally. The S&P 500 logged its strongest one-day gain since June 2, while the Nasdaq notched its strongest session since July 28, as per reports.
The rally came against the backdrop of the US Labor Department's Job Openings and Labor Turnover Survey (JOLTS) data showed a third straight month of decline, signaling ease in labor market pressures. The number of job openings in the US stood at 8.827 million in July.
Despite trading higher throughout the session, the key benchmark indices closed with little gains on Tuesday. The S&P BSE Sensex closed at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty managed to hold the 19,300 level, concluding at 19,343, with an increase of 37 points or 0.19 per cent.
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Background
Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, economy, and the corporate world. Here are some important events will be keeping an eye on August 30.
Macroeconomic Data
China is expected to release it’s official manufacturing purchasing managers’ index (PMI) on August 30. China’s manufacturing PMI increased to 49.3 in July, up from 49 in June. The data is expected to show an impact on global markets.
Further, anticipation about India’s economic data to be released on the last day of August is projected to make it’s impact felt in the market. The markets closed on Tuesday with nominal gains after trading higher throughout the session. The S&P BSE Sensex closed at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty managed to hold the 19,300 level, concluding at 19,343, with an increase of 37 points or 0.19 per cent.
On the 30-share Sensex platform, Jio Financial Services (up 5 per cent), Tata Steel, Tech Mahindra, NTPC, JSW Steel, and PowerGrid emerged as top gainers. On the flipside, Bharti Airtel, HUL, Axis Bank, Reliance, IndusInd Bank, and Sun Pharma were among the top losers.
IPOs Ahead
Rishabh Instruments raised Rs 147.2 crore via anchor book on Tuesday, ahead of it’s initial public offering (IPO) on August 30. The Nashik-based company will be open for subscription on Wednesday and will offer a fresh issue worth Rs 75 crore. The IPO is expected to be in the range of Rs 418-441 per share and investors can bid for minimum 34 shares in a lot and multiple lots after.
Aeroflex Industries is expected to be listed in the market on August 31. The IPO consists of a fresh issue worth Rs 162 crore and an offer for sale of up to 1.75 crore equity shares. The offer was in the price range of Rs 102-108 per share. The IPO was subscribed 97 times.
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