Business News Highlights: Sensex Closes 241 Points Higher, Nifty Reclaims 19,500
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
Muthoot FinCorp revealed on Monday that it plans to raise up to Rs 400 crore by issuing non-convertible debentures (NCDs). The company in it’s statement said the issue will have a base size of Rs 100 crore and is a part of the larger Rs 1,100 crore debt-raising plan of the company which has been approved by it’s board.
The issue will close on September 14, and will contain a green shoe option of Rs 300 crore, reported PTI. Further, the issue will consist tenure options of 24, 36, 60, and 96 months.
E-commerce firm Flipkart said on Monday that it plans to create more than 1 lakh job opportunities in it’s supply chain to meet the demand during the upcoming festive season. These jobs will be of a seasonal nature, the company said.
The firm plans to include persons with disabilities (PWDs) as well to ensure a diverse supply chain workforce, it said. The company plans to use it’s kirana delivery programme, including local kirana delivery partners, to deliver about 40 per cent of it’s shipments, reported PTI. The company is planning to add these jobs to facilitate it’s The Big Billion Days (TBBD) sale, which will offer discounts on major brands' products.
India’s power consumption increased to 151.66 billion units in August, up by more than 16 per cent compared to the same period last year. This increase was credited to the high usage of cooling appliances during the high humid weather conditions. The power consumption stood at 130.39 billion units (BU) a year ago, government data revealed.
Further, august reported the peak power demand met at 239.59 GW in August, compared to 195.22 GW for the same period a year earlier, reported PTI. The peak power demand met represents the highest supply in a day.
The S&P BSE Sensex finally ended 241 points higher at 65,628. On the other hand, the NSE Nifty closed at 19,529, up 94 points.
On the 30-share Sensex platform, Wipro, HCL Technologies, UltraTech Cement and Tata Steel were the major gainers, up around 4 per cent each. On the downside, Mahindra & Mahindra, Axis Bank, ITC, Asian Paints, Bajaj Finance, Nestle emerged losers.
Ratings agency ICRA in it’s report on Monday said that the implementation of various regulatory specifications can raise the prices of commercial vehicles by 10-12 per cent. The agency stated that the domestic auto industry is transforming at a rapid pace and the government is specially focused on putting in place emission norms, safety systems, and other standards to make the Indian automotive industry at par with the global standards, reported PTI.
EMS Ltd said on Monday that it’s initial public offering (IPO) will be open for subscription from September 8-12 in a price range of Rs 200-211 per share. The water and sewage infrastructure company stated that it’s fresh issue will consist equity shares worth Rs 146.24 core and an offer for sale (OFS) of 82.94 lakh shares. The company plans to use the funds raised from the IPO to take care of it’s working capital requirements and general corporate purposes.
The Securities and Exchange Board of India levied a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for violating the disclosure norms. The market regulator in it’s order passed on Thursday revealed that the company didn’t take prior approval from the exchange for converting non-convertible debentures (NCDs) into a term loan back in March 2021.
SEBI further detailed that the company failed to provide an auditor’s certificate on funds utilisation, a half-yearly certificate on asset cover maintenance, and an annual report to the debenture trustee, reported PTI.
Nazara Technologies announced on Monday that it plans to raise Rs 100 crore from Kamath Associates and NKSquared. The online gaming and sports company stated that it will use the funds to take care of its growth requirements. The company in it’s board meeting on Monday approved the issuance of 7,00,280 preferential shares each to Kamath Associates and NKSquared, it revealed via an exchange filing.
Honda Cars India President and CEO Takuya Tsumura informed on Monday that the company plans to introduce five sports utility vehicles in India by the end of the decade. The company also entered the mid-sized SUV segment with the launch of it’s product ‘Elevate’ in the price range of Rs 10.99-15.99 lakh, reported PTI.
The State Bank of India announced on Monday that it has implemented UPI interoperability in it’s digital rupee, known as Central Bank Digital Currency (CBDC). The bank said that it aims to increase convenience and accessibility for customers.
The new feature will be accessible through the ‘eRupee by SBI’ application, reported PTI. It will allow SBI CBDC users to scan any merchant UPI QR code for quick transactions. Notably, SBI was one of the first banks to take part in the Reserve Bank of India’s retail digital e-rupee project in December 2022.
Traders in 230 major Agricultural Produce Market Committees (APMCs) in Madhya Pradesh have started an indefinite strike from Monday asking for various demands, a confederation of traders said. Among the traders’ demands is the demand for reducing the mandi/market fee of 1.5 per cent being charged from the traders currently.
The Madhya Pradesh Sakal Anaj Dalhan Tilhan Vyapari Mahasangh’s President Gopaldas Agrawal stated that the traders have been asking for a reduction in mandi fee for a long time. The association President noted that the state government has not taken any steps to solve their problems, reported PTI. Other demands of the traders include a reduction in the lease rent of government plots allocated to the traders in the mandi and a stop to the collection of destitute assistance fees.
The rupee fell 15 paise to 82.77 against the US dollar in early Monday trade. The domestic unit opened at 82.71 and touched 82.77 in the interbank foreign exchange, declining 15 paise over the last close.
Sensex and Nifty, on Monday were trading flat amid volatility and profit booking in financial and FMCG stocks. On the 30-share Sensex platform, Tata Steel, UltraCemco, JSW Steel, NTPC, L&T, Maruti were among the early gainers. On the downside, Asian Paints, ICICI Bank, M&M, Sun Pharma, Titan, Nestle, Tata Motors emerged losers.
Conglomerate ITC announced on Sunday that it will invest about Rs 1,500 crore and establish an integrated food manufacturing and logistics facility, and a sustainable packaging products manufacturing facility in Sehore, Madhya Pradesh. Both the projects will be spread over nearly 57 acres, and the company believes the projects will help strengthen the agricultural and manufacturing sectors in the state, reported PTI.
The food plant will manufacture ITC’s famous products like flour brand Aashirvaad, Sunfeast biscuits, and ‘YiPPee!’ noodles, among other products, while the packaging facility will provide sustainable packaging as an alternative to plastic in areas like packaging for FMCG, electronic items, and many others, the company said.
Prime Minister Narendra Modi called for the world to shift from a GDP-centric approach to a human-centric approach. During an exclusive interview to PTI last week, the PM stressed that the ‘Sabka Saath Sabka Vikas’ model of his government can guide the world in changing it’s welfare approach. The PM added that ‘India's G20 Presidency has also sowed the seeds of confidence in the countries of the so-called Third World’.
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 September 4.
Sensex and Nifty ended the last week on a high note, with the S&P BSE Sensex up by 556 points and the Nifty50 up by 182 points. The stock market in the week ahead will be dominated by global and domestic macroeconomic numbers.
Global Indicators
While the US is expected to announce it’s trade balance data, jobs data, and composite PMIs, the UK is also expected to reveal it’s S&P Global Services PMI. Jobs data from the US will provide valuable insights into the Fed's outlook on the monetary policy. The market is projected to sway on the basis of oil prices and institutional flow. Further, China will release it’s services, composite PMI data along with forex data in the week.
Domestic Indicators
Domestically, the services PMI is expected to be announced on Tuesday, along with composite PMI numbers for August. Additionally, bank loan and deposit growth for the fortnight ended August 25, along with the forex reserves for last week are expected to be revealed towards the end of the week.
IPO Market
The IPO market is expected to witness some action in the week. Three companies in the mainboard segment are estimated to launch their IPOs. Stainless steel products maker Ratnaveer Precision Engineering will open its IPO for bidding from September 4-6, and multispecialty healthcare provider Jupiter Life Line Hospitals is expected to receive bidding for the issue between September 6-8. Vishnu Prakash R Punglia will make it’s debut in the market on September 5.
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