Business News Highlights: SEBI Planning To Roll Out One-Hour Trade Settlements Soon, Says Chairperson Madhabi Puri Buch
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
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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 5.
The two benchmark indices, Sensex and Nifty, ended Monday on a high note, with the S&P BSE Sensex up by more than 200 points and the Nifty50 up beyond the 19,500 mark. The stock market on Tuesday will be looking forward to domestic economic data, as per market analysts.
Market Moves
India’s services PMI, in addition to the composite purchasing managers’ index (PMI) data for August are both expected to be released on Tuesday. This is expected to leave it’s mark on the markets. Globally, China will release it’s services, composite PMI data along with forex data in the week.
Further, market saw foreign institutional investors (FIIs) sell stocks worth Rs 3,367.7 crore on Monday, while domestic institutional investors (DIIs) bought equities worth Rs 2,563.5 crore, as per the data from the NSE.
Crude expectations are projected to tend toward the higher end on possibilities of continued supply cuts from the OPEC+ group. Brent crude was trading around $89 a barrel on Monday.
IPOs and Debuts
Vishnu Prakash R Punglia will make it’s debut on the stock markets on Tuesday. The company received 87.82 times bids on the last day of it’s IPO. Jupiter Life Line Hospitals is expected to open it’s issue for public from September 6-8. The company's fresh issue will comprise 73.74 lakh equity shares coming up to about Ts 542 crore, and an offer-for-sale (OFS) worth Rs 327.1 crore. The price band is fixed in the range of Rs 695–735 per share. Additionally, Basilic Fly Studio Limited, Pramara Promotions Limited, and Saroja Pharma Industries India Limited will close bidding for their IPOs each on Tuesday.
Oil Prices Jump 2% As Saudi Arabia, Russia Extend Supply Cuts
Oil prices surged by approximately 2 per cent on Tuesday following the announcement of a fresh extension to voluntary supply cuts by Saudi Arabia and Russia, reported Reuters. These cuts, amounting to a combined reduction of 1.3 million barrels per day (bpd), will now continue for an additional three months, extending through December, the news agency said.
In response, Brent crude futures for November (LCOc1) saw an jump of $1.44, equivalent to around 1.6 per cent, reaching $90.44 per barrel by 1334 GMT. This marks the first time Brent crude has surpassed the $90 threshold since last November. At the same time, US West Texas Intermediate crude (WTI) October futures (CLc1) experienced a rise of $1.85, approximately 2 per cent, bringing the price to $87.4 per barrel.
SEBI Planning To Roll Out One-Hour Trade Settlements Soon: Chairperson Madhabi Puri Buch
SEBI Chairperson Madhabi Puri Buch on Tuesday said that the market regulatory is planning to roll out one-hour trade settlements soon.
"My belief, cemented by my observation over last few years, is that incumbents are now morphing into fintechs. For instance, stock exchange is now a Fintech. From T+2 settlement, we have moved to T+1. We are now talking about moving from T+1 to instantaneous settlement," Buch said speaking during Global Fintech Fest 2023, reported Moneycontrol.
"When incumbents, who have the cashflow and the manpower, put their mind to it and apply modern technology, they become new rocketships," she added.
IDBI Bank Challenges NCLT's Ruling On Zee-Sony Merger
IDBI Bank has challenged the National Company Law Tribunal (NCLT) decision to grant approval for the merger involving Zee Entertainment Enterprises Ltd and Culver Max Entertainment, previously known as Sony Pictures Network India. Zee informed regarding the development in a regulatory filing on September 5.
"This is to intimate you that the Company has been served with an appeal on behalf of IDBI Bank Limited against the Company before the NCLAT, Delhi," it stated.
In the order issued on August 10, the Mumbai-bench of NCLT had approved Zee's $10 billion merger with Culver Max, dismissing all objections.
Jio Financial Services To Be Removed From NSE Indices From September 7
Reliance's demerged financial arm Jio Financial Services (JFS) will be removed from the NSE Indices from September 7, the National Stock Exchange said in a press release on Tuesday. The stock exchange also said that if JioFin shares hit the price band on September 6, the exclusion shall not be deferred further.
"In accordance with the index methodology, as JIOFIN has not hit price band on two consecutive trading days on September 4, 2023 and September 5, 2023 at NSE, the Index Maintenance Sub-Committee (Equity) has decided to exclude JIOFIN from various indices effective from September 7, 2023 (close of September 6, 2023)," the press release stated on September 5.
India To Witness Elevated Inflation For Few Months, Govt Policies To Keep It From Going Higher, Says S&P Economist
Inflation in India is estimated to stay towards the higher end in the next few months, S&P Global Ratings Economist (Asia Pacific) Vishrut Rana said on Tuesday. However, Rana added, government measures and policies will help prevent inflation from increasing any further.
Talking about the below average rainfall received in the monsoon so far, Rana pointed out that this will leave an impact on grain prices even as the government imposes curbs and bans on exports of food items to control domestic supply and prices, reported PTI. Further, the economist noted that the inflation will depend more on energy prices as the government is keeping a tab on food prices.
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