Business News Highlight: Gas Prices Push US Consumer Price Index To 3.7% In August
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On Tuesday, the equity market ended the trading session flat amid high volatility ahead of the consumer price index (CPI)-based inflation data. The S&P BSE Sensex ended at 67,221, up 94 points. On the other hand, the NSE Nifty50 closed at 19,993, down 3 points.
Data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday showed that India's retail inflation in August eases to 6.83 per cent as vegetable prices cooled compared to the previous month. Retail inflation in July jumped to 7.44 per cent from 4.87 per cent in June, mainly due to higher food prices.
Food inflation declined to 9.94 per cent in August against 11.51 per cent in July. Rural inflation was on the higher side at 7.02 per cent, compared to urban inflation at 6.59 per cent in August. Notably, this is the second month in a row that inflation has stayed above the upper bound of the Reserve Bank of India's (RBI) tolerance level of 2-6 per cent.
Meanwhile, in the index of industrial production (IIP) growth for July came at 5.7 per cent against 4.8 per cent in June.
Apple officially unveiled the much-awaited iPhone 15 with a 48MP main camera, with a 26mm focal length, 2-micron quad pixel sensor and 100 per cent Focus pixels in "Wonderlust" event on Tuesday. The iPhone 15 comes with a new camera system, Apple said.
Here are some important factors that can impact the market on September 13
According to analysts, investors will closely monitor various factors in the stock market, including foreign fund inflows, domestic and US inflation data, crude oil prices, and global cues, among others.
One key event to watch is the US CPI inflation data scheduled for September 13. In July, the consumer price index showed a modest increase, marking the first rise in over a year, with a year-on-year increase of 3.2 per cent. Analysts are anticipating a further uptick in August, with expectations of the inflation rate reaching 3.6 per cent, reported Mint.
IPO Updates
RR Kabel's IPO is set to begin on September 13. The IPO is priced in the range of Rs 983 to Rs 1,035 per share. The company aims to raise Rs 1,964.01 crore through this offering, which includes Rs 180 crore from fresh issuances and Rs 1,784.01 crore offer-for-sale (OFS) of 1.72 crore equity shares.
Among other news, Mumbai's Jupiter Life Line Hospitals will finalise IPO share allotments by September 13, according to the report by Moneycontrol. Saroja Pharma Industries India and Pramara Promotions, both are making their debuts on NSE Emerge on September 13.
US Consumer Price Index Rises To 3.7% In August Driven By Gas Prices
The US Labor Department on Wednesday said the consumer price index (CPI) rose 3.7 per cent in August from a year ago, up from 3.2 per cent in July. On a monthly basis, prices increased 0.6 per cent. Gas prices spiked nearly 11 per cent in August.
Excluding the fluctuating food and energy sectors, core prices, often referred to as "core inflation," increased by 4.3 per cent. This represents a decrease from the 4.7 per cent recorded in July and marks the smallest rise in nearly two years, according to a CNBC TV18 report. It's important to note that this figure remains significantly above the Federal Reserve's target of 2 per cent inflation.
Icra Raises Domestic Steel Sector Growth Estimates To 9-10%
Rating agency Icra has raised its growth projection for the Indian steel industry in the current fiscal year to 9-10 per cent, citing strong government capital expenditure. Initially, the agency had anticipated the steel sector to expand within the range of 7-8 per cent for the 2023-24 fiscal year, as per their statement.
"Icra has revised the FY2024 domestic steel demand growth forecast upwards to 9-10 per cent now, from 7-8 per cent made at the start of the current fiscal, on the back of strong government capital expenditure," the statement said, as per PTI.
R R Kabel IPO Subscribed 25% On Day One Of Bidding
On the first day of Initial Public Offer (IPO), R R Kabel Limited, a manufacturer of wires and cables, garnered a subscription of 25 per cent, reported PTI. The IPO saw a total of 32,78,072 shares bid for, out of the 1,33,17,737 shares available for subscription, the report said citing NSE data. Within the investor categories, Retail Individual Investors (RIIs) subscription rate stood at 36 per cent, while non-institutional investors subscribed at 29 percent.
R R Kabel Limited's IPO comprises a fresh issue of up to Rs 180 crore along with an offer for sale (OFS) of up to 1,72,36,808 equity shares. The price range for the offering is set between Rs 983 to Rs 1,035 per share, potentially yielding up to Rs 1,964 crore at the upper end of the price band. Notably, the company has said that it already secured Rs 585.62 crore from anchor investors on Tuesday.
Bombay Dyeing To Sell 22-Acre Plot In Mumbai For Rs 5,200 Crore To Japan's Sumitomo
Japanese real estate firm Sumitomo Realty & Development Company is set to acquire a substantial 22-acre land parcel in central Mumbai from Bombay Dyeing for a sum of Rs 5,200 crore, reported PTI. This deal taking place in Worli, is set to be one of the largest land sale deals ever in Mumbai's financial history, the report said.
The acquisition by Sumitomo's subsidiary, Goisu, will take place in two phases. Initially, a payment of Rs 4,675 crore will be made, with the remaining Rs 525 crore to be settled upon the fulfillment of specific conditions, as outlined in Bombay Dyeing's exchange filing.
The Bombay Dyeing board convened on Wednesday to give their nod of approval to the sale. However, the final green light must come from the company's shareholders, the official statement said.
BOI Raises Rs 2,000 Crore Via Tier II Bonds
Bank of India on Wednesday said it has raised Rs 2,000 crore through tier II bonds at a coupon rate of 7.88 per cent. In an exchange filing the PSB said that the amount was mopped up on the electronic bidding platform of the NSE. It received 83 bids worth Rs 3,770 crore against the Rs 2,000 crore offer.
The money will be used to augment the overall capital of the lender and enhance the long-term resources in accordance with the Reserve Bank of India guidelines. The amount will not be used to finance any particular project, the Bank added.
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