Business News Highlights: Retail Inflation For Industrial Workers Declines To 6.91% In August
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The two key equity benchmarks closed into losses on Thursday amid monthly derivatives (F&O) expiry, rising crude oil price, and weakness in IT stocks. The S&P BSE Sensex plunged 610 points to 65,508. On the other hand, the NSE Nifty50 ended at 19,524, down 193 points.
Meanwhile, data shared by the National Stock Exchange (NSE) showed that the total number of unique investors directly investing in the stock market has surged to 80 million for the first time, with the latest 10 million additions taking place in just eight months.
In another news, RBI said that the government securities market, foreign exchange market, money market, and rupee interest rate derivatives market will be operational on September 29, in addition to being operational on September 28. This after the Government of Maharashtra declared September 29, 2023, as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023, declared earlier has been cancelled.
"Settlement of the auction of Government of India treasury bills conducted on September 27, 2023 will take place on September 29, 2023. The auction of Government of India Dated Securities scheduled on September 29, 2023 will now be conducted on September 28, 2023, with settlement on September 29, 2023. The underwriting auction for sale of Government Securities will also be conducted on September 28, 2023," the RBI said.
Market Ahead
According to a Moneycontrol report, analysts predict that the Nifty 50 may fall further due to global turmoil, with some expecting the index to test the 19,400 level. Nifty experienced a significant correction on Thursday and was unable to hold above 19,750. Analysts say that the weakness in the market is likely to extend till the worries over the elevated oil prices and higher interest rates remain.
Further, concerns over China's beleaguered property market also dented investors’ sentiment.
IPO Update
Vishnusurya Projects and Infra and Plaza Wires will also launch their maiden public issues on September 29. Master Components will make its debut on the NSE Emerge on September 29, while the listing of Techknowgreen Solutions will take place on the BSE SME on September 29.
Valiant Laboratories IPO Subscribed 2.17 Times On Day 3
Pharmaceutical ingredient manufacturing firm Valiant Laboratories' Initial Public Offering (IPO) was subscribed 2.17 times on the third day of bidding, reported PTI. The IPO received bids for 1,65,77,925 shares against the 76,23,030 shares on offer. Retail Individual Investors (RIIs) subscribed 3.11 times their allocated portion, while non-institutional investors subscribed 1.51 times.
The Qualified Institutional Buyers (QIBs) portion saw a subscription rate of 1.04 times. The price range for the IPO is Rs 133-140 per share, and it consists of an entirely fresh issuance of up to 1.08 crore equity shares.
Valiant Laboratories primarily focuses on manufacturing paracetamol, a common pain reliever. The IPO is managed by Unistone Capital, and the equity shares are set to be listed on the BSE and NSE.
Plaza Wires IPO Subscribed 4.68 Times On First Day Of Offer
Plaza Wires IPO was 4.68 times subscribed on the first day of bidding. The IPO received bids for 4,44,05,316 shares against the 94,96,114 shares on offer, reported PTI. Retail individual investors (RIIs) subscribed 26.49 times their allocated portion, while non-institutional investors subscribed 4.76 times.
Plaza Wires is engaged in the manufacturing and sale of wires, aluminium cables, electric fans, water heaters, and other electrical goods. The IPO, consisting of a fresh issue of up to 1,32,00,158 equity shares, is priced in the range of Rs 51-54 per share. The company raised Rs 20 crore from anchor investors, and the equity shares are set to be listed on the BSE and NSE.
Pantomath Capital Advisors is the manager of the offer.
Retail Inflation For Industrial Workers Declines To 6.91% In August
Retail inflation for industrial workers in India eased to 6.91 per cent in August, down from 7.54 per cent in July, primarily due to lower prices of certain food items, according to the Labor Bureau. Year-on-year inflation for the month stood at 6.91 per cent, compared to 7.54 per cent the previous month and 5.85 per cent during the same month last year.
Food inflation for industrial workers for August month was at 10.06 per cent, down from 11.87 per cent in July 2023 and 6.46 per cent in August 2022, the data showed.
Govt Raises Interest Rate On 5-Year Recurring Deposit To 6.7% For December Quarter
The government has increased the interest rate on 5-year recurring deposits to 6.7% for the December quarter while keeping the rates unchanged for other small savings schemes, reported PTI.
Vedanta Announces Spin-off And Listing Of Six Businesses To Attract Major Investments
Anil Agarwal-led Vedanta Ltd has unveiled its strategy to spin off and publicly list six of its businesses, aiming to secure substantial investments to drive the expansion and development of each entity. The move is intended to enhance the valuation of these units.
In pursuit of this goal, the Vedanta Limited Board approved a pure-play, asset-owner business model that will ultimately result in six separate listed companies, namely:
• Vedanta Aluminium
• Vedanta Oil & Gas
• Vedanta Power
• Vedanta Steel and Ferrous Materials
• Vedanta Base Metals
• Vedanta Limited
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