Business News Highlights: Stock Market Closes In Green, Govt Slashes LPG Cylinder Price By Rs 200
Business News Highlights: Please follow this space for all the breaking news and latest updates from the Stock Market, economy and corporate world.
The Securities and Exchange Board of India (SEBI) introduced guidelines to strengthen the existing cyber security framework for stock exchanges and other market infrastructure institutions (MIIs). The guidelines will be implemented immediately, the market regulator informed in a circular on Tuesday. The new guidelines will require MIIs to maintain offline, encrypted backups of data and timely test these backups at least every quarter to ensure their integrity.
Additionally, the guidelines urge the MIIs to retain spare hardware in an isolated environment to be able to rebuild systems, if it is not possible to start operations from both the Primary Data Centre (PDC) and Disaster Recovery Site (DRS). The regulator called on the MIIs to conduct consistent vulnerability scanning, employ multi-factor authentication for all services, and secure dark web monitoring services to keep a check on brand abuse.
The Securities and Exchange Board of India (SEBI) proposed a relaxed fundraising process for not-for-profit organisations (NPOs) on Tuesday. The market regulator suggested reducing the limit of the minimum issue size along with the application size for NPOs. Further, SEBI suggested removing the need for no pending notice or ongoing scrutiny by the Income Tax department against NPOs for registering on the social stock exchanges (SSEs) and replacing the term social auditor with social impact assessor. The proposed changes are aimed at helping NPOs in their fundraising process.
The Directorate General of Civil Aviation (DGCA) has temporarily suspended the Boeing simulator training facility of Air India, sources claimed. The DGCA is currently ‘verifying’ some of the documents regarding the matter and will decide about restoring the facility after it completes the process, the sources stated. While a senior Air India official did say that DGCA conducts routine inspections, the official refused to give any other details, reported PTI. The DGCA inspection team allegedly uncovered lapses in Air India’s internal safety audit reporting and took the decision, the sources revealed.
The government has announced a price reduction in gas cylinders from Wednesday. The decision has been taken to provide some relief to the consumers and the government has reduced the price of LPG gas cylinders by Rs 200 for all consumers. Prime Minister Narendra Modi made the announcement as a Raksha Bandhan gift for the women in the country. In addition to the Rs 200 subsidy provided under the government’s Pradhan Mantri Ujjwala Yojana, the recipients of the scheme will get an additional Rs 200 subsidy as per the announcement.
Despite showing modest gains throughout the trading session, the key S&P BSE Sensex closed unchanged on Tuesday at 65,076 levels, edging up by 79 points or 0.12 per cent. On the other hand, the Nifty50 managed to hold the 19,300 level, concluding at 19,343, with an increase of 37 points or 0.19 per cent.
Leading the gainers on Nifty were Jio Financial Services (up 5 per cent), Hindalco, UPL, Adani Ports, Hero MotoCorp, Tata Steel, Bajaj Auto, and Adani Enterprises. On the other hand, Bharti Airtel, HUL, Axis Bank, Reliance Industries, IndusInd Bank, Dr. Reddy's Laboratories, Sun Pharma, and Tata Consumer Products were the major losers, facing declines of up to 2 per cent.
In the broader market, the BSE MidCap and SmallCap indices maintained solid gains, closing 0.45 per cent and 0.69 per cent higher, respectively. Notably, the SmallCap index reached a new intraday peak of 36,563.
Among sectors, the Nifty Pharma, FMCG, and PSU Bank indices ended with losses of up to 0.5 per cent. Conversely, the Nifty Realty index surged by 1.69 percent, while the Nifty Metal index rose by 1.28 percent.
Carmaker Maruti Suzuki India plans to invest Rs 45,000 crore to double it’s annual production capacity to 40 lakh units in the next eight years. Chairman R C Bhargava addressed shareholders in the company’s annual general meeting on Tuesday and said the company has reached 2 million production and sales in 40 years and now is targeting to add 2 million in the next eight years.
Nitin Gadkari, the Minister for Road Transport & Highways in India, launched the world’s first prototype of BS-6 (Stage II) electrified flex-fuel vehicle developed by Toyota Kirloskar Motor on Tuesday. The ethanol-run Toyota Innova was developed by Toyota in an effort to enhance and promote the use of clean energy in the country.
Nitin Gadkari, the Minister for Road Transport & Highways in India, launched the world’s first prototype of BS-6 (Stage II) electrified flex-fuel vehicle developed by Toyota Kirloskar Motor on Tuesday. The ethanol-run Toyota Innova was developed by Toyota in an effort to enhance and promote the use of clean energy in the country.
The automaker Maruti Suzuki has appointed Arnab Roy as the new Chief Financial Officer (CFO) – Designate effective October 16, 2023, and Whole-time CFO of the company with effect from January 1, 2024, the company said in an exchange filing.
The company also said that the present CFO Ajay Seth "shall be superannuating from the post of Whole-time CFO of the Company w.e.f. close of business hours of December 31, 2023."
Tata Passenger Electric Mobility has unveiled a new brand identity on Tuesday as it gears up to introduce ten new battery electric vehicles by 2026. The company in a press release said, "Tata Passenger Electric Mobility, a subsidiary of Tata Motors and the pioneer of India’s EV revolution today launched its new brand identity, TATA.ev, for the EV business."
As the EV offering grows, spurred on by surging consumer demand and a robust, thriving product lineup, customers expect a unique experience across all touchpoints, from the brand to the product and its ownership cycle, the automaker said. Adding that Tata.ev identified a clear need for a new consumer-facing brand identity that strengthens commitment to the future of mobility.
With a dominating market share of over 70 per cent in the four-wheeler EV segment, the automaker intends to drive a positive change in the automotive industry with a focus on sustainability, community, and technology, he added. Both the products and services are intended to create highly differentiated and meaningful consumer experiences, said Vivek Srivatsa, Head, Marketing, Sales and Service Strategy, Tata Passenger Electric Mobility Ltd.
India’s IT sector is projected to see a slowdown in it’s revenue growth in the ongoing fiscal year. Domestic ratings agency ICRA said the revenue growth of the IT sector will decline to 3 per cent in the current fiscal, as compared to 9.2 per cent growth seen in the previous fiscal year. The agency attributed the dip in growth to a slowdown in demand, reported PTI.
Packaging company Pyramid Technoplast Ltd. debuted on the market on Tuesday, opening with a premium of nearly 13 per cent compared to the issue price of Rs 166. As per a PTI report, the Pyramid Technoplast stocks started trading at Rs 185, marking an 11.44 per cent increase from the issue price on the BSE. It then surged by 13.25 per cent to Rs 188. On the NSE, the stock started at Rs 187, up 12.65 per cent.
Pyramid Technoplast IPO garnered 18.29 times subscription last week. Rs 153 crore IPO was offered at a price range of Rs 151-166 per share. Pyramid Technoplast specialises in drum manufacturing and provides diverse packaging solutions. The company primarily produces polymer drums used by chemical, agrochemical, specialty chemical, and pharmaceutical firms for their packaging needs.
The key benchmark indices are trading flat amid volatility during the intraday session on Tuesday. At 11:00 am, the S&P BSE Sensex was up 53 points at 65,049 levels, whereas Nifty50 rose 34 points and was trading above 19,340.
Heavyweights like Bharti Airtel, Reliance, and Axis Bank were dragging the intraday trading, down up to 1.00 per cent. On the other hand, JioFin rose over 3 per cent on BSE Sensex, followed by Tech Mahindra, PowerGrid, and JSW Steel each rising over 1.00 per cent.
The two key equity benchmarks, Sensex and Nifty, on Tuesday, started the trading session with gains. The BSE Sensex rose to 65,096, up 100 points, 9.18 am. On the other hand, the NSE Nifty was up 28 points to 19,334.
During the pre-opening session, benchmark indices, Sensex and Nifty, started trading flat. The Sensex saw a minor gain of 20.73 points reaching 65,017.33. Meanwhile, the Nifty saw a slight rise of 42.30 points landing at 19,348.30.
The rupee opened flat at 82.59 per dollar against the previous close of 82.62.
Stock Markets are likely to start on a positive note on Tuesday on the back of strong global cues. At 7:00 a.m., Gift Nifty Futures rose by around 31 points to reach 19,352 levels, in contrast to Monday's Nifty Futures close, as per a Business Standard report.
In the US, Dow Jones, NASDAQ Composite, and S&P 500 indices gained up to 0.8 per cent in an overnight relief rally. Following Wall Street, Asia-Pacific markets showed early strength on Tuesday. Nikkei 225, Topix, Kospi, and S&P 200 indices also surged.
Commodity-wise, Brent Crude and WTI Crude maintained levels above $84 and $80 per barrel, respectively.
Asian markets saw gains across the board on Monday following strong trading singles for Wall Street. Japan's Nikkei 225 saw a 0.2 per cent rise, South Korea's Kospi rose 0.3 per cent, and the Hang Seng index also continued its upward trajectory rising 0.8 per cent.
Japan's unemployment data exceeded expectations, reaching 2.7 per cent, in contrast to the anticipated 2.5 per cent, reported CNBC.
In the US, Wall Street saw gains overnight. Investors are awaiting inflation and jobs data scheduled for release this week, which will provide more insight into the Federal Reserve's potential decisions regarding interest rates.
All three major stock indexes displayed upward movement as market participants absorbed the remarks made by Fed Chair Jerome Powell on Friday. Powell indicated that the US central bank might find it necessary to further raise interest rates in order to keep inflation in check.
During the trading session, the S&P 500 advanced by 0.63 per cent, concluding at a level of 4,433.31 points. The Nasdaq also saw a gain of 0.84 per cent, reaching 13,705.13 points. Simultaneously, the Dow Jones Industrial Average saw a rise of 0.62 per cent, ending the session at 34,559.98 points.
The two key equity benchmarks, Sensex and Nifty, on Monday, closed in the green after a two-day losing run. The BSE Sensex closed at 64,996, up 110 points. On the other hand, the NSE Nifty ended up 40 points to 19,306.
On the 30-share Sensex platform, Reliance, Nestle, HCL, Titan, ITC, Tata Motors, and Bharti Airtel were among the losers. On the flipside, L&T, M&M, HDFC Bank, Sun Pharma, Maruti, and Axis Bank emerged as gainers.
In the broader markets, the BSE MidCap and SmallCap indices added 0.6 per cent each.
Among sectors, the Nifty IT and FMCG indices were the only losers, falling 0.46 per cent and 0.23 per cent, respectively. On the upside, the Nifty Bank, Auto, Pharma, and Realty indices added between 0.6 per cent and 0.9 per cent.
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 corporate. Here are some important events will be keeping an eye on August 29.
US And India’s Economic Data
Markets closed in green on Monday after a two-day losing run. Investors will keep a keen eye on whether the markets can build an upward trend on Tuesday and add to the Monday gains. Economic data for India is expected to be released on the last day of August. An anticipation about macroeconomic indicators like GDP for the first quarter, fiscal deficit and infrastructure sector output for July is expected to impact the markets.
The United States will release the GDP data for it’s second quarter on Tuesday. The data is expected to show an impact on global markets.
Additionally, Manufacturing Purchasing Managers' Indices (PMI) data, which serve as indicators of economic trends, will be disclosed for August from major economies including the US, the UK, Japan, China, and the Eurozone.
During the Jackson Hole Economic Policy Symposium the US Fed Chair Jerome Powell's comments, where he expressed contentment with policy progress and a commitment to managing inflation within target limits, were as per analysts' expectations, various reports suggest.
Upcoming IPOs
Nashik-based Rishabh Instruments will be open for subscription on August 30. The energy efficiency solutions provider will offer an initial public offering (IPO) including a fresh issue that comes up to Rs 75 crore and offer for sale (OFS) for 94.28 lakh shares. The IPO will be in the price range of Rs 418-441 per share and investors will be allowed to bid for a lot of minimum 34 shares and multiple lots thereafter.
Another IPO of textile company CPS Shapers will open for subscription on August 29. The SME IPO will intend to raise Rs 11.1 crore via the issue. The issue will be a fixed price issue for an offer price of Rs 185 per share.
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