Business News Highlights: BSE-listed Firms MCap All Time High, Investors Earn Over Rs 9.50 Lakh Crore In 5 Days
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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.
Sensex and Nifty, on Wednesday, continued their winning run into the fourth straight session because of late buying in index heavyweights, HDFC Bank, Bharti Airtel, and ITC. The S&P BSE Sensex, which had declined to a low of 65,488, made a sharp recovery in the last 35 minutes of trades. The BSE Sensex finally closed with a gain of 100 points at 65,880. On the other hand, the NSE Nifty50, which swung in a range of 142 points settled at 19,611, up 36 points. The NSE benchmark closed above the 19,600 level after nearly a month. Whether the indices can continue their winning streak for the week remains to be seen.
Global oil benchmark Brent crude declined 0.70 per cent to $89.41 a barrel. Meanwhile, the rupee depreciated by 10 paise and closed for the day at an all-time low of 83.14 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency. Forex traders said the Indian rupee depreciated on Wednesday as the US dollar rose to the highest levels in six months. Moreover, elevated crude oil prices also weighed on rupee.
Here are some important factors that can impact the market on September 7.
Market Movements
The US markets saw a decline in indices on Wednesday related to concerns about inflation, while investors keenly waited for the Fed’s report on the US economy to understand the path ahead regarding interest rates. Apple saw a major decline across indexes, dipping 2.6 per cent after news came through of China banning central government agencies’ officials from using iPhones and other foreign-branded devices.
Looking ahead, several key macroeconomic indicators will be closely monitored by investors, including Eurozone Q2 GDP growth and the region’s employment data are expected to be released on Thursday. Additionally, China is expected to come out with it’s balance of trade data for August on Thursday. As per analysts, these factors are expected to have a significant impact on the market.
S&P Global released data over the week stating that India’s services sector’s purchasing managers’ index (PMI) fell to 60.1 in August, down from 62.3 in July, while the S&P Global India manufacturing PMI continued to expand in August, reaching a three-month high of 58.6, up from 57.7 in July.
IPOs and Debuts
Jupiter Life Line Hospitals IPO, a mainboard IPO, is scheduled for subscription from Wednesday, September 6, until Friday, September 8. The SME IPO for Kahan Packaging also will receive biddings on it’s second day on September 7. Further, EMS Limited will open it’s public issue for subscription on Friday.
Apple Shares Decline 4% Following China iPhone Curb
Apple is set to wipe of $100 billion from its market value as its stocks fell nearly 4 per cent on Thursday, according to a Reuters report. This decline comes after reports said that Chinese government has asked employees at some government agencies in recent weeks to stop using their Apple mobiles at work.
The company suffered its worst one-day drop in over a month on Wednesday. According to a Bloomberg report collectively, two days decline will erode $212 billion of market value of the iPhone maker.
The Reuters report also noted that on Thursday, Broadcom, Qualcomm and Texas Instruments fell between 1.2 per cent and 2.8 per cent.
Vedanta Resources Mulling To Meet Bondholders Ahead Of $2 Billion Debt Payment: Report
Mining giant Vedanta Resources Ltd. is planning to meet its bondholders in Singapore and Hong Kong ahead of the due date of $2 billion of notes next year, reported Bloomberg citing people familiar with the matter.
The report said that the global rise in borrowing costs has raised the stakes for billionaire Anil Agarwal’s firm. Several of the group’s bonds are trading below 75 cents on the dollar. The report also noted that at this level bonds are considered indicative of distress.
BSE-listed Firms MCap Climb To Record High, Investors Earn Over Rs 9.50 Lakh Crore In 5 Days
The market capitalisation of companies listed on the BSE surged to a fresh all-time high of Rs 319.10 lakh crore on Thursday, driven by a positive trend in the stock market, reported PTI.
The S&P BSE Sensex extended its rally for the fifth consecutive day, recovering from early losses to close with a gain of 385.04 points or 0.58 per cent at 66,265.56.
As per the report, over the past five sessions, the benchmark index has risen by 1,434.15 points or 2.21 per cent. This upward momentum in the market resulted in a new record high for the market capitalisation of BSE-listed companies at Rs 3,19,10,019.04 crore, the report said. Adding that Investors' wealth also increased by Rs 9.50 lakh crore over the course of these five days.
PM Modi To Lay Foundation Stone For BPCL Refinery Expansion Project In MP's Sagar
Prime Minister Narendra Modi is scheduled to lay the foundation stone for the expansion of BPCL's Bina Refinery in Madhya Pradesh's Sagar district on September 14, a senior official on Thursday said, as per PTI. The expansion of BPCL's Bina Refinery is being built at an estimated cost of Rs 50,000 crore. The current capacity of the refinery's crude distillation/vacuum distillation unit is 7.7 million metric tonnes per annum, and the expansion aims to increase it to 11 MMTPA, according to Sagar Collector Deepak Arya, the report said.
In addition to this project, the Prime Minister will also inaugurate new units in Hadkal village, located approximately 70 kilometers from the district headquarters. The Bina Refinery, owned by Bharat Petroleum Corporation Limited, was originally inaugurated by former Prime Minister Manmohan Singh in May 2011. This marks PM Modi's second visit to Sagar district in the Bundelkhand region within the past month, the report noted.
Jupiter Life Line Hospitals IPO Subscribed 3.30 Times
The initial public offering (IPO) of Jupiter Life Line Hospitals Ltd was subscribed 3.30 times on day two of bidding on Thursday, reported PTI. The report citing NSE data said that the IPO received bids for 2,80,31,300 shares against 84,97,169 shares on offer.
The non-institutional investor segment received 6.63 times oversubscription, while the Retail Individual Investors (RIIs) category had 3.08 times oversubscription, and the Qualified Institutional Buyers (QIBs) category received 1.12 times oversubscription, the report said. The IPO consists of a fresh issue of equity shares valued at Rs 542 crore and an offer for sale (OFS) of up to 44.50 lakh equity shares.
The price range for the offering is set at Rs 695-735 per share. On Tuesday, Jupiter Life Line Hospitals announced that it raised Rs 261 crore from anchor investors. The funds raised from the fresh issue will be used to pay debt and for general corporate purposes.
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