Sensex slumps 774 pts, Nifty ends below 17900; Auto, FMCG stocks outshine

Closing Bell: Within sectors, the Nifty PSB index tanked 3.6 per cent followed by bank, financial indices. Auto, metals and FMCG pockets closed nearly flat with fractional cuts

2:40 PM

India-Egypt bilateral trade to top $12 billion in next 5 years: PM Modi

India and Egypt have decided to strengthen defence industry co-operation and take bilateral trade to $12 billion in next 5 years, Prime Minister Narendra Modi said on Wednesday after bilateral talks with Egyptian President Abdel Fattah El-Sisi. READ MORE

2:32 PM

Easy Trip Planners Ltd to acquire 55% stake in Glegoo Innovations

Online travel service provider, Easy Trip Planners Ltd on Wednesday said it will acquire a 55 per cent stake in Glegoo Innovations Pvt Ltd, an online travel and tours firm, for Rs 3 crore. READ MORE

2:23 PM

Global Check:: US, UK stock futures marginally in red

Source: Investing.com

2:13 PM

Taxing times: Businesses face tax heat over deductions claimed for cess

The Central Board of Direct Taxes (CBDT) has asked top income-tax officers to nudge entities that had claimed deduction on account of cess or surcharge over the past several years to voluntarily pay the differential tax to avoid penalties. READ MORE

2:03 PM

Global Check:: Hang Seng, Kospi shine in Asian trade

Source: Yahoo Finance

1:54 PM

Lenders look to bag Rs 8,000 crore from sale of RCom's prime property

Lenders to Reliance Communications (RCom) are planning to approach top Indian corporates and real estate developers, including Mukesh Ambani-led Reliance Industries (RIL), to sell its 56-hectare property in Navi Mumbai where the bankrupt telco’s headquarters are also situated. They expect to fetch Rs 8,000 crore by selling it, sources said. READ MORE

1:44 PM

ALERT :: Adani Group says Hindenburg Research published report without making any attempt to contact us

>> Hindenburg Research published report without making any attempt to verify factual matrix

>> Timing of the report publication betrays a brazen, mala fide intention to undermine Adani Group’s reputation with objective of damaging upcoming FPO

>> Hindenburg report is a malicious combination of selective misinformation and baseless allegations

1:39 PM

Earnings Alert: Go Fashion Q3 marginally up; stock flat

Go Fashion Q3FY23 net was up 2.6 per cent at Rs 24.31 crore as against Rs 23.69 crore in Q3FY22. Total income surged 23.6 per cent YoY at Rs 179.43 crore.

 

1:26 PM

BSE 500:: Ambuja Cements, Zomato, ACC among top losers

Ambuja Cements down over 7 per cent was the top loser among the BSE 500 stocks. Zomato, ACC, Adani Ports and Granules India, down 6 - 7 each were the other major losers so far on Wednesday.

1:17 PM

Healthy near-term growth outlook for Polycab India after record Q3 profit

Led by growth in the wires and cables segment, Polycab India posted a better-than-expected performance in the December quarter. Revenues of the country’s second-largest listed consumer electrical maker by market capitalisation were up 10 per cent over the year-ago quarter to Rs 3,715 crore and was broadly in line with street expectations. READ ANALYSIS

1:08 PM

Latest SAT relief colocation matter to free up Rs 1,000 cr for NSE

Tribunal prunes penalty on bourse from Rs 1,100 cr to just Rs 100 cr; Sebi told to refund excess amount in six weeks along with interest. READ MORE 

12:59 PM

BSE 500:: Mahindra CIE, Esab India, TVS Motor among top gainers

Mahindra CIE up over 6.5 per cent was the top gainer among the BSE 500 stocks so far on Wednesday. It was followed by Home First Finance, Esab India, Saregama India and Sona BLW Precision, 4 - 5 per cent each.

12:52 PM

Union Budget 2023 likely to focus on deficit reduction, say experts

NEW DELHI (Reuters) - The Indian government will present a budget on Feb. 1 that will likely put deficit reduction ahead of vote-winning spending, even as Prime Minister Narendra Modi looks towards seeking a rare third term of office in 2024. Read here

12:43 PM

Stock of this iron & steel company has zoomed 54% in 1 month; hits new high

In the past three months, stock price of Sunflag Iron & Steel has zoomed nearly 80 per cent, as compared to 1 per cent gain in the benchmark index. Read here

12:34 PM

Stock investors expect Budget to focus on job creation, infra spending

Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Read here