Sensex swings 760 pts, ends 200 pts down; Nifty holds 17,200; IT stocks up

CLOSING BELL: IT, select auto and banking stocks aided the market recovery on Monday. TCS gained nearly 2 per cent ahead of its Q2 result.

Photo: Bloomberg

2:05 PM

TCS bounces 3.5% off lows ahead of September quarter results today

Most IT stocks have corrected owing to potential recession in developed markets, growth moderation, and margin pressure. Analysts at Emkay Global Financial Services believe the slowdown in demand is priced in valuation, although recession has not been captured fully. READ MORE

1:54 PM

Tracxn Technologies IPO: Issue struggles to take off as high attrition, losses keep analysts apprehensive

The company is operating in a highly competitive industry and has been reporting negative EBITDA in the last three financial years. Hence, we recommend an “Avoid” rating to the issue. READ ANALYSTS' TAKE

1:43 PM

Large Indian lenders shun direct rupee transactions in Russia trade: Report

Western sanctions to punish Russia for its invasion of Ukraine are trying to limit Moscow's access to foreign exchange, particularly the dollar. India has deep trade ties with Russia, and the rupee mechanism can help bypass the U.S. dollar and the euro for settlements. READ MORE

1:32 PM

Analysts bet on TaMo's India biz as JLR Q2 sales disappoint

“While the miss is driven by the supply chain, the delay in free cash flow (FCF) generation increases the risk to JLR's debt reduction targets. Net addition to the order book in the September 2022 quarter at 5,000 units was slower than the 32,000 units in the June 2022 quarter,” wrote Amyn Pirani and Vaibhav Zutshi of JP Morgan in a recent note. READ MORE

1:22 PM

Vedanta, JSW can soar up to 18% as Nifty Metal eyes 'Golden Cross' breakout

Nifty Metal

Upside potential: 11%

There is a formation of a “Golden Cross” on the daily chart of the Nifty Metal index. This reflects a build-up of positive sentiment in recent days. And to materialize this positivity, the index requires to breakout above the 6,200 mark. The neckline once broken, could instil additional strength that can drive the index to a new all-time high - up to 11 per cent gains. READ MORE

1:10 PM

Tata Motors dips 4% on lower-than-expected JLR wholesale volumes in Q2

Tata Motors said this improvement was lower than planned, primarily due to a lower than expected supply of specialised chips from one supplier which could not be readily re-sourced in the quarter. "This was mitigated partially by further prioritisation of production to the highest margin products, while new agreements with semiconductor suppliers are expected to enable sales improvements in the second half of the fiscal year," the company said in press release. READ MORE

12:54 PM

Shipbuilding stocks rally up to 11%; Mazagon, Garden Reach hit new highs

Garden Reach Shipbuilders & Engineers Limited (GRSE) (up 11 per cent to Rs 434.15) and Mazagon Dock Shipbuilders (MDL) (up 6 per cent to Rs 434.15) hit respective record highs on the BSE. Cochin Shipyard (CSL) hit a fresh 52-week high of Rs 549.10, rallied 5 per cent. The stock is inching towards its record high level of Rs 599, which it touched on November 24, 2017. In comparison, at 10:59 am, the S&P BSE Sensex was down 1.2 per cent at 57,520. READ MORE

12:44 PM

MARKET CHECK :: Nifty tops 17,250 led by heavyweights

12:41 PM

MARKET CHECK :: Sharp recovery in indices

12:34 PM

The bells of Dalal Street welcome nine new SME IPOs today; what are these?

Nine small and medium enterprises (SMEs) make their Dalal Street debut today, listing initial public offerings (IPOs) on both the Bombay stock Exchange (BSE) and the National Stock exchange (NSE). READ MORE

12:23 PM

In a first, India's share of world market capitalisation tops 4%

The Indian equity market’s contribution to global market capitalisation (m-cap) has for the first time topped 4 per cent. Given the domestic market’s sharp outperformance to global peers over the past year, the share has risen 74 per cent in one year. READ MORE

12:12 PM

Festival season may bring cheer to IPO market, say investment bankers

Around 10 firms are looking to raise nearly Rs 9,000 crore via initial public offerings (IPOs) over the next 4-6 weeks, said investment bankers. Among the companies ready to hit the primary market are Five-Star Business Finance, Pristine Logistics, Landmark Cars, Senco Gold, DCX Systems, Kaynes Technology, and Uniparts India. READ MORE

12:00 PM

NEWS ALERT :: Gravita starts Aluminium Recycling Plant in Senegal

>> Gravita India Limited's step down subsidiary situated in Senegal, West Africa has started commercial production of Aluminium from a new recycling plant having an annual capacity of around 4,000 MTPA.

>> The Company is expecting an additional revenue of approx. Rs 60 Crores per annum with a gross margins of ~ 20% from the new capacity.

Read more here

11:50 AM

Adani Group may buy debt-laden Jaiprakash's cement unit for $606 mn: Report

The deal will help consolidate the Adani Group’s sudden dominance in the cement sector, which started after it bought Ambuja Cements Ltd. and ACC Ltd. in May from Switzerland’s Holcim Ltd., becoming India’s second-largest cement maker virtually overnight with an installed production capacity of 67.5 million tons annually. READ MORE