Sensex, Nifty end flat; RIL, Jio Fin drop 1% as 46th AGM lacks fireworks

CLOSING BELL ON AUG 28, 2023: Shares of Reliance Industries (down 1.4 per cent) and Jio Financial Services (down 0.97 per cent) ended as the top large-cap laggards amid profit booking

11:59 AM

ALERT :: Jet Airways appoints Jaspreet Singh as Company Secretary, Compliance Officer

11:50 AM

ALERT :: Anubhav Infrastructure changes its name to Kaizen Agro Infrabuild

>> All the shareholders are hereby informed that the Share Certificates of the Company, not corrected with the new name, shall also be considered good for delivery in the market

11:41 AM

This specialty chemicals stock zoomed 48% in a month; here's why

The company is primarily engaged in manufacturing of carbon materials and chemicals. For Q1FY24, HSCL more-than-doubled its standalone profit after tax at Rs 88 crore, as compared to Rs 39 crore in a year-ago quarter. READ MORE

11:31 AM

ALERT :: Tarapur Transformers' internal auditor resigns

>> Grandmar & Associates were the Internal Auditor of the company.
 

11:21 AM

Global air tickets face potential price hikes as Chinese return to skies

China’s return is thought to be the final missing piece in the global air travel recovery. Domestic travel has led the rebound in Asia’s top aviation market, and now international travel is set to take off after the lifting of a ban on group tours to popular destinations. READ MORE

11:11 AM

Reliance AGM 2023 today: Here are the key takeaways from last year's meet

According to experts, the key decisions to look out for include the listing plans of Reliance Retail and Reliance Jio. The investors will also be keen on any announcement related to Jio Financial Services Ltd (JFSL), which listed on the Indian bourses on August 21. READ MORE

11:00 AM

Zomato gains 6% after over 55 mn shares change hands via block deals

Zomato issued fresh equity shares to all the selling shareholders of Blinkit as consideration for the M&A last year. Following the transaction, Zomato had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months. A majority of these shares are owned by just three venture capital investors, namely, Softbank, Tiger Global and Sequioa. READ MORE

10:50 AM

ALERT :: MICL Group to develop one of the largest redevelopments in western suburbs of Mumbai city

>> Man Infraconstruction Limited, which holds 33.32% stake in Royal Netra Constructions Private limited, to develop one of the largest redevelopments in western suburbs of Mumbai city

>> Project to have carpet area for sale of about 17 lakhs square feet with potential to generate revenue of Rs. 4,000 crore in next 5 years on its part.
 

10:41 AM

ALERT :: Minimum export price cap of $1,200 per tonne does not have any impact on us, says LT Foods

>> The company mostly exports premium and aged rice in our own trusted brands i.e. DAAWAT and Royal, export price of which is mostly over and above the said minimum export price limit.

 

 

10:31 AM

Statsguru: Six charts show China's economic recovery is weakening

The country has previously depended on debt-fuelled infrastructure spending to po­wer growth. Indebtedness weighs heavier when growth slows down. China’s general government gross debt is expected to cross 90 per cent of GDP in 2025 and 100 per cent in 2027, according to International Monetary Fund projections  READ MORE

10:21 AM

Chandrayaan-3 boost: L&T aims big on commercial satellite launch business

L&T has already secured an Rs 860 crore deal as part of a consortium that also includes Hindustan Aeronautics (HAL) for the end-to-end production of polar satellite launch vehicles (PSLVs). READ MORE

10:10 AM

Suzlon hits 8-year high; up 197% so far in FY24

The stock has been a distinct outperformer so far in FY24, up a whopping 197 per cent as against a 11 per cent gain on the BSE benchmark. In August alone, the stock has rallied over 24 per cent, even as the Sensex declined 2.5 per cent. READ MORE

10:00 AM

Comment :: 'Global cues weak, all eyes on RIL AGM now'

August has been weak for global equity markets. In the mother market of the US, S&P 500 is down by 4% so far in August. This weakness has impacted all other markets including the Indian market where Nifty is down by around 2% so far in August.

The global economic scenario and the growth, inflation and interest rate trends in the US will continue to determine stock market trends globally. The Fed chief Powell’s candid remark at Jackson Hole that “we are navigating by the stars under cloudy skies” is an indicator of the uncertainty surrounding the global economy and markets. 
 

The high US bond yields and the dollar index above 104 are near-term negatives for capital flows to emerging markets like India. The market will be keenly watching for signals from the RIL AGM today.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:50 AM

ALERT :: Patel Engineering freezes at 5% upper circuit on order win worth Rs 1,818 crore

>> Patel Engineering, along with the JV Partner, has received letter of award for Dibang Multipurpose Project 

>> The Company being 50% partner in the JV, our share in the project is Rs. 1,818.56 crore 

Click here for project details

9:41 AM

Market Check :: Sensex off highs, trades near flat line