HDFC Bk, HUL help Sensex cut losses, index sheds 286 pts; Nifty below 19450

Closing Bell on October 4, 2023: Nestle India, HDFC Bank, HUL, Infosys, and TCS rallied between 0.6 per cent and 3 per cent. Axis Bank was the biggest laggard, down 5 per cent

1:24 PM

ALERT :: Sobha sheds 3.5% amid report of criminal case against co

>> According to a Moneycontrol report, a Bengaluru court has initiated criminal proceedings against Sobha Ltd for mortgaging project Sobha City in north Bengaluru to the tune of Rs 1,040 crore.

 

1:11 PM

TCS announces multi-year tech support deal with British retail firm Asda

TCS will build a new digital core by implementing multiple cloud-based platforms to streamline Asda’s supply chain forecasting, buying and merchandising processes, human resources processes, warehouse management, and e-commerce processes. READ MORE

12:58 PM

Demand for luxury homes overtakes affordable ones for first time in India

Knight Frank reported that the highest sales were recorded in homes priced between Rs 50 lakh and Rs 1 crore. With 29,827 units sold during the quarter, this segment accounted for a market share of 36 per cent. Sales in this segment jumped 14 per cent year-on-year to 29,827 units. Bengaluru, with 6,879 units, Pune, with 6,086 units, and Mumbai, with 5,360 units, collectively accounted for 60 per cent of all homes sold in this price bracket. READ MORE

12:41 PM

Stock of this PSB has nearly doubled in 2 months; m-cap nears Rs 1 trillion

As on June 30, 2023, the government held 96.38 per cent stake in IOB. Out of the remaining 3.62 per cent public holding, individual shareholders held 1.69 per cent stake, while Life Insurance Coporation of India held 1.2 per cent stake, the shareholding pattern data shows. READ MORE

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12:24 PM

WATCH :: Recession may be coming to the US soon: Here's why

12:13 PM

ALERT :: Sebi chairperson Madhabi Puri Buch at ARIA Conference

>> 35% of investment advisors still not registered despite having an easy registration process

>> It is Sebi's failure to have such less investment advisors

>> Need good guys to tell us about market malpractices

>> Don't want uregulated finfluencers to win to ensure investors' interest

>> Need to ensure adequate risk mitigation practices are in place

>> Fact vs Fake debate is critical for Sebi, investors

12:03 PM

Market Check :: Sensex at day's low dragged by Axis, IndusInd Bank, SBI

12:01 PM

L&T Construction wins EPC orders West Bengal Power Development Corporation

With this order, L&T is set to install FGD projects for thermal power plants with a total capacity of over 19 GW, actively contributing to the government's initiative to cut sulphur dioxide emissions. READ MORE

11:48 AM

JSW Infra extends gains after strong listing; zooms 41% over issue price

JSW Infra is a leading port operator in India with nine operational port concessions around the country. As of 30 June 2023, the company's total port handling capacity was around 199 million tonnes per annum (MTPA), including an operation and maintenance concession for two terminals of 41 MTPA capacity in the United Arab Emirates. READ MORE

11:32 AM

Vedanta close to raising $3 bn from JP Morgan, Standard Chartered: Report

Vedanta Resources, which is the parent company of Vedanta Ltd, has bond repayments amounting to $3.1 billion due in the financial year 2024-25 (FY25). Notably, the UK-based firm received a dividend of $2.5 billion from Hindustan Zinc Ltd and Vedanta Ltd in the financial year 2022-23 (FY23). READ MORE

11:16 AM

Comment :: 'An inevitable consequence of the complex market situation is heightened volatility'

Global cues are negative for markets in the near-term. The sustained rise in the US bond yields, which has triggered continuous FII selling, is showing no signs of abating. The dollar index is now clearly above 107 and the US 10-year bond yield is at 4.83%. This means FIIs will continue to sell and the bulls will be on the back foot.

On the positive side, valuations in some segments are becoming attractive and this may push DIIs and retail investors to buy stocks in such segments. An inevitable consequence of this complex situation is heightened volatility.

 

Investors should watch out for stocks which look strong even in a weak market. Stocks like Bajaj Finance, L&T and Zomato have been exhibiting strength even in a weak market.

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

11:00 AM

ALERT :: Chemplast Sanmar in focus; stock up 1.5%

10:45 AM

ALERT :: Dodla Dairy subsidiary commences new manufacturing of cattle feed in Andhra Pradesh

>> Orgafeed Private Limited (wholly owned subsidiary of Dodla Dairy Limited) commenced new manufacturing of cattle feed plant at Kuppam, Chittoor District, Andhra Pradesh and the capacity of the new plant is 12,000 tons per month.

>> The overall capacity of Orgafeed Private Limited is 14,400 tons per month ( Kadapa Plant Capacity is 2,400 tons per month and Kuppam Plant Capacity is 12,000 tons per month).
 

 

10:30 AM

Opinion :: How a debt iceberg might turn resources titan Vedanta into Titanic

The carrot being dangled before minority investors is of payouts. A corporate presentation notes the “consistent shareholder returns” from more than $11 billion in dividends over the past decade. That was from one listed firm. Now there will be cash rolling in from half a dozen of them. Which is why perhaps the initial stock-market reaction to the spin-off had none of the pessimism that the news triggered in the bond market. Vedanta Ltd. shares  rose nearly 4% on Tuesday, even as the Vedanta Resources dollar notes  slipped deeper into distressed territory. READ MORE

10:15 AM

New Listing :: Updater Services lists flat vs issue price of Rs 300