Nifty ends near 20,000-mark; Sensex zooms 528 pts amid broad rally

Closing Bell on September 11, 2023: Among sectors, the Nifty PSU Bank index surged 3 per cent, followed by the Nifty Metal and Auto indices (up 1.7 per cent each)

12:31 PM

RBI, banks plan new feature to popularise digital currency transactions

The Reserve Bank of India (RBI) is working with lenders to introduce new features to popularise the central bank digital currency (CBDC), the so-called e-rupee, according to six people familiar with the matter.
 

Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. READ

12:15 PM

JSW Energy scales fresh high on report PE investors eyeing stake in unit

The stock price of JSW Energy zoomed nearly 10 per cent to hit a new lifetime high of Rs 432.45 on the BSE on Monday amid reports that private equity firms TPG, Tokyo Electric Power Company (Tepco) and Brookfield are looking to buy a minority stake in its green energy unit JSW Neo Energy. READ

12:00 PM

Byju's makes a surprise $1.2 billion repayment proposal to lenders

Indian edtech titan Byju’s has made a surprise repayment proposal to lenders, in which the firm has offered to pay back its entire $1.2 billion term loan in less than six months, according to people familiar with the situation. 

 

The company is offering to repay $300 million of the distressed debt within three months if the amendment proposal is accepted and the remaining amount in the subsequent three months, said the people, who asked not to be identified because the talks are private. The lenders are reviewing the proposal and are seeking more details about how the repayment will be funded, the people said. READ

11:44 AM

This state-owned power generation stock has zoomed 100% in 3 months

Shares of SJVN hit a new high of Rs 73 on rallying 14% today after the company signed a power purchase agreement with Bhakra Beas Management Board for developing a solar project. READ

11:28 AM

Mid-, smallcap stocks overheated; rally an irrational exuberance: Analysts

The recent rally in the small-and mid-cap (SMID) stocks is not backed by fundamentals and is a case of irrational exuberance, said analysts at Kotak Institutional Equities in a recent report. Fundamentals of most companies, they said, have in fact worsened over the last few months. Yet, some analysts expect the bull-run in these stocks to continue amid intermittent corrections. READ

11:15 AM

HDFC Bank, Adani Ent, IEX among 6 stocks to cross 200-DMA in last 2 days

The NSE Nifty50 has seen a strong uptrend in the last seven trading sessions, with the index surging as much as 3.4 per cent to above 19,900-odd levels. The NSE benchmark is now less than 0.5 per cent from its all-time high of 19,992. READ

11:00 AM

ALERT: JSW Energy surges 7% on report 3 PE firms eyeing stake in JSW Neo

Private equity investors TPG, Tokyo Electric Power Company (Tepco) and Brookfield are in advanced talks to buy a minority stake in JSW Neo Energy, reported The Economic Times. 

JSW Neo Energy will house the parent's upcoming renewable projects for generation, storage and production of green hydrogen. 

JSW Group is looking to raise up to $500 million from the stake sale, which is expected to be used for further expansion in renewable energy, the report said. 

10:46 AM

HDFC Bank stock anticipates $600 mn in inflows from passive trackers

“FTSE will add HDFC Bank in three tranches, with each quarter bringing in approximately $500 million in inflows. The Sensex’s quarterly rebalancing will add $102 million to the stock. When you sum up all the inflows on September 15, HDFC Bank is poised to receive a remarkable cumulative inflow of nearly $600 million,” observes Abhilash Pagaria, head of Nuvama Alternative & Quantitative Research. READ MORE

10:33 AM

Sovereign gold bond tranche II opens today: Should you invest

The SGBs come with an eight-year tenure and provide an annual interest rate of 2.5 per cent. This interest is paid twice a year, in June and December. The interest on Gold Bonds shall be taxable as per the provision of the Income Tax Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will be provided to long-term capital gains arising to any person on transfer of bond. READ MORE

10:14 AM

Ircon zooms 15%, IRFC m-cap hits Rs 1 trn: Why are railway stocks buzzing?

Shares of railway related stocks were on a roll, soaring up to 15 per cent on the bourses, amid heavy volumes on reports that the US, Saudi Arabia, India, and other nations are discussing a possible infrastructure deal that could reconfigure trade between the Gulf and South Asia, linking Middle Eastern countries by railways and connecting to India by port. The plan is to counter China's Belt and Road global infrastructure push with a US backup. READ MORE

10:03 AM

Comment :: 'G20 success may support uptrend; fundamentals do not support rise above 20,000'

>> The G20 Delhi Declaration and India’s diplomatic triumph can trigger continuation of the positive market mood and momentum.

>> The inclusion of the African Union in G20 and the proposed India-Middle East-Europe Corridor have positive economic and market connotations. 
 

>> In the present favourable market mood, Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20,000.

>> But investors have to be cautious since fundamentals do not support a sustained rise above 20,000. Large FII selling may re-emerge at higher levels.

>> The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps.


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

9:49 AM

Sugar stocks extend rally

9:45 AM

IDBI Trusteeship Services files insolvency plea against Coffee Day Enterprises

>> IDBI Trusteeship Services has filed application against Coffee Day, before the National Company Law Tribunal, Bengaluru, under Section 7 of the Insolvency and Bankruptcy Code, for alleged default of Rs 228.45 crore. 

9:43 AM

Gateway Distriparks declines as CFO to step down

>> Sandeep Kumar Shaw has resigned as Chief Financial Officer of the company, due to personal reasons. Shaw resigned with effect from November 28.

9:42 AM

Godrej Properties down 1% as Vikhroli unit CEO resigns

>> Anubhav Gupta has resigned as Chief Executive Officer - Vikhroli and Chief ESG and Sustainability Officer, with effect from September 9, to pursue opportunities outside Godrej Properties.