Market Highlights, Sept 17: Sensex up 90pts, Nifty holds 25,400; BHFL hits upper band for 2nd day

Stock Market Highlights: As many as 29 constituent stocks on the Nifty50 ended in the red, dragged by Tata Motors, Eicher Motors, Tata Steel, Coal India, and JSW Steel

8:53 AM

Stock Market LIVE Updates: Veefin Solutions buys digital lending platform EpikIndifi in cash and equity deal

Stock Market LIVE Updates: The Veefin Group of Companies has announced its third acquisition, in end-to-end digital lending platform EpikIndifi, in a cash and equity swap deal valued at around Rs 125 crore. 

Veefin Group has been on a major corporate expansion exercise in FY 24-25 to transform into an end-to-end Working Capital Finance Platform. 

The acquisitions of the three companies are at a total valuation of around Rs 400 crore, with the total expected outlay of the first tranche of all three acquisitions in the last three months at Rs 215 crore (through cash and equity). 

With EpikIndifi’s acquisition, the Veefin Group estimates to grow its clientele from 55 to 500+ by the end of this financial year.

 

8:48 AM

Stock Market LIVE Updates: SCI divestment process may spill over to FY26 amid 'documentation issues'

Stock Market LIVE Updates: The privatisation of state-owned Shipping Corporation of India (SCI) is likely to be delayed beyond the current financial year 2024-25 as the Centre struggles to resolve “documentation issues” with the Maharashtra state government following the demerger of the shipping major’s non-core assets, according to a senior official familiar with the matter.

 

“There has been no further progress on SCI disinvestment,” the official said. “Some finance ministry officials went to Mumbai, followed up with the collector, and reviewed the situation. However, it's not progressing quickly.” READ MORE

8:45 AM

Stock Market LIVE Updates: Bajaj Housing Finance gets first 'Buy' call; PhillipCapital sees 27% upside

Stock Market LIVE Updates: PhillipCapital has initiated coverage on the newly listed Bajaj Housing Finance with a 'Buy' call. The brokerage has given a target price of Rs 210 and sees a 27 per cent upside from Monday's closing price of Rs 165 per share.

 

"We would look favourably at Bajaj Housing Finance for its acute focus on salaried home loans, steady expense ratio, and benign credit costs, manifesting strong return ratios. We value Bajaj Housing Finance at 6.5x Sep-26 BV," the report stated. READ MORE

8:42 AM

Stock Market LIVE Updates: Dividend dash! NMDC, Container Corp, Dixon Tech, 47 others go ex-date today

Stock Market LIVE Updates: Shares of as many as 50 companies, including NMDC, Dixon Technologies, Container Corporation of India, and Kirloskar Industries, will remain in focus as they trade ex-dividend today. READ MORE

 

8:40 AM

Stock Market LIVE Updates: M&M, LIC, Adani Wilmar, Trent & Vedanta, among stocks to watch today

Stock Market LIVE Updates: Adani Enterprises and Wilmar International plan to sell a 13 per cent stake in their listed consumer joint venture, Adani Wilmar, to meet Indian shareholding norms. READ MORE

 

8:38 AM

Stock Market LIVE Updates: Employee discontent: Sebi withdraws statement, says addressing concerns

Stock Market LIVE Updates: The Securities and Exchange Board of India (Sebi) on Monday said it was amicably addressing the concerns of protesting employees on “internal” matters, as the market regulator withdrew its earlier press release in which it had claimed that the employees’ complaints were influenced by external elements. READ MORE

8:36 AM

Stock Market LIVE Updates: Bajaj Housing Finance IPO doubles money on listing; book profit or hold?

Stock Market LIVE Updates: Bajaj Housing Finance shares made a bumper debut on the stock exchanges today, riding high on the positive market sentiment. Bajaj Housing shares listed at Rs 150 on the BSE, and the National Stock Exchange (NSE), surging 114.28 per cent above the IPO issue price of Rs 70 on Monday.

Roughly 697.62 million shares, together, changed hands on the NSE and the BSE, resulting in the stock hitting 10-per cent upper circuit during the day. READ MORE

8:35 AM

Stock Market LIVE Updates: Bajaj Housing Finance debut boosts Bajaj Group's market capitalisation

Stock Market LIVE Updates: A stellar market debut of Bajaj Housing Finance  Ltd (BHFL) on Monday helped the Bajaj Group reduce its market capitalisation (mcap) gap with the Adani group. 
 

BHFL’s mcap stood at Rs 1.37 trillion on Monday, more than double its initial public offering price-based valuation of around Rs 58,300 crore. 

This added more than 10 per cent to Bajaj Group’s mcap, pushing it from Rs 12.1 trillion on Friday to Rs 13.6 trillion on Monday, a 9.3 per cent increase. READ MORE

 

8:33 AM

Stock Market LIVE Updates: Indian companies file ECB plans worth $3.58 billion in July 2024

Stock Market LIVE Updates: Indian firms, including non-banking financial companies, have filed proposals in July 2024 with the Reserve Bank of India (RBI) to raise $3.58 billion through External Commercial Borrowings (ECBs). The entire funding to be raised is through the automatic route.

According to RBI data, among the prominent firms which have filed intent are ONGC Videsh Ltd for $800 million to be raised from an overseas branch of an Indian commercial bank. It is a five-year ECB for refinancing earlier borrowings. Sael Ltd, which is in the electricity, gas, steam, and air conditioning supply space, has filed intent for $280 million for on-lending. READ MORE

 

8:31 AM

Stock Market LIVE Updates: Rate cut hinges on inflation trajectory: RBI Governor Shaktikanta Das

Stock Market LIVE Updates: The benchmark interest rate in the country will hinge on the future trajectory of inflation, Reserve Bank of India Governor Shaktikanta Das has said, emphasising that month-on-month inflation momentum — whether it’s building up or moderating — will be key to the central bank’s decision-making process.

“It is not so much (about) how the inflation is now; we have to look at for the next six months, for the next one year -- what is the outlook on inflation,” Das said in an interview with CNBC, as he cited July’s revised inflation figure of 3.6 per cent and August’s reading of 3.7 per cent. READ MORE

 

8:29 AM

Stock Market LIVE Updates: 'Nifty likely to trade within 25,000-26,000 range; 26,000 to act as key resistance'

Stock Market LIVE Updates: Former New York Federal Reserve President William Dudley has called for a half-point rate cut, heightening expectations of an aggressive move by the Fed this Wednesday. 

Overnight, the Dow Jones hit a new all-time high, while Gift Nifty is trading above the dotted lines, though bullish sentiment may be restrained amid uncertainty over the upcoming rate cut. 

Nifty is likely to trade within a range of 25,000-26,000, with 26,000 acting as a key resistance. Meanwhile, Bajaj Housing Finance surged 136% on debut, and Dixon Technologies rose 7% following a key manufacturing deal. In terms of strategy, Nifty and Bank Nifty look set for moderate gains, while EXIDE Industries is a recommended buy for the week.

Views by: Prashanth Tapse, Senior VP (Research) at Mehta Equities

8:28 AM

Stock Market LIVE Updates: Facts need to be taken on board: FM Nirmala Sitharaman on Buch row

Stock Market LIVE Updates: Union Finance Minister Nirmala Sitharaman on Monday said that facts need to be taken on board in the context of the controversy involving chairperson of Securities and Exchange Board of India (Sebi) Madhabi Puri Buch.

 

Speaking at a News18 event, the finance minister said that Buch along with her husband had answered quite a few of the allegations levelled against her by the Congress party and both of them have put forth the facts. READ MORE

8:25 AM

Stock Market LIVE Updates: Low crude prices: Refiners place spot orders from West Asia in September

Stock Market LIVE Updates: With global crude prices remaining below $75 in September so far, oil marketing companies (OMCs) have placed spot orders for crude from traditional West Asia suppliers such as Iraq, and United Arab Emirates (UAE), industry insiders said.

Currently, most of the orders are being planned for deliveries over the next 2-3 months, they added. READ MORE

8:20 AM

Stock Market LIVE Updates: 25 or 50: How much will the Fed cut rates to begin its policy easing cycle?

Stock Market LIVE Updates: As markets globally head into another trading week, investors around the world are eagerly awaiting the Federal Reserve's interest rate policy decision, set to be announced on Wednesday.

The Federal Open Market Committee (FOMC) meeting, slated to conclude on September 18, will raise the curtains on whether the policy easing cycle will begin with an aggressive, outsized cut or be closer to the lower band of what is being speculated. READ MORE

 

8:15 AM

Stock Market LIVE Updates: Sebi shortens bonus issue time; trading to start T+2 days from record date

Stock Market LIVE Updates: In a bid to speed up the process of crediting and trading bonus shares, markets regulator Sebi on Monday introduced new guidelines, whereby investors will be able to trade bonus shares just two days after the record date starting October 1. READ MORE