Equity indices saw a slight decline on Tuesday due to profit-taking in metal, oil, and IT shares amid weak global trends. Key stocks in focus included Samvardhana Motherson, Kaynes Technology, and HAL. Analysts suggest buying these stocks at dips for long-term gains as they exhibit potential for further upside.
Adani Enterprises Ltd. opens its first bond issuance for individual investors, aiming to raise up to 8 billion rupees. The issuance comes after a challenging period following a short seller attack last year. The funds will be used primarily to repay debt and for general corporate purposes.
Salesforce has announced its acquisition of Tenyx, a startup specializing in AI-powered voice agents. The deal, expected to close in the third quarter, will see Tenyx's co-founders and team join Salesforce. This move aligns with Salesforce's strategy to boost revenue growth through acquisitions, following similar actions by Microsoft and Amazon this year.
Oil prices dropped further on Wednesday amid hopes of resolving Libya's political dispute that halted exports and concerns over global demand. Brent crude for November fell to $73.47, while U.S. West Texas Intermediate for October declined to $70.03. Weak economic indicators from China and the U.S. also pressured the market.
The company said last week it has received requests for information from regulators in the U.S. and South Korea, regarding its investments, partnerships and agreements with other companies. It has also received inquiries from the EU, UK and China.
Gold prices remained steady as investors awaited the U.S. payrolls report, which could impact the expected interest rate cut this month. Spot gold held at $2,493.62 per ounce, while U.S. gold futures edged higher. The report is due Friday, with economists predicting a 160,000 increase in non-farm payrolls and a dip in unemployment to 4.2%.
Bangladesh's triumph has propelled them to 4th place in the WTC table. With three wins and three losses, they have accumulated 33 points and a PCT of 45.83. Prior to this series, Bangladesh was in 6th place but has climbed two spots due to their impressive performance against Pakistan.
A former aide to two New York governors, Linda Sun, has been charged with acting as an illegal agent of the Chinese government. Sun allegedly used her state positions to advance Beijing’s agenda in exchange for financial benefits. She and her husband, Chris Hu, have pleaded not guilty and were released on bond.
The Japanese yen and U.S. dollar remained strong as investors sought safety following a significant sell-off on Wall Street. Soft U.S. manufacturing data raised concerns about the economy, with traders eyeing crucial payroll data due Friday. The yen gained 0.1% against the dollar, while the Aussie dollar saw little change after a 1.2% drop.
Jefferies' Mahesh Nandurkar recommends caution for IT services, select PSU names, and mid to small-cap stocks, citing high valuations. He highlights significant private sector investments in sectors like steel, cement, and infrastructure, contrasting with limited government capex growth. Nandurkar further anticipates a cautious market outlook over the next 6-12 months.
I agree that some part of the IT and pharma, it is slightly looking tired, maybe they have had the run, which is possibly the reason for which they are currently undergoing some amount of quiet movement on the counters.
The India Meteorological Department has issued heavy rain alerts for various regions in India. Telangana will see heavy rain and thunderstorms, while Kerala, Coastal Karnataka, and North East India are also expected to experience significant rainfall. Orange and red alerts have been issued for severe weather in Rajasthan and Gujarat respectively.
HDB Financial Services, the non-banking finance arm of HDFC Bank, is preparing for an IPO. They are in talks with Bank of America Securities, Morgan Stanley, and Nomura to shortlist advisors. The IPO aims to raise around ₹10,000 crore by diluting nearly 10% of its stake. The listing complies with RBI guidelines.
Investors are increasingly contributing to systematic investment plans (SIP), with inflows reaching ₹23,332 crore in July 2024. To increase SIP contributions, investors can add money to existing schemes or choose new funds. It's important to diversify based on age, risk appetite, and long-term goals while being cautious about new fund offers.
Adani Green Energy plans to redeem $750 million in bonds due on September 9, financed through internal accruals, a $300 million infusion from Total Energies, and $281 million from promoters. The company will shift focus to issuing bonds at the restricted group level post-redemption.
Foreign ownership of Indian government bonds surged in August, driven by expectations of a US rate cut and JP Morgan's inclusion of local debt in its index. This trend is likely to continue as global portfolio managers seek emerging market assets, with India benefiting from strong fundamentals and resilient economic data.