Stock market update: Nifty Pharma index advances 0.78% in a weak market
The Nifty Pharma index was trading 0.78 per cent up at 23365.6.
The Nifty Pharma index was trading 0.78 per cent up at 23365.6.
Travels and Rentals shares listed on the BSE SME platform with a 37.5% premium over the IPO price, debuting at Rs 55 against an issue price of Rs 40. The IPO saw strong investor interest, being subscribed over 600 times. Proceeds will be used for working capital and corporate purposes.
Hamas has accused Israeli Prime Minister Benjamin Netanyahu of attempting to thwart a Gaza truce deal, following his claims that the militant group rejected all negotiation efforts. This comes amid rising pressure on Netanyahu to secure a deal for the release of remaining hostages. Meanwhile, Israel's offensive in Gaza continues, resulting in significant casualties and destruction.
Rahul Gandhi and Congress President Mallikarjun Kharge are set to launch the Congress election campaign in Maharashtra. They will visit Wangi and Kadegaon, unveiling a statue and holding a public meeting. The Maha Vikas Aghadi alliance, comprising Congress, Shivsena UBT, and NCP-SP, remains confident about securing a majority in the upcoming state elections.
The Federation of Automobile Dealers Association reported a modest 2.88 per cent YoY growth in August, with total sales at 18,91,499 units. Two-wheeler sales grew by 6.28 per cent YoY but declined 7.29 per cent MoM due to rain disruptions. Passenger and commercial vehicle sales also saw declines, attributed to unpredictable weather and weak industrial demand.
The Relative Strength Index of the stock stood at 53.25 on Thursday.
The 30-share BSE Sensex was up 5.25 points at 82357.89
The Bajaj Housing Finance IPO is highly anticipated this year. Investors holding shares of Bajaj Finance or Bajaj Finserv as of August 30 can bid under a special shareholders quota. The IPO aims to raise around Rs 6560 crore, with shares trading at a premium in the grey market.
ED Yardeni of Yardeni Research links the Nvidia-led tech selloff to a monopoly investigation rather than fears of an economic slowdown. He argues that the US economy is returning to pre-pandemic norms and anticipates strong employment figures. Yardeni also contrasts China's current economic challenges with India's potential for significant growth in the coming years.
The stock traded at a P/E multiple of 35.18, while the price-to-book value ratio stood at 4.96.
India's National Investment & Infrastructure Fund plans to raise $4 billion in its largest-ever fundraise early next year. The fund, backed by the Indian government and global investors, aims to support infrastructure upgrades. This move follows a leadership change and recent investments in renewable energy and smart meter platforms.
The Nifty IT index was trading 0.18 per cent down at 42375.4.
The Delhi High Court has directed Axis Bank to consider a writ petition as a formal representation regarding the operation of a petitioner's bank account. The court ordered the bank to make a reasoned decision within 15 days after hearing the petitioner, ensuring a fair review process and prompt resolution of the issues raised.
Raymond Lifestyle, which demerged from Raymond Ltd in June, began trading on the stock exchanges today. The stock is listed at Rs 3,020 on NSE and Rs 3,000 on BSE, giving it a valuation of approximately Rs 18,300 crore. The listing positions Raymond Lifestyle as a key player in India's wedding and ceremonial market.
Donald Trump aims to make America the 'crypto capital of the planet' if re-elected. He has launched World Liberty Financial, a new cryptocurrency trading platform. His family members are also promoting it. Trump's stance on crypto has shifted from skepticism to support, promising policy changes that could benefit his venture.
SBI Cards & Payment Services Ltd has reclaimed its 200-DMA after a significant drop from its September 2023 highs. Experts suggest that short-term traders with a high-risk profile could consider buying the stock for a target of Rs 820 in the next 1-2 months, given its current positive momentum and technical indicators.
A proposed dam on the Río Indio aims to create a new reservoir to support the canal during droughts. The project faces challenges, including relocating 2,000 residents and environmental concerns.
United Nations Secretary-General Antonio Guterres highlighted the potential of China-Africa ties to drive a renewable energy revolution. Speaking at the China-Africa forum, he emphasized China's development experience and Africa's dynamic economies. Guterres also called for correcting historic injustices, noting Africa's lack of a permanent seat on the UN Security Council.
Pope Francis and the grand imam of Southeast Asia's largest mosque pledged to promote peace and protect the environment during an interfaith gathering in Jakarta. They met at the Istiqlal Mosque, symbolizing Indonesia's commitment to religious freedom. Francis emphasized fraternity and respect among different religious traditions.
A month after student-led protests ousted Bangladesh's Prime Minister Sheikh Hasina, Nobel laureate Muhammad Yunus leads an interim government focused on restoring peace, fighting corruption, and preparing for new elections. Despite some progress, unrest persists with garment workers demanding better wages and concerns over political stability remaining high.
The Assam government has introduced zero-premium insurance coverage for state employees, providing significant financial protection. The cabinet also approved a 20% bonus for ATCL tea garden workers and targeted subsidies for electricity consumers. Additionally, policies to boost industrialization and entrepreneurship were amended, and land was leased for a new hotel project.
Several brokerages have downgraded target prices for multiple stocks over the past month.
The Biden administration has informed Nippon Steel that its $14.9 billion acquisition of U.S. Steel poses a national security risk, potentially harming the American steel industry. Both Democrats and Republicans oppose the deal, with Vice President Kamala Harris and Donald Trump expressing concerns. The Committee on Foreign Investment in the United States (CFIUS) highlighted risks to national security, while U.S. Steel warned of job losses and weakened steel supply if the deal is blocked.
Top seed Jannik Sinner defeated Daniil Medvedev in a thrilling U.S. Open quarter-final, winning 6-2 1-6 6-1 6-4. Sinner, who previously beat Medvedev in the Australian Open final, will now face Britain's Jack Draper for a spot in the final. Medvedev struggled with 57 unforced errors during the match.
The future of AI culture may hinge on energy costs. If energy remains cheap, AI could produce a diverse range of creative outputs.