Gurmeet Chadha from Complete Circle Consultants discusses the potential impact of the Biosecure Act on pharma and CDMO companies, rural spending boosts in FMCG due to Maharashtra elections, and the festive season. He also highlights market rotations towards IT, pharma, and FMCG sectors amid macroeconomic stability and upcoming rate cuts.
Even on the ferrous side, we believe something like a JSW Steel and Sail, they could do well. But yes, in the interim, there could be fall, which could be an opportunity to add for investors.
Jaydeep Apte was arrested after evading authorities following the collapse of a statue of Chhatrapati Shivaji he created. Apte's family and friends convinced him to surrender. He previously gained attention for his work on a Sikh soldier bust and a statuette of Mahatma Gandhi's son.
Union Minister Sukanta Majumdar has challenged West Bengal Chief Minister Mamata Banerjee to resign over the Kolkata rape case, promising to do the same if she does. This follows Banerjee's call for resignations from Prime Minister Modi and other officials over recent sexual abuse incidents. Majumdar also accused the Trinamool Congress of protecting Sandip Ghosh, who faces allegations in the case. The former principal of RG Kar Medical College is currently in police custody.
The India Meteorological Department has issued an orange alert for Telangana and Andhra Pradesh, predicting heavy rainfall on September 5. Northern India, including Delhi, faces traffic disruptions due to rain. Heavy showers are also expected in various regions across West, Central, South Peninsular, East, and Northeast India over the next few days.
The White House is set to block Nippon Steel's $14.9 billion acquisition of U.S. Steel due to national security concerns, potentially impacting U.S.-Japan relations. The decision could be announced soon, with bipartisan opposition and potential job losses in Pennsylvania. Both companies dispute the security risks.
Financial planners suggest equity investors build a core and satellite portfolio, combining active and passive strategies. The core should be long-term oriented with large-cap focus, while the satellite portion can take tactical bets on sectors or themes. This mix aims to optimize returns and manage risks effectively.
Retail investors can consider buying General Insurance Corporation shares in the ₹4,701-crore offer for sale on Thursday. Analysts suggest long-term holding for potential gains. The government is selling 6.78% of its stake, reducing its holding to 79%. GIC shares have risen 27% in 2024, outperforming the Nifty 500 index.
Jessica Pegula advanced to her first Grand Slam semi-final by defeating world number one Iga Swiatek 6-2 6-4 at the U.S. Open. The American capitalized on Swiatek's numerous unforced errors and kept up consistent pressure. Pegula will now face Czech player Karolina Muchova, while other Americans have also reached the men's semi-finals.
Indian equity indices fell on Wednesday, influenced by a sell-off on Wall Street due to weak US manufacturing data. The Nifty dropped 0.3% and Sensex declined 0.25%. Losses were limited by falling global oil prices. Analysts suggest a short-term correction but expect the market to resume its rally soon.
Gold prices remained steady as investors awaited U.S. payrolls data, which could influence the Federal Reserve's rate cut decision. Spot gold was unchanged at $2,494.54 per ounce. The market is closely watching upcoming employment reports and jobless claims data for further economic insights.
The All India Digital Cable Federation (AIDCF) has urged the information and broadcasting ministry to withdraw Prasar Bharati's notice inviting TV broadcasters to place channels on its upcoming OTT platform. AIDCF argues this violates existing guidelines and could disrupt the traditional TV distribution ecosystem.
Palestinian medics reported that five people were killed in a strike targeting a car in Tubas, West Bank. The Israeli military confirmed it conducted three targeted strikes on armed terrorists in the area. This follows a massive offensive launched by Israel across the northern West Bank since August 28, resulting in over 30 Palestinian deaths, including children and militants. One Israeli soldier was also killed during the operations.
The dollar fell on Thursday as traders anticipated a significant rate cut from the Federal Reserve due to concerns over the U.S. economy's growth outlook. The yen strengthened on safe-haven demand, while U.S. job openings hit a 3-1/2-year low, indicating a cooling labor market. Focus remains on Friday's nonfarm payrolls report.
Oil prices attempted to stabilize in early trade on Thursday after a sell-off, with Brent crude futures rising slightly. OPEC+ is considering delaying its planned output increase due to weak demand and an end to a dispute halting Libyan exports. U.S. crude oil inventories fell last week, according to API figures.
Canadian Prime Minister Justin Trudeau faces a political challenge as the New Democratic Party withdraws its support, forcing him to seek new alliances. Trudeau aims to continue governing and delivering social programs despite the setback. An election is due by October 2025, but early elections are not ruled out.
Sebi has claimed that its officers were misguided by external elements to raise concerns about leadership and HR practices, leading to a complaint to the finance ministry. The regulator denied allegations of a toxic work culture and said some employees were using these issues to seek monetary benefits.
Vice President Kamala Harris travels to the crucial battleground state of Pennsylvania on Thursday, where she will reportedly spend five days preparing for next week's presidential debate. Harris's Pennsylvania huddle mirrors Biden's week-long preparation at Camp David in Maryland for his calamitous June 27 debate with Trump, which effectively ended his presidential campaign.
Equity markets closed with minor losses on Wednesday amid global concerns. Analysts noted that buying at lower levels shows the resilience of domestic equities. Nifty is expected to consolidate with intermittent volatility, focusing on defensive sectors like FMCG and Pharma. Oil prices are stabilizing after a decline, and the rupee breached the crucial 84-mark.
The U.S. Department of Justice has charged Linda Sun, a former aide to New York governors, with acting as an agent for the Chinese government. This is part of a broader effort to counter China's influence in American politics. Sun allegedly helped Chinese officials gain access to U.S. politicians and influenced policy decisions in favor of Beijing. She and her husband have pleaded not guilty to the charges.
Aravind Sanka, the company's CEO, told ET that the funds will be used to expand Rapido's newly launched four-wheeler taxi service, which competes with Ola and Uber. Venture capital fund Nexus Venture Partners, which is Swiggy-backed Rapido's other existing investor, also participated in the latest fundraise, along with new backers Think Investments and New York-based Invus Opportunities.
Happy Thursday! Mobility startup Rapido has raised $200 million in funding. This and more in today’s ETtech Morning Dispatch.