Posts in category Business Standard
Equity investors become poorer by Rs 6 trillion as stock markets crash (28-02-2024)
Investors' wealth eroded by Rs 6 lakh crore in a single day on Wednesday as the BSE benchmark Sensex tumbled over 790 points.
The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88. During the day, it slumped 872.93 points or 1.19 per cent to 72,222.29.
The market capitalisation (mcap) of BSE-listed companies eroded by Rs 6,02,338.56 crore to Rs 3,85,97,298.49 crore (USD 4.71 trillion).
"Investors resorted to heavy selling ahead of Thursday's F&O expiry. Weak Asian market cues and Dow Futures indicating a negative start also led to a massive round of profit-taking across the board as benchmark Sensex closed below the crucial 73k mark.
"The pessimism can also be attributed to lack of direction ahead of Thursday's release of the January US Personal Consumption and Expenditures (PCE) index, the Fed's preferred measure of inflation that tracks consumer spending," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Among the Sensex firms, ...
KSB consolidated net profit declines 1.79% in the December 2023 quarter (28-02-2024)
Sales rise 14.87% to Rs 602.60 crore
JCK Infrastructure Development reports standalone net loss of Rs 0.52 crore in the December 2023 quarter (28-02-2024)
Reported sales nil
Sensex tanks 790 pts, Nifty ends below 22,000; broader mkt tumbles (28-02-2024)
Domestic equity benchmarks tumbled on Wednesday, mirroring negative global cues. With a lack of strong positive or negative catalysts, the market is currently seeking direction. The Nifty50 concluded near the 21,950 level, having reached a peak of 22,229.15 during morning trade. Among sectors, media, PSU banks, and realty shares saw notable declines.
Platinum Industries IPO subscribed 22.19 times (28-02-2024)
The offer received bids for 21.37 crore shares as against 96.32 lakh shares on offer.
Exicom Telesystems IPO subscribed 27.76 times (28-02-2024)
The offer received bids for 50.59 crore shares as against 1.82 crore shares on offer.
Singapore Market falls 0.6% (28-02-2024)
On Monday, Kansas City Federal Reserve Bank President Jeffrey Schmid used a debut speech on policy to signal that he remains focused on the threat of high inflation and is in no rush to cut rates. In addition, Fed Governor Michelle Bowman on Tuesday indicated she is in no hurry to cut rates, given upside risks to inflation that could stall progress or even cause price pressures to resurge.
INR Settles Cautiously Lower; Domestic GDP Data Eyed (28-02-2024)
The Indian rupee declined by 3 paise to settle at 82.92 (provisional) against the US dollar on Wednesday, tracking bearish equity markets and foreign fund outflow amid increased month-end demand for the American currency. The benchmark S&P BSE Sensex fell 790.34 points, or 1.08 percent, to 72,304.88 while the broader NSE Nifty index tumbled 247.20 points, or 1.11 percent, to 21,951.15. However, softening crude oil prices provided a cushion to the Indian currency which was weighed down by a stronger dollar ahead of crucial US inflation slated for the week. Personal Consumption Expenditures (PCE) figures from January and Gross Domestic Product (GDP) revisions from Q4 are keenly awaited. The dollar index that measures the greenback against a basket of currencies is quoting at 104.03, up 0.28% on the day. Also, market participants were cautious ahead of the domestic GDP data to be released on Thursday and the US GDP numbers expected on Wednesday.
Crude oil falls 1% as Fed caution, stocks build offset Opec+ expectations (28-02-2024)
Brent crude futures fell 90 cents, or 1.08%, to $82.75 a barrel by 0902 GMT. U.S. West Texas Intermediate futures (WTI) were down 92 cents, or 1.17%, at $77.95
RK Swamy’s Rs 423 cr IPO with price band of Rs 270-288 to open on March 4 (28-02-2024)
Integrated marketing services firm RK Swamy Ltd on Wednesday fixed a price band of Rs 270-288 per share for its a little over Rs 423-crore Initial Public Offering (IPO).
The initial share sale will be opened for public subscription during March 4-6 and the bidding for anchor investors will open for a day on March 1, the company said in a statement.
The Rs 423.56-crore IPO comprises a fresh issue of shares aggregating up to Rs 173 crore and an Offer For Sale (OFS) of up to 87 lakh equity shares by selling shareholders worth Rs 250.56 crore at the upper end of the price band.
Those offering shares in the OFS are -- Srinivasan K Swamy, Narasimhan Krishnaswamy, Evanston Pioneer Fund LP, and Prem Marketing Ventures LLP.
Funds raised through the fresh issue would be used for setting up a digital video content production studio, establishing new customer experience centres and computer-aided telephonic interview centres as well as for general corporate purposes.
Also, funds would be util