While benchmark indices rallied close to 1 per cent in early trade and made new record highs, valuation concerns and a sharp selloff in the broader markets led to profit-taking
Posts in category Business Standard
Gold rises to record high after Fed makes first rate cut since 2020 (19-09-2024)
Gold, Treasuries and the S&P 500 Index have all typically risen as the Fed starts lowering rates, according to an analysis of the past six easing cycles going back to 1989
Airtel Business launches Airtel Software-Defined (SD) Branch (19-09-2024)
Powered by Cisco Meraki cloud-first platform
Uno Minda plans new facilities in Indonesia and India (19-09-2024)
Uno Minda has been a significant player in the Indonesian market since 2005, when it established its first manufacturing facility. PTMA currently supplies components and systems to major two-wheeler OEMs in the country. The new plant will enable Uno Minda to diversify its product offerings and cater to the growing demand for passenger car components. Once the new plant is commissioned, the existing plant will also be relocated to the new site to consolidate operations and achieve economies of scale. The total capital expenditure for the new plant is estimated at Rs 210 crore.
Nifty closes above 25,400 amid volatile trade, broader indices tumble (19-09-2024)
The domestic equity benchmarks concluded a volatile trading session with modest gains on Thursday. The market was buoyed by the US Federal Reserve’s decision to cut interest rates by 50 basis points and its indication of further rate reductions. However, the substantial rate cut also sparked concerns about a potential global slowdown, leading to profit booking in mid-cap and small-cap stocks. The Nifty50 settled above the 25,400 level. Private banks and FMCG stocks were among the top performers, while media, energy, and public sector banks witnessed selling pressure. The volatility in the market was further amplified by the weekly expiry of futures and options contracts.
Northern Arc Capital IPO subscribed 110.66 times (19-09-2024)
The offer received bids for 237.68 crore shares as against 2.14 crore shares on offer.
Arkade Developers IPO subscribed 106.19 times (19-09-2024)
The offer received bids for 252.46 crore shares as against 2.37 crore shares on offer.
Western Carriers (India) IPO subscribed 30.36 times (19-09-2024)
The offer received bids for 63.35 crore shares as against 2.08 crore shares on offer.
10th oil, gas bidding round may offer ‘no-go’ areas: Oil ministry official (19-09-2024)
India is likely to offer areas classified as ‘no-go’ areas in the tenth round of bidding for exploring and producing oil and gas in early 2025, a top oil ministry official said on Thursday.
Bids for 28 oil and gas blocks offered in the ninth Open Acreage Licensing Policy (OALP) round closes on September 21 and the 10th round is in works, the official, speaking on condition of anonymity, told reporters here.
OALP-X round will happen after the Parliament approves in the ensuing winter session amendments to the Oilfields (Regulation and Development) Act (ORDA) of 1948 to expand definition of mineral oils to include any naturally occurring hydrocarbon, coal-bed methane and shale gas/oil. The amendment also replaces mining lease with petroleum lease and decriminalises certain offences.
“We hope that the amendments will be approved in the winter session of Parliament (likely in November/December). The changes are expected to bring confidence for the potential bidders for OALP X exploratio
Price cut before Maha elections in question as global oil market volatile (19-09-2024)
International oil prices continue to be extremely volatile, falling on one day and rising thereafter, a top oil ministry official said explaining the reason behind no reduction in petrol and diesel prices despite softening in input cost, but could not say if the rates will be cut before Maharashtra elections.
Global oil benchmark Brent crude futures fell below USD 70 per barrel last week — the first time since December 2021 — but gained thereafter. Brent was trading at USD 74.58 per barrel on Thursday while West Texas Intermediate advanced to trade at USD 71.71.
A decline in price of crude oil — which is converted into fuels like petrol and diesel at refineries — had rekindled hopes for a reduction in petrol and diesel rates that have been on a freeze for over two years now barring a pre-election reduction earlier this year.
“Oil prices continue to be volatile. They fell one day last week to below USD 70 but rose the day after,” the official, speaking on condition of anonymity,