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Business News/ Markets / Live Blog/  Indices end at new high, Sensex tops 63k, Nifty above 18,750; Metal, Auto shine
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Indices end at new high, Sensex tops 63k, Nifty above 18,750; Metal, Auto shine

Share Market Close: Indices gathered pace towards the end to climb new highs with Sensex gaining 420 pts and Nifty 140. M&M and Hindalco jumped, while SBI and IndusInd Bank lagged. Metal, Realty, FMCG, Auto, and Energy rallied. PSU Bank ends in red.

Stock Market Today: Indices scale new highs Photo: MintPremium
Stock Market Today: Indices scale new highs Photo: Mint

Asian markets had a mixed day with Nikkei continuing its downward spiral for 4th day, while Hong Kong climbed in today's session. Chinese indices ended flat and Europe was trading higher in the morning session.

30 Nov 2022, 03:40:52 PM IST

Sensex crosses 63,000 and Nifty 18,700 and scaled new highs in today's session

Indian indices closed at fresh highs and maintained their gain streak for the seventh day in a row, thanks to a last-hour rally. Sensex and Nifty crossed psychologically important points of 63,000 and 18,700, respectively, today.

Sensex closed at 63,100, a gain of 417 points. Meanwhile, Nifty ended with a gain of 140 points and closed at 18,758.

Metal, Realty, FMCG and Auto shined in today's trade and jumped more than a per cent, with almost all sectoral indices ending in the green. PSU Bank was the only index to end in red and shed 1% in today's trade.

Asian stocks had a mixed day with investors awaiting US Federal Reserve Chair Jerome Powell's speech for policy clues, though hopes of China relaxing its Covid restrictions got stronger and brought some cheers.

Japan's Nikkei index fell for a fourth straight session on Wednesday as weak factory output data added to concerns of a global economic slowdown. The Nikkei share average ended 0.21% lower.

Hong Kong rallied and China's index remained stable as the lifting of lockdown restrictions in parts of some districts added fuel to reopening bets. Hong Kong's Hang Seng added 2.1% and the Shanghai Composite index remained flat to register a gain of less than 0.1%.

European shares rose on Wednesday, joining Asian peers, although caution remained amid disappointing China factory activity data. Broad-based gains saw the pan-European STOXX 600 index rise.

Sensex at Close
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Sensex at Close
30 Nov 2022, 03:27:45 PM IST

Last-hour rally ensures indices end at new highs

Rally
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Rally
30 Nov 2022, 03:15:23 PM IST

All sectoral indices in green except PSU Bank towards the end with Auto, Metal, Realty and FMCG gaining the most

Sectoral Indices
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Sectoral Indices
30 Nov 2022, 03:13:31 PM IST

Why fund managers are betting more on India’s shorter-maturity bonds

India’s shorter-maturity bonds are finding favor with fund managers as bets grow that the central bank may be nearing the peak of its rate-hike cycle.

The Reserve Bank of India is likely to complete its rate-hike cycle this financial year, or by February and expectations for easing will emerge if inflation comes within 5%, said Murthy Nagarajan, the head of fixed income at Tata Asset Management.

The “short end will benefit more because these entire rate-cut expectations will start building up from next year onward," said Nagarajan. “Fall in yields may come next year only but you have to build a position right now." (Read More)

30 Nov 2022, 03:03:38 PM IST

AirAsia parent narrows Q3 loss on strong demand recovery

Capital A Berhad, the parent of Malaysian budget airline AirAsia, reported a narrower third-quarter operating loss on Wednesday, buoyed by a strong rebound in travel demand and the easing of pandemic-related restrictions in Southeast Asia.

The company posted an operating loss of 563.9 million ringgit ($127.00 million) for the three months ended Sept. 30, compared to a loss of 893 million ringgit in the year-ago period. (Reuters)

30 Nov 2022, 03:00:23 PM IST

French FII buys stake in Wipro despite BNP Paribas selling stake in Indian IT major

Societe Generale — a France-based multinational financial services company has bought a fresh stake in Indian IT major Wipro. The French FII (foreign institutional investor) has bought 1,800,164 Wipro shares paying 405 apiece. This means the multinational financial services company of France invested 72,90,66,420 or around 72.90 crore in the company. As per the information available on BSE under the block deals category, the French FII executed this stock acquisition on 29th November 2022.

Likewise, BNP Paribas Arbitrage sold out the same 1,800,164 Wipro shares at a price of the same 405 per share. This means BNP Paribas Arbitrage sold out Wipro shares worth 72.90 crore. (Read More)

30 Nov 2022, 02:59:37 PM IST

Discoms’ outstanding dues decreased to ₹1,13,269 crore in last 6 months: Centre

The Ministry of Power on Wednesday said the total outstanding dues of electricity distribution firms towards generation and transmission companies and traders have come down by 24,680 crore to 1,13,269 crore in the last six months. (Read More)

30 Nov 2022, 02:19:35 PM IST

Investors want more of India, says Goldman Sach’s Sengupta

Foreign investors are showing increased interest in India, as Asia’s third-largest economy ramps up its manufacturing capacity and improves infrastructure, said Santanu Sengupta, Chief India Economist at Goldman Sachs Group Inc. As investors chase markets with digital new economy assets, India has consistently attracted annual foreign direct investments of $50 billion to $55 billion, even in the pandemic, Sengupta said in an interview with Bloomberg Television’s Haslinda Amin and Rishaad Salamat. (Read More)

30 Nov 2022, 01:57:53 PM IST

SBI stock price drags in today's session, sheds 1%

SBI
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SBI
30 Nov 2022, 01:49:34 PM IST

Gold prices rise ₹2,500 in November, set for second best month of this year

Gold prices in India rose for the second day in a row, tracking a similar trend in global markets. On MCX, gold futures edged higher above 53,000 per 10 grams while silver was flat at 62,800 per kg. Traders remained cautious ahead of Federal Reserve Chair Jerome Powell's speech later today for more clues into the US central bank's monetary policy path. Gold prices in India are up about 5% or 2,500 per 10 gram - the second-best month of the year - but still down about 3,000 from all-time highs of 56,200 levels of August 2020. (Read More)

30 Nov 2022, 01:31:51 PM IST

Page Industries to likely upgrade to the largecap category in the Association of Mutual Funds of India

Brokerage and research firm Ambit sees midcap stock Page Industries to likely upgrade to the largecap category in the Association of Mutual Funds of India (AMFI) semi-annual review, in which, the brokerage expects six new large-cap stocks (upgrades), 13 new mid-cap stocks (6 upgrades, 6 downgrades, 1 new listing), and 7 new small-cap stocks.

Page Industries is involved in manufacturing and retailing innerwear, and has the exclusive licensee of Jockey International in India, Sri Lanka, Bangladesh, Nepal, Oman, Qatar, Maldives, Bhutan, and the UAE. It is also the exclusive licensee of Speedo International Ltd for the manufacture, marketing and distribution of the Speedo brand in India. (Read More)

30 Nov 2022, 01:17:24 PM IST

Inflation in groceries and household hurting Indian consumers: Report

Consumers in India reported a significant impact of inflation on their groceries and household products, followed by fuel and energy, according to findings of a regional consumer survey by Jefferies.

However, most respondents in India feel more confident about their work prospects and ability to absorb further price increases. They are also more positive about prospects for the economy, in general, over the coming year, analysts at Jefferies said as part of an Asia survey conducted across 2,600 consumers in Australia, China, Hong Kong, India and Japan.

30 Nov 2022, 12:53:46 PM IST

Samsung India plans to hire 1,000 engineers from IITs, top institutes for R&D units

Samsung India is planning to hire around 1,000 engineers for its research and development institutes across India, the company said on Wednesday.

The young engineers will join the company in 2023, and will work on new-age technologies at its R&D institutes in Bengaluru, Noida, Delhi and at Samsung Semiconductor India Research in Bengaluru.

"Strengthening their focus on innovation and cutting-edge technology, Samsung's R&D centres aim to hire new talent from India's top engineering institutes who will work on breakthrough innovations, technologies, products and designs, including India-centric innovations, that enrich people's lives.

"This will further our vision of Powering Digital India," Samsung India head for Human Resources Sameer Wadhawan said in a statement. (PTI)

30 Nov 2022, 12:39:14 PM IST

Apollo Hospitals drags in today's session, sheds 1.5%

Apollo Hospitals
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Apollo Hospitals
30 Nov 2022, 12:32:30 PM IST

Kotak Institutional Equities on GDP growth expectation: Corporate earnings growth have been broadly in line with expectations which should support the GDP growth

Suvodeep Rakshit, senior economist, Kotak Institutional Equities: “We expect 2QFY23 GDP growth at 6.2%. While this is much lower than 1QFY23 growth of 13.5%, much of it is due to difference in base effects. Contact-based services had continued to improve in 2QFY23 and festive season demand would have had a positive impact. Corporate earnings growth have been broadly in line with expectations which should support the GDP growth at around 6% level in 2QFY23."

30 Nov 2022, 12:25:44 PM IST

Oil Climbs a Third Day on OPEC+ Cut Chatter, Falling Stockpiles

Oil rose for a third day after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an OPEC+ meeting that may see the group agree to cut production.

West Texas Intermediate climbed toward $79 a barrel after adding 2.5% over the previous two sessions. The industry-funded American Petroleum Institute reported inventories fell by almost 8 million barrels last week, according to people familiar with the figures. Official data follow later on Wednesday. (Bloomberg)

30 Nov 2022, 12:03:06 PM IST

Multiplex revenues to exceed pre-pandemic levels in FY23: Report

Multiplex industry revenues will exceed pre-pandemic levels of FY2020 by 6-8% in FY2023, according to credit rating agency Icra. Higher average ticket prices that are up 10-15% in FY2023 compared to pre-pandemic levels, and 30-35% higher spend per person on food and beverage will enhance total revenue growth. (Read More)

30 Nov 2022, 12:01:58 PM IST

Noon Update: Indices remain in the flat-to-green territory with Sensex 65 points higher and Nifty 30 points.

Sensex at Noon
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Sensex at Noon
30 Nov 2022, 11:51:03 AM IST

Telcos seek regulatory framework to levy usage charge on OTTs, exemption for small players

After the Department of Telecom has proposed to define OTT players providing call and messaging service as telecom service providers (TSPs),the Cellular Operators Association of India Director General SP Kochhar said that charges may be limited based on usage of the network without burdening over-the-top (OTT) players in micro, small and medium enterprise segment. The Telecom operators industry body COAI has written to the government to set-up a licensing and regulatory framework to charge a 'usage fee' from big internet-based calling and messaging apps like WhatsApp, Signal, Google Duo. (Read More)

30 Nov 2022, 11:46:05 AM IST

Tokyo stocks close lower ahead of US Fed chair address

Tokyo stocks closed lower on Wednesday in cautious trade, tracking Wall Street losses as markets awaited Federal Reserve Chair Jerome Powell's address for clues on the direction of monetary policy.

The benchmark Nikkei 225 index lost 0.21%, or 58.85 points, to 27,968.99 while the broader Topix index slipped 0.37%, or 7.40 points, to 1,985.57. (AFP)

30 Nov 2022, 11:28:23 AM IST

PSU Bank index comes under pressure, sheds half a per cent with most stocks trading in red

PSU Bank index
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PSU Bank index
30 Nov 2022, 11:23:31 AM IST

India-Australia FTA to kick off on Dec 29, boost trade relations for decades to come

The Confederation of Indian Alcoholic Beverage Companies (CIABC) earlier hailed Australia's approval of the India-Australia Free Trade Agreement (FTA). Now, Barry O’Farrell - Australia’s High Commissioner to India - has said that the agreement will provide both nations with new opportunities for market access and will ensure Australia and India's friendship for decades to come: The Australia-India FTA will enter into force on December 29, O’Farrell added.

India and Australia have conducted more trade in the first three quarters of 2022 than they did in the entire year of 2021, which was worth $21.98 billion. India’s trade with Australia reached $22.49 billion in the first three quarters of CY2022, up 62% from $13.88 billion in the same period of 2021, according to data from the Ministry of Commerce and Industry. (Read More)

30 Nov 2022, 11:06:27 AM IST

Rupee rises on positive Asian cues, runs into 81.50 resistance

The Indian rupee was trading higher against the U.S. dollar on Wednesday, in tandem with other Asian currencies that managed to add to their advance in the previous session.

The rupee was at 81.6150 per U.S. dollar by 10:26 a.m. IST, compared with 81.72 on Tuesday. It reached an intraday high of 81.56.

The local unit has had to contend with dollar-buying interest at around 81.50 over the last few sessions but is finding it difficult to scale that level likely due to hedging interest from importers, according to traders. (PTI)

30 Nov 2022, 11:05:47 AM IST

India's Q2 FY23 GDP data to be released this evening

India's GDP data for the July-September quarter of this fiscal year will be released by the National Statistical Office (NSO) later this evening.

The data would elaborate on the expansion of different sectors like agriculture and manufacturing in the first quarter of this financial year.

Many analysts believe the Indian economy will expand at a single-digit rate mainly due to the waning base effect.

According to the rating agency ICRA, the gross domestic product (GDP) is expected to grow at 6.5%, while the State Bank of India in its report pegged the growth rate at 5.8%.

Last year, the GDP growth rate was 8.4% in the July-September quarter. (PTI)

30 Nov 2022, 10:47:48 AM IST

Gland Pharma shares tank over 52% in 2022. Is the valuation now 'attractive'?

Generic injectables maker Gland Pharma Ltd on Tuesday said it will buy French pharmaceutical firm Cenexi for 120 million euros (approximately 1,015 crore) as it looks to expand its presence in the European markets.

Gland Pharma entered into a Put agreement to acquire Cenexi group, thereby enhancing its CDMO offerings in the Europe market. The acquisition would also provide the company with the technical know-how in sterile forms, including ophthalmic gel, needleless injectors, and hormones, as per domestic brokerage and research firm Motilal Oswal. (Read More)

30 Nov 2022, 10:47:23 AM IST

Hindalco climbs 2.5% in today's session; one of the major gainers 

Hindalco
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Hindalco
30 Nov 2022, 10:26:44 AM IST

Ashika Stock Broking on today's market: Next resistance level for the market seems around 0.786% retracement at 19025.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty registered another all-time high with a bullish candle though selling pressure at a higher level ended the day with a long hairline in the daily time frame but the sequence of higher tops and bottoms remains perfectly in place indicating the continuance of upward momentum with elevated support base at 18100 as it happens to be the 20day EMA and the lower band of recent consolidation followed by resistance turn support from Sept’22 high. Presently Nifty has also been able to trade past the projected 0.618% retracement of the June’22 low and Sept’ high comes around 18535, against that backdrop next resistance level for the market seems around 0.786% retracement at 19025. In the coming session, the index is likely to open on a flat note tracking its Asian peers. Post initial blip one can expect supportive efforts to emerge around 18550-18570. Thus, the intraday dip should be used to create long positions for a target of 18950.

30 Nov 2022, 10:17:50 AM IST

Realty index gains in early trading with DLF leading the rally, most stocks in the index in green 

Realty Index
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Realty Index
30 Nov 2022, 10:16:03 AM IST

Kotak Securities on Commodities Market: Gold and Crude: 

Ravindra V.Rao, CMT, EPAT, VP-head commodity, research, Kotak Securities Ltd:

Gold: COMEX Gold is trading flat today after gaining 0.48% in yesterday’s session. Although gold closed higher yesterday, it was bounded in a range as traders await important US economic data prints as well as Fed Chair Powell's speech. The US Dollar index is also range bound between 107-106 after recovery from lower levels. Gold is set for the best month in this year as the expectation of a smaller rate hike by the Fed in their upcoming meetings has supported the yellow metal. Traders are on the sidelines awaiting the Fed chair speech as that will provide more cue on the US economy and Fed’s stance in the future monetary policy. The next three days will be important for precious metals amid important data prints like US Q3 preliminary GDP, ISM manufacturing PMI and NFP report.

Crude: NYMEX WTI Crude oil continued to trade higher after a sharp recovery on Monday. Crude oil closed yesterday’s session with a gain of 1.24%. In today’s early session oil is trading around 1% higher amid a big draw in crude inventories as per the American Petroleum Institute (API) report. The API inventory report has shown a draw of 7.85 million barrels after a previous draw of 4.819 million barrels. The forecast was for a smaller draw of 2.487 million barrels. This has provided support to crude oil price in early morning trade today as the price is trading above $79/bbl. The focus will now turn to the EIA inventory data later in the day. A similar draw in the EIA report might be supportive for the price.

However, product inventories will be closely looked at which has been showing a build in the past few reports capping oil price gains. On the price action front recovery in price from lower levels has created a piercing line candlestick, a bullish formation that got confirmed yesterday on a close above $78. The bulls might further push the price higher towards $80-81.50. Trade below the pattern low of $73.60 would negate the formation. 

30 Nov 2022, 10:07:52 AM IST

NDTV share price hits upper circuit on fourth straight session, stock jumps 25% in 5 days

On Monday, Adani Enterprises Ltd informed Indian bourses that its subsidiary Vishvapradhan Commercial Private Limited (VCPL) has received a letter from news broadcaster New Delhi Television Ltd’s (NDTV’s) promoter firm RRPR Holding confirming it had transferred shares constituting 99.5 per cent of its equity capital to VCPL.

30 Nov 2022, 10:05:22 AM IST

Tech Mahindra sheds almost a per cent 

Tech Mahindra
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Tech Mahindra
30 Nov 2022, 09:46:01 AM IST

₹15 to ₹396: Multibagger Ashish Kacholia stock turns ₹1 lakh to ₹21 lakh in 3 years

Fineotex Chemical shares are one of the money-making stocks for its shareholders in recent years. In year-to-date (YTD) time, this Ashish Kacholia portfolio stock has delivered over 130 per cent return to its long term shareholders. In fact, in the last three years, this multibagger chemical stock has risen from around 15 to 316 apiece levels, delivering to the tune of nearly 2,000 per cent return in this time horizon. (Read More)

30 Nov 2022, 09:40:06 AM IST

Metal index jumps a per cent in early trading with almost all stocks in green

Metal Index
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Metal Index
30 Nov 2022, 09:36:33 AM IST

India lifts export ban on organic non-basmati rice

India has decided to lift the ban on exports of organic non-basmati rice, including broken rice, a notification by the Directorate General of Foreign Trade said on Tuesday.

In early September, India banned the export of broken rice as the export policy was revised from "free" to "prohibited".

Also, the Centre had imposed a 20 per cent export duty on non-basmati rice, except for parboiled rice, to boost domestic supplies.

The lifting of the ban now came likely after the easing of domestic supplies moderated prices. (ANI)

30 Nov 2022, 09:31:33 AM IST

Bajaj Auto jumps 2% in early trading; leads the Auto index rally

Bajaj Auto
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Bajaj Auto
30 Nov 2022, 09:28:46 AM IST

Tata Group in talks to buy iPhone maker Wistron's India facility: Report

Tata Group is in discussions with Taipei's Wistron Corp, one of Apple Inc's top vendors in India, to buy its manufacturing facility in Karnataka for up to 5,000 crore ($612.6 million), suggested a report by The Economic Times.

Wistron began making iPhones in India in 2017, after years of efforts by Apple to add manufacturing capabilities in the country. The Taipei-based company currently assembles iPhones at its plant in the state of Karnataka in southern India. (Read More)

30 Nov 2022, 09:22:35 AM IST

Indices open with gains with Sensex and Nifty adding 100 and 40 points, respectively

Sensex At Open
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Sensex At Open
30 Nov 2022, 09:07:35 AM IST

Geojit Financial Services on today's market: This is a mature rally led by high quality stocks in performing sectors

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: An important feature of the ongoing rally which has taken the Sensex and Nifty to record highs is that this is a mature rally led by high-quality stocks in performing sectors. There is no celebration in the market because this rally has largely bypassed the broad market. While the Nifty is up 7.2 % YTD, the Nifty Small cap Index is down by around 12% YTD. So, the vast majority of retail investors whose portfolios are predominantly small-cap oriented, have not benefited from this rally. This experience also underlines the importance of investing in quality stocks. Since the valuations are elevated from a near-term perspective, there is no scope for the rally to continue unabated. Profit booking and DII selling at higher levels can trigger corrections. The Fed chief’s observations today will be important for global markets. Markets expect indications of slowing down the rate hikes. Any comments to the contrary will be negative for markets.

30 Nov 2022, 09:03:38 AM IST

Sensex sheds at the preopen session; NDTV, Zomato, Biocon, Gland Pharma in focus

Sensex at Preopen
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Sensex at Preopen
30 Nov 2022, 08:57:49 AM IST

India stocks to rise 9% by end-2023 despite slowing economy: Reuters Poll

India's stock market, which rallied to a record high this week, is forecast to rise another 9% by the end of 2023 despite widespread expectations of a gradual slowdown in the economy, according to market experts polled by Reuters.

The benchmark BSE Sensex Index touched an all-time record high of 62,887.40 on Tuesday, surging more than 23% from this year's low of 50,921.22 hit on June 17. Among the 17 stock indices which Reuters polls on, only India's are at record highs.

Indian shares have been driven by growing domestic equity fund inflows from a relatively young population keen to take risks. Twinned with expectations that most major central banks will slow their interest rate hikes, that partly explains India's surge ahead of both emerging market peers and developed markets.

However, further gains until at least the middle of next year are likely to be muted, according to the Nov. 15-28 Reuters poll of 27 analysts, brokers and strategists. (Reuters)

30 Nov 2022, 08:51:49 AM IST

Bitcoin jumps above $17,000, ether surges 8% as cryptocurrency prices today jump

Cryptocurrency prices today rose with the world's largest and most popular digital token Bitcoin's price today was trading more than 4% higher at $1,018. On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also rose by more than 7% to $1,272. The global cryptocurrency market cap today remained below the $1 trillion mark, even as it was up in the last 24 hours to $895 billion, as per the data by CoinGecko. (Read More)

30 Nov 2022, 08:36:32 AM IST

Tatas announces Vistara-AI merger; Singapore Airlines to buy 25.1 pc stake in AI

The Tata group on Tuesday announced the merger of Vistara with Air India under a deal wherein Singapore Airlines will also acquire a 25.1 per cent stake in Air India, marking a major consolidation in India's fast-growing aviation space.

The deal, which will make Air India the country's largest international carrier and second-largest domestic carrier, is expected to be completed by March 2024, subject to regulatory approvals.

Currently, Tata group owns a 51 per cent stake in Vistara and the rest is with Singapore Airlines (SIA).

Singapore Airlines (SIA) said it would be investing 2,058.5 crore in Air India as part of the merger transaction. This would give SIA a 25.1 per cent stake in an enlarged Air India group with a significant presence in all key market segments, it added. (PTI)

30 Nov 2022, 08:28:23 AM IST

Partners Group AG to invest $300 million in Sunsure Energy for majority stake

Partners Group AG, a Switzerland-based private equity (PE) firm, is planning to invest $300 million in leading rooftop solar firm Sunsure Energy for a majority stake, two people aware of the development said. PE firm plans to grow one of India’s largest solar rooftop engineering, procurement and construction companies as a green energy platform. (Read More)

30 Nov 2022, 08:27:08 AM IST

Stocks to Watch: Zomato, NDTV, ONGC, SBI, Gland Pharma, Biocon, Reliance Industries, Aditya Birla Capital, Bharat Bijlee, Inox Green, Sanghi Industries

NSE has put Bhel, Delta Corp, Punjab National Bank, and Indiabulls Housing Finance stocks on the list of banned securities under the F&O segment for Wednesday trading as they have crossed 95% of the market-wide position limit. (Read More)

30 Nov 2022, 08:13:39 AM IST

Inox Wind, Inox Green Energy Services reduce debt by ₹411 cr

Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of 411 crore.

Inox Wind Ltd and its subsidiary Inox Green Energy Services Ltd, as part of the strategic initiative to deleverage their respective balance sheets, have recently paid 250 crore and 161 crore (aggregating to Rs. 411 crore) towards reducing their debt, an exchange filing said.

Consequently, the corporate guarantees given by Gujarat Fluorochemicals Ltd have also got reduced to that extent.

Both the companies are in the process of further reducing their debt in due course, it added. (PTI)

30 Nov 2022, 08:10:15 AM IST

Toyota Kirloskar Motor Vice Chairman Vikram Kirloskar dies due to heart attack

Vikram Kirloskar, Vice Chairman, Toyota Kirloskar Motor Pvt. Ltd and one of the stalwarts of India's automotive industry who was also the face of Toyota in India passed away on Tuesday at the age of 64. According to initial reports, Vikram Kirloskar suffered a massive heart attack.

Toyota India confirmed the development in a statement on its social media handles. The statement read, “We are extremely saddened to inform the untimely demise of Mr Vikram S.Kirloskar, Vice Chairman, Toyota Kirloskar Motor on 29th November 2022. At this time of grief, we request everyone to pray that his soul rests in peace. We extend our deepest sympathies to his family and friends. Last respect can be paid at Hebbal Crematorium, Bengaluru, on 30th November 2022 at 1pm." (Read More)

30 Nov 2022, 08:01:40 AM IST

Atomberg in talks to raise funding at $425 million valuation

Atomberg Technologies, the maker of energy-saving fans, is in talks with investors to raise funds at a nearly $425 million valuation, three people aware of the development said.

The Mumbai-based startup is seeking to raise around $75 million, one of the three people said. The fundraising includes a secondary component to provide an exit to some of its early backers, the person said, requesting anonymity.

Atomberg will use the funds to expand its product line and boost marketing, the people said, also declining to be named. The startup hired investment bank Avendus Capital to scout for investors. (Read More)

30 Nov 2022, 08:00:25 AM IST

Kotak Mahindra Bank arm invests ₹550 cr in Sanghi Cement maker

A Kotak Mahindra Bank arm on Tuesday announced that it has invested 550 crore in Sanghi Industries Group by subscribing to non-convertible debentures of the cement-making company and its promoter grouping.

Kotak Special Situations Fund's infusion will correct Sanghi Industries' capital structure, help the company's liquidity profile, and enhance its operations, according to a statement.

The investments being done from a USD 1 billion fund by KSSF will include 500 crore in the NCDs of Sanghi Industries (SIL) and the remaining 50 crore in the NCDs of a company owned by the promoters of SIL which in turn will be infused into the company.

With this deal, KSSF has completed 13 deals and deployed over 6,300 crore, the statement said. (PTI)

30 Nov 2022, 07:54:03 AM IST

Rupee falls 4 paise to close at 81.72 against US dollar on firm crude oil prices

The rupee declined by 4 paise to close at 81.72 against the US dollar on Tuesday as rising crude oil prices in the international market weighed on forex market sentiment.

However, a firm trend in domestic equities and a weak American currency overseas capped the losses in the local unit, forex traders said.

At the interbank foreign exchange market, the local unit opened strong at 81.58 but later slipped into the negative territory. During the session, it touched an intra-day high of 81.57 and a low of 81.74 against the greenback.

The local unit finally settled at 81.72, registering a decline of 4 paise over its previous close of 81.68. (PTI)

30 Nov 2022, 07:53:29 AM IST

Uniparts India IPO to kick off today. GMP, key points here

Engineering systems and solutions provider Uniparts India on Tuesday said it has raised 251 crore from anchor investors ahead of its initial public offering (IPO) that opens for public subscription on Wednesday and concludes on Friday, December 2, 2022. The price band has been fixed in the range of 548-577 a share.

As per market observers, Uniparts India shares are available at a premium (GMP) of 80 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE on Monday, December 12, 2022. (Read More)

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