Sensex, Nifty closed over 0.20% lower on Wednesday. The Sensex closed over 200 points lower after plunging nearly 500 points during the day. Asian markets closed lower Wednesday as China’s central bank injected liquidity into the financial system for a ninth day in the longest run since December as it sought to meet a surge in seasonal demand for cash.
Rupee slips 8 paise to close at 74.14 (provisional) against US dollar
Export credit Guarantee Corp IPO likely: Piyush Goyal
Cabinet clears proposal to list state-owned Export Credit Guarantee Corp through IPO: Commerce Minister Piyush Goyal
— Press Trust of India (@PTI_News) September 29, 2021
Cabinet nod to ₹4,400 cr infusion into ECG Corp.
Cabinet approves ₹4,400 crore capital infusion into Export Credit Guarantee Corp in 5 years: Commerce Minister Piyush Goyal
— Press Trust of India (@PTI_News) September 29, 2021
Cabinet nod to ₹1,650 cr infusion for NEIA scheme
Union Cabinet approves infusion of ₹1,650 crore in National Export Insurance Account scheme: Commerce Minister Piyush Goyal
— Press Trust of India (@PTI_News) September 29, 2021
Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“We are still within the range of 17500-17950; it is mandatory for either side to be taken out if we want to trade a meaningful move. Until then, we will witness choppy or sideways movements. The macro trend is still positive but from a trading perspective one needs to be cautious and diligent. Hasty decisions in trading can have fatal consequences.”
Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities
“Nifty traded in a sideways range today. It closed at 17710 down by 35 points after taking support in range 17580-17620 and faced profit booking in its resistance range of 17780-17820. Nifty is in a bullish trend and buy on dips with strict stop loss is suggested in the current markets.”
Market closing
The Sensex closed at 59,413.27, down 254.33 points, or 0.43%, while Nifty was at 17,711.30, down 37.30 points, or 0.21%. Metals, PSU banks, pharma and realty were top drags.
IndusInd Bank inks gold loan co-lending pact with Indel Money
In what could be tagged as a maiden tie-up in the gold loan space, private sector lender IndusInd Bank has entered into a co-lending partnership with Kochi-based gold loan firm Indel Money. This is the first-of-its-kind conventional gold loan co-lending partnership between a gold-loan focused NBFC and a commercial bank, the Kochi firm, known for long-term loans against the yellow metal, said in a statement on Wednesday. Under the tie-up, IndusInd Bank will offer gold loans at competitive rates to its customers, which will be originated by Indel Money, Umesh Mohanan, chief executive of Indel Money, said on Wednesday. (PTI)
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GST levy on annuity payments of BOT-HAM projects to have limited impact on project cash flows: Icra
GST levy on annuity payments of BOT-HAM projects will have limited impact on project cash flows, domestic rating agency Icra on Wednesday. “With NHAI reimbursing additional tax burden on account of GST levy on annuity payments for BOT (build-operate-transfer)-HAM (hybrid annuity model) projects, there would be no impact on the cashflows, project debt coverage and return metrics of the concessionaire,” Vinay Kumar G, assistant vice-president and sector head (corporate ratings) of ICRA, said in a statement.
Britannia trades lower
Britannia’s stock was trading at ₹3,980.95, down 0.51% at 2:53 pm. The company has tied up with Accenture for digital operations, according to media reports.
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SBI, NTPC drive Sensex recovery
Godrej Properties to redevelop housing project in Mumbai
Realty firm Godrej Properties on Wednesday said it has entered into an agreement to redevelop a residential project at Wadala in Mumbai comprising 16 lakh square feet of saleable area. In a regulatory filing, the company informed that it has entered into an agreement to redevelop a land parcel in the upscale neighbourhood of Wadala.
India is said to seek to narrow fiscal deficit target to 6.3%
India aims to narrow its budget deficit to 6.3% of gross domestic product this fiscal year, or half a percentage point lower than initially targeted, on the back of improving revenues, according to people familiar with the matter. The target reset is buoyed by expectations of robust tax collections in the coming months and achievement of assets-sale target, said the people, who asked not to be identified as the estimates are being discussed internally. The government will maintain its spending targets, with a focus on capital expenditure, they said. (Read more)
Reliance Industries backs Saudi Aramco chairman as independent director
The Mukesh Ambani-led Reliance Industries Ltd said on Wednesday Saudi Aramco Chairman Yasir Al-Rumayyan met all regulatory criteria for his appointment as an independent director, pending shareholder approval on the decision. (Read more)
Tata may win Air India race, ex-director says
Tata Group will likely get the government’s nod to take control of money-losing Air India Ltd. considering the nation’s largest conglomerate is capable of pouring large sums into the flag carrier and revamping it. That’s according to former Air India director Jitender Bhargava, who said in a Bloomberg TV interview Wednesday that Tata Group has the funds and wherewithal to revive it.
Edelweiss AMC to launch Nifty PSU Bond Plus SDL Index Fun—2027
Edelweiss Asset Management Ltd on Wednesday announced the launch of their next target maturity index fund—Edelweiss Nifty PSU Bond plus SDL Index Fund–2027. The passively manage index fund will invest in AAA-rated public sector units’ bonds as well as state development loans (SDL). With a minimum investment amount of ₹5,000, the fund will have a defined maturity date of 30 April 2027. At maturity, investors will get back their investment proceeds. All of the fund’s proceeds will be invested in AAA CPSE instruments and state development loans. The Edelweiss Nifty PSU SDL Index Fund–2027 will be open for subscription during 30 September to 8 October.
Vodafone Idea gains
Vodafone Idea’s stock was trading at ₹11.22 each, up 2.19% at 2:07 pm. Voda idea chief executive Ravinder Takkar says confident that promoter will the telco’s upcoming fundraise plan. Amounts and participation of promoter in fundraise is up to them.
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RIL responds to Glance InMobi acquisition reports
RIl said it was unable to comment on media speculation and rumours
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Cabinet clears 2 schemes expanding credit to exporters: report
Two schemes related to Export Credit Guarantee Corporation of India (ECGC) and National Export Insurance Account (NEIA) have been cleared by the Cabinet, CNBCTV18 reported citing unnamed sources. The schemes are expected to expand credit support to exporters.
ED provisionally attaches Wadhawan Global Capital (UK)’s assets
The Enforcement Directorate on Tuesday provisionally attached assets worth ₹578 crore of Wadhawan Global Capital (UK) Ltd (WGC-UK), a company owned by Kapil…
Read More:Sensex ends 254 pts lower, Nifty at 17,711; metals top gainers; financials tank
2021-09-29 10:22:49