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Share Market HIGHLIGHTS: Sensex rises for 4th day straight, Nifty at 18070 as bulls dominate D-St; RIL up

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 extended gaining streak to the fourth consecutive day on Tuesday. BSE Sensex jumped 456 points or 0.8 per cent to end at 60571, while NSE Nifty 50 ended at 18070. Stocks of Bajaj Finserv, IndusInd Bank, Bharti Airtel, L&T, HDFC Bank, Reliance Industries, Titan Company, among others were top index gainers. On the flip side, Tata Consultancy Services was the top index laggard, followed by Asian Paints, Tech Mahindra, Dr Reddy’s, Sun Pharma, and Maruti Suzuki India. India VIX, the volatility index, fell 2.6 per cent to settle at 2.6 per cent.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News

15:38 (IST) 13 Sep 2022 Closing bell: Sensex, Nifty end at 5-month high

BSE Sensex jumped 456 points or 0.8 per cent to end at 60571, while NSE Nifty 50 ended at 18070

14:49 (IST) 13 Sep 2022 ITC share price at new 52-week high

ITC share price rose to new 52-week high of Rs 335 apiece on BSE amid positive market momentum on Tuesday

14:44 (IST) 13 Sep 2022 Indian rupee can take care of itself: CEA Anantha Nageswaran

Indian authorities are not “defending” the rupee as it can take care of itself, Chief Economic Adviser V Anantha Nageswaran has said. “I think India isn’t defending the rupee. India is just making sure that the market forces and the economic fundamentals direct the rupee in a particular direction and making sure that it is happening smoothly and gradually,” the government’s top economist said on September 13 while speaking at the 15th Mindmine Summit. “I don’t think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself,” he added.

14:15 (IST) 13 Sep 2022 Market rally may not sustain when Q2 results start coming in

“The markets are going higher on decreasing daily volume at a time when institutional investors are exiting. 18000 is a landmark number but I do not think it will sustain when the Q2 results start coming in. The second quarter experiences a weak rupee and high inflation; coupled together it means that input costs of firms were exorbitantly high with no time to pass on these costs to customers. Earnings will probably drop by around 6% which will in turn pull down valuations of large-cap stocks.”

~Suman Bannerjee, CIO, Hedonova

14:05 (IST) 13 Sep 2022 What’s crippling share market? SEBI boss calls out markets’ polio, smallpox; no view on IPO pricing

SEBI chairperson Madhabi Puri Buch termed insider trading, front running, and information asymmetry as Indian equity market’s smallpox and polio. She assured that SEBI’s every single policy is back-tested by data. “There is not a single piece of paper now that moves within SEBI that is not backed by data,” Buch said at an event on Tuesday, 13 September. She added that the capital market regulator was trying to keep pace with the evolution of the market. SEBI holds no view on the IPOs pricing, and companies are free to price their issue, which they feel is appropriate for them, Buch iterated. Read full story

13:13 (IST) 13 Sep 2022 Stock markets poised to rise further

We are confident the market will continue to do well as levers for growth continue. India’s PLI scheme, China plus one strategy, India as among the fastest growing economies in the world and inflation continuing to remain soft are all indicators that the market should do well. India is in a very sweet spot where growth would be high and inflation low. These two combined are rare to find in a volatile world economy. No fund manager can afford to ignore this. Therefore, we believe that 18k is just a number and that Indian indices will continue to rise even further. Sunil Damania, Chief Investment Officer MarketsMojo

13:12 (IST) 13 Sep 2022 India is on a growth path

Nifty has touched 18000 because the undercurrent in the market is robust. India, for the first time, witnessed 10 crore demat accounts, and we are also seeing how FIIs have come back strongly. Even the volume in the market has improved significantly. India Inc’s earnings and their commentary continue to make us believe that India is on a growth path. At the same time, the report from Moody’s also suggests that global events will not impact India’s growth story. Sunil Damania, Chief Investment Officer MarketsMojo

11:49 (IST) 13 Sep 2022 FM Sitharaman’s 4-wheel car to drive India’s economic growth: Skills, jobs for youth important; check other 3

Skill building and job creation for the youth, be it in STEM, technology and innovation, or even in non-technical fields, are among the important factors that could help drive India’s economic growth ahead, Finance Minister Nirmala Sitharaman said today in conversation with industrialist Sunil Kant Munjal. “Engaging youth power by generating opportunities according to their skills be it innovative, STEM sciences, technological or even non technical, will be a key focus area for the government to ensure workforce participation is at its maximum,” Sitharaman said. Read full story

11:29 (IST) 13 Sep 2022 Gold price today, 13 Sep 2022: MCX gold gets cheaper, down over Rs 250, US CPI inflation to guide yellow metal

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Tuesday, yellow metal firmed up globally. On Multi Commodity Exchange, gold October futures were ruling Rs 276 or 0.6 per cent down at Rs 50,355 per 10 gram, as against the previous close of Rs 50,631. Silver December futures were trading Rs 463 or 0.8 per cent down at Rs 57,028 per kg. Globally, yellow metal prices held firm near a two-week high hit in the previous session, helped by a subdued dollar, while investors awaited U.S. inflation data that could provide cues on the Federal Reserve’s interest rate hike path. Read full story

11:11 (IST) 13 Sep 2022 Sensex needs to close above previous high of 60400 for sustained rally till 61720

Recovery in global markets especially US and Europe due to lower energy prices have led investors to believe that global inflation could taper off in the coming months. This has led to a strong rally in both Nifty & Sensex since the past few sessions. Technically, Nifty needs to close above 18000 this week and then we can expect 18350-18470 in the coming days. BSE Sensex needs to close above previous highs of 60400 for a sustained rally till 61720. Investors should stay cautious in buying as markets could remain volatile this week due to host of economic data to be announced from US and Europe. AR Ramachandran, Co-founder & Trainer, Tips2Trades

11:10 (IST) 13 Sep 2022 Sensex and Nifty may touch 61500 and 18600 respectively till Diwali

Sensex and Nifty are riding high taking cues from the gain in the global markets. The reclaiming of it’s territories by Ukraine has cooled off the crude oil prices giving some relief to the imports bill. Also, Foreign investors have continued to be net buyers in the Indian market, which is a stark change from a couple of months back. All these factors have combined to give a positive impact on the benchmark indices. Sensex and Nifty may touch the levels of 61500 and 18600 respectively till Diwali festival. Ravi Singh, VP & Head of Research, Share India Securities

11:03 (IST) 13 Sep 2022 Indian companies will have to become global leaders across sectors: FM Sitharaman

In a conversation with Sunil Kant Munjal, Chairman, Hero Enterprise at the 2022 edition of Mindmine Summit, the Finance Minister emphasised on the fact that Indian companies will have to become global leaders across sectors and govt will work on providing more solutions for MSMEs as locally, they are the ones to employ people across economic sections.

10:34 (IST) 13 Sep 2022 FM Nirmala Sitharaman speaks at Mindmine Summit 2022

Union Finance Minister Nirmala Sitharaman was speaking to Sunil Kant Munjal, Chairman of Hero Enterprise, on the topic ‘Post Pandemic: Repurposing India!’ at the opening session of 15th edition of Mindmine Summit 2022

10:24 (IST) 13 Sep 2022 Rupee trades at 6-week high

Indian Rupee trades at six week’s high level at 79.15 against US Dollar

10:21 (IST) 13 Sep 2022 Indian rupee likely to trade in 78.70-80.10 range against US Dollar amid global uncertainties

The rupee could start the day on a positive note amid foreign fund inflows, risk-on sentiments and lower crude oil prices. Risk sentiment was bolstered by developments in Europe, where Ukraine was making progress in its counteroffensive against Russia. While investors now appear comfortable with the prospect of a 75-basis point interest rate rise by the Federal Reserve. Read full story

10:16 (IST) 13 Sep 2022

HDFC Life Insurance shares opened higher after a huge block deal in which around 43 million shares changed hands. Around 43 million shares, or 2% stake of the firm, changed hands in bunch trades, reported Bloomberg. However, details of the buyers and sellers were not known. The stock was trading at Rs 594 on BSE, up 2.5% from its previous close.

10:15 (IST) 13 Sep 2022 Ujjivan Small Finance Bank shares fall 2%

Ujiivan Small Finance Bank sheds 2%; opens QIP issue at a floor price of Rs 21.93 a share

10:13 (IST) 13 Sep 2022 Bajaj Finserv jumps 4.7%

Bajaj Finserv shares were trading ex-bonus and ex-split. The stock gained 4.7 per cent. The company had fixed September 14, 2022 as the ‘Record Date’ for the purpose of determining the members, eligible for the sub-division of existing equity shares, and issue of bonus equity shares.

09:44 (IST) 13 Sep 2022 MCX Crude oil September futures may trade at Rs 6500-7250/bbl this week; OPEC cuts output, US CPI focus

The recent bounce back in oil prices can be mainly attributed to a sharp fall in the dollar index, which is not expected to sustain unless US CPI surprises on the downside. Demand concerns and rising supplies from OPEC+ might weigh down on oil prices. West is actively formulating a price cap mechanism by year-end when EU sanctions take place, without affecting Russian oil output. Meanwhile, US Secretary of State Antony Blinken said it was unlikely that the US and Iran would reach a new nuclear deal anytime soon, providing some underlying support for prices. We expect MCX Crude oil September futures to trade in the range of Rs 6,500-7,250 per bbl for the week, with a downward bias. Read full story

09:25 (IST) 13 Sep 2022 Bank Nifty tops 40800

Bank Nifty index jumped 0.5 per cent to trade above 40,800 level

09:24 (IST) 13 Sep 2022 HDFC twins, Reliance, Infosys top BSE Sensex contributors

Index heavyweights such as Infosys, HDFC Bank, Bajaj Finserv, Reliance Industries, and Bajaj Finance, and others contributed the most to the indices gain

09:22 (IST) 13 Sep 2022 Reliance, HDFC Bank, Titan top Sensex gainers

Stocks of Reliance Industries, Bajaj Finance, Titan Company, Infosys, Wipro, Tech Mahindra, HDFC Bank were among top BSE Sensex gainers

09:21 (IST) 13 Sep 2022 Sensex jumps 300 pts, Nifty tops 18000

BSE Sensex was up 312 points or 0.5 per cent to 60427, while NSE Nifty 50 soared to 18045.45. Nifty has reclaimed 18000 for the first time since April

08:58 (IST) 13 Sep 2022 Indian Rupee support seen at 79.20

As quite correctly mentioned by Piyush Goyal, Rupee has shown more resilience compared to its DM and EM peers, though at the cost of reserves, it’s performance cannot be overlooked in the shadow of global glooms. Well, amid a strong comeback in the Equities with Sensex breaching 60,000, resumption of foreign inflows, and subdued oil prices, one shouldn’t be surprised to see the rupee below 79.50 levels. As the pair sustainably trades below 79.50, importers are likely to get complacent and exporters would begin to panic and sell those who might have not covered earlier, further aggravating the move. With 79.20 remaining next crucial support, if taken out, the rupee can move towards 78.80. On the flip side, a rebound over 79.50 could drive the pair to 79.80 levels. Hence, though the trend of the market would be puzzling, anchoring our positions to the policy will keep us far from the commotion. Amit Pabari, MD, CR Forex Advisors

08:57 (IST) 13 Sep 2022 Petrol, Diesel Price Today, 13 Sep 2022: Fuel cost steady; Check rates in Delhi, Noida, Mumbai, other cities

The price of petrol and diesel has been kept steady on 13 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July. Read full story

08:34 (IST) 13 Sep 2022 Rupee likely to appreciate against US dollar

The Indian Rupee is likely to appreciate on Tuesday amid softness in dollar index, rise in risk tolerance in equity markets, sustained FII inflows. USDINR spot price likely to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions. In the previous session, rupee pared its initial losses to settle higher against the US dollar, tracking positive domestic equities and foreign fund inflows. At the interbank forex market, the local unit opened at 79.66 against the greenback, and ended at 79.55, up 2 paise from its previous close. Rupee has shown more resilience than most of the other currencies in recent years and the compounded average growth rate of depreciation is lower as compared to pre-2014, said commerce and industry minister Piyush Goyal on Monday.

Read full story

08:25 (IST) 13 Sep 2022 Will bulls push Nifty 50 to reclaim 18000? 5 key things to know before share market opening bell

Indian equity markets are expected to open in the green on Tuesday as SGX Nifty hinted at a positive start for domestic benchmark indices BSE Sensex, NSE Nifty 50. Nifty Futures were up 112 pts or 0.62% on the Singapore Exchange ahead of today’s session. “Although key indices are lacking a bit of momentum, the undertone seems strongly bullish and as a result, the Nifty is now within a touching distance of the psychological mark of 18000. It’s merely a formality now, we would see it on the screen very soon. The real question is, does the market have enough legs to move beyond it to touch the record highs? In our sense, it’s happening sooner or later, said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

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08:23 (IST) 13 Sep 2022 Stocks to watch today

HDFC Life: Abrdn, formerly Standard Life, is looking to sell 2 per cent of its stake in the private sector insurer via block trades on Tuesday. According to the term sheet, Abrdn (Mauritius Holdings) has put on block 43 million shares of HDFC Life at Rs 564.1-Rs 578.55 per share.

Tata Consultancy Services: C&S Wholesale Grocers, Inc, an industry leader in supply chain solutions and wholesale grocery supply in the United States, has selected Tata Consultancy Services to build its new operations platform on Google Cloud.

Ujjivan Small Finance Bank: The bank has opened its qualified institutional placement issue for subscription. The floor price has been fixed at Rs 21.93 per share.

Read full story

08:13 (IST) 13 Sep 2022 Angel One top picks for today

Federal Bank: Buy |CMP: Rs 120 |Target: Rs 138 |Upside: 15%

Suprajit Engg: Buy |CMP: Rs 347 |Target: Rs 485 |Upside: 40%

Stove Kraft: Accumulate |CMP: Rs 722 |Target: Rs 805 |Upside: 12%

AU Small Finance: Buy |CMP: Rs 660 |Target: Rs 848 |Upside: 28%

HDFC Bank: Accumulate |CMP: Rs 1,492 |Target: Rs 1,700 |Upside: 14%

Sona BLW Precision: Buy |CMP: Rs 526 |Target: Rs 843 |Upside: 60%

08:01 (IST) 13 Sep 2022 Nifty’s major hurdle at 18115; aggressive buying advised with next goal post at 18605

“The Nifty is steadily racing towards the psychological 18000 mark as the street seems to be quite optimistic in forecasting inflation in the US to collapse to 2% within the next 18 months. Bulls have shrugged off the fact that the Fed will almost certainly issue a third-straight 75 basis point rate increase at its policy meeting scheduled on September 21. Bulls will be enthusiastic with aggressive inter-month goal posts at Nifty 18605 mark. For Tuesday’s session, Nifty’s major hurdle is seen at 18115 mark and above the same, aggressive buying is advised with the next goal post at psychological 18605 mark.”

~ Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

07:56 (IST) 13 Sep 2022 Market to remain firm with Nifty likely to head towards 18000-18200

“US markets after sharply underperforming, are now showing signs of recovery with a positive weekly close post 3 consecutive weeks of decline. An aggressive rate hike by US Fed in its upcoming September meeting seems to be already factored in by the market. Investors are also hoping for a dip in domestic as well as US inflation data which can further support the positive momentum. While the Sensex has managed to cross 60k mark, Nifty is just at knocking distance from the key 18k levels. Sector rotation was visible in the market with interest seen in underperforming sectors like IT and Metals. Specialty Chemicals were also in focus on news of rising global prices on back of supply constraints from Europe and China. We expect market to remain firm with Nifty likely to head towards 18,000-18,200 zones.”

~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

07:55 (IST) 13 Sep 2022 CPI inflation spikes back to 7% in August

After declining for three months, retail inflation rose to 7% in August due to higher food prices which may prompt the Reserve Bank of India to go for another rate hike later this month in order to tame price rise. The Consumer Price Index (CPI) based inflation, which is factored in by RBI while deciding the monetary policy, has remained above the central bank’s comfort level of 6% for eight months in a row. Retail food inflation accelerated to 7.6% last month, up from 6.7% in July, driven by a jump in the prices of cereals, vegetables, pulses and milk & milk products. Inflation in food and beverages rose to 7.57%, because of a spike in prices of cereals, and some of the key vegetables and fruits.

07:54 (IST) 13 Sep 2022 Wall Street posts fourth straight day of gains ahead of CPI report

Wall Street extended its winning streak on Monday, rallying to a sharply higher close as investors awaited crucial inflation data that could provide clues about the duration and severity of the Federal Reserve’s tightening policy.

07:51 (IST) 13 Sep 2022 SGX Nifty hints at a positive start for Indian markets

Early trends on SGX Nifty hinted that Indian benchmark indices are likely to open in green. Nifty futures traded 114.5 points, or 0.64% higher at 18,056 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

Accenture: Revenue rises 15% in fourth quarter

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By Nomura research

Accenture recoreded $15.42 bn of revenue in Q4FY22 (+22% y-o-y in constant currency or cc terms), near the top end of its guided band of $15.0-15.5bn. Growth was strong in both consulting (54% of the revenue, which grew 22% y-o-y in cc) and outsourcing (23% y-o-y growth in cc) for Q4FY22. Ebit margin at 14.7% was up 10bp y-o-y. EPS at $2.60 was up 18% y-o-y.

o Order booking remains strong, led by outsourcing: New bookings at $18.4 bn rose 23% y-o-y. While consulting order book growth was slow at 5.4% y-o-y (first single digit y-y growth since Q4FY20), outsourcing bookings at $9.9bn were up 40.4% y-o-y. Accenture noted that the demand pipeline is strong and the book-to-bill ratio increased to 1.2x at the end of Q4FY22, from 1.1x in Q3FY22.

Also Read: Power Grid Rating: Buy| A power-packed deal on the cards

o FY23E guidance indicates demand moderation, yet above pre-covid levels:Accenture has guided revenue growth for FY23E to be at 8-11% in cc terms and expects 6% cross-currency impact in reported numbers. Revenue growth guidance includes 2.5% inorganic contribution in FY23E vs 5% in FY22. Q1FY23E revenue growth guidance stood at 11-14% in cc. On the Ebit margin front, Accenture has guided for 15.3-15.5% in FY23E, representing 10-30bp y-y improvement. We note that guidance of FY23E is still above pre-covid levels of 5-8% for FY17-20.

o ACN’s guidance of 8-11% revenue growth in cc terms indicates softening of demand for IT services. ACN noted that certain industries are facing higher impact from inflation and are re-prioritising spends towards cost initiatives. In our recent report — more evidence for revenue growth slowdown — we had highlighted the impact of high inflation on tech spends by various industries, based on our channel checks. We reiterate our cautious stance on the demand outlook and believe consensus’ revenue growth estimates for FY24E will likely see downward revisions.

o Cross currency will likely continue to be a material headwind to the reported growth of Indian IT companies in FY23F. Higher depreciation of European currencies will likely negate benefit of INR’s depreciation against USD to Indian IT companies, in our view.

o Attrition remains high and sticky. Accenture reported sequentially flat attrition number of 20% (+100bp y-o-y) in Q4FY22. Net employee addition for Accenture remained low at ~12k, despite high and sticky attrition rates due mainly to supply-side headwinds. We expect attrition to remain elevated over the next few quarters for Indian IT companies.

Retain our cautious stance on the sector; prefer large-caps over mid-caps: We remain concerned on the demand outlook for Indian IT services — refer to our detailed downgrade report published in May. Recently we highlighted signs of a further weakening demand outlook.

More evidence for revenue growth slowdown . We continue to believe that investors are likely to get disappointed on margins in FY23F and on growth in FY24F. We prefer large-caps over mid-caps in the current environment. Our preferred Buy ideas are Infosys and TechM (in large caps), in that order, and Persistent (in mid-caps). Our preferred Reduce ideas are TCS (in large cap) and LTI (in mid-caps).

Blackstone sells 77 m Embassy REIT shares for $325 million

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Global fund Blackstone fund is understood to have sold 77 million shares of Embassy REIT for $325 million (about Rs 2,650 crore) to monetise investments, by selling its shares in Embassy Office Parks REIT, according to sources.

Embassy Office Parks REIT is the country’s first real estate investment trust (REIT), which was launched last year by realty firm Embassy Group and global investment firm Blackstone, to raise nearly Rs 5,000 crore. The REIT is listed on the stock exchange. The sale of units of the REIT to institutional investors was done through block deals at Rs 345 per share.

ICICI Prudential, HDFC Life and Kotak Mutual Fund are among other buyers.

Also read: India defers govt bond index inclusion to next year; $30 bln opportunity pushed back due to operational issues

The Embassy Group has around a 15% stake in the REIT. This is the third time Blackstone is monetising its investment in Embassy REIT.

Blackstone is the largest office owner in India with an office portfolio of around 100 million sq ft, across 38 assets in seven cities. Of this, around 13 million sq ft of offices are under construction and 16 million sq ft are for future development.

Blackstone has launched two REITs in the country — Embassy REIT and Mindspace REIT. It has already exited from Mindspace REIT.

Embassy REIT is India’s first publicly listed REIT. It owns and operates a 42.8-million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in India’s best-performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR).

Also read: Bank of Baroda hikes FD rates by up to 20bps

Its portfolio comprises 33.8 million square feet of completed operating area. The portfolio also comprises strategic amenities, including four operational business hotels, two under-construction hotels and a 100-MW solar park supplying renewable energy to tenants.

Rupee to depreciate further on strong dollar, recession fears, USDINR may head towards 83 in coming sessions

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The Indian Rupee is expected to depreciate further amid strong dollar, risk-off sentiments in markets. USDINR pair is expected to head towards 83 in coming sessions. In the previous session, the rupee ended at a fresh record low of 81.94 against the US dollar amid a spike in US bond yields. The domestic currency has already depreciated around 9% against the greenback so far in the calendar year 2022. The US Dollar Index, which measures the strength of the American currency against a basket of other major currencies, hit a new multi-year high of 114.78 after a White House official ruled out a currency agreement to weaken the greenback. The yield on the US 10-year Treasury touched 4% for the first time since 2010.

Dilip Parmar, Research Analyst, HDFC Securities

Also Read: Share Market LIVE: Nifty, Sensex likely to open in green amid positive cues; Rupee at new low, nears 82 mark

Anuj Choudhary – Research Analyst, Sharekhan by BNP Paribas

“Indian rupee depreciated by 0.48% and touched a fresh all-time low of Rs. 81.9525 on Wednesday on weak domestic equity markets and a strong US Dollar. The dollar index rose to a fresh 2-decade high of 114.764 on risk aversion in global markets. We expect Rupee to trade on a negative note as risk-off sentiment in global markets. Global risk sentiments deteriorated on rising worries over global economic recession and inflation. However, weak tone in crude oil prices may prevent sharp fall in Rupee. Investors may remain cautious ahead of RBI’s monetary policy meeting. RBI is expected to rise interest rates by 50 bps. Dollar may also take cues from goods trade balance and pending home sales data from the US. USDINR spot price is expected to trade in a range of Rs 81.20 to Rs 83 in next couple of sessions.”

Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking Ltd.

“The Indian rupee nose-dived to a fresh record low of 81.95 mark amid the risk-averse mood in the markets, the slide witnessed in the domestic equities, and the advance in the greenback close to the crucial 115 mark, a more than 20-year high. The US Fed has indicated that borrowing costs will keep rising and stay elevated for a long time until inflation looks well under control, which has provided a huge upthrust to the dollar index. Besides, the US central bank raising rates at a faster clip as compared to the other major central banks is propelling the mighty dollar on an upwards incline.”

“The greenback has surged around 19.50 percent for the year. Most of the Asian currencies, including the local unit, are reeling under pressure amid the monetary tightening campaign in the West and concerns about a global economic slowdown. Limited intervention by the RBI amid declining forex reserves is also leading to the current bout of selling spree witnessed in the Indian rupee. However, softening crude prices and strong underlying fundamentals of the domestic economy shall underpin the rupee-dollar exchange rate around the 82 to the dollar mark. All eyes are now on the RBI monetary policy outcome for further cues.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services.

“Rupee fell to fresh all-time lows yesterday but traded in a narrow range as market participants remained jittery following central bank action in the last few sessions and as UK government fiscal plans continued to roil markets. The BoE said it received £2.587 billion worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only £1.025 billion worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between 28th September and Oct. 14.”

Also Read: Bulls to stage a comeback or bears to drag Nifty below 16700? 5 things to know before market opening bell

“The relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation. . On the domestic front, focus will be on the RBI policy statement expectation is that the central bank could continue to raise rates and maintain a hawkish stance. What the central bank stance is going ahead on rates, growth and inflation will provide cues to the rupee. Today, focus will be on the final GDP number that will be released from the US; better-than-expected data could extend gains for the dollar. We expect the USDINR(Spot) to trade sideways and quote in the range of 81.20 and 81.80.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Sebi may widen disclosures on IPO pricing

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The Securities and Exchange Board of India (Sebi) may mandate more disclosures with regard to pricing of public share sales in its upcoming board meeting on September 30. The regulator may ask companies to divulge the rationale for the difference in pricing of shares sold to private equity investors and that for the initial public offering (IPO).

“If the issue price in an IPO is high, and a stock slips on listing, investors do get prejudiced. Hence, Sebi is thinking of seeking disclosures on how the issue price has been arrived at, including looking at past transactions in the shares of such companies,” said Saurabh Tiwari, partner, DSK Legal.

“The regulator needs to be smart about mandating any disclosures on new-age IPOs because every startup is unique and different. Valuation metrics for fintechs, for example, may be different from that for e-commerce firms,” a senior industry official said.

According to him, the regulator may ask companies to disclose metrics that formed a part of previous private funding rounds. “Whatever metrics were used at the time of investor presentations during the private funding rounds can be used for making the relevant disclosures at the time of IPO,” he said.

Sebi chief Madhabi Puri Buch had recently batted for a disclosure-based regime and said the regulator was not in favour of dictating the pricing of initial share sales of new-age technology companies.

“At what price you choose to do your IPO is your business. We have no business to suggest otherwise. The days of CCI (Controller of Capital Issues) are long gone. Companies are free to price the issues at whatever price is considered appropriate,” Buch had said in her maiden public address as Sebi chief at the annual capital markets summit organised by industry association Ficci in Mumbai last week.

Buch, however, added that the company had to make the required disclosures on the rationale for the pricing, especially between a pre-IPO placement and the price being asked for the public offering.

Also Read: Brokers on edge as Sebi account settlement deadline looms

“If a company had placed its equity with somebody three or six months before the IPO at say 100 and now wishes to hit the market with a price of450, we have no problem with that. However, the company needs to disclose to the investor the reasons for the price differential. The investor is then free to make his or her own decision,” Buch said.

Sebi has in the past floated consultation papers on issues such as basis of issue price in IPOs, pre-filing of IPO papers, covering mutual fund units in insider trading norms and open offer pricing in case of PSU disinvestment. In all of the above, the underlying principle of allowing flexibility with appropriate oversight can be seen, experts said.

The regulator may look to relax certain provisions in the takeover regulations for disinvestment of public sector undertakings (PSUs). Disinvestment in PSUs is usually a long drawn out process and information relating to the same comes in public domain through government decisions and statements made from time to time.

“In such cases, the sixty trading days volume weighted average market price parameter for the price of the open offer, may make the deal unpalatable for the investor. Sebi’s intent is to provide flexibility in such cases. The common principle behind such thinking is allowing flexibility with appropriate safeguards,” Tiwari said.

Similarly, the intent behind including mutual fund units within the purview and relevant definitions of insider trading regulations is to bring parity in regulations and to protect retail investors.

“Sebi’s consultation paper itself acknowledges that there may be scenarios where a person having knowledge of sensitive information, may not have any control on the decisions of the MF, and the proposed framework should take into account such circumstances as well,” Tiwari said.

Markets crash for fourth day, investors lose over Rs 13 trillion in wealth

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Benchmark indices fell for the fourth straight day on Monday amid weak global cues and selling by overseas investors.

The Sensex slid 954 points, or 1.6%, to close at 57,145, while the Nifty 50 index ended at 17,016, down 1.8%. Investors have lost over Rs 13 trillion in wealth over the last four days.

Foreign portfolio investors sold shares worth Rs 5,100 crore on Monday, provisional figures show, after offloading shares worth Rs 2,900 crore on Friday. In the year to date, the investors have net sold $20.6 billion.

Outflows from US-listed emerging market ETFs that invest across developing nations as well as those that target specific countries totaled $1.73 billion in the week ended September 23, compared with gains of $3.5 million in the previous week, according to data compiled by Bloomberg.

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The rupee slid to a new record low against the dollar, closing at 81.58 against the greenback. The dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced to 114, before easing to 113 levels and is up about 3.5% in the past five days.

The benchmark 10-year US treasury yields jumped to 12-year highs on Friday on concerns that central banks globally would keep tightening monetary policy to tackle inflation, with yields ruling above 3.7% on Monday.

“We have got to get inflation behind us. I wish there were a painless way to do that. There isn’t,” Fed chair Jerome Powell said in a press conference last Wednesday.

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S&P Global Ratings and OECD on Monday retained India’s growth forecast for the current fiscal at 7.3% and 6.9%, respectively. S&P Global sees India growing at 6.5% for the next fiscal, although it sees the risks tilted to the downside.

“The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead,” said Shrikant Chouhan, head of Equity Research (Retail), Kotak Securities.

Global risk assets, including equities, extended their selloff on Monday as fears of faster inflation and global recession continued to rise. Asian indices ended in the red, with Japan’s Nikkei 225 sliding the most at 2.7%.

The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, making it more expensive for traders to short the currency.

“The recession fears in the US and European countries, the Russia-Ukraine war and the political uncertainty in China has cast a cloud of uncertainty in the global economy. A slowdown/recession would impact our country’s exports as demand for goods and services would begin to dry up,” said Sandeep Bhardwaj, CEO, IIFL Securities.

Bhardwaj expects higher volatility in IT stocks in the medium term. Banks, on the other hand, are well placed with supportive monetary stance, healthy capitalisation, improved liability profile, diversified asset mix and healthy asset quality along with strong coverage ratios, according to him.

“It is a sell on rise market for the medium term, but this would provide an opportunity to accumulate quality stocks for the long term. We would emphasise large caps over mid-caps as earnings growth estimates in mid-caps, and especially small caps, are much in excess to historical levels,” Bhardwaj said.

All eyes will now be on the six-member Monetary Policy Committee, which is scheduled to meet from September 28-30. The dollar’s continued strength, as well as geopolitical concerns in Europe will weigh on the MPC, which is likely to go ahead with a 50-bps hike, said experts.

COMEDK UGET registration form out soon on comedk.org, check how to fill the form online

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COMEDK UGET conducted by the Consortium of Medical, Engineering, and Dental Colleges of Karnataka will be releasing the registration form online soon on the official website, comedk.org. For now, there has been no announcements of official dates but it is expected to be taking place in December.

The entrance exam for the engineering course will be held on May 12, 2024 as per the schedule. The exam will be conducted online in the computer-based format. However, the counselling will be conducted offline. The COMEDK UGET exam is a nationwide common entrance exam that is required for admission to about 190 private engineering colleges in Karnataka that are unaided.

First 1: Navigate to comedk.org, the official website.

Step2: Select COMEDK UGET 2024 registration from the homepage.

Step 3: Register by providing all the information requested.

Step 4: Register and complete COMEDK UGET form.

September 5: Pay the application fee and upload the required documentation.

Step 6: Complete and submit the COMEDK UGET application form, then store it for further use.

Candidates must be prepared with a few papers to upload while filling out the application form in order to complete the COMEDK UGET application process:

Marks Card for SSLC

Only names and birthdates that match those on the SSLC marks card should be entered.

Verification of Identity via Scans

Digital signature and photo

Signature of a scanned parent or guardian

Certificate of caste or category (if any) scanned

Credentials for a debit card, credit card, or online banking

CBSE extends registration deadline for class 9 and 11 till Nov 10

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The Central Board of Secondary Education (CBSE) has announced to extend the deadline for the submission of class 9 and class 11. As per the revised schedule, schools affiliated with CBSE can submit the registration of class 9 and class 11 till November 10. Schools can register online through the official website of Pariksha Sangam portal, parikshasangam.cbse.gov.in.

The authorities decided to extend the deadline after receiving various school recommendations. The official notice states that the deadline for submitting the fees is November 10, 2023. The window will open on November 11 and last until November 18, 2023, with late fines. Earlier, October 25, 2023, was the deadline for submitting the information.

The registration of class 9 and class 11 students helps the CBSE in planning the examination of class 10 and 12. The CBSE is yet to announce the official timetable for board examination of class 10 and class 12. The dates of the Class 10 and 12 CBSE board exams are set for February 15, 2024, through April 10, 2024.

‘One nation, One student ID’ how it is supposed to bring in educational efficiency 

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It is not often that you see a government move generating rather positive feedback in the initial stage. Yet the introduction of the initiative called ‘One nation, one student ID’ by the Department of School Education and Literacy, about last week, has managed to get the much needed support from the teachers community. “The move empowers educational institutions to operate more efficiently and provide a higher quality of education. With the use of this special ID, students will be able to keep all their academic information in Digilocker, the government’s digital wallet, along with information on their extracurricular and athletic achievements, which they can later use to apply for jobs and higher education. This system enhances security, ensuring that every student is easily identifiable,” Maithili Tambe, CEO, The Academy School, told FE Education.

The initiative introduced under National Education Policy 2020, is targeted towards both government and private school students to better the education management besides tracking students’ performance throughout the years. As per government officials, to create APAAR ID, students will have to fill in the basic information about their age, date of birth, gender and a photograph. This information will be verified using their Aadhar number. Students will be required to complete a consent form either agreeing or declining to share details of their Aadhar number and demographic details with the Ministry of Education for the purpose of establishing the identification card. In case of minors, parental consent has been made necessary for authentication through UIDAI. It’s important to note that registration for the creation of an APAAR ID is a voluntary choice and not an obligatory requirement.

For experts these cards are a blend of innovative ideation and technological advancement including cloud computing, machine learning and artificial intelligence (AI). “Not only will we do away with paper usage and integrate sustainability, we are also going to add greater authenticity to marksheets and certificates because grades will only be uploaded by registered school administrators,” Monisha Sharma, director, The Lexicon Group, explained.

However, experts are quick to point out that collecting data and consent from students and parents can be a tedious task, and increase the work-load. “Teachers and schools may be burdened a bit at the start with the task of getting parental consent and collating data, but given the long-term benefits of creating unique identity for each student, I think it’s a challenge worth taking on,” Nambiar added. 

Petrol, Diesel Price Today, 4 October 2022: Fuel prices unchanged; check rates in Delhi, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 4 October 2022 (Tuesday), keeping costs steady for nearly four months now. The petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in fuel prices came on 21 May this year, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

Since the central government excise duty cut, some states have also reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT on August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre. The Maharashtra government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July. The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

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Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.