Nestle, Tata Steel and SBI climb, while NTPC, Airtel and Infosys slid, as the Sensex went down 500 points. Asian markets most gained in today’s session, even as Indian indices fell.
Earnings reports and drop in oil prices may lift investor mood
Indian shares trade in the red despite Metal stocks gaining after markets cheered China’s approval of a mega sovereign bond issue as a sign of stimulus.
Shares in Asia pushed higher after the government stepped up support for China’s economy and stock trading, buoying optimism. Metals rallied.
Oil steadied after falling more than 6% over the previous three sessions on signs the Israel-Hamas war will remain contained for the time being.
The 10-year Treasury yield hit its highest level since 2007 a day before and was at 4.82%.
Bharti Airtel was among the biggest laggards as it shed more than 2% in today’s session.
Adani Ports share price went down over 6% in October so far, with many attributing the Israel-Hamas war as the reason.
On Wednesday, October 25, Adani Ports’ share price saw a nearly 2 percent increase during morning trading. This upward movement came subsequent to the company’s disclosure of the incorporation of its wholly owned subsidiary entity, Udanvat Leasing IFSC Limited.
‘Adani Ports and Special Economic Zone has incorporated a wholly owned subsidiary company Udanvat Leasing IFSC Limited on October 23, 2023,’ said Adani Port and Special Economic Zone in an exchange filing on October 23.
IRM Energy IPO: What does the latest GMP signal ahead of listing
The scheduled listing date for the IRM Energy IPO is Thursday, October 26, and it will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
Jio can deploy 5G cell every 10 seconds, deployed 85 per cent 5G network in India: Akash Ambani
Telecom major Reliance Jio has deployed 85 per cent 5G network in India and has the capability to deploy one 5G cell in every 10 seconds, the company’s Chairman Akash Ambani said.
According to a statement released by broadband speed and quality measurement firm Ookla, the Reliance Jio chairman said that the company has covered the entire country with a 5G network ahead of the promised time frame of December 2023.
‘I am particularly proud of our speed of the committed True 5G roll-out. Today, we have covered the entire country with a robust True 5G network ahead of our promised time frame of December 2023. 85 per cent of the entire 5G deployment in India is made by Jio. We continue to deploy one 5G cell every 10 seconds,’ Ambani said.
According to the Department of Telecom, over 3.38 lakh base stations for 5G have been deployed across the country.
Japan’s Nikkei gains for 2nd day on Wall Street rise, China stimulus
Japan’s Nikkei share average rose on Wednesday, continuing its rebound from a three-week low, as it tracked overnight gains on Wall Street, while Beijing’s 1 trillion yuan ($136.8 billion) fiscal package provided an additional tailwind.
The Nikkei ended the day up 0.67% at 31,269.92.
The stock benchmark had dipped as low as 30,551.67 in the previous session, a level last seen on Oct. 4.
Of the Nikkei’s 225 components, 158 gained on Wednesday versus 67 that fell.
The broader Topix rose 0.61%. An index of value shares gained 0.78%, outpacing a 0.41% increase for growth stocks.
Festive season sparks surge in Mumbai’s real estate registrations; 37% YoY surge: Knight Frank India
Mumbai city (area under BMC jurisdiction) received property registration of 4,594 units during the nine days of Navratri, spanning from October 15th to October 23rd, 2023, resulting in a 37.4% year-on-year (YoY) growth, according to Knight Frank India. This marks an increase from the 3,343 units registered during the Navratri period last year.
The state exchequer collected a total revenue of INR 435 crores from property registrations within this nine-day period. Additionally, the daily average registrations rate increased from 371 units in the nine days of Navratri 2022 to 510 units in Navratri 2023, added the statement.
ADB approves $400 million loan for urban services in India
The Asian Development Bank (ADB) has approved a $400 million policy-based loan to India, aimed at backing urban reforms by way of boosting infrastructure quality, providing assured public services and efficient governance systems, the multilateral development bank said in a statement.
GST officials serve tax notices worth INR 1 lakh crore to online gaming companies
Indian tax authorities have served notices worth about 1 trillion rupees ($12.03 billion) to online gaming companies, a government source said on Wednesday, speaking on condition of anonymity.
Share Market Updates: Vedanta shares rise 2% after company appoints Ajay Goel as CFO
Vedanta, India’s prominent diversified natural resources company, observed a 2% surge in its share price, reaching INR 219.40 per share during Wednesday’s early trading session.
This boost followed an exchange filing on Tuesday, where the company announced the appointment of Ajay Goel as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective from October 30, 2023.
This announcement came in light of Sonal Shrivastava’s resignation from the position of CFO and KMP, effective as of the close of business hours on October 24, 2023, citing personal reasons.
Ajay Goel had previously departed from his position at Vedanta earlier this year to join the educational startup BYJU’s. However, his tenure at BYJU’s lasted merely six months before his recent departure.