Stock Market LIVE: Sensex gains 600 pts, Nifty around 17,500; Bank, Auto soar

PSU Bank index continues its forward run, adds 3% in today’s session

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‘Special idiocy’: Shankar Sharma on selling of Indian stocks by FIIs

With the FIIs selling of Indian stocks, Indian ace investor Shankar Sharma sees that as the ‘special idiocy’ of selling the Indian stocks to what he says is the best performing market in the world.

“If you need any proof that Wall Street & FIIs know next to nothing about Investing, look no further than their India Selling data in the past 18-20 months. It takes special idiocy to sell the best ( performing) market in the world,” Sharma tweeted. (Read More)

Japanese stocks end higher as Wall Street, U.S. futures rally

Japanese stocks closed higher on Tuesday, supported by strong overnight Wall Street performance and positive indications from U.S. futures markets.

The Nikkei index rose as much as 1.7% in early trade. But the index pared some gains and fell below the 27,000 psychological barrier, before rebounding and closing up 1.42% at 27,156.14.

The broader Topix rose 1.16%.

“There is the fact that U.S. stocks were up yesterday (Monday), but futures have also risen sharply — for example the Dow Jones,” said Yutaka Miura, a senior equities analyst at Mizuho Securities. (Reuters)

Jyotiraditya Scindia urges these states to curtail tax on jet fuel

Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday urged eight states and Union Territories to reduce tax on jet fuel as there is a huge demand for air travel after the Covid-19 pandemic. The minister was speaking at the Civil Aviation Ministers’ conference in the national capital.

Domestic air traffic is inching closer to the pre-Covid level and in recent times, the daily passenger numbers crossed the four lakh mark twice, as per PTI reports. (Read More)

EKI launches ₹1,000 crore Climate Impact Fund

Carbon credit developer EKI Energy Services Ltd on Tuesday announced the launch of India’s first ever ₹1,000 crore Climate Impact Fund in partnership with Impact Capital Asset Management Pte Ltd, Singapore.

EKI Energy Services will invest up to ₹200 crore as part of an ₹1,000 crore (USD 125 million) climate impact fund that it has launched in partnership with Impact Capital Asset Management Pte Ltd (ICAM), a Singapore-based Fund Management company, a company statement said.

The ₹1,000 crore fund is India’s first ever climate impact fund, it stated.

EKI will invest up to ₹200 crore in a phased manner in this fund with an aim to empower GHG Mitigation projects across the country and internationally. (PTI)

Ashish Kacholia buys more shares of this portfolio stock in Q2

Indian ace investor and stock market trader Ashish Kacholia, who is known for his ability to pick quality stocks in the midcaps and small caps segment, has increased his stake in his portfolio stock Xpro India Ltd during the three-month period of the second quarter of the current fiscal year.

Xpro India’s shareholding pattern for the second quarter i.e., July- September 2022 period showed that Ashish Kacholia holds 7,79,350 equity shares or 4.4% stake in the company as of Q2 FY23, which is up by 0.5% from 3.9% stake in the previous quarter of June 2022. The investor had picked up stake in Xpro India in the July-September 2021 period. (Read More)

Noon Update: Indices show a strong performance with Sensex at 59,000 and Nifty just shy of 17,500

PSU Bank index remains strong followed by Auto and FMC, while Pharma index is under pressure.

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India’s retirement system has improved marginally from 2021, revealed the 2022 Mercer CFA Institute Global Pension Index survey 

According to Preeti Chandrashekhar, India Business Leader at Mercer – Health and Wealth, “The financial fragility of individuals has been exposed due to reasons such as the pandemic, global conflicts and volatile interest rates. The lack of a social system to support citizens has only accentuated the impact. Since the past decade or so, 2001-02, the government has adopted a number of measures aimed at pension reforms for both Central Government and for the unorganised sector. Subscribers under the National Pension System are also increasing. However, with traditional employer-employee relationships getting blurred, we need programmes that are inclusive of all Indian workers including those in the gig economy.” (Read More)

Q2 Results: LTTS, Tata Comm, KPIT Tech to announce results today. Check lives updates in this link

After the surprisingly low results of Bajaj Auto and PVR, investors are waiting for the Q2 earnings results of other companies like L&T Technology Services, Tata Communications, ICICI Lombard General Insurance Company, Tata Communications, Zen Labs, PolyCab, KPIT Technology, etc on Tuesday. Click here to check for live updates.

HDFC Ltd share under pressure in today’s session, features among laggards

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Housing Finance company announces stock split, bonus issue; shares hit record high

Shares of Star Housing Finance Ltd rallied more than 9% to hit a record high of ₹214 apiece on the BSE in Tuesday’s trading session after the company announced the issuance of bonus equity shares in 1:1 ratio along with sub division of stock split in 1:2 ratio.

The company on Monday informed in an exchange filing that its “board at its meeting held on October 17, 2022 has approved the sub division or split of 1 (one) equity share of face value of ₹10 into 2 (two) equity shares of face value of ₹5 fully paidup.” The board also approved the issue of 1 (one) bonus equity share for every 1 (one) fully paid up equity share. (Read More)

Suzlon bags order to supply wind turbines totalling 48.3 MW to Adani Green Energy

Suzlon on Tuesday said it has bagged an order to supply 23 wind turbines totalling 48.3 MW from Adani Green Energy.

Suzlon will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, a company statement said.

The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.

This order is a repeat order from Adani Green Energy and is in addition to the existing order of 226.8 MW as announced on 13th August 2021.

“We are delighted that Adani Green Energy Ltd has reaffirmed their trust in us for the additional order for their Wind Energy Project in Mandvi, Kutch, Gujarat. (PTI)

Amidst an otherwise cheerful day, Pharma index is under pressure; trading flat 

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India should pause rate hikes as growth fears loom – MPC’s Varma

India’s central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma told Reuters on Monday.

The Reserve Bank of India’s monetary policy committee has raised its key repo rate by 190 basis points since the start of its tightening cycle in May, with net impact of all steps taken resulting in a close to 250 basis points increase, Varma said.

“There is no denying that inflation is unacceptably high but the thing is that we have given a strong dose of medicine and the time has come to wait and see if that medicine works or if we need something even more potent,” he said.

“It might conceivably be adequate. We don’t know because we started acting in April, the effects of which will be seen only in early to mid-2023.”

“So we need to let another quarter pass before we know whether our medicine is working.” (Reuters)

China stocks edge higher on state support measures during congress

China stocks edged higher on Tuesday, with state firms seen taking measures to stabilise markets amid the ruling Communist Party’s ongoing congress, while Premier Li Keqiang’s vow to support growth also helped sentiment.

** The blue-chip CSI 300 Index rose 0.1% by the end of the morning session, and the Shanghai Composite Index added 0.2%.

** The Hang Seng Index climbed 1%, while the Hang Seng China Enterprises Index was up 1.2%.

** Investors are closely waiting for the results of China’s leadership reshuffle, which will be disclosed this weekend as the Communist Party Congress concludes.

** China unusually delayed the release of economic indicators scheduled for publication this week amid the congress, including its third-quarter GDP data. (Reuters)

Adani Ports shines in today’s trading, gains 2.5%

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Covid-19: India logs over 1,500 new cases, lowest in 6 months

India saw a single-day rise of 1,542 coronavirus infections, the lowest in 182 days, according to the Union Health Ministry data updated on Tuesday.

The case tally climbed to 4,46,32,430, while the active cases have declined to 26,449, it said. There has been a decrease of 385 cases in the active Covid-19 caseload in 24 hours.

The death toll increased to 5,28,913 with eight fresh fatalities, which include five deaths reconciled by Kerala. The three new fatalities were reported from Gujarat, Odisha and West Bengal, the data updated at 8 am stated. (Read More)

Tracxn Technologies IPO: Latest GMP as all eyes on shares listing after allotment

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company’s stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ₹(-) 3 in the grey market today.

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company’s stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ₹(-) 3 in the grey market today. (Read More)

Ashika Stock Broking on today’s market: one can use intraday dip for creating long position for the target of 17500-17550

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bullish candle following the long bearish candle of Friday, such pattern formation indicates that bulls are making a comeback into the market after a consolidation bouncing back from the crucial support level of 16950 indicating that a higher base for the Index might be in place. Now Index now has moved beyond the immediate resistance level of 17250 is now eyeing higher for next set of resistance level placed at 17450, sustaining above which technically confirm of a reversal in trading action and a sharp upside momentum in the market can be seen. Immediate support for the market is seen at 17100 as slower pace of retracement over the past few sessions indicates of inherent strength in Nifty and a pullback is most likely. During the day index is likely to open on a positive note tracking positive global cues. Hence, one can use intraday dip for creating long position for the target of 17500-17550.

Rupee rises 22 paise to 82.08 against US dollar in early trade

The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.

At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then gained further ground to touch 82.08, a gain of 22 paise over its previous close.

On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.

The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI)

Parle in talks to buy Polish biscuit maker Dr Gerard: Report

Indian biscuit maker Parle Products is in discussions to consider buying Poland-based peer Dr Gerard from private equity firm Bridgepoint, newspaper Economic Times reported on Tuesday, citing people aware of the matter.

Dr Gerard is valued at 10 billion to 12 billion rupees ($121.72 million to $146.07 million), the report said, with one of the people it cited saying it could be as high as 24 billion rupees. (Read More)

Hindalco gains in early trading, adds 2%

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IT Index off to a bright start, gains 1% in early trading with all stocks in green

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Home textile exporters to see contraction in turnover this fiscal: Report

With increase in material and logistic costs, home textile exporters are likely to witness a double-digit contraction in turnover as well as moderation in margins in 2022-23, according to a report.

After peaking in the third quarter of FY22, the turnover of home textile exporters moderated in the quarters ended March 2022 and June 2022 amid a slowdown in demand, a report by rating agency Icra said.

Further, high and increasing raw material and logistic costs resulted in a consistent decline in operating margins since the second quarter of FY22, it added. (PTI)

Indices jump 0.9% at open with Sensex and Nifty adding 500 and 150 pts, respectively

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India has potential to become global supplier of green energy equipment: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal said that India has the potential to grow into a global supplier of renewable energy equipment.

He made the remarks while addressing a session themed ‘Making India a global manufacturing hub in renewable energy manufacturing’ at the 3rd edition of the Confederation of Indian Industry’s (CII) renewable energy conference, his ministry said in a statement on Monday evening.

Minister Goyal noted that atmanirbharta or self-reliance in renewable energy is integral to India’s economic and national security. (ANI)

Bitcoin, ether, Uniswap, other crypto prices today surge. Check latest rates

Cryptocurrency prices today rose marginally with the world’s largest and most popular digital token Bitcoin trading more than a per cent higher at $19,501. After surging to an all-time high of almost $69,000 in November last year, Bitcoin’s price has been trading in a narrow range of around $20,000 since June this year. (Read More)

Sensex is flat at preopen; Zee Entertainment, SJVN, Tata Coffee in focus

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Geojit Financial Services views on today’s market: A section of market participants now feel more optimistic about a soft landing of the US economy

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The whipsaw movement in the mother market of the US is a reflection of the fast-changing perception about the US inflation expectations, terminal Fed rate and direction of the US economy. A section of market participants now feel more optimistic about a soft landing of the US economy and have now turned bullish about the market. It remains to be seen whether this view gathers wider acceptance and sustains.

In India, bulls are gaining strength aided by India’s growth outperformance, good early Q2 results, declining FII selling, steadily rising DII buying and the optimism ushered in by the festive season. Bank Nifty is resilient with the potential to take banking stocks as well as Nifty higher.

SpiceJet incident: DGCA orders various inspections of Q400 fleet, analysis of engine oil samples

Aviation regulator DGCA on Monday directed embattled SpiceJet to carry out analysis of engine oil samples from its Q400 fleet and other inspections, days after one of its planes made an emergency landing at Hyderabad airport due to smoke in the cabin.

The Directorate General of Civil Aviation (DGCA) has also asked the carrier to conduct an inspection of the bleed-off valve screen and housing for evidence of oil wetness.

Boroscopic inspection of all operational engines of all Q400 engines within one week, immediate inspection of Magnetic Chip Detectors (MCD), drawing of engine oil samples every 15 days for analysis and inspection of bleed-off valve screen and housing for evidence of oil wetness in weekly check, are among the other directions. (PTI)

Reliance Securities Stock in Focus for today: RK Forgings

STOCK IN FOCUS

RK Forgings (CMP 231)

Considering better business traction, healthy automobile demand outlook, new order wins, strong margin territory and CV upcycle, we have a BUY rating on RMKF with a TP of Rs260, valuing the stock at a P/E multiple of 13.5x FY24E earnings.

Intraday Picks

SBILIFE (PREVIOUS CLOSE: 1,190) BUY

For today’s trade, long position can be initiated in the range of Rs1,189- 1,181 for the target of Rs1,234 with a strict stop loss of Rs1,164.

ULTRACEMCO (PREVIOUS CLOSE: 6,272) BUY

For today’s trade, long position can be initiated in the range of Rs6,170- 6,120 for the target of Rs6,440 with a strict stop loss of Rs5,994.

SBICARD (PREVIOUS CLOSE: 859) BUY

For today’s trade, long position can be initiated in the range of Rs853- 847 for the target of Rs889 with a strict stop loss of Rs831.

Fight against inflation will be dogged, prolonged: RBI article

The fight against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates, an RBI article said.

“Yet, if we succeed, we will entrench India’s prospects as one of the fastest growing economies of the world enjoying a negative inflation differential with the rest of the world,” according to the article on the state of economy authored by a team lead by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra.

It said this happy outcome will re-enthuse foreign investors, stabilise markets and secure financial stability on an enduring basis.

Retail inflation spiked to 7.41 per cent in September, remaining above RBI’s upper tolerance level of 6 per cent for the ninth month in a row. (PTI)

HeidelbergCement India net profit falls 88 pc in July-September

HeidelbergCement India Ltd on Monday reported a decline of 88.23 per cent in its net profit to ₹7.01 crore in the second quarter ended September 30, 2022, citing lower sales volume.

The company had reported a net profit of ₹59.56 crore in the year-ago period, HeidelbergCement India said in a BSE filing.

Its total revenue from operation was down 12.21 per cent to ₹506.05 crore during the quarter under review against ₹576.47 crore in the corresponding quarter of the previous fiscal.

“Revenue decreased by 12 per cent y-o-y driven by a decrease in volume by 19 per cent and was partially offset by an increase in price by 8 per cent,” said HeidelbergCement in a post-earnings statement. (PTI)

LKP Securities – CRAFTSMAN AUTOMATION LIMITED – Q2 FY23 Result Update

We believe the Power Train business will be driven by expected pick up in Replacement cycle for HCVs in the coming quarters and also fresh demand risen by movement in the investment capex cycle of the country. Dieselization demand from all over the world and localization of diesel vehicle demand should lead to strong demand of >20% for Power Trains. Rising infrastructure growth, construction, mining, agri-commodities transportation, increasing freight rates etc will all lead to a very strong growth in the CV industry.

CAL being predominantly driven by CVs and Tractors makes for comfortable investment argument. Exports business (now 10% of topline) and electrification shall drive the Automotive Aluminum business. New orders from the latest undisclosed one along with PSA, Daimler and geographies like Brazil, Japan etc shall diversify the business risks. Both Storage and non-storage businesses shall lead to a strong growth in the Industrial Engg business. We believe margin strength will come back in this business with the commodity prices falling, new businesses and utilisation rates moving up.

CAL is expanding its business at a manageable capex of just ₹2.75 bn maintaining its low D/E of just 0.58x. CAL has met our target and we have seen both DII & FII add the stock during the quarter. We expect the valuation multiples to expand given the exciting growth prospects going forward. We therefore value CAL at 17x FY24E earnings as it currently trades at 14.3x. Maintain BUY with a target of ₹3,333.

Stocks to Watch: Zee, Tata Coffee, HeidelbergCement, SJVN, V-Mart, NTPC, Biocon, ONGC, PTC India, SpiceJet

ICIC Lombard, Gujarat Fluorochemicals, L&T Technology Services, HFCL, Tata Communications, and KPTI Technologies will be in focus as they declare their September quarter earnings today. (Read More)

Views on Monday’s market performance from Geojit Financial Services, LKP Securities, Angel One  

Vinod Nair, head of research at Geojit Financial Services: Domestic market started weak in line with a volatile global market. However, due to buying on dips strategy, the domestic market is recovering well supported by a good start to Q2 earnings season by IT & Banks. Broadly, even though the Q2 preview analysis forecast a muted outlook, it is fairly factored in considering the consolidation of the last one month. While outlook for Q3 results has been enhanced due to moderation in operation cost, forecasting a QoQ improvement in profitability and reducing risk of earnings downgrade.

Rupak De, senior technical analyst at LKP Securities: Nifty witnessed a positive session as the benchmark index closed with a gain at the end of the day. On the daily chart, the index has formed a piercing line pattern which suggests a bullish reversal. The trend and momentum remain positive for the short term. Over the short term, the index is likely to go towards 17500/17700. On the lower end, support is visible at 17100.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Unlike Friday, this time gains were here to stay, and hence, bulls seem to have made a strong statement by giving a smart rally on the first day of the new trading week. The global environment was not supportive at the start of the session, but it also improved as we moved forward. With reference to our previous commentary, we remained optimistic despite challenging global cues and were hopeful of the market making a comeback ahead of the festive season. Now with today’s rally, the base shifts higher towards 17100 – 17000 and Nifty confirms a close above 17300 in an indication of good times for our markets. For the coming session, we would see an index challenging the next resistance zone of 17350 – 17430 which we believe is likely to surpass in a day or two. Traders should now gear up for a move towards 17500 – 17700 and we will not be surprised to see higher levels in the near term as well. Hopefully, global markets do not play a spoilsport here, in fact, a small positivity from there would provide the impetus for a strong up-move in our markets. Traders are advised to continue with a positive bias and try to identify apt themes which are likely to emerge as the week progresses.

Three stocks are under the F&O ban on NSE today – Delta Corp, Indiabulls Housing and India Cements

Delta Corp, Indiabulls Housing Finance, and India Cements stocks continue to be a part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.

The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. 

Four companies receive Sebi approval for initial public offerings

Markets regulator Sebi has given its nod for the proposed initial public offerings of four companies — BIBA Fashions Ltd, Keystone Realtors Ltd, Plaza Wires Ltd and Hemani Industries Ltd.

These companies have received their respective observation letters from Sebi, according to an update on the regulator’s website as on October 14.

In Sebi’s parlance, issuance of the observation letter implies the go-ahead from the regulator for the proposed IPO.

Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, had filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.

The proposed IPO comprises fresh issuance of equity shares worth ₹90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and existing investors, as per the draft papers. (PTI)

RBI likely to cite supply issues for failure to meet inflation target

The Reserve Bank of India’s (RBI) letter to the government, triggered by its failure to keep inflation within the target band, will likely blame supply-side issues for the runaway price rise, economists said.

Under Section 45ZA of the RBI Act, the government, in consultation with RBI, sets the medium-term retail inflation target once in five years. Failure to meet the current target of 2-6% for three consecutive quarters—January through to September in this case—requires RBI to write a letter to the government, explaining why it missed the goal. Retail inflation for September accelerated to 7.41%, staying above the 6% upper bound of the inflation target for three straight quarters. (Read More)

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Oct 18

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher has recommended a buy on two stocks for today. The expert has recommended buying two stocks.

Pidilite Industries: Buy the stock at ₹2,690 with a stop loss of ₹2,660 for a target of ₹2,755.

Indian Hotel: Buy the stock at ₹318 with a stop loss of ₹314 for a target price of ₹328 apiece. (Read More)

Byju’s raises $250 mn through rights issue

Edtech major Byju’s has raised $250 million in a rights issue from its existing investors at a $22 billion valuation.

The company on Monday said Qatar Investment Authority (QIA) participated in the round but did not give a split.

“Byju’s is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favour. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact. Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability,” said Byju Raveendran, founder and chief executive of Byju’s. (Read More)

V-Mart to acquire online marketplace LimeRoad

Fashion retailer V-Mart Retail Ltd on Monday said it will acquire online marketplace LimeRoad, in a move which will help the company expand its presence in the omni-channel space.

The company has signed a “business transfer agreement with A M Marketplaces (LimeRoad) and certain other parties for the acquisition of its LimeRoad business as a going concern on a slump sale basis,” said V-Mart Retail in a regulatory filing.

Over the nature of consideration, V-Mart said: “for the acquisition of LimeRoad business, the company shall pay lump sum cash consideration of ₹31.12 crore, which amount shall be subject to adjustments as mutually agreed between the parties.”

Moreover, V-Mart is also “acquiring assets worth ₹14.61 crore and assuming current liabilities of ₹36.26 crore”, which shall be subject to adjustments as mutually agreed between them, it added. (PTI)

Gold falls ₹40; silver declines ₹594

Gold price in the national capital fell ₹40 to ₹50,833 per 10 grams on Monday amid a fall in the precious metal prices in the overseas market, according to HDFC Securities.

In the previous trade, the yellow metal had touched ₹50,873 per 10 grams.

Silver also declined by ₹594 to ₹56,255 per kilogram from ₹56,849 per kg.

In the international market, gold was quoting lower at USD 1,655.75 per ounce while silver was down at USD 18.55 per ounce. (PTI)

Rupee ends unchanged amid likely central bank intervention

The Indian rupee ended flat on Monday, while its Asian counterparts dropped on recession fears, as the Reserve Bank of India’s likely intervention continued supporting the local currency.

The partially convertible rupee closed unchanged at 82.35 per dollar, having traded in an extremely narrow six paisa range all session.

The RBI was likely selling dollars and receiving forwards through state-run banks as the central bank tries to keep the currency around 82.40 levels, traders said.

The forwards market had been quite “volatile,” said a Mumbai-based trader. The USD/INR 1-year forward implied yield dropped to 2.45%, its lowest since November 2011, from 2.55% on Friday. (Reuters)

India may not join US-led push to cap prices of Russia oil

India is averse to joining a US-led global initiative to cap prices of Russian crude oil, two people aware of the matter said, as it gets a steep discount on oil cargoes from Russia and wants to maintain the relationship with its long-time strategic partner. As the world’s third-largest oil importer, India’s stand is likely to influence the efficacy of the price cap plan.

Finance ministers of G7 countries on 2 September proposed that oil-related service providers be allowed to transact in Russian seaborne oil and petroleum products only at the price cap or lower. They said the price cap is specifically designed to reduce Russia’s revenues and its ability to fund the war in Ukraine and limit the impact on global energy prices, particularly for low and middle-income countries. Russia has warned that it will snap oil supplies to any country that joins the price cap plan. (Read More)

Invesco to sell 5.5% Zee stake for $169.5mn

Invesco Developing Markets Fund will sell a 5.51% stake in Zee Entertainment Enterprises Ltd (ZEEL) in a block trade that will fetch the investor as much as $169.5 million, according to deal terms seen by Mint.

The block trade will see Invesco offload over half of its stake in Zee Entertainment, which stood at 10.14% as of 30 June, held through OFI Global China Fund LLC.

The block trade involves the sale of 52.93 million shares at a price range of ₹250 to ₹263.70 per share, a discount of up to 5.2% at the lower end of the price range from the closing price of ₹263.70 on Monday. (Read More)

Wall Street ends sharply higher, dollar dips on UK U-turn, strong earnings

Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite and boosted the sterling and euro against the greenback.

All three major U.S. stock indexes rallied to end the session 1.9% to 3.4% higher while and the dollar lost ground against a basket of world currencies.

“The catalysts that have triggered in the markets year-to-date are well-known,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “Now, investors are looking for green shoots of catalysts that can start to provide some improvement.”

Stocks were primed for a strong open after Britain’s new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss’s proposed tax cuts and reined in her energy subsidies, while Bank of America Corp posted consensus-beating third quarter results, having benefited from a spate of interest rate hikes from the Federal Reserve.

The Dow Jones Industrial Average rose 550.99 points, or 1.86%, to 30,185.82, the S&P 500 gained 94.88 points, or 2.65%, to 3,677.95 and the Nasdaq Composite added 354.41 points, or 3.43%, to 10,675.80.  (Reuters)