The week is littered with 13 central bank meetings that will see borrowing costs rise around the world. Wall Street closed lower on Friday and Asian markets remained cautious Monday morning
Inox Green Energy plans to launch IPO worth 740 Cr in next 30-45 days: CEO Kailash Tarachandani
Inox Green Energy Services, a subsidiary of Inox Wind, plans to come up with its initial public offering (IPO) by October this year €740 crore to fund its expansion plans.
The company will initially focus on the Indian market and plans to enter the overseas market after establishing itself in that country, Kailash Lal Tarachandani, chief executive officer (CEO) of Inox Wind, told PTI.
Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company plans to launch its IPO “in the next 30 to 45 days.”
This is Inox Green Energy Services’ second attempt to go public. In February, the company submitted the Draft Red Herring Prospectus (DRHP) for its planned IPO to market regulator Sebi. (PTI)
TCS could increase dividends paid to Tata Sons by a third by fiscal 25
Tata Sons Ltd’s reliance on Tata Consultancy Services Ltd (TCS) to fund the group’s planned $18 billion annual capital expenditures is expected to increase over the next five years as dividend income from the country’s largest technology services company is expected to reach 2025 will rise by a third on the back of improving free cash flow. Increased revenue from TCS to support Tata Sons Group’s investment plans. (Whole story)
Gazprom issue: India will not seek arbitration or punishment
The failure of Russia’s state-owned Gazprom, the world’s largest natural gas explorer, to meet the terms of a contract to supply liquefied natural gas (LNG) to state-owned GAIL (India) Ltd is being dealt with bilaterally at the highest level of the Indian government, two government officials said on the development. Gazprom’s failure to honor the deal to supply LNG is being dealt with at the highest level of government. (Whole story)
FPIs put ₹12,000 Cr in Indian stocks in September on hopes of slow rate hikes
Foreign investors pumped €12,000 crore into the Indian stock market so far this month on hopes that global central banks, particularly the US Federal Reserve, may slow to hike rates as inflation begins to cool.
This is after a net investment of €51,200 crore in August and almost €5,000 crore in July, showed data with deposits.
FPIs turned net buyers in July after nine straight months of net outflows that began in October last year. Between October 2021 and June 2022 they sold massively €2.46 lakh crore in the Indian stock market.
The rupee fell 7 paise to close at 79.78 against the US dollar on FX outflows
The rupee fell 7 paise to close at 79.78 against the US dollar on Friday, on the back of a strong dollar in overseas markets and losses in domestic stocks.
In the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It ranged from 79.71 to 79.85 during the session.
The domestic unit eventually settled at 79.78, down 7 paise from its previous close of 79.71.
“We expect the rupee to trade negatively due to the strong dollar and risk aversion in global markets. Global markets fell after IMF spokesman Gerry Rice raised concerns about a further slowdown in the global economy and said some countries were likely to slide into recession in 2023,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. ( PTI)
Wall Street falls on Friday as FedEx warning amplifies market troubles
Wall Street ended its worst week in three months with further losses on Friday, as a stark warning from FedEx of rapidly deteriorating trends in the economy stunned already concerned investors.
The S&P 500 fell 0.7%, with all but two of its 11 corporate sectors down. The benchmark index fell 4.8% this week, with much of the loss coming from a 4.3% drop on Tuesday after a surprisingly hot inflation report. The last time it posted a major weekly decline was the week ended June 17th.
The Dow Jones Industrial Average fell 0.5% and the Nasdaq Composite fell 0.9%. The Russell 2000 index of smaller companies suffered the heaviest losses, falling 1.5%.
All major indices have now posted losses in four of the past five weeks.
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