The week is littered with 13 central bank meetings that are certain to see borrowing costs rise across the globe. Wall Street closed lower on Friday and Asian markets remained cautious on Monday morning
Ontario Teachers’ to buy 30% in Mahindra‘s renewable arm
Ontario Teachers’ Pension Plan Board has signed binding agreements with the Mahindra Group to acquire a 30% stake in renewable energy firm Mahindra Susten Pvt. Ltd for an equity value of ₹2,371 crore ($300 million).
The Mahindra Group said the deal also envisages the setting up of an infrastructure investment trust (InvIT) in compliance with regulations of the Securities and Exchange Board of India.
The Mahindra Group said the deal also envisages the setting up of an infrastructure investment trust (InvIT) in compliance with regulations of the Securities and Exchange Board of India. (Full Story)
Mixed airfare trends after cap removal; air passenger traffic on rise: Experts
After the removal of airfare caps, there seems to be a mixed trend with lower ticket prices for routes having relatively lesser passenger loads, according to travel industry experts.
More than two years after being put in place amid the coronavirus pandemic, the fare caps were removed with effect from August 31. The move also came against the backdrop of gradual recovery in domestic air passenger traffic.
The average booking price has not changed much but there seems to be a mixed trend with certain sectors seeing drop in fares while some others witnessing a rise, as per the industry players. (PTI)
Inox Green Energy plans to launch ₹740-cr IPO in next 30-45 days: CEO Kailash Tarachandani
Inox Green Energy Services, a subsidiary of Inox Wind, is planning to come out with its Initial Public Offering (IPO) by October this year to raise ₹740 crore to fund its expansion plans.
The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI.
Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning 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 had filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the markets regulator Sebi. (PTI)
TCS may boost dividends to Tata Sons by a third by FY25
Tata Sons Ltd’s reliance on Tata Consultancy Services Ltd (TCS) to bankroll the group’s planned $18 billion annual capital expenditure is expected to increase over the next five years as dividend income from the country’s largest technology services company is estimated to jump by a third by 2025 on the back of improving free cash flow. Increased income from TCS to help Tata Sons bankroll group’s capital expenditure plans. (Full Story)
Gazprom issue: India won’t seek arbitration or penalty
The failure of Russian government-owned Gazprom, the world’s largest explorer of natural gas, to honour the terms of a deal to supply liquefied natural gas (LNG) to state-run GAIL (India) Ltd is being dealt with bilaterally at the highest level of the Indian government, said two government officials aware of the development. Failure of Gazprom to honour the deal to supply LNG is being dealt with at the highest level of government. (Full Story)
FPIs infuse ₹12,000 cr in Indian equities in Sep on hopes of slow rate hikes
Foreign investors pumped ₹12,000 crore into the Indian equity market so far this month on hopes that global central banks, particularly the US Fed, may go slow on rate hikes as inflation starts to cool off.
This comes following a net investment of ₹51,200 crore in August and nearly ₹5,000 crore in July, data with depositories showed.
FPIs turned net buyers in July after nine straight months of net outflows, which started in October last year. Between October 2021 till June 2022, they sold a massive ₹2.46 lakh crore in the Indian equity market.
Rupee falls 7 paise to close at 79.78 against US dollar on forex outflows
The rupee declined by 7 paise to close at 79.78 against the US dollar on Friday, tracking a strong dollar in overseas markets and losses in domestic equities.
At the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It hovered in a range of 79.71 to 79.85 during the session.
The domestic unit finally settled at 79.78, down 7 paise over its previous close of 79.71.
“We expect the rupee to trade with a negative bias on the strong dollar and risk aversion in global markets. Global markets declined after IMF spokesman Gerry Rice flagged concerns over further slowdown in the global economy and said that some countries are expected to slip into recession in 2023,” said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas. (PTI)
Wall Street falls on Friday as FedEx warning adds to market woes
Wall Street closed out the stock market’s worst week in three months with more losses Friday, as a stark warning from FedEx about rapidly worsening trends in the economy rattled already anxious investors.
The S&P 500 fell 0.7%, with all but two of its 11 company sectors ending in the red. The benchmark index sank 4.8% for the week, with much of the loss coming from a 4.3% rout on Tuesday following a surprisingly hot report on inflation. The last time it posted a bigger weekly decline was the week ended June 17.
The Dow Jones Industrial Average fell 0.5% and the Nasdaq composite dropped 0.9%. The Russell 2000 index of smaller companies took the heaviest losses, falling 1.5%.
All the major indexes have now posted losses four out of the past five weeks.
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