Pulse by Zerodha - Latest financial and market news from all major Indian news sources aggregated in one place (2024)

Tuhin Kanta Pandey appointed Finance Secretary

Mr. Pandey is currently serving in the Finance Ministry as the Secretary in-charge of two key domains — the Departments of Public Enterprises (DPE), and Investment and Public Asset Management (DIPAM)

'Swiggy Skills Initiative' Launched To Provide Skilling, Job Opportunities Within Its Network

The partnership with the government will benefit 2.4 lakh delivery partners and staff of restaurant partners associated with Swiggy.

Air India posts 60% fall in losses at ₹4,444 crore in FY24: Tata Group

The airline had reported a loss of ₹11,387.96 crore in FY23, the annual report said

• Air India's Loss Declines 60% To Rs 4,444 Crore In FY24: Tata Group8.5 hours ago— Bloomberg Quint

Amber Enterprises To Merge Unit AmberPR With Itself Via Slump Sale

Both Amber and AmberPR forms part as consumer durables segment of the Amber Group.

D-Street prepares for biggest IPO line-up in 14 years with Bajaj Housing, Afcon and more

RBL Bank Aims To Grow Credit Card Book Moderately In FY25

The private sector bank aims to grow its credit card book moderately of about 12-15% in the current financial year, Bikram Yadav, business head, credit cards at RBL Bank, told NDTV Profit.

Byju Raveendran Says Auditor’s Suggestion To Backdate Reports Was More About Optics

Raveendran said the auditors asked for a forensic audit of the transaction with a Middle East-based partner that was approved in June but the auditors did not make any progress on it.

• Byju's Auditor BDO Resigns Within 15 Months, Suspects Fraud At Edtech9.5 hours ago— Bloomberg Quint

ED Attaches Amtek Group Assets Of Over Rs 5,000 Crore In Bank Fraud Case

The action comes after the federal agency arrested Amtek Group promoter Arvind Dham in July.

Indian-Origin Cosmetics Mogul Mike Jatania Revives The Body Shop's UK Stores

A consortium led by Jatania-founded growth capital firm Auréa had bought all the Body Shop International's assets.

Deep Industries Wins Rs 1,402 Crore Project From ONGC

The letter of award involved production enhancement operations in mature oil fields at Rajahmundry.

Charting The Global Economy: US Job Growth Softer Than Forecast

Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy, markets and geopolitics.

Tolins Tyres IPO: All You Need To Know

The market valuation of the company at the upper end of the price band is Rs 893 crore.

Nifty In Technical Charts: Nervous Responses

There shall be periodic interruptions by way of dips, that is the nature of the market.

New code for medical devices mandates complaint decisions within 90 days

This comes as the central government on Friday notified the UCMPMD 2024 in a move to regulate unethical marketing practices in the medical devices industry

Air India Express To Merge With AIX Connect In October, Hamish Maxwell Named COO

Maxwell will replace the incumbent Pushpinder Singh, who completes his deputation with the AIX and return to the parent company, Air India, it said.

Bina Modi Defends 24Seven Closure To Focus On Core Business At AGM

In her address to the shareholders, Bina Modi said, 'this focus on our core business is in consonance with the 'Theory of Core Competency' propagated by the late global management guru Professor CK Prahalad.

Yes Bank Fraud Case: ED Seizes Land Parcels Worth ₹78 Crore Of Businessman Gautam Thapar

The investigation pertains to a company named Oyester Buildwell Pvt whose beneficial owner is Gautam Thapar.

Wockhardt denies Carol Info rent payment allegations, link with Sebi orders

"In this regard, we categorically deny these allegations and state that these allegations are completely baseless and misleading," Wockhardt said in a regulatory filing late Friday

Vinesh Phogat, Bajrang Punia used by Cong as pawns: Brij Bhushan Singh

This was all conspired to gain hold on the Wrestling Federation of India and to attack the BJP and its ideology, he said

FPIs invest Rs 11,000 crore in India in first week of September. Will US jobs data increase flows?

However, Vijayakumar cautions that the elevated valuations are still a concern. If the US growth concerns impact global equity markets in the coming days, FPIs are likely to use the opportunity to buy in India.

Dalal Street Week Ahead: Nifty may continue to remain under corrective pressure

The volatility spiked as well; the volatility barometer India VIX surged by 13.63% to 15.22 on a weekly basis. While setting a distinct corrective undertone, the headline index closed with a net weekly loss of 383.75 points (-1.52%)

Limited Supply, High Demand — What's Driving Premier Energies' Rally

Currently only 11.32% of the stock's total shareholding is tradable, while the rest is locked in.

What Prompted Matrimony.Com's Board To Approve A Rs 72-Crore Buyback

Matrimony.com plans to repurchase 7.02 lakh fully paid-up equity shares representing 24.85% of its total equity capital.

F&O Talk| Nifty faces reversal signals and weaker breadth, key support at 24,500-24,400: Sudeep Shah of SBI Securities

The 50 component index Nifty 50 as well Sensex closed nearly 1.2% lower today. The former closed 293 points lower at 24,852 while the latter dipped by 1,017 points to 81,184.

Tata aviation cuts losses by Rs 9,077 cr in FY24, Air India revenue up 24%

Air India, which was privatised in 2022, achieved its highest consolidated revenue of Rs 51,365 crore for FY24, marking a 24 per cent rise from the prior year

Indraprastha To Gujarat Gas: How Lower CNG Vehicle Sales Could Impact City Gas Companies

Lower sales of three and four wheeler CNG vehicles could affect volumes of the city gas companies, Dolat Capital said.

Baazar Style Retail To Expand Private Label Business To Improve Margins

The Rekha Jhunjhunwala-backed company also plans to reduce overall debt burden to sustain growth.

Byju's hits back, says BDO's lack of communication with IRP suspicious

Byju's statement further added that they had 'multiple call recordings', where BDO representatives explicitly suggested backdating these documents, which Byju's refused to do

Wockhardt denies allegations of rent payments connections to SEBI orders, claims them baseless

Congress leader Pawan Khera on Friday had accused Sebi chief Madhabi Puri Buch of conflict of interest with the pharma company.

RIL bonus shares record date likely in October? Here’s what data suggests

The Ambani-led company has announced that the date for determining shareholder eligibility for the 1:1 bonus issue will be revealed later. However, historical data suggests the record date for the RIL bonus shares might be next month.

Satellites For Rural Internet Connectivity Boost And An Opportunity For Telcos

With only 3% broadband penetration, the Indian market presents vast opportunities for satellite internet providers, says Morgan Stanley.

Gold ends lower in a highly volatile trade amid uncertainty over rate cuts

Gold rallied to test the all-time high soon after the release of the US NFP report as the number of jobs added fell short of forecast and continuing downward revision in the previous data portrayed a weakening job market, which increase the possibility of a rate cut by the US Fed.

Tata Power Awards Contracts Worth Rs 11,481 Crore To Local Suppliers

The contracts are spread across two major categories — materials and services.

• Tata Power awards contracts worth Rs 11,481 cr to local suppliers in Odisha15 hours ago— Business Standard

Concurrent Gainers: These 9 smallcap stocks gained for 5 days in a row

W.e further narrowed down the list to the top 9 stocks, which each experienced gains of over 10% within a week

Vedanta, BEML, among 140 stocks to remain in focus next week for dividend, bonus, split. Do you own any?

The record date is the date set by the company to decide the shareholders who are eligible to receive the offer. To be eligible for a buyback offer, bonus issue or a stock split, the shares should be in the demat account on the record date.

Gensol Engineering Increases QIP Issue Size to Rs 750 Crores

The company has also reappointed Anmol Singh Jaggi as the Managing Director for another five-year term.

Granules India Gets Six Observations From US FDA At Hyderabad Plant

Gagillapur facility is responsible for manufacturing finished dosages and pharmaceutical formulation intermediates.

Beyond Tomorrow: OpenAI Founder Raises $1 Billion, Musk's Supercomputer Cluster And More — Weekly AI Wrap

There is a lot of conversation happening around the world about how AI will potentially democratise work.

Carlyle-backed Hexaware Tech files draft papers with Sebi for Rs 9,950 cr IPO

Hexaware Technologies, backed by Carlyle Group, has filed for a Rs 9,950 crore IPO with Sebi. The entire offering is an offer for sale by promoter CA Magnum Holdings. Hexaware aims to benefit from listing on stock exchanges. If successful, it will be the largest IT services IPO since TCS's in 2004.

Byju's auditor BDO resigns after start of bankruptcy proceedings, company says

BDO was appointed auditor earlier this year after Byju's former auditor, Deloitte, left the company, citing several issues with the company's financial reporting.

• Byju's auditor BDO resigns after start of bankruptcy proceedings, firm says16 hours ago— Business Standard
• Byju's Auditor BDO Resigns Within 15 Months, Suspects Fraud At Edtech16 hours ago— Bloomberg Quint

GenZ Is Rewriting The Consumption Playbook — Here's How

The generation has been able to bring the revenue of D2C companies to Rs 1 billion over three years, according to a Bernstein report.

LIC among Motilal’s 5 top life insurance picks, forecasts upside potential up to 25%

Looking ahead, the domestic brokerage firm believes that the forthcoming regulations, such as risk-based solvency and IFRS, are expected to positively influence financials by releasing capital that can be utilized for growth and for retaining a larger share of business, particularly in the protection segment.

Boeing Starliner Spacecraft Returns To Earth With No One Onboard

Friday’s return of an empty craft will renew debate over whether Starliner is safe to move forward as a crew capsule for NASA.

IPO calendar next week: 13 new issues to flood primary market in one of busiest weeks seen this year

Analysts said this flurry of activity reflects growing investor confidence and signals a vibrant capital-raising environment, underscoring India's robust economic fundamentals.

The Jersey Wars: Barcelona's Away Kit Most Expensive But Messi Isn't Far Behind

A Messi-version of Inter Miami kit costs up to Rs 15,025 while a Cristiano Ronaldo-version of an Al Nassr shirt can cost Rs 11,157.

8 Indian stock picks inspired by Peter Lynch's investment style

With an operating revenue of Rs 1,732.7 crore on a trailing 12-month basis, WPIL has reported annual revenue de-growth of (-)7%, pre-tax margin of 16% and ROE of 38%.

Wealth management and the triple multiplier effect

This growth is underpinned by the ‘Triple Multiplier Effect’ – the confluence of rising High Networth Individuals (HNI) investors, asset appreciation, and savings from incremental growth in income.

3 reasons why Indian pharma is getting ready for unstoppable growth

For Indian pharmaceutical companies, this scenario presents a distinct opportunity. Leveraging their established expertise and leadership in global COVID-19 vaccine distribution, along with robust supply chain efficiencies, Indian firms are strategically positioned to capitalize on this market shift. The departure of Chinese players from the market opens a significant gap, which Indian companies are well-equipped to fill .

Employee claims against Byju's top Rs 300 crore in ongoing insolvency case

But these claims still need to be reconciled with the complete and accurate books of accounts and records from the corporate debtor, in this case, the former management of Byju's

Massive oil, gas reserves found in Pakistani waters: Report

The geographic survey has allowed Pakistan to identify the location of the deposits.

Not too concerned about Goldman downgrading; SBI one of the top bets in portfolio: Ashi Anand

Ashi Anand, Founder of IME Capital, expresses confidence in SBI despite a downgrade by Goldman Sachs. He highlights the bank's attractive growth and profitability. Anand also mentions increased weights in consumption and FMCG sectors due to signs of rural recovery. Upcoming US CPI data and potential Fed rate cuts are crucial for market dynamics.

Bomb threat: Vistara sends new aircraft to fly passengers from Turkey

It said that all the necessary checks have been conducted and the customers, along with the crew and aircraft, have been cleared

Selena Gomez Is A Billionaire Thanks To Her Beauty Brand

Gomez is worth $1.3 billion, according to the Bloomberg Billionaires Index, which is ranking her for the first time.

These 8 smallcap stocks witnessed a rise in prices with volumes in last 3 days

8 stocks have consistently increased in price, trading volume, and delivery volume, indicating higher investor interest in these stocks.

45 smallcap stocks buck the trend to offer double-digit weekly returns amid sharp sell-off

Rama Steel Tubes was the top gainer in the smallcap pack with nearly 60% return, followed by Refex Industries (32.3%), Kitex Garments (27%), and 63 Moons Technologies (26%).

China bulls getting tired of waiting for elusive stock recovery

Over the past two weeks, long-standing China bulls UBS Global Wealth Management, Nomura Holdings Inc., and JPMorgan Chase & Co. have all downgraded the country’s equities, citing concerns ranging from the property-led demand slump to piecemeal stimulus measures and geopolitical tensions ahead of the US elections.

Haryana polls: Congress releases 1st list, fields Vinesh Phogat from Julana

Haryana Assembly elections: Congress announced its first list of 31 candidates and has fielded Haryana Chief Minister Bhupinder Singh Hooda from the Garhi Sampla-Kiloi constituency

5 world market themes for the week ahead

September's market volatility may persist as investors await key macro events. U.S. consumer price data on Sept. 11 could influence the Federal Reserve's rate decisions. The European Central Bank is expected to cut rates again, while Japan prepares for a new prime minister amid economic challenges.

Indian tax authorities seek $101 million in Byju's insolvency process

Indian tax authorities are seeking $101 million from Byju's, once India's biggest startup now facing insolvency. Backed by General Atlantic, Byju's was valued at $22 billion in 2022 but has struggled with regulatory issues and disputes with U.S. lenders. The company is currently managed by court-appointed resolution professional Pankaj Srivastava.

China's central bank pauses gold purchases for a fourth month in August

China's central bank has paused its gold purchases for the fourth consecutive month in August, with holdings remaining at 72.8 million fine troy ounces. Despite this, the value of these reserves increased to $182.98 billion due to rising gold prices driven by geopolitical and economic uncertainties.

Wall Street Week Ahead: Economic worries back on Wall Street's radar after jobs data

Uncertainty over the U.S. economy's health is affecting markets, with investors concerned about Federal Reserve policy shifts, a tight U.S. election, and high valuations. Recent jobs data suggests a slowing labor market, raising fears of economic pressure from elevated borrowing costs. The S&P 500 dropped 1.7% on Friday, highlighting market volatility.

3 top stock recommendations from Rajesh Palviya for next week

​Looking at the near-term structure, if we sustain below to 25,000 level, yes, possibly we could see furthermore supply pressure in the continuation of this down move.

Wall Street stocks fall, big weekly drop as market waits for Fed to move

All three main indexes were lower, with the 11 sectors of the benchmark S&P 500 losing ground led by declines in communication services, consumer discretionary and technology equities.

India overtakes China in MSCI EM Investable Market Index

In the MSCI Standard Index, which focuses on large and mid-cap companies, China retains the top weight at 24%, with India following at around 20%. India reclaimed the second spot in the index last November, overtaking Taiwan.

SBI, Voda Idea shares tumble after Goldman's rating action

On Vi, it maintained its sell rating, while raising the price target to ₹2.5 from ₹2.2, implying a downside of 81.4% from Friday's closing of ₹13.43. Vodafone shares plunged 11% on Friday.

Two Mauritius FPIs move SAT to seek relief from liquidating Indian portfolio

Both these funds were linked to the Adani Group in the January 2023 Hindenburg report. These funds have sought time till March 31, 2025, to comply with Sebi's new foreign portfolio investors (FPI) concentration norms to unwind their portfolios.

Godfrey Phillips shareholders OK appointment of Bina Modi as MD

Samir Modi was sacked from the company's board recently. Shareholders have not voted him back. They approved the appointment of his sister Charu Modi to the company's board.

Elon Musk dares the world to take on X as he scoffs at Brazil's ban

Musk's feud with controversial Brazilian Supreme Court Justice Alexandre de Moraes over the order barring X intensified an ideological war

Dalal Street indices tank on weak global cues

The regulations require overseas investment vehicles to provide granular details of all entities holding any ownership, economic interest, or exercising control, failing which they must liquidate their domestic holdings.

Shady SME IPOs, why IKEA sells food and more

NSE's rules for SME IPOs, Care Economy, Silver in EV batteries, America's blood plasma trade, IKEA's food sales in India and morein this week’s wrapup.

Tatas' aviation business more than halves loss in FY24: Annual report

The Tata Group's aviation business, including Air India and Vistara, reduced losses to ₹6,337 crore from ₹15,414 crore. Air India saw a 24% revenue increase to ₹51,365 crore. Tata Digital's business grew 148%, but net losses widened. Tata Sons' net profit rose 57% to ₹34,654 crore.