Stock Market LIVE: Indices jump, Nifty above 17,600; Titan, TechM shine

Share Market LIVE Update: Benchmark indices started strongly with Sensex adding 400 points and Nifty 120. Metal, PSU Bank and IT are off to a good start. All eyes will be on Fed's hint on future rate hikes. Asian stocks and SGX Nifty are trading in the green on Friday morning.

Wall Street rallied on Thursday with traders awaiting Jerome Powell’s keynote for clues on how much further the Fed put brakes on the economy to tame inflation. Asian markets also started on a strong note and were trading green for the most part.

Debt ratio at Adani Green Energy needs ‘watching’

A key financial metric of Adani Green Energy Ltd. is flashing signs of concern as its billionaire owner takes on more debt to become a renewable energy giant.

The Gautam Adani owned company’s debt-to-capital ratio has soared to 95.3%, a level that is on the “higher side" for a private company, according to Sharon Chen, an analyst at Bloomberg Intelligence. The company’s capital expenditure plans and its funding are other factors that need a close watch, Chen added.

“We would be more comfortable looking at a 70% level or up to 80% for a company in a growth phase," she said. “Adani Green warrants watching closely."

Ashika Stock Broking: Dips from here on should be capitalised

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a long bearish candle on the daily chart though the overall market breadth was positive. The market saw long liquidations on the monthly F&O expiry date followed by nervousness ahead of the US Fed Jackson Hole meeting. Hence it seems that the Index is likely to witness a prolong consolidation in the broader range of 18000-17400 wherein stock specific action would prevail. Consequently, the index are in for a cool-off from overbought conditions. Important to note that Nifty has registered a bullish golden crossover (50dma crossing 200dma) indicating of long-term structural bullish development. Hence dips from here on should be capitalised. On the upside, immediate hurdle remains is at 17725 followed by 17835 while on the downside 17450-17480 is likely to act as crucial support during the day. Hence one can initiate buy position at lower levels of 17450-17500 for an upside target of 17775-17800.

India restricts wheat flour exports to bring down record prices

India's cabinet on Thursday approved a policy to restrict wheat flour exports to calm prices in the local market, the government said in a statement.

New Delhi banned wheat exports in mid-May as a scorching heatwave curtailed output and domestic prices hit a record high. In July India asked traders to secure permission before exporting wheat flour.

The ban on wheat exports boosted demand for Indian wheat flour and the country's flour exports jumped 200% during April-July 2022 from a year ago and lifted prices in the local market, the government said.

Stocks to Watch: Syrma SGS, HDFC Bank, IOC, Titan, LIC

Syrma SGS Technology will make its debut on the bourses today, August 26. The issue price has been fixed at ?220 per share. The IPO consisted of a fresh issue of equity shares aggregating to ?766 crore and an offer for sale (OFS) of up to 3,369,360 equity shares.

Indian rupee seen flat as traders eye guidance on U.S. rates

The Indian rupee is tipped to open little changed to the dollar on Friday, as traders awaited a speech by Federal Reserve Chair Jerome Powell to see how aggressive the central bank would be in its battle against inflation.

The rupee is expected to open almost at the same level as Thursday's close of 79.88. In the previous three sessions too, the rupee had opened barely changed.

The realised volatility on the local currency, measured in terms of the daily close-to-close over last 10 days, has dropped to a one-month low.

Fed’s Jackson Hole Conference is underway: Here’s what to expect

The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here’s what to expect from the two-day conference featuring central bankers from around the world.

Investors will be listening closely for any clues about how the US central bank is thinking about the pace of interest rate increases ahead of its Sept. 20-21 policy meeting, after raising its benchmark rate by three-quarters of a percentage point at each of its last two meetings.

All existing BIS labs need modernization to improve utilization, says minister Goyal

Piyush Goyal, Union Minister for Commerce and Industry has said that all existing Bureau of Indian Standards labs in India need modernization and proper mapping so that the testing facilities could be better utilized.

Delivering his presidential address at the fourth meeting of the Governing Council of Bureau of Indian Standards (BIS) at its headquarter in New Delhi earlier this week, Goyal laid special emphasis on importance of upgradation and integration of laboratory infrastructure.

BIS, the national standard body, gives marking, and quality certification to goods.

ICICI Prudential Life keen to re-enter health insurance

Prudential Life said it is keen to re-enter health insurance vertical as there's "nothing new" in the business for the company which had been in the segment for many years till 2016.

Insurance regulator Irdai had in 2016 banned life insurers from selling pure-play health policies that are annually renewed or sold with one-year validity.

Recently, Iradi chairman Debasish Panda hinted at allowing more players into health insurance segment in order to ensure medical cover for every citizen by 2030. However, the Irdai chairman clarified that he is evaluating the pros and cons of allowing life insurers to sell health insurance and that a decision is yet to be taken on the matter.

IOC to invest ?2 tn for net-zero carbon goal

State-run Indian Oil Corp. Ltd (IOC) will invest ?2 trillion in phases to achieve the net-zero carbon emission target by 2046, chairman and managing director Shrikant Madhav Vaidya said at the 63rd annual general meeting of the company.

India's gem and jewellery export slightly down at ?24,913 cr in July 2022

India's gem and jewellery exports have witnessed a marginal decline to ?24,913.99 crore (USD 3,129.91 million) in July 2022 as compared to the same month in the previous year, the Gem and Jewellery Export Promotion Council (GJEPC) revealed on Thursday.

In July last year, the gem and jewellery exports stood at ?25,157.64 crore (USD 3,375.62 million), GJEPC said in a statement as quoted by news agency PTI.

Gold rallies ?402 on strong global cues

Gold prices on Thursday rose by ?402 to ?52,297 per 10 grams amid strong global cues, according to HDFC Securities.

The yellow metal had closed at ?51,895 per 10 grams in the previous trade.

Silver also rallied ?711 to ?56,191 per kg from ?55,480 per kg in the previous trade.

5G service will be available in most part of the country in 2-3 years: Ashwini Vaishnaw

The high-speed 5G services, which will be available in most part of the country in two-three years, are expected to remain affordable, telecom minister Ashwini Vaishnaw said on Thursday.

The minister, while launching a 5G right of way application portal to facilitate expeditious roll-out of telecom infrastructure, said that mobile services in India are one of the most affordable in the world and he expects the trend to continue for 5G services as well.

"We expect investment of around ?2.5-3 lakh crore to come into the industry. ?3 lakh crore is a big investment. This is also leading to good employment generation. Our estimate is 5G will reach almost all parts of the country in the next 2-3 years," Vaishnaw said.

Government appoints former CEA K Subramanian as Executive Director for India at IMF

Former Chief Economic Adviser KV Subramanian was on Thursday appointed as the Executive Director for India at the International Monetary Fund (IMF), an official order said.

Subramanian's term will begin from November and will continue for a period of three years or until further orders, whichever is earlier, by curtailing the tenure of eminent economist Surjit S Bhalla as ED (India), IMF up to 31 October, 2022.

Tokyo shares open higher on US gains before Powell speech

Tokyo stocks opened higher Friday, lifted by US gains as investors awaited US Federal Reserve Chair Jerome Powell's speech later in the day.

The benchmark Nikkei 225 index added 0.76%, or 216.90 points, to 28,695.91 in early trade, while the broader Topix index rose 0.50%, or 9.93 points, to 1,986.53.

The dollar stood at 136.67 yen, slightly higher from 136.49 yen seen Thursday in New York.

Sales of listed private companies rise 41% in Q1: RBI data

Sales of listed non-finance private companies increased by 41 per cent in the quarter ending June 2022 to ?14.11 lakh crore, according to Reserve Bank data released on Thursday.

The expansion in sales was 22.3 per cent in January-March 2021-22 quarter and 60.6 per cent in April-June 2021-22 quarter.

The Reserve Bank released data on the performance of the private corporate sector during the first quarter of 2022-23 drawn from abridged quarterly financial results of 2,749 listed non-government non-financial companies.

"Driven by broad based demand expansion across industries, the manufacturing sector recorded impressive sales growth of 41.6 per cent (y-o-y) in Q1:2022-23, which was aided by both volume and price effects," it said.

India seeks Byju's reply on reasons for delayed filing of accounts

India sought reasons from Byju’s, the country’s most-valuable startup backed by Tiger Global Management, for not yet filing its audited financial accounts for the year ended March 2021, according to people familiar with the matter.

Earlier this month, the nation’s Ministry of Corporate Affairs sent a letter to Byju’s parent company asking them to explain the seventeen-month delay in filing audited accounts, the people said, asking not to be named as the information is private.?

Syrma SGS Technologies share listing today. Experts predict strong debut

Syrma SGS Technologies shares are going to hit Dalal Street today. As per the information available on the official BSE website, Syrma SGS Technologies IPO listing date has been fixed on Friday, 26th August 2022. The BSE website further informs that the equity shares of Syrma SGS Technology Limited shall be listed and admitted to dealings on the BSE and NSE exchange in the list of 'B' group of securities.

Wall Street rallies as countdown to Fed speech nears end

Stocks rallied Thursday as the countdown clicked closer to zero for a highly anticipated speech about interest rates.

The S&P 500 gained 58.35, or 1.4%, to 4,199.12 for its best day in nearly two weeks. Much of the lift came late in the day as traders made moves ahead of Friday morning's speech by Federal Reserve Chair Jerome Powell, which has long been circled on Wall Street's calendar.

The Dow Jones Industrial Average rose 322.55, or 1%, to 33,291.78, and the Nasdaq composite climbed 207.74, or 1.7%, to 12,639.27. All three indexes trimmed their losses for the week, caused by Monday's tumble that was the worst for stocks in months.

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