Stock Market LIVE: Fed Chair’s comment may drag indices; SGX Nifty in red

Fed went ahead with the interest rate hike of 25 basis which was on the expected lines. However, Fed Chair remarked during the Q&A session to use all available tools to keep the banking system sound but reiterated the central bank’s commitment to reining in inflation. 23 Mar 2023, 09:03:51 AM IST Sensex remains flat at the preopen session; Global Surfaces will be debuting at the bourses today View Full Image Sensex at Preopen Share Via 23 Mar 2023, 08:56:30 AM IST Gold jumps after US Fed signals rate-hike pause imminent Gold prices climbed on Wednesday after the U.

S. Federal Reserve toned down its aggressive approach to reining in inflation in a widely anticipated policy statement, and indicated that an end to interest rate hikes was on the horizon. Spot gold was up 1.

7% at $1,973. 52 per ounce by 3:56 p. m.

EDT (1956 GMT), after advancing as much as 2%. U. S.

gold futures settled 0. 4% higher at $1,949. 60 before the Fed announcement.

( Read More ) Share Via 23 Mar 2023, 08:45:11 AM IST Udayshivakumar Infra IPO subscribed 5. 15 times on Day 3 The initial share sale of Udayshivakumar Infra was subscribed 5. 15 times on the third day of subscription on Wednesday.

The offer received bids for 10,29,54,972 shares against 2 crore shares on offer, according to data available with the NSE. The quota for non-institutional investors was subscribed 8. 47 times, while the category for Retail Individual Investors (RIIs) received 4.

14 times subscription and Qualified Institutional Buyers (QIBs) 1. 21 times. The IPO has fresh equity shares of up to ₹ 66 crore and is in a price range of ₹ 33-35 a share.

Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes. (PTI) Share Via 23 Mar 2023, 08:38:31 AM IST Stocks to Watch: Global Surfaces, RIL, Wipro, LTTS, HAL, Hero MotoCorp, IOCL, DB Corp, IDBI Bank, Power Finance Corporation, and Patel Engineering Biocon and Indiabulls Housing Finance Ltd are the two stocks that continue to be part of the F&O ban list for Thursday trading. ( Read More ) Share Via 23 Mar 2023, 08:27:44 AM IST All Vistara staff to be absorbed in Air India: CEO Air India will absorb all 5,100 Vistara employees as part of the merger plan to consolidate the number of airlines under the Tata group to two from four, Vistara’s chief executive Vinod Kannan said.

After acquiring Air India, the Tata group plans to merge low-cost carriers AirAsia India with Air India Express and Vistara with Air India. Two airlines – one low-cost and one full-service – will operate under the Air India Group, in which Singapore Airlines will hold a 25. 1% stake.

( Read More ) Share Via 23 Mar 2023, 08:22:13 AM IST L&T signs agreement with France-based McPhy for electrolyzer manufacturing Larsen & Toubro (L&T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, have entered into an Electrolyzer Manufacturing Binding Agreement with McPhy Energy , a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market. Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyzer technology to L&T for the manufacturing of electrolyzers, including future product upgrades. L&T plans to set up a Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies.

( Read More ) Share Via 23 Mar 2023, 08:00:11 AM IST Reliance Research Stock in Focus for Today: Bajaj Auto STOCK IN FOCUS Bajaj Auto (CMP 3,924): In view of the better traction in domestic market, recovery in high-margin 3W business, likely sequential improvement in exports from current level, improving return ratios, strong balance sheet and attractive valuation, we have BUY rating on BJAUT, with a 1-year Target Price of Rs4,400, valuing the stock at a P/E multiple of 15x FY25E EPS, and adding Rs200/share for the stake in subsidiary, PMAG (holding company of KTM). Intraday Picks BPCL (PREVIOUS CLOSE: RS351) SELL For today’s trade, short position can be initiated in the range of Rs354- 357 for the target of Rs342 with a strict stop loss of Rs359. AXISBANK (PREVIOUS CLOSE: 850) BUY For today’s trade, long position can be initiated in the range of Rs840-844 for the target of Rs868 with a strict stop loss of Rs834.

SIEMENS (PREVIOUS CLOSE: 3307) SELL For today’s trade, short position can be initiated in the range of Rs3320-3340 for the target of Rs3250 with a strict stop loss of Rs3360. Share Via 23 Mar 2023, 07:55:44 AM IST Reliance Consumer expands portfolio in home, personal care segments Reliance Consumer Products Limited (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures Limited, on Wednesday said it has expanded its play in the FMCG segment by launching its range of home and personal care products. RCPL, which has ambitions to be a relevant player in the FMCG segment, will now compete with the leading players of the segments, such as HUL, P&G, Reckitt etc, with the enhanced portfolio.

Now, RCPL’s portfolio includes Glimmer beauty soaps, Get Real natural soaps, Puric hygiene soaps, Dozo dish wash bars and liquids, HomeGuard toilet and floor cleaners and Enzo laundry detergent powder, liquid and bars. Commenting on the development an RCPL spokesperson said: “Our ambition is to help every Indian household get access to quality products at reasonable price points”. This range of home and personal care products boasts high efficacy with the superior formulation.

These have been developed keeping “Real India” consumer problems at their core, he added. (PTI) Share Via 23 Mar 2023, 07:51:44 AM IST How US Fed’s 25bps rate hike will impact Indian stock market today — explained In two days Federal Open Market Committee (FOMC) meeting held from 21st to 22nd March 2023, the US Federal Reserve decided to raise the interest rate by 25 bps. According to stock market experts, Dalal Street was expecting this 25 bps interest rate hike and it had already discounted itself before the US Fed’s rate hike announcement on Wednesday.

However, they are expecting a highly volatile session On Thursday. Market experts advised short-term investors to look at high-quality pharma and FMCG stocks that are available at discounted and attractive valuations. For long-term investors, experts suggested buying on dips strategy in Auto, IT and banking stocks as these stocks may come under the radar of bears after this outcome of the FOMC meeting.

( Read More ) Share Via 23 Mar 2023, 07:40:58 AM IST Govt proposes to sell up to 3. 5% stake in HAL to raise over ₹2,867 cr India will be selling up to 3. 5% stake in its aerospace and defence company, Hindustan Aeronautics (HAL) through an offer for sale (OFS).

The offer will open on March 23 and will continue till March 24th. The 3. 5% stake sale comprised 1.

75% as the base offer and 1. 75% as an additional option. The government seeks to raise more than ₹ 2,867 crore through this transaction.

As per the regulatory filing, the Indian government proposes to sell up to 58,51,782 equity shares or 1. 75% as a base offer through OFS in HAL. The face value of equity shares is ₹ 10.

( Read More ) Share Via 23 Mar 2023, 07:40:58 AM IST Adani Power stock to be put under short term additional surveillance measure framework (ASM) again NSE and BSE will include Adani Power under the short-term additional surveillance measure (ASM) framework from today. Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio.

The NSE and BSE said Adani Power has satisfied the criteria for inclusion under short-term ASM. ( Read More ) Share Via 23 Mar 2023, 07:29:27 AM IST RailTel bags order worth ₹34. 91 crore from Madhya Pradesh government for expansion of State Data Centre Railtel Corporation of India Limited, a central public sector undertaking (CPSU) under the Ministry of Railways has bagged an order from the Madhya Pradesh State Electronics Development Corporation Ltd (MPSEDC) for the expansion of State Data Centre (SDC) phase -II and establishment of Disaster Recovery (DR) centre.

The work order is valued at ₹ 34. 91 Crore (excluding GST) which after including GST amounts to Rs. 41.

19 Crore (including GST). This order has been acquired through open competitive bidding process. The said project entails upgradation, commissioning and managing a State Data Centre in MP along with setting up of a Disaster Recovery centre in Madhya Pradesh for a period of five years.

( Read More ) Share Via 23 Mar 2023, 07:20:54 AM IST Global Surfaces IPO listing date today. Experts predict positive debut of shares Global Surfaces shares are going to make its debut in the secondary market today as Global Surfaces IPO listing date has been fixed on 23rd March 2023. As per the information available on BSE’s official website — bseindia.

com, effective from Thursday, March 23, 2023, the equity shares of Global Surfaces Limited shall be listed and admitted to dealings on the Indian bourses in the list of ‘T’ group of securities. According to stock market experts, Global Surfaces shares may have a positive debut on Dalal Street and allottees can get around a 5% premium on Global Surfaces IPO listing date. As per the market observers, Global Surfaces IPO GMP (grey market premium) is ₹ 19, which means grey market is also expecting a positive debut of Global Surfaces share price today and expected premium would be around 13.

5 per cent. ( Read More ) Share Via 23 Mar 2023, 07:20:08 AM IST Wall Street ends sharply lower on Wednesday as Powell warns inflation fight continues Wall Street gyrated to end sharply lower on Wednesday after the U. S.

Federal Reserve delivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector. The three major U. S.

stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell’s subsequent Q&A session. By closing bell, all three indexes were off more than 1. 6%.

“The market was encouraged when it heard that the Fed had considered pausing completely and then it was disappointed when Powell clarified that their hands weren’t tied and that they can keep raising rates if they need to,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina. In the Fed’s statement, the members of the Federal Open Markets Committee (FOMC) said some additional tightening might be possible, but suggested it was on the verge of pausing future hikes in view of recent turmoil in the financial sector. Gains pared during Powell’s remarks and Q&A session in which he vowed to use all available tools to keep the banking system sound, but reiterated the central bank’s commitment to reining in inflation.

Worries persist that the Fed’s aggressive battle against inflation could tip the economy into recession, and recent turmoil in the banking sector, sparked by failures of SVB Financial Group and Signature Bank, have exacerbated those fears. (Reuters) Share Via Download the App to get 14 days of unlimited access to Mint Premium absolutely free! OPEN IN APP.