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Capital markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">SEBI</keyword> has put on hold the proposed Rs 4,000-crore initial <keyword id="21443197" type="General" weightage="20" keywordseo="public-offering" source="keywords">public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) of <keyword id="21741786" type="General" weightage="20" keywordseo="JSW-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Cement" meta.hostid="261" meta.entityid="JSW Cement">JSW Cement</keyword>. Without specifying reasons, SEBI stated that the "issuance of observations (has been) kept in abeyance," according to an update on its website on Monday. JSW Cement, part of the diversified <keyword id="20099967" type="General" weightage="20" keywordseo="jsw-group" source="keywords">JSW Group</keyword>, filed the preliminary IPO papers with SEBI on August 16. The proposed issue involves a new issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 2,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by <keyword id="23013062" type="General" weightage="20" keywordseo="investor-shareholders" source="keywords">investor shareholders</keyword>, according to the draft red herring prospectus (DRHP) filed with the regulator. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each and <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (SBI) will divest shares valued at Rs 125 crore. Proceeds from the fresh issue to the tune of Rs 800 crore will be used for partially financing the establishment of a new integrated <keyword id="23013063" type="General" weightage="20" keywordseo="cement-unit" source="keywords">cement unit</keyword> in Nagaur, Rajasthan, while Rs 720 crore will be allocated for payment of debt and the remaining funds will be allocated for general corporate purposes. JSW Cement, which has a manufacturing capacity of 19 MT annually, aims to achieve the capacity of 60 MTPA. It currently has manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. Besides, JSW Cement through its subsidiary Shiva Cement operates a clinker unit in Odisha. JSW Group has business interests in sectors such as steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports and venture capital. JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.

SEBI places JSW Cement's Rs 4,000-cr IPO on hold for now

India's <keyword id="20884491" type="General" weightage="20" keywordseo="cement-industry" source="keywords">cement industry</keyword> is heating up faster than a kiln! If one’s tracking the sector, the war-like situation between the existing and emerging cement giants is pretty evident. For the uninitiated, Aditya Birla Group-backed <keyword id="19963567" type="General" weightage="100" keywordseo="Ultratech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="Ultratech Cement" meta.hostid="261" meta.entityid="Ultratech Cement">Ultratech Cement</keyword> and <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords">Adani Group</keyword> have been at loggerheads for increased market share in recent years. And now, JSW Cement also seems to be gearing up to challenge the potential duopoly. As conglomerates aggressively acquire smaller players to achieve market domination, the cement industry in India right now resembles an eighteenth-century battlefield. The battle has significantly escalated this year, but this trend of acquiring regional cement companies can be traced back to 2018 when Ultratech acquired Binani Cement. Since then, both Adani Group and Birla Group have been capturing checkposts all over India, one by one. Ultratech acquired Binani Cement to strengthen its base in the western region and this week, India Cement, for the southern states. Adani has also acquired the Hyderabad-based Penna Cement this year, after acquiring majority stakes in Ambuja Cements and ACC in 2022. But why the obsession with cement? <h2>Why are the Titans clashing for…cement?</h2>India's infrastructure boom is in full swing, and whoever controls the cement supply holds the key to this construction kingdom. Adani Group has been known to follow an acquire &amp; dominate strategy for capturing market segments. <keyword id="19907441" type="General" weightage="20" keywordseo="Aditya-Birla-Group" source="keywords">Aditya Birla Group</keyword>, however, has dominated the cement industry in India through Ultratech for a while now. The answer to the above question may simply lie in establishing the leadership moat for themselves. With even-growing public and private spending on infrastructure, both players want to capture the majority share to dominate the supplies of cement, which is essential for construction. <h2>Where is the sector heading?</h2>While both Adani and Aditya Birla groups have locked horns to acquire CK Birla’s Orient Cement for a while now, a new hurdle threatens their dominance. As per an Economic Times report, Sajjan Jindal-led JSW Cement has now started to evaluate the acquisition of the promoter stake in Orient Cement. As an emerging front, JSW Cement also aims to reach 50 MT per annum by 2030. However, two other major players, Shree Cement and Dalmia Bharat, already have 53 MTPA and 43 MTPA capacity. <div type="image" title="Birla Vs Adani" msid="112196675" hostid="261" sizebytes="284160" caption="&amp;lt;p&amp;gt;Look back at major acquisitions in the cement sector&amp;lt;/p&amp;gt;"></div> However, with over a dozen acquisitions over the last decade, both Ultratech and Adani Group are by far the largest players in the sector eyeing over 200 MT per annum by 2030. <h2>What about the prices?</h2>Will consumers benefit from this cutthroat competition to industry domination? In the short term at least, yes! While lower prices might sound appealing, it's essential to keep an eye on quality as consolidation in the manufacturing sector is always tricky. We don't want to end up with buildings crumbling like cookies. And let's not forget about the little guys. This consolidation of power into a few mega-corporations could squeeze out smaller players, reducing competition and potentially leading to higher prices in the long run. <h2>I think I’ve seen this film before….</h2>The current atmosphere of the cement industry feels reminiscent of what happened in the telecom industry in India in 2016 i.e. the infamous tussle of tariffs. As Reliance Industries launched Jio, it disrupted the entire segment and forced other telecom companies to compete on their terms. As a result, the tariffs fell sharply, companies shut and brands merged, but Jio still claims 40% of the market share in India in terms of subscriber count. Moreover, experts feel that the change in power dynamics in both these industries, cement and telecom, have direct ties to the current government’s industrial policy. Government policies seem to favour companies that have acquired a dominant position in distinct sectors of the economy, which in India’s case are led by two of the richest men in Asia — Gautam Adani and Mukesh Ambani. This strategy of adopting ‘<keyword id="1327299" type="General" weightage="20" keywordseo="national-champions" source="Orion">National Champions</keyword>’ is seemingly inspired by South Korea’s <keyword id="4933297" type="General" weightage="20" keywordseo="Chaebols" source="Orion">Chaebols</keyword> and Japan’s Zaibatsu conglomerates that came into existence decades ago. <h2>From corporate drama to k-drama: Chaebols</h2>The term Chaebol might ring a bell if you've watched K-dramas. They are family-owned business conglomerates in South Korea. This business structure originated in the 1960s and got so popular that it made its way into Korean pop culture. While chaebols have fueled the rapid growth of the Korean economy, concerns about their opaque governance and controlling shareholder interests often deter external investors. Japan’s zaibatsu were also similar financial and industrial conglomerates that were major forces in Japan during World War II. Korea’s Hyundai and Japan’s Mitsubishi are some prime examples of this structure. <h2>Growth of the Goliaths</h2>Viral Acharya, the former Deputy Governor of the RBI, highlights the decade-old trend of the central government achieving economic growth outcomes by working with large conglomerates in part, rather than with state governments. In his conference paper for the Brookings Papers on Economic Activity in March 2023, he demonstrates this pattern with examples from multiple sectors. “By way of specific examples, the share of the Top 5 groups by sales in Civil Engineering and Construction rose from 31% in 2016 to 42% in 2021, in Telecommunications from 65% to over 84%, and in the Retail trade sector from under 44% to over 65%. Similarly, the share of Top-5 groups by Assets rose sharply by 2021 to 68% in the Manufacturing of Basic Metals, 26% in the Manufacturing of Chemicals, 90% in the Manufacturing of Refined Petroleum and Coke, and 47% in the Manufacturing of Non-metallic Mineral Products (including cement and other building materials),” writes Acharya. While this strategy of ‘National Champions’ has benefitted the telecom sector, it has its caveats. The acceleration in the growth may lead to an oligopolistic economy, thereby restricting the entry of new players and stifling innovation. Additionally, a multi-dimensional concentration of power poses the threat of crony capitalism. <h2>National champions: checks and challenges</h2>There’s more to this debate. Arvind Subramanian and Josh Felman, in their paper titled ‘India’s Stalled Rise’ note that the collective impact of this strategy could be more adverse in India, more than anywhere else. They explain that the two big conglomerates — Adani Group and Ambani-led Reliance “have interests that extend throughout the economy, in defence production, ports and airports, energy, natural gas, petroleum, digital platforms, telecommunications, entertainment, media, retail, textiles, financial payments, and education.” Chaebols and Zaibatsu have/had their demerits that range from autocratic decision-making dubbed as ‘imperialistic management’ to the slow inclination of the market towards an oligopolistic structure. However, they weren’t shielded from international competition, nor was this strategy of creating ‘national champions’ shaped using government regulation. They were prevalent in sectors that faced competition internationally, like Hyundai in automobile manufacturing, keeping them in check. The lack of a similar system of checks and balances in India may lead to deeper implications of this strategy of ‘national champions.’ Viral Acharya further notes that they “grew not just at the expense of the smallest firms, but also of the next largest firms” and empirically established a causal link between market power and markups (broadly, profit). At a point when India has seen a monumental shift in infrastructure and looks to capture the market share that China could evacuate, the implications of a tilted policy could prove detrimental. While consolidation can improve performance and catalyse growth, we need to be very careful as a country of the direction we will set ourselves in at this crucial juncture. <h2>Also read:</h2> <div type="Article" hostid="261" msid="112159576" title="India Cement employees to lose jobs after UltraTech acquisition? Chairman Srinivasan answers" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="112163130" title="Ambuja Cements Q1FY25 profit at Rs 789.63 crore; revenue at Rs 8,311.48 crore" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Cementing dominance: Birla vs Adani, of Chaebols, conglomerates, and National Champions

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> and <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword>, opened the day in green, with Sensex up by over 100 points to trade at 80,543.05 points, and Nifty trading at 24,624.20, up by 0.21% <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="261" meta.entityid="BPCL">BPCL</keyword>, <keyword id="20366589" type="General" weightage="20" keywordseo="Hero-Moto-Corp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero Moto Corp" meta.hostid="261" meta.entityid="Hero Moto Corp">Hero Moto Corp</keyword>, <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS">TCS</keyword>, <keyword id="19901053" type="General" weightage="20" keywordseo="IndusInd-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="IndusInd Bank" meta.hostid="261" meta.entityid="IndusInd Bank">IndusInd Bank</keyword>, and <keyword id="19963567" type="General" weightage="20" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> gained early lead during today's trade, while ONGC, Cipla, Bharti Airtel, Power Grid Corporation of India, and JSW Steel were amidst the leading laggards. All broad market indices opened in green, with the exception of India VIX, which dipped by 0.59%. With the exception of Nifty Realty, all other sectoral indices opened the day in green. Aditya Gaggar, director of Progressive Shares, noted that non-directional trade ended marginally higher at 24,573. The Index has formed a small red candle but the overall uptrend is intact and as per the range breakout, the approximate target comes to 24,870 with the downside being protected at 24,420. "BankNifty has been oscillating in a well-maintained range of 49,730-,50,730, and awaiting a breakout for a clear picture. The Energy sector is likely to extend its positive momentum as it has given a breakout. We continue to hold our positive stance on the IT and <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> sectors. With a positive divergence in the RSI, the metal sector stands at the higher end of its consolidation range, and in the case of a breakout, one can expect a strong rally. The defensive sector i.e. the FMCG is on the verge of providing a breakout, and post the breakout, we can witness a sharp up move. Some of the stocks appear strong on a technical front namely BEPL, Bharat Wire, D-Link / Supreme Petro, Kopran, and Sequent Scientific / Shriram Finance", he continued.

Stock market today: Nifty, Sensex open with muted gains, realty index takes a dip

<ul><li><keyword id="20674001" type="General" weightage="100" keywordseo="Savitri-Jindal" source="keywords">Savitri Jindal</keyword>, the matriarch of the <keyword id="21185539" type="General" weightage="20" keywordseo="Jindal-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Jindal Group" meta.hostid="261" meta.entityid="Jindal Group">Jindal Group</keyword>, is India's richest woman with a net worth of $36 billion. </li><li>Following her husband Om Prakash Jindal's sudden death in 2005, she took over the <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> and <keyword id="44011" type="General" weightage="20" keywordseo="power" source="Orion">power</keyword> conglomerate. </li><li>She is the only Indian woman in the top 10 of <keyword id="20017067" type="General" weightage="20" keywordseo="Forbes" source="keywords" meta.keywordsubtype="org" meta.entityname="Forbes" meta.hostid="261" meta.entityid="Forbes">Forbes</keyword>’ list of the richest women in the world in 2024. </li></ul>In the vast and dynamic landscape of Indian business, one name stands out as a symbol of resilience, leadership, and unparalleled success: Savitri Jindal. With an astonishing net worth of $36 billion, she is India's richest woman. According to the <keyword id="962341" type="General" weightage="20" keywordseo="bloomberg-billionaires-index" source="Orion">Bloomberg Billionaires Index</keyword>, her net worth zoomed at $9.5 billion in 2024, making her the only Indian woman in the top 10 of Forbes’ list of the richest women in the world that year. <h2> A Legacy of Leadership</h2>Savitri Jindal's journey began in 2005, following the unexpected death of her husband, Om Prakash Jindal, the visionary founder of the Jindal Group. Thrust into the helm of a vast conglomerate with interests in steel, power, <keyword id="6378916" type="General" weightage="20" keywordseo="cement" source="Orion">cement</keyword>, and infrastructure, she faced immense challenges. Yet, her determination and astute leadership transformed these challenges into opportunities, propelling the Jindal Group to unprecedented heights. Under Savitri Jindal's guidance, the Jindal Group flourished, becoming a cornerstone of India's industrial sector. Some of the flagship companies of the Jindal group are Jindal Saw Limited, JSW Steel, Jindal Stainless Steel Limited and Jindal Steel and Power Limited. She’s currently the chairperson emerita of the O.P. Jindal Group, and also the president of Maharaja Agrasen Medical College, Agroha. <h2>Beyond the Boardroom</h2>Savitri Jindal's influence extends beyond the boardroom. She has made significant contributions to public service and philanthropy. In 2005, Jindal was elected to the Haryana Vidhan Sabha from Haryana’s Hisar constituency, which was earlier represented by her late husband Om Prakash Jindal for a long time. In 2009, she was re-elected to the constituency and was appointed the cabinet minister in the Haryana Government on 29 October 2013. She transitioned to the Bharatiya Janata Party in March this year. <h2>A Broader Trend of Empowerment</h2>Savitri Jindal's rise to prominence is not just a personal triumph but a reflection of a broader trend in India. Women are breaking barriers and redefining success in the business world. Influential figures like Kiran Mazumdar-Shaw and Falguni Nayar are reshaping the narrative of corporate leadership and success, proving that the boardroom is no longer an exclusively male domain. Savitri Jindal's story is one of perseverance, strategic vision, and an unyielding commitment to excellence. Her leadership has not only fortified the Jindal Group's position as an industrial powerhouse but has also inspired a new generation of women leaders in India.

Meet Savitri Jindal: The richest woman in India, with a net worth of $36 billion!

The market capitalisation of <keyword id="22204882" type="General" weightage="100" keywordseo="BSE-listed-firms" source="keywords">BSE-listed firms</keyword> hit an all-time high of Rs 438.41 lakh crore on Thursday, fuelled by a record-breaking rally in equities where the <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> breached the historic 79,000 mark for the first time. Rallying for the fourth day running, the 30-share BSE Sensex jumped 568.93 points or 0.72% to settle at a new closing peak of 79,243.18 on Thursday. During the day, it zoomed 721.78 points or 0.91% to hit the new lifetime peak of 79,396.03. In the past four trading days, the BSE benchmark jumped 2,033.28 points or 2.63% The market capitalisation of BSE-listed companies hit a lifetime high of Rs 4,38,41,960.73 crore ($ 5.25 trillion). Investors' wealth has gone up by Rs 3.93 lakh crore in four trading sessions. Remarkably, the BSE benchmark took just two trading sessions to cover the journey from the 78,000 level hit on June 25 to breach the 79,000 mark on June 27. The <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> ended at a fresh record high of 24,044.50, rising 175.70 points or 0.74%. Intra-day, it soared 218.65 points or 0.91% to hit the all-time peak of 24,087.45. The Nifty hit the 23,000 mark on May 24 this year. Among the 30 Sensex companies, <keyword id="19963567" type="General" weightage="20" keywordseo="UltraTech-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="UltraTech Cement" meta.hostid="261" meta.entityid="UltraTech Cement">UltraTech Cement</keyword> jumped 5% after the country's leading cement maker said it will acquire a 23% stake in its Chennai-based rival <keyword id="20440239" type="General" weightage="20" keywordseo="India-Cements-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="India Cements Ltd" meta.hostid="261" meta.entityid="India Cements Ltd">India Cements Ltd</keyword>, in a deal estimated to be around Rs 1,885 crore. <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword>, JSW Steel, <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword>, Infosys, <keyword id="6357585" type="General" weightage="20" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword>, Kotak Mahindra Bank and Bharti Airtel were also among the major gainers. <keyword id="45475" type="General" weightage="20" keywordseo="larsen-toubro" source="Orion">Larsen &amp; Toubro</keyword>, Sun Pharma, Nestle, <keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Maruti and State Bank of India were among the laggards. "The Sensex surpassing 79,000 marks a historic milestone, reflecting healthy investor confidence and strong fundamentals in key sectors like banking and telecom. Benchmark indices rallied on Thursday, reversing earlier declines, driven by strong buying in blue-chip companies, propelling the Sensex past this historic barrier and leading the Nifty to a new all-time high". "Remarkably, it took only 23 sessions to rise from 23,000 to 24,000, compared to 88 sessions previously," continued Trivesh D, COO at Tradejini, a discount brokerage firm. "The benchmark indices exhibited bullish momentum, buoyed by an expected revival in the IT sector and consolidation in the cement industry," Vinod Nair, Head of Research at Geojit Financial Services, said.

Market cap of BSE-listed firms hit all-time high of Rs 438.41 lakh crore

<ul><li>Equity benchmark <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> plummeted over 700 points to sink below the 74,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> retreated from a record high on Friday.</li><li> Heavy selling pressure in <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, L&amp;T and HDFC bank counters also pulled indices down, traders said.</li><li>The 30-share BSE Sensex dropped 732.96 points or 0.98% to settle at 73,878.15 after soaring 484.07 points earlier in the day.</li></ul>Equity benchmark Sensex plummeted over 700 points to sink below the 74,000 level and Nifty retreated from a record high on Friday as investors pared exposure to telecom, capital goods and tech stocks. Heavy selling pressure in Reliance Industries, L&amp;T and HDFC bank counters also pulled indices down, traders said. The 30-share BSE Sensex dropped 732.96 points or 0.98 per cent to settle at 73,878.15 after soaring 484.07 points earlier in the day. From its intra-day high of 75,095.18, the benchmark tanked 1,627.45 points to the day's low of 73,467.73. The NSE Nifty also declined 172.35 points or 0.76 per cent to 22,475.85. The benchmark hit a record 22,794.70 in the early trade, up 146.5 points or 0.64 per cent. From the Sensex basket, Larsen &amp; Toubro, Maruti, Reliance Industries, Nestle, Bharti Airtel, <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords">UltraTech Cement</keyword>, Kotak Mahindra Bank and JSW Steel were among the major laggards. <keyword id="19955371" type="General" weightage="20" keywordseo="Bajaj-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Bajaj Finance" meta.hostid="261" meta.entityid="Bajaj Finance">Bajaj Finance</keyword> climbed nearly 1 per cent higher. The Reserve Bank of India (RBI) has lifted restrictions on Bajaj Finance on sanctioning and disbursal of loans through eCOM and Insta EMI Card, the company said in a regulatory filing on Thursday. In November last year, the central bank directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products -- eCOM and Insta EMI Card -- due to the company's non-adherence to the extant provisions of digital lending guidelines. Bajaj Finserv, Mahindra &amp; Mahindra, State Bank of India, ICICI Bank and Infosys were among the other gainers. "Profit-booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. "Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market," said Vinod Nair, Head of Research, Geojit Financial Services. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 964.47 crore on Thursday, according to exchange data. In Asian markets, Hong Kong settled in the positive territory, while Seoul ended lower. Markets in Tokyo and Shanghai were closed for the holidays. European markets were trading in the green. Wall Street ended with gains on Thursday. Global oil benchmark Brent crude declined 0.06 per cent to USD 83.62 a barrel. On Thursday, the BSE benchmark climbed 128.33 points or 0.17 per cent to settle at 74,611.11. The NSE Nifty went up by 43.35 points or 0.19 per cent to 22,648.20. 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Sensex tumbles 700 points amid broad-based selloff; Nifty slips from record

<ul><li>BSE, NSE are to introduce the beta version of the T+0 or same-day trade settlement from Thursday. </li><li>Its available an optional basis for select stocks and with a limited number of brokers.</li></ul> New Delhi, Stock exchanges BSE and NSE are all set to introduce the beta version of the T+0 or same-day trade settlement, on an optional basis, for select stocks from Thursday. This will be in addition to the existing T+1 settlement cycle in the equity cash market. To begin with, the option of T+0 trade settlement will be available for a limited set of 25 scrips and with a limited number of brokers. T+0 means settlements on the same day and the move will bring cost and time efficiency, transparency in charges to investors and strengthen risk management at clearing corporations and the overall securities market ecosystem. "The transition towards T+0 not only enhances the efficiency and flexibility of market operations but also stands to substantially mitigate transactional risks, offering an immediate and tangible value to both traders and investors alike. "Launching on March 28, 2024, for a limited trading window, this initiative marks a critical step in aligning <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s trading infrastructure with global standards, paving the way for a stronger, risk-averse, and dynamic market ecosystem," Vamsi Krishna, CEO of <keyword id="20362870" type="General" weightage="20" keywordseo="stoxbox" source="keywords">StoxBox</keyword>, said. In a circular on Thursday, BSE came out with the list of 25 scrips wherein the option of T+0 settlement cycle would be available. The scrips included <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>, Vedanta, Hindalco Industries, <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI), Trent, <keyword id="19916885" type="General" weightage="20" keywordseo="tata-communications" source="keywords">Tata Communications</keyword>, Nestle India, Cipla, MRF, JSW Steel, BPCL, ONGC, NMDC and <keyword id="20057393" type="General" weightage="20" keywordseo="ambuja-cements" source="keywords">Ambuja Cements</keyword>. After deliberations and approval of the Sebi's board, the regulator last week put in place a framework for introduction of the Beta version of T+0 settlement cycle on an optional basis from March 28. Sebi, in its effort to keep pace with the changing times and carry out its mandate of development of securities markets and investor protection, shortened the settlement cycle to T+3 from T+5 in 2002 and subsequently to T+2 in 2003. Under the new framework, all investors will be eligible to participate in the T+0 settlement cycle, if they are able to meet the timelines, process and risk requirements as prescribed by the market infrastructure institutions. Further, trade timing will be between 9.15 am and 1.30 pm. The surveillance measures as applicable in T+1 settlement cycle will be applicable to scrips in T+0 settlement cycle. T+0 prices will not be considered in index calculation and settlement price computation. There will be no separate close price for securities based on trading in T+0 segment.

T+0 trade settlement will be available for 25 scrips starting Thursday

Mumbai, Benchmark Sensex and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> recouped from early losses and settled at fresh record high levels in a volatile trade on Wednesday following buying in bank and select IT shares and gains in European markets. The 30-share BSE Sensex jumped 408.86 points or 0.55 per cent to settle at a new record high of 74,085.99. During the day, it went up by 474.14 points or 0.64 per cent to hit an all-time high of 74,151.27. The Nifty climbed 117.75 points or 0.53 per cent to settle at a fresh closing peak of 22,474.05. During the day, it jumped 140.9 points or 0.63 per cent to reach its record high of 22,497.20. The benchmark indices traded lower in the first half of the session but early gains in European markets helped recoup losses in closed in the green. Among the Sensex firms, Kotak Mahindra Bank, Axis Bank, Bharti Airtel, <keyword id="20026907" type="General" weightage="20" keywordseo="sun-pharma" source="keywords">Sun Pharma</keyword>, HCL Technologies, Mahindra &amp; Mahindra, Titan and Tata Consultancy Services were the biggest gainers. <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords">UltraTech Cement</keyword>, NTPC, Maruti, JSW Steel, Power Grid and <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> were among the laggards. In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended with gains. European equity markets were trading in the green. The US markets ended lower on Tuesday. "Global markets witnessed mixed signals ahead of the US FED chair's testimony to Congress. The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks," said <keyword id="19969359" type="General" weightage="20" keywordseo="vinod-nair" source="keywords">Vinod Nair</keyword>, Head of Research, Geojit Financial Services. Global oil benchmark Brent crude climbed 0.80 per cent to USD 82.59 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 574.28 crore on Tuesday, according to exchange data. Taking a breather after a record-breaking rally, the BSE benchmark declined 195.16 points or 0.26 per cent to settle at 73,677.13 on Tuesday. The Nifty dipped 49.30 points or 0.22 per cent to 22,356.30.

Sensex, Nifty hit new all-time high levels on gains in banking, IT shares

<keyword id="19896379" type="General" weightage="20" keywordseo="benchmark" source="keywords">Benchmark</keyword> equity indices Sensex and Nifty closed at new record levels on Monday in a highly volatile trade driven by gains in energy and bank shares and a rally in Asian markets. Extending its rally to the fourth straight session, the 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> Sensex climbed 66.14 points or 0.09 per cent to settle at an all-time high of 73,872.29. During the day, it jumped 183.98 points or 0.24 per cent to 73,990.13. The Nifty rose by 27.20 points or 0.12 per cent to close at a lifetime high of 22,405.60 points. During the day, it hit an all-time high level of 22,440.90. Among the Sensex firms, NTPC, <keyword id="19950209" type="General" weightage="20" keywordseo="power-grid" source="keywords">Power Grid</keyword>, Reliance Industries, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword>, Axis Bank, <keyword id="19924892" type="General" weightage="20" keywordseo="tech-mahindra" source="keywords">Tech Mahindra</keyword>, ICICI Bank, Bharti Airtel and IndusInd Bank were the biggest gainers. JSW Steel, Mahindra &amp; Mahindra, Tata Steel, <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords">UltraTech Cement</keyword>, Infosys and Titan were among the laggards. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the green. European markets were trading on a mixed note. The US markets ended with gains on Friday. Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. In a special trading session on Saturday, the BSE benchmark Sensex climbed 60.80 points or 0.08 per cent to reach its all-time closing high of 73,806.15. The Nifty went up by 39.65 points or 0.18 per cent to settle at a new closing high of 22,378.40. Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruption or failure at the primary site. Global oil benchmark Brent crude climbed 0.30 per cent to USD 83.80 a barrel. Foreign institutional investors (FIIs) offloaded equities worth Rs 81.87 crore on Saturday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/passenger-vehicles-record-11-3-growth-in-february-2024-two-wheelers-record-35-growth/articleshow/108204817.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/passenger-vehicles-record-11-3-growth-in-february-2024-two-wheelers-record-35-growth/articleshow/108204817.cms" target="_blank">Passenger vehicles record 11.3% growth in February 2024, two-wheelers record 35% growth</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f15-5g-with-6000mah-battery-launched-in-india-starting-at-15999/articleshow/108202302.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-f15-5g-with-6000mah-battery-launched-in-india-starting-at-15999/articleshow/108202302.cms" target="_blank">Samsung Galaxy F15 5G with 6,000mAh battery launched in India starting at ₹15,999</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-march-2024/slidelist/108090741.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-march-2024/slidelist/108090741.cms" target="_blank">Upcoming smartphones launching in India in March 2024</a>

Sensex, Nifty scale fresh record highs, rise for 4th day in a row

<keyword id="20226501" type="General" weightage="20" keywordseo="benchmark-sensex" source="keywords">Benchmark Sensex</keyword> rebounded 496 points while <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> closed above the 21,600 level on Friday as buying in heavyweight stocks and a firm trend in global markets helped indices cut short three days of losses. The 30-share <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword> Sensex jumped 496.37 points or 0.70 per cent to settle at 71,683.23. During the day, it zoomed 708.78 points or 0.99 per cent to 71,895.64. The Nifty climbed 160.15 points or 0.75 per cent to close at 21,622.40. In the past three days, the BSE benchmark fell by 2.91 per cent, and the Nifty declined 2.87 per cent. "A 'buy on dips' and encouraging global cues propelled the market's recovery. Today’s rebound was broad based; however, investors are disappointed and expect moderation in the rally. As FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced. Sector rotation is likely to propel going ahead," said Vinod Nair, Head of Research, Geojit Financial Services. Among the Sensex firms, Bharti Airtel, NTPC, Tech Mahindra, Mahindra &amp; Mahindra, Tata Steel, <keyword id="19963567" type="General" weightage="20" keywordseo="ultratech-cement" source="keywords">UltraTech Cement</keyword>, Titan, Axis Bank, JSW Steel and Larsen &amp; Toubro were the major gainers. IndusInd Bank, Kotak Mahindra Bank, HDFC Bank and State Bank of India were the laggards. In Asian markets, Seoul, and Tokyo settled in the green while Shanghai and Hong Kong ended lower. European markets were trading higher. The US markets ended with gains on Thursday. The BSE benchmark fell by 313.90 points, or 0.44 per cent, to settle at 71,186.86 on Thursday. The Nifty declined 109.70 points, or 0.51 per cent, to 21,462.25. Global oil benchmark Brent crude climbed 0.63 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 79.60 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,901.56 crore on Thursday, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/global-pc-shipments-decline-for-the-eighth-straight-quarter-hopes-pinned-on-ai-to-drive-sales/articleshow/106981182.cms" target="_blank">Global PC shipments decline for the eighth straight quarter; hopes pinned on AI to drive sales</a><a href="https://www.businessinsider.in/tech/news/google-incognito-mode-has-a-new-disclaimer-you-are-being-tracked/articleshow/106978305.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/google-incognito-mode-has-a-new-disclaimer-you-are-being-tracked/articleshow/106978305.cms" target="_blank">Google Incognito mode has a new disclaimer – You are being tracked</a><a href="https://www.businessinsider.in/tech/news/quishing-scams-on-the-rise-what-is-it-and-how-to-protect-yourself/articleshow/106953014.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/quishing-scams-on-the-rise-what-is-it-and-how-to-protect-yourself/articleshow/106953014.cms" target="_blank">Quishing on the rise – Be alert while scanning payment QR codes</a>

Stock markets recover after 3 days of loss; ICICI, Airtel major movers

New Delhi, <keyword id="45609" type="General" weightage="20" keywordseo="JSW-Steel" source="Orion">JSW Steel</keyword> on Friday posted about three-fold jump in net profit at Rs 2,428 crore for June quarter 2023-24 on account of higher income. It had posted Rs 839 crore net profit in the corresponding period of 2022-23, JSW Steel said in a regulatory filing. Total income also rose to Rs 42,544 crore from Rs 38,275 crore in the year-ago quarter, it said. Expenses were at Rs 39,030 crore as against Rs 36,977 crore earlier. JSW Steel is the flagship business of diversified JSW Group, which has presence in sectors such as energy, infrastructure, cement, paints, sports, and venture capital. The company's board at its meeting held on Friday appointed Swayam Saurabh as Chief Financial Officer designate, it said.

JSW Steel Q1 2023-24 profit nearly triples to Rs 2,428 cr

The stock market unveiled a spectacular opening today, propelling both the Sensex and <keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords">Nifty</keyword> indices to unprecedented all-time highs. The day commenced with a dazzling surge, with Sensex surging by an impressive 275.62 points to an extraordinary 72,323.34. In tandem, Nifty painted a picture of optimism, marked by a spirited rise of 75.25 points and kicking off the trading day at an electrifying 21,737.70. Thursday witnessed a robust opening in the stock market, with both Sensex and Nifty reaching unprecedented highs. Sensex soared by 275.62 points, opening at 72,323.34, while Nifty surged by 75.25 points, starting the day at 21,737.70. In the Nifty index, 41 companies experienced advances, while 9 faced declines. Top gainers included JSW Steel, NTPC, Apollo Hospital, BPCL, and <keyword id="19950210" type="General" weightage="50" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword>. Conversely, <keyword id="19897354" type="General" weightage="50" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>, Asian Paints, <keyword id="19978187" type="General" weightage="50" keywordseo="ultra-cement" source="keywords">Ultra Cement</keyword>, Britannia, and Infosys found themselves among the top losers. <keyword id="19978188" type="General" weightage="50" keywordseo="varun-aggarwal" source="keywords">Varun Aggarwal</keyword>, founder and managing director, Profit Idea, said, "Considering the positive trends in chart patterns, like higher tops and bottoms, it seems the market is moving toward new highs. However, it's essential to be cautious as there's no confirmed indication of a reversal at these high levels. Given the circumstances, it might be a good time to sell some small-cap stocks and invest in high-quality large caps and Public Sector Undertakings (PSUs) to capitalize on potential opportunities." Aggarwal added, "Gold prices reached a three-week high as traders invested in zero-yield bullion, anticipating future US interest-rate cuts. The dip in the dollar and bond yields further supported gold prices". Analyzing the positive trends in chart patterns, such as higher tops and bottoms, it suggests a market moving confidently towards new highs. However, investors are urged to remain cautious, as there is no confirmed indication of a reversal at these elevated levels. In light of the current scenario, market experts recommend selling some small-cap stocks and redirecting investments towards high-quality large caps and Public Sector Undertakings (PSUs) to seize potential opportunities. Gold prices witnessed a significant surge, reaching a three-week high. Traders strategically invested in zero-yield bullion, anticipating future US interest-rate cuts. The decline in the dollar and bond yields further propelled the rally in gold prices. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/popular-luxury-cars-in-india-in-2023/slidelist/106325299.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/popular-luxury-cars-in-india-in-2023/slidelist/106325299.cms" target="_blank">Mercedes-AMG SL 55 Roadster to Volvo C40 Recharge – The most popular luxury cars in India this year</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-2024/slidelist/106319563.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suvs-in-india-in-2024/slidelist/106319563.cms" target="_blank">Five-door Thar to Creta, Sonet facelifts – SUVs, upcoming cars to hit Indian roads in 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-new-mobile-smartphones-in-india-in-january-2024/slidelist/106312182.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-new-mobile-smartphones-in-india-in-january-2024/slidelist/106312182.cms" target="_blank">OnePlus 12 to Redmi Note 13 – New smartphones set to hit Indian market in January</a>

Market soars to new heights: Sensex, Nifty surge in opening rally

Mumbai, Equity benchmarks <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> eked out marginal gains to settle in the positive zone after a highly volatile trade on Wednesday, helped by buying in index majors Infosys, ITC and Reliance Industries. However, foreign fund outflows from the equity market restricted the upmove in stocks, traders said. In a choppy session, the 30-share BSE Sensex climbed 92.47 points or 0.14 per cent to settle at 66,023.24. During the day, it fell to a low of 65,664.85 and touched a high of 66,063.43. The Nifty edged higher by 28.45 points or 0.14 per cent to 19,811.85. "Investors are following global markets, which are mostly sluggish with a mixed bias. Due to lack of fresh positive triggers, investors are trading cautiously and taking selective bets," Prashanth Tapse, Research Analyst, Sr VP Research, Mehta Equities Ltd, said. Among the Sensex firms, Infosys, NTPC, Power Grid, Titan, ITC, Tech Mahindra, Hindustan Unilever, Axis Bank, <keyword id="6357585" type="General" weightage="50" keywordseo="tata-consultancy-services" source="Orion">Tata Consultancy Services</keyword>, <keyword id="85462" type="General" weightage="50" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword>, Reliance Industries and <keyword id="6355596" type="General" weightage="50" keywordseo="ultratech-cement" source="Orion">UltraTech Cement</keyword> were the biggest gainers. In contrast, IndusInd Bank, Kotak Mahindra Bank, Mahindra &amp; Mahindra, JSW Steel, HDFC Bank and Maruti were the major laggards. In the broader market, the BSE midcap gauge climbed 0.33 per cent, while smallcap index declined 0.63 per cent. Among the indices, power jumped 1.41 per cent, auto climbed 0.64 per cent, teck (0.52 per cent), FMCG (0.34 per cent), capital goods (0.38 per cent) and oil &amp; gas (0.36 per cent). Commodities, financial services, industrials, telecommunication and bankex were among the laggards. Underlining that the banking system continues to be resilient and there is no immediate cause of worry for the system, RBI Governor Shaktikanta Das on Wednesday advised lenders to be more cautious and spot any trend of risk building early. "While banks and NBFCs are showing good performance now, sustaining it requires concerted efforts. In good times like these, banks and NBFCs need to reflect and introspect as to where potential risks could possibly originate," he said. At a time when the system is reporting robust credit growth, Das asked lenders to avoid any form of "exuberance" in their business and to ensure that sectoral and sub-sectoral exposures are "sustainable". In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower. Europan markets were trading mostly with gains. The US markets ended in negative territory on Tuesday. "Despite the US Fed adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day's correction and ended with mild gain. On the other hand, the broad market witnessed some profit-booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week. "However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally," said Vinod Nair, Head of Research at Geojit Financial Services. Global oil benchmark Brent crude declined 0.46 per cent to USD 82.07 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 455.59 crore on Tuesday, according to exchange data. The BSE benchmark climbed 275.62 points or 0.42 per cent to settle at 65,930.77 on Tuesday. The Nifty went up by 89.40 points or 0.45 per cent to 19,783.40.

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