The Adani Group has emerged as the frontrunner to acquire a 46.64 per cent promoter stake in ITD Cementation India, a move that is expected to bolster the infrastructure conglomerate’s in-house civil engineering expertise, according to a report by the Economic Times. If the acquisition goes through, it will be valued at Rs 5,888.57 crore (approximately $700 million), which includes a fully subscribed open offer to follow the promoter stake purchase.

The impact of the US Federal Reserve’s rate cut might be muted in India as much of it was already priced in, Chief Economic Advisor V Anantha Nageswaran said on Thursday.

Speaking on the issue, Economic Affairs Secretary Ajay Seth told reporters that the Fed rate cut would not have a significant impact on foreign inflows into India.

Anil Ambani-promoted Reliance Infrastructure (R-Infra)’s board on Thursday approved a preferential issue to raise Rs 3,014 crore through the issuance of up to 12.56 crore equity shares at a price of Rs 240 per share.

The company said the preferential issue will be made to Risee Infinity Private Limited, a promoter group company, and to other investors, namely Florintree Innovation LLP and Fortune Financial & Equities Services Private Limited, resulting in an increase in the promoters’ equity stake.

Coordinated attacks across Lebanon targeted communication devices, resulting in devastating consequences. In the latest attacks, at least 20 people lost their lives and over 450 were injured, authorities said, according to a report by Al Jazeera.

The latest attack comes just a day after 12 people were killed and more than 2800 others were wounded in a coordinated explosion of pagers in Lebanon.

US stocks shot higher on Wednesday after the Federal Reserve cut interest rates by 50 basis points, the high side of estimates for its first cut in more than four years.

Citing a "greater confidence" that inflation is moving towards the central bank's 2% target, the Fed cut rates by half of a percentage point, as it now focuses on keeping the labor market healthy.

Market capitalisation of major telecom service provider Bharti Airtel crossed Rs 10 trillion for the first time ever after the company's stock price hit a new high of Rs 1,673.35, gaining 1 per cent on the Bombay Stock Exchange (BSE) in Thursday’s intra-day trade.

The combined market cap of Bharti Airtel (Rs 9.52 trillion) and Bharti Airtel’s partly paid shares (Rs 49,526 crore) touched Rs 10.02 trillion in intra-day trade.

NTPC in focus: Share of the state-owned NTPC jumped as much as 4.34 per cent to hit a fresh all-time high of Rs 431.85 per share on Thursday, September 19, 2024. Notably, NTPC is the top gainer on both NSE and BSE.

The surge in the NTPC share price came after the company filed Initial Public Offering (IPO) papers for its green energy arm, NTPC Green Energy Limited (NGEL).

The rupee rose 6 paise to 83.70 against the US dollar in early trade on Thursday, reflecting strong investor sentiment after the US Federal Reserve decided to cut interest rate in line with market expectations.

The rupee also got support from lower crude oil prices, positive domestic equity markets as well as inflow of foreign funds, forex traders said.

The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market.

"The committee has gained greater confidence that inflation is moving sustainably toward 2%, and judges that the risks to achieving its employment and inflation goals are roughly in balance".

West Bengal Junior Doctors Front, which is protesting against the rape and murder of a doctor at a Kolkata hospital, has sent an email to the state Chief Secretary requesting one more meeting as some demands remained unresolved.

Following the meeting with the protesting doctors on Tuesday, the West Bengal government accepted some of their demands including the removal of the police chief of Kolkata and two senior health officials.

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