India News

SBI rallies 4%, hits record high of Rs 475 on heavy volumes

Shares of State Bank of India (SBI) rallied 4 per cent to hit a record high of Rs 475 on the BSE in Monday’s intra-day trade on the back of heavy volumes. The stock of the state-owned banking giant surpassed its previous high of Rs 471.85 touched on September 17, 2021.

The trading volumes on the counter more-than-doubled with a combined 18.19 million equity shares having changed hands on the NSE and BSE till 02:46 pm. In comparison, the S&P BSE Sensex was up 0.40 per cent at 60,297 points.

Indian companies to raise Rs 75,000 cr via IPOs in next 6 months, says KPMG

KPMG expects digital companies in India to raise about $10 billion through initial public offerings in the next six months, as investors continue to pump money into the country’s technology sector.

India is unveiling an absolutely new area of growth with these digital companies for hungry global asset managers, Srinivas Balasubramanian, senior partner and head of corporate finance at KPMG India, told Bloomberg Television’s Rishaad Salamat and Haslinda Amin in an interview.

Tata Motors hits Jan 2018 high; soars 39% in a month on strong outlook

Shares of Tata Motors hit an over three-year high of Rs 415.30 as they rallied 8.5 per cent on the BSE in Monday’s intra-day trade, continuing their journey northward on the back of a strong growth outlook. The stock of the Tata Group commercial vehicles maker was trading at its highest level since January 2018. In the past one month, the market price of Tata Motors has soared 39 per cent, as compared to a 3.5 per cent rise in the S&P BSE Sensex.

At 10:52 am, Tata Motors was trading 7.7 per cent higher at Rs 412.50, against a 0.42 per cent gain in the benchmark index.

Aditya Birla Sun Life AMC makes muted market debut on D-Street

Shares of Aditya Birla Sun Life AMC Ltd made a muted market debut on Monday, listing at par with its issue price of Rs 712.

The stock listed at Rs 712 on BSE. Later, it touched a high of Rs 721 and low of Rs 700.

On NSE, it debuted at Rs 715, a marginal gain of 0.42 per cent from the issue price.

TCS plunges 7% on lower-than-expected September quarter result

Shares of Tata Consultancy Services (TCS) plunged 7 per cent to Rs 3,674.55 on the BSE in Monday's intra-day trade after the company's September quarter net profit missed Street expectations.

The IT company posted a slightly lower-than-expected, 14.1 per cent year-on-year growth in net profit and 16.8 per cent YoY rise in revenue, in the second quarter (Q2) of financial year 2021-22 (FY22). The stock of India's largest information technology (IT) services player had hit a record high of Rs 3,990 on October 8, 2021.

Gold price today at Rs 46,940 per 10 gm, silver selling at Rs 65,900 a kg

Gold (24 carat) is selling at Rs 46,940 per ten gram on Monday in India, unchanged from the previous trade.

Silver is selling at Rs 65,900 per kg, up Rs 4,100 from yesterday's trading price, according to Good Returns website.

The price of gold jewellery varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

2 militants killed in encounters in J-K's Anantnag, Bandipora districts

Two militants were killed and a policeman was injured during encounters in Jammu and Kashmir's Anantnag and Bandipora districts on Monday, police said.

Security forces had launched a cordon and search operation at Khagund in Anantnag district's Verinag area following information about the presence of militants there, an official said.

Mukesh Ambani joins Bezos, Musk in world's exclusive $100 bn club

Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.

The chairman of Reliance Industries Ltd. entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday.

I-T dept detects Rs 550-cr hidden income after raids on Hetero pharma group

The Income Tax Department detected "unaccounted" income of Rs 550 crore and seized over Rs 142 crore cash after it recently raided Hyderabad-based Hetero pharmaceutical group, official sources claimed on Saturday.

Company officials were not immediately available for comments.

E-commerce firms clock $2.7 bn in sales in first four days of festive sale

E-commerce players such as Amazon, Flipkart, and others have clocked about $2.7 billion in sales in the first four days of festive sale. According to the latest report released by RedSeer Consulting ‘Mid-Festive Check In’, the first week (2nd-5th October) of festive sale of 2021, e-commerce platforms including social commerce and grocery, altogether the platforms garnered about $2.7 billion in sales and are on track to achieve $4.8 billion gross merchandise value (GMV) which was forecasted by RedSeer Consulting last month.