LIVE updates on the stock market for Friday, August 23: At market open on Friday, investors were waiting for clues from US Federal Reserve Jerome Powell’s speech at the current Jackson Hole Economic Symposium, which caused Indian benchmark indices to fall due to global cues.
The wider Nifty 50 was steady at 24,812, while the BSE Sensex was down 0.02 percent at 81,038,.
When US Federal Reserve Chairman Jerome Powell gives the keynote address at the Jackson Hole Symposium on August 22–24, investors will be watching for any additional hints regarding the possibility of one or more interest rate reduction by the Fed this year.
Prior to the Fed chair’s speech on Thursday, all three of the main US stock indexes saw a decline in value due to technology shares, which caused Treasury yields to increase as US recession worries subsided.
The S&P 500 shed 50.21 points, or 0.89 percent, at 5,570.64, the Nasdaq Composite sank 299.63 points, or 1.67 percent, to 17,619.35, and the Dow Jones Industrial Average plummeted 177.71 points, or 0.43 percent, to 40,712.78, overnight.
As investors worldwide focused on the meeting of central bank officials from across the globe, looking for clues about an interest rate easing cycle as inflation steadily moderates, benchmark indices in the Asian markets were generally down.
The Nikkei 225 in Japan was down 0.15 percent at 38,150, the ASX 200 in Australia was down about 0.4 percent, and the HSI in Hong Kong was quoting 0.34 percent lower.
Investing Ideas
Nykaa-based FSN E-Commerce Ventures
An investor in Nykaa prior to its initial public offering (IPO), Harindarpal Singh Banga, plans to sell up to 1.4% of his holdings in the platform for beauty and personal care at a floor price of Rs 198 per share. At the conclusion of the June quarter, Singh owned 6.4% of Nykaa.
Ambuja Cement
A $500 million block bid to sell 2.84% of Ambuja Cements is being launched by Holderind Investments, a promoter group company of the company. The deal’s floor price of Rs 600 per share represents a 5% reduction from the previous closing price of Rs 631.80 on August 22.
The Shriram Finance
The transfer of Shriram Housing Finance to Mango Crest Investment Ltd., a Warburg Pincus affiliate, has been approved by the Competition Commission of India (CCI). Obtaining more regulatory clearances is a need for the approval.
Airtel Bharti
After an appeal, Bharti Airtel has declared that its Goods and Services Tax (GST) due has decreased. In response to Bharti Airtel’s appeal, the Central Goods and Services Tax Appellate Authority lowered the company’s GST claim from Rs 604.66 crore to Rs 194 crore. The mechanism for reverse charging licence fees and spectrum usage charges, which were first determined by the Additional Commissioner of the Central GST in Delhi, was at issue in this dispute.
Adani Power
The National Company Law Tribunal (NCLT), Hyderabad Bench, has accepted Adani Power’s Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL). The following day, the order, which was issued on August 21, 2024, was posted on the NCLT website.