Live from the Stock Market on Wednesday, August 21, 2024: The benchmark market indices, NSE Nifty50 and BSE Sensex, are expected to open on Wednesday on a sombre tone, following their worldwide counterparts.
GIFT Nifty futures were down 13 points at 24,693 at 8:15 AM, suggesting a sluggish start to the trading day.
Wall Street was mirroring lower trade on Asian markets. The Nikkei in Japan was down0.62%, the Kospi in South Korea was down0.26%, the Shanghai Composite in China was down0.93%, and the Hang Seng Index in Hong Kong was down 1.13 percent.
As investors awaited the Jackson Hole Economic Symposium, which begins on Thursday, Wall Street’s major indices finished lower overnight in the US, ending their winning streak on Tuesday.
The Nasdaq Composite ended Tuesday’s trading session down 0.33 percent. The Dow Jones Industrial Average and the S&P 500 as a whole finished the day down 0.15 and 0.20 percent, respectively.
Investing Ideas
Ola Electric: According to the Production Linked Incentive (PLI) Scheme for the automotive and auto component industries, the firm has certified that their mass-market scooters, the S1 X 3 kWh and S1 X 4 kWh, comply with the eligibility evaluation requirements.
Tata Chemicals: SES Based on information for FY 2023–2024, ESG Research has given Tata Chemicals an Environmental, Social, and Governance (ESG) Score (Adjusted) of 69.4 (Grade B).
Larsen & Toubro: In response to the Principal Commissioner of GST and Service Tax, Mumbai, issuing a show-cause notice over a service tax claim of Rs 2,237 crore on an old subsidiary. The business has filed a Writ Petition in the Bombay High Court. For certain post-demerger transactions, the corporation has already paid the applicable tax.
Telecom Equities
Today’s focus will continue to be on telecom-related stocks, such as Bharti Airtel and Vodafone Idea. This comes after the Telecom Regulatory Authority of India (TRAI) on August 20, 2024, presented its annual report for FY24. According to the report, India’s entire tele-density grew at an annual growth rate of 1.39 percent, from 84.51 percent at the end of March 2023 to 85.69 percent at the end of March 2024.
IPO Corner
The public subscription period for Interarch Building Products’ IPO finishes today.
Today is the public subscription opening for Orient Technologies Limited’s IPO.