Latest Stock Market News

Swiggy plans to increase the fresh issue component of its upcoming IPO to ₹5,000 crore and will seek shareholder approval at an EGM on October 3. The company initially aimed to raise ₹3,750 crore in fresh capital. Swiggy recently reported a 36% rise in operating revenue and a reduced net loss for the year ended March 31, 2024.

Crude oil prices rose on Wednesday as concerns about Tropical Storm Francine disrupting supply outweighed demand worries. Brent crude futures increased to $69.58 a barrel, while U.S. crude futures reached $66.19 a barrel. The storm has led to the suspension of some production facilities in the Gulf of Mexico.

The dollar weakened against major currencies as investors await key inflation data and a U.S. presidential debate. Safe-haven currencies like the yen and Swiss franc gained amid a drop in bank shares. The Federal Reserve is expected to cut interest rates next week, with the size of the cut still uncertain.

Gold prices remained steady as investors awaited key U.S. inflation data, which could provide insights into potential interest rate cuts by the Federal Reserve. Spot gold edged up 0.1% to $2,517.80 per ounce. The U.S. Consumer Price Index data is expected to show a 0.2% rise month-on-month for August.

The Reserve Bank of India has been actively intervening in the currency market to prevent the rupee from breaching the 84 per dollar mark. This strategy involves selling and purchasing dollars to maintain exchange-rate stability amid a broader trade deficit and global economic uncertainties.

Vedanta Resources has launched a dollar bond issue at a final price guidance of 10.875%, with an order book of $1.6 billion. The proceeds will refinance bonds due in 2027 and 2028, potentially reducing funding costs by over 300 basis points. The bonds are rated B- by S&P and have a five-year tenure.

Traders reduced their bullish bets on insurers after the GST Council left rates on insurance products unchanged. HDFC Life, ICICI Prudential Life, and ICICI Lombard saw declines. The industry is lobbying for a rate cut from 18% to 12%. A group of ministers will review the proposal before the next meeting in November.

State Bank of India plans to raise up to ₹7,500 crore through tier-2 bonds next week to meet growing credit demand. The bond sale, with a base size of ₹3,500-4,000 crore and the remainder via a greenshoe option, is set for September 18. The funds will likely support regulatory requirements and business growth.

Benchmark Sensex gained nearly 362 points, with Nifty closing above 25,000 on Tuesday. Stocks in focus included GMR Airports, IREDA, and Suzlon Energy, which saw significant gains. Analyst Viral Chheda suggests these stocks have potential for further growth and recommends buying at current levels and dips for long-term investment.