Latest Stock Market News

Tata Communications in a regulatory filing said the issuance will be done on a private placement basis to eligible investors. The company will issue a total of 175,000 NCDs of face value ₹1,00,000 each aggregating to ₹ 1,750 crore, the filing said.

The decision matched the forecast of 43 economists in a Reuters survey, which also projected the central bank to stay on hold until the end of this year, before delivering a rate cut in the first quarter of 2024.

Regional securities have fared better even though their emerging-market counterparts have had the benefit of monetary easing as central banks start cutting rates. There are multiple factors working in favor of Asian notes including a lower correlation to US yields, support from resilient currencies and disinflationary pressures exported by China.

The ₹880-crore initial public offering of TVS Supply Chain Solutions was subscribed 2.78 times earlier this month. The issue received bids for 69.9 million shares against an offer size of 25.1 million shares.

When money was cheap in the quantitative-easing era, Big Tech names like Tesla Inc. and Netflix Inc. reigned supreme with ever-higher valuations. Then last year, cheap-looking equities posted a powerful rebound while expensive peers plunged - moves largely attributed to the fast rise in interest rates.

RRVL, the holding company of Reliance Retail Ltd (RRL), had diluted 10.1% stake and raised over $6 billion in 2020 from several financial sponsors and sovereign wealth funds (SWFs) such as KKR, General Atlantic, TPG, Silver Lake, L Catterton, Abu Dhabi Investment Authority, Mubadala and Public Investment Fund of Saudi Arabia.

Promoter Baring PE, through its affiliate Hulst BV, will likely sell its entire stake in IT services company Coforge through block deals on Thursday, according to reports.

During the trading session, stock investors were encouraged as the yield on the 10-year U.S. Treasury note eased from near 16-year highs after weak business activity data from the United States and the euro zone.

A round of soft surveys on manufacturing had also revived hopes central banks were done tightening, though that might change depending on what clues about interest rates Federal Reserve Chairman Jerome Powell gives at an annual central bank summit in Jackson Hole, Wyoming, on Friday.

The New Zealand dollar also leapt overnight, as did the yen, which crossed below 145 to the dollar for the first time in more than a week tracking a sharp move lower in U.S. Treasury yields.