Latest Stock Market News

Edelweiss said investors may watch out for deal momentum, tenure and pricing; attrition and supply-side pressure; client budget and how the pipeline is shaping amid geopolitical uncertainties and weak macro outlook.

Stocks that were in focus included names like TCS which closed with a gain of about 1 per cent, a day ahead of its results on Friday, while Rakesh Jhunjhunwala-owned Titan rose more than 5 per cent, and Surya Roshni gained more than 8 per cent on Thursday.

The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash.

Jaguar Land Rover reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June.

Law mandates the RBI to keep inflation at 4% which it forecasts to be 6.7% this fiscal. To get to target, it has to raise interest rates sharply which it is reluctant to as it aims for a durable economic recovery. For the currency to be stable it has to attract overseas funds with higher interest rates.

The Reserve Bank of India on Wednesday had announced a slew of measures to enhance foreign exchange flows and rein in the value of the rupee which touched record low nearing Rs 80 to the dollar, including allowing overseas investors to buy short-term corporate debt and opening of more government securities under the fully accessible route.

Earlier this year, buyout firm TPG Inc went public after what was the biggest U.S. IPO so far of 2022. However, a risk-off sentiment has swept across global markets as threats of a looming recession spook investors, leading to a freeze in the market for IPOs.

In its first interim order dated February 2017, the regulator barred Gautam Sanjay Khandelwal from accessing the markets for sending SMSes and trading in the scrip of STML.

"Given regulatory outcomes are yet unknown, we value the company assuming a status quo in the industry structure. However, the uncertainty will likely weigh on long-term fair multiple, and hence, we assign a lower multiple of 33 times FY24E forward, a 30 per cent discount to fair value multiple and arrive at a target of Rs 600,"

The currency has already dropped more than 6% this year, putting it on the threshold of 80 per dollar for the first time, as fears of a global recession and spiraling oil prices fuel outflows and deficits. The authorities are well aware of the potential risks, with the Reserve Bank of India and the government announcing a raft of measures in the past week to support the currency.