500 Financial News

MUMBAI : The promoters of Adani Group raised about $500 million by selling a part of their holdings in Adani Green Energy Ltd to investors, including INQ Holding Llc, a wholly owned unit of sovereign fund Qatar Investment Authority (QIA). This is one of the several recent stake sales by billionaire Gautam Adani aimed at cutting promoter-level debt and releasing stock pledges. At current market prices, around ₹31,095 crore ($3.75 billion) is required by the promoters to release the shares pledged by the promoters in five key group firms.

S&P 500 (SPX) fell 2.3% last week to mark the biggest weekly decline in 5 months. Despite moving higher in early Friday trading, the stock market reversed its course and headed lower on the back of the July employment report.

By Noel Randewich

Realty developer Keystone Realtors has recorded its best-ever first quarter performance with pre-sales of Rs 500 crore for the quarter ended June, up 106% from a year ago. During the quarter, the company added three new projects with a gross development value of Rs 2,500 crore to its portfolio in line with its asset light model.

equity market is likely to open on a cautious note on Monday following weakness in Asian markets. Trends on Gift Nifty indicate a flat opening for the benchmark index. Gift Nfty was trading 0.04% higher at 19,596.00.

CISF, that guards 66 civil airports of the country, has been sanctioned an enhanced manpower of more than 6,500 personnel over the past 18 months to cater to the ever-increasing load of passengers and expansion of the existing facilities, official sources said. With the allocation of fresh personnel, the overall strength of this unit deployed to secure civil airports against terrorist, hijack and sabotage threats is now about 37,000 men and women including commando-trained troops, they said.

But worry not, as we bring you a curated list of 10 budget-friendly Rakhi gift ideas under Rs.500 that will make your sister feel cherished and loved. From personalized trinkets to beauty products, cute stationery, and trendy accessories, these gifts are not only thoughtful but also easy on the pocket. Show your sister how much she means to you with these affordable yet meaningful presents, making this Raksha Bandhan a memorable and heartwarming celebration of sibling love.

Sanghi Industries, the company acquired by Adani-owned Ambuja Cements, is set to buy out ₹500 crore bonds from Kotak Special Situations Fund a year ahead of maturity. Last November, the listed cement maker had raised the sum through non-convertible debentures at 16-17% interest rate from Kotak Special Situation Fund for an 18-month period, and financing was secured against the company's assets and shares. The fund was utilised to reduce the company's debt, including prepayment of term debt amounting to ₹210 crore and reduction of working capital debt of ₹100 crore.

Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading 32.50 points, or 0.17%, higher at 19,484.00. On Thursday, Nifty fell for the third consecutive session ending 0.74%, or 144.90 points, lower at 19,381.65.

PTI. The ranking of number 88 is the best-ever achieved by Reliance on the Fortune Global 500 ranking list. Meanwhile, Life Insurance Corporation of India (LICI) which slipped nine places to rank at 107.

Fitch's move to downgrade US rating as an excuse to book some profits off the table. Sensex has plunged about 1,500 points in 2 days while Nifty broke below the 19,300-zone. In the two-day selloff, investors have become poorer by Rs 5.7 lakh crore. While Fitch's statement had nothing new to offer as it is a well-known fact that developed market governments are getting more indebted, the downgrade of US rating to AA+ from AAA is seen as being sentimentally negative for riskier assets. In sync with the risk-off reaction in global and other Asian markets, Sensex plunged over 800 points on Thursday with Reliance Industries (RIL), banks and IT stocks leading the downside. Realty, banks and other financial stocks were among the worst affected but pharma stocks managed to thrive in the selling pressure on the back of Q1 earnings report card. Amid the global sell-off, Dalal Street traders also overlooked Morgan Stanley's upgrading of Indian equities to overweight position. Citing a structural uptrend, secular leadership and relative valuations being less extreme than in October, the global brokerage firm has placed India at the No.1 position in its basket of Asian emerging markets ex-Japan.

Fitch's downgrade of the United States' credit rating, Indian equity markets opened in the red for the second straight session on Thursday, dragged by banking, financial and IT stocks. The BSE Sensex was trading 285 points or 0.43% lower at 65,497. Nifty50 was trading at 19,442, down 84 points or 0.43% at around 9.17 am.

Also Read: Gift Nifty, Asian markets to selloff in US stocks - key triggers for Indian stock market today The index breached the important level of 20 day EMA at 19,560 which has been providing support all through the recent upmove since March 31. Nifty formed a long negative candle on the daily chart with minor lower shadow. “Technically, this pattern indicates sharp negative reversal in the market.

Nasdaq closed weaker on Tuesday, the first day of seasonally slow August, ahead of U.S. jobs data and major companies' earnings reports later this week. U.S.

Pfizer edged 1.2% lower after its quarterly revenue fell short of analysts’ expectations. European stocks declined on Tuesday, on shrinking factory activity in the euro zone. The pan-European benchmark STOXX 600 fell 0.9%.

Nokia posted ₹9,500 crore of revenue in India during the April-June period, boosted by the 5G rollouts. Sanjay Malik, head of the India market, tells Danish Khan that the 5G-led growth in India is happening faster than in some developed markets. The company is supporting Vodafone Idea's existing 4G operations and is awaiting the telco's funding, which is taking longer than what Nokia had expected, he says.

Kidbea, a leading sustainable kidswear brand, is all set to achieve remarkable milestones as it embarks on a journey to become a 500-crore brand within the next three years. With its commitment to providing eco-friendly, high-quality clothing for children, Kidbea has already made a significant impact in the market. Drawing inspiration from its remarkable success so far and armed with visionary leadership, Kidbea aims to reach new heights in the coming years.

Analysts at Oppenheimer Asset Management, hiked the year-end S&P 500 price target by 500 to 4900.

The price of Dogecoin (DOGE) has dropped by 2.5% in the past 24 hours, slipping to $0.076938 as the cryptocurrency market as a whole declines by 1%.

Foxconn may invest up to $500 million to set up a new unit near the Kempe Gowda international airport in Bengaluru to make smartphone accessories, multiple sources aware of the development told ET. The investment is likely to be done by Foxconn Industrial Internet (FII), a subsidiary of Foxconn. Earlier in the day, Foxconn Industrial Internet (FII), a subsidiary of Foxconn signed a memorandum of understanding with Guidance Tamil Nadu to establish a new manufacturing facility in Kancheepuram district for electronics components.

S&P 500 (SPX) rose 1% last week after investors used a Thursday mini-selloff as a buying opportunity. Moreover, recent economic data shows the U.S. economy is performing stronger than expected, fueling bets that the Federal Reserve will still manage to deliver a soft landing.