Trade Financial News

Tesla (NASDAQ:TSLA) stock fell 1.5% in early New York trading Wednesday after Wells Fargo downgraded the rating to Underweight (equivalent to sell) from Equal Weight. Analysts called Tesla “a growth company with no growth.”

Apollo Tyres Ltd, Ceat Ltd, JK Tyres & Industries Ltd and MRF Ltd have declined 5-15% in the last five trading sessions. Considering an average selling price of ₹40,000 per pair, a price reduction of around 1.5-2% has been taken by companies like Apollo Tyres and JK Tyres, showed a recent dealers’ channel check by Nomura Financial Advisory and Securities (India). This move was in response to a similar price-cut action taken by the truck segment leader, MRF on 5 March, Nomura said in its report dated 7 March.

Also Read: Demat Account: What are the tax implications of transactions? Now, when it comes to applying for an IPO, there are a few ways to do it, but the most popular way is through a demat account, primarily using the UPI method. This account is mandatory if one wishes to apply for an IPO, and it is also the simplest and least complicated method. So, a majority of retail investors choose to go this way when they're looking to invest in an IPO.

BSE, merely 89 shares marked their 52-week high. Also read: Stock market today: Sensex, Nifty 50 fall over 1% each; why did Indian stock market fall today? On NSE, stocks such as Sindhu Trade, Marshall Machines, GRM Overseas, Cello World, and BGR Energy, among others, hit their lowest levels in the past 52 weeks.

A recent US government study found that existing intellectual property laws are sufficient to handle infringement related to non-fungible tokens (NFTs). Consequently, there is no requirement for new legislation in tackling this issue, it says.

Bitcoin (BTC) exchange-traded funds (ETFs) experienced a staggering $1.05 billion in net inflows on March 12, according to data from SoSoValue . 

cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency. «Capital formation in India has a lot to do with development and regulation of local markets. Having seen a revolution in local markets from badla systems to futures and options (F&O), the future competition could be in the form of cryptos,» said the veteran banker.

Reliance Ethane Holding Pte Ltd. (REHPL) a wholly owned subsidiary of oil-to-telecom conglomerate Reliance Industries has invested Rs 284 crore each in three of its subsidiaries--Ethane Coral LLC, Ethane Diamond LLC, and Ethane Jade LLC-- aggregating to Rs 852.8 crore ($102.90 million). Ethane LLCs have entered into ship-building contracts (SBCs) to purchase Very Large Ethane Carriers (VLECs) and each Ethane LLC will own a VLEC. VLECs are being acquired for the transportation of Ethane. The investment is made to enable Ethane LLCs to make part payment towards the cost of construction of three VLECs. «Reliance Ethane Holding Pte Ltd. (REHPL), a wholly-owned subsidiary of the Company, has informed that it has today invested in 34,300,000 ordinary shares of face value of $1 each for cash at par, in each of its three wholly owned subsidiaries,» RIL said in a regulatory filing on Wednesday.

Adani Group stocks plunged up to 13% on Wednesday, erasing nearly Rs 90,000 crore from the combined market capitalisation of the 10 listed stocks. The top loser in the day's trade was Adani Green Energy, which lost 13% to hit the day's low of Rs 1,650 on the NSE. It was followed by Adani Total Gas and Adani Energy Solutions which cracked nearly 8% each. Nifty constituents Adani Enterprises and Adani Ports & Special Economic Zone dropped around 7%. Others including Adani Power, Adani Wilmar, ACC, Ambuja Cements, and New Delhi Television (NDTV) fell up to 5%.

Bharat Electronics Ltd. traded 5.3 per cent down in Wednesday's trade at 01:50PM (IST). Around 2,065,117 shares changed hands on the counter. The stock opened at Rs 204.25 and touched an intraday high and low of Rs 205.65 and Rs 192.2, respectively, in the session so far. Shares of the company of Bharat Electronics Ltd. quoted a 52-week high of Rs 216.7 and a 52-week low of Rs 89.68.

Tata Power Company Ltd. traded 4.93 per cent down in Wednesday's trade at 02:00PM (IST). Around 1,249,969 shares changed hands on the counter. The stock opened at Rs 398.5 and touched an intraday high and low of Rs 399.75 and Rs 373.45, respectively, in the session so far. The stock of Tata Power Company Ltd. quoted a 52-week high of Rs 433.2 and a 52-week low of Rs 182.45.

Ambuja Cements Ltd. traded at Rs 562.7 on BSE at 01:55PM (IST) on Wednesday, down 4.08 per cent from previous close. The scrip quoted a 52-week low price of Rs 340.95 and a high of Rs 624.55.

Adani Enterprises and Adani Green witnessed heavy losses in the range of 5% to 10% on Wednesday. All ten Adani Group stocks were trading sharply lower with the flagship Adani Enterprises shares extending decline for the seventh straight session. Adani Enterprises was the top loser on the Nifty 50 index, dropping more than 6%.

BENGALURU , MUMBAI : The already overheated smallcap market may be in for more turmoil with apparent links to the Mahadev betting scam surfacing. The Enforcement Directorate recently seized the assets of several entities that it believes were used as vehicles to launder illicit money made from the illegal Mahadev Online betting app. Turns out that 13 smallcap companies valued at between ₹63 crore and ₹3,300 crore have more than 1% shares owned by at least four of these entities, according to a review of share ownership by Mint.

rupee depreciated 5 paise to 82.85 against the US dollar in early trade on Wednesday, as the strength of the American currency in the international market and elevated crude oil prices dented investors' sentiment. Forex traders said the rupee is expected to trade with a slight negative bias on recovery in the greenback and concerns over elevated crude oil prices. However, a positive tone in domestic markets may support the rupee at lower levels. At the interbank foreign exchange, the rupee opened at 82.82 against the dollar and touched an early low of 82.85 against the greenback.

Track prices here However, they have declined by Rs 879 or 1.3% from their all-time high of Rs 66,356 on fears that the interest rate could remain elevated for longer amid higher-than-expected consumer inflation numbers in the US.

The NSE Nifty index traded 86.5 points down at 22249.2, while BSE Sensex was down 142.56 points at 73525.4 as of 11:10AM(IST)on March 13.

Voltas Ltd. fell 0.09 per cent to Rs 1052.4 in Wednesday's session as of 11:01AM (IST) even as the equity benchmark Sensex traded 104.31 points lower at 73563.65. Earlier in the day, the stock witnessed a gap up start to the session. The stock quoted a 52-week high price of Rs 1139.0 and a 52-week low of Rs 745.0 on NSE. Around 3037 shares changed hands on the counter till 11:01AM (IST).

Au Small Finance Bank Ltd.(up 1.17 per cent), ICICI Bank Ltd.(up 1.0 per cent), Kotak Mahindra Bank Ltd.(up 0.71 per cent) and HDFC Bank Ltd.(up 0.44 per cent) were among the top gainers.

SRF Ltd. traded at Rs 2431.35 on BSE at 10:51AM (IST) on Wednesday, up 0.36 per cent from previous close. The scrip quoted a 52-week low price of Rs 2050.0 and a high of Rs 2636.65.

The NSE Nifty index was trading 49.96 points down at 22285.75, while BSE Sensex was down 19.94 points at 73648.02 at the time of writing this report.