BSE, NSE open flat post new RBI Guv announcement
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The domestic stock markets have opened nearly flat from their Friday closes in the first trading session after the next Reserve Bank of India Governor was announced.
The 30-share benchmark BSE Sensex opened at 28,129.33, up 52.33 points or 0.19% higher from its Friday's close. The index had closed the week at 28,088.07, up 11.07 points or 0.04% higher.
In early trade, National Stock Exchange's broader 50-share Nifty was trading at 8,668.70 up 1.80 or 0.02%.
The government announced that the current RBI Deputy Governor Urjit Patel would take over as the next governor once outbound Raghuram Rajan steps down on September 4 at the end of his three-year term.
Patel's appointment announcement came from the government on a Saturday, presumably to avoid any knee-jerk reaction from the markets. Rajan's surprise open letter to the RBI employees, telling them that he wouldn't be seeking a second term, also came on a Saturday, probably for the same reason. His last day, September 4, is, however, a Sunday.
The domestic markets were weighed down by the weakness in the Asian markets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%, after losing 0.3% last week, a Reuters report said.
Japan's Nikkei rose 0.3% in early trade, taking solace from a weaker currency, but then shed the gains, it added.
The top gainers on BSE were Oberoi Realty 5.74%, Biocon 2.45%, Fortis Healthcare 2.40%, Sanofi 2.20%.
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The BJP will benefit from the anti-incumbency against the Biju Janata Dal government, which is in power for an unbroken 24 years in Odisha, and a strong Modi wave to dethrone Naveen Patnaik from the helm of the state, senior saffron party leader Vijaypal Singh Tomar claimed.
In an interview with PTI, Tomar said, "There is anti-incumbency and people in Odisha have decided to change the BJD government this time. Similarly, there is a strong Modi wave across India, which has also been strongly felt in this state."
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A senior TDP leader has said the priority of the party is to "rebuild" Andhra Pradesh and take the state out of the debt trap by getting rid of the YSR Congress Party (YSRCP) government.
Telugu Desam Party (TDP) National Coordinator (Election) and ex-Rajya Sabha MP Kanakamedal Ravindra Kumar said Andhra Pradesh has suffered more losses during the Jagan Mohan Reddy government than during the creation of the two Telugu states in 2014 when resources were shared with Telangana.
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The Supreme Court on Friday issued a notice to the Election Commission of India (ECI) regarding a plea seeking to frame rules in case ‘None of the Above' (Nota) option gets the majority in elections.
Motivational speaker Shiv Khera has petitioned that the ECI treat Nota as a "fictional candidate" and to establish guidelines for conducting re-elections in constituencies where Nota garners a majority.
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The just-concluded follow-on public offer (FPO) of Vodafone Idea Limited (VIL) has not only brought relief to the struggling telecom operator but also to the three investment banks that managed the Rs 18,000 crore share sale. According to the final prospectus filed by the Mumbai-based firm, it has paid Rs 287 crore, 1.6 per cent of the issue size, as book running lead manager (BRLM) fees.
This, according to PRIME Database, is the second-highest BRLM fee paid for a domestic FPO or an initial public offering (IPO).
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India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
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