Today’s breaking news on business, finance and the stock market at 9:30 a.m. on September 13, 2022

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September 13, 2022

Transcript of today’s latest business news at 9:30 am September 13, 2022

“You are listening to the Expresso Business update. Here is the latest Indian and international business news brought to you by The Indian Express and The Financial Express.

Let’s start with the equity market – Indian benchmarks are expected to open in the green as SGX Nifty trends indicate a higher open with a gain of 114 points. In the previous session, the BSE Sensex closed above the 60,000 mark for the first time since August 18, rising 322 points to 60,115, while its broader counterpart NSE Nifty 50 rose 103. points at 17,936. According to Ajit Mishra, Vice President – Research, Religare Broking, the recent rebound in global markets, particularly in the United States, is adding to the strength of the market and, apart from heavyweights, participants are also expected to look to broader indices for trading opportunities. The stocks in the spotlight today will be TCS, HDFC Life, Ujjivan Small Finance Bank, Vedanta, NTPC and Muthoot Capital.
Moving on – Ujjivan Small Finance Bank on Monday opened its qualified institutional placement to raise up to Rs 600 crore. According to an exchange filing, the bank set the floor price for the issue at Rs 21.93 per share. The floor price is 15.4% off from Monday’s closing price of Rs 25.30 on BSE. The stock is up 28% since Aug. 12, according to BSE data. The Bengaluru-based lender said in February that it planned to raise Rs 600 crore by issuing shares on a QIP basis. The QIP is one of the stages of the bank’s reverse merger with its parent entity Ujjivan Financial Services. After the QAP, the bank will begin the process of applying for various regulatory approvals. The bank’s capital adequacy ratio fell to 20.03% as of June 30, from 25.88% a year earlier.
In another development – ​​Amazon Seller Services losses narrowed to Rs 3,649.2 crore in FY22 from Rs 4,748.1 crore in FY21. retailer also narrowed to Rs 1,285.9 crore for the year to March 2022, from Rs 2,970.6 crore the previous year. Operating revenue for the period increased by 32.4% to Rs 21,462 crore. Amazon Seller Services operates a marketplace where it sells products online in India and internationally. According to Bernstein analysts, a decade after a presence in India and $6.5 billion in investments, Amazon India’s track record is mixed. Analysts pointed out that India is one of Amazon’s largest overseas markets and also one of its fastest growing with top-notch customer experience and a large Prime customer base.
Meanwhile, foreign portfolio investors have bought $8 billion worth of stocks since July, helped by a correction in commodity prices and India’s relatively strong macro fundamentals. This is after withdrawing $33.5 billion between October and June. India’s relative outperformance against other emerging markets has accelerated in recent weeks and the outperformance is now the highest since the 1999-2000 period. The 50-stock Nifty is trading at a valuation of 19x its 12-month forward P/E as of September 7. India is seen as the favorite among emerging markets due to the relative resilience of the rupee and also relatively low foreign exchange reserves. levels of external debt, current account and budget deficits. India’s weighting in the MSCI EM Index has risen to around 14.49% now, from 8.1% at the end of October 2020. The constituent count of the MSCI EM Standard Index is now 108 stocks, up from 87 in October 2020.
In other developments – Construction of national highways fell 13% year on year to 19.4 km per day in the first five months of the current fiscal year, compared to 22.3 km per day achieved in the corresponding period of the previous financial year. This means that construction must grow at a blistering pace of 55 km per day during the remaining period to meet the target of building 40 km per day set by the government for the current financial year. All the executing agencies including the National Highways Authority of India have together constructed 2,911 km of highways in the April-August period of the current fiscal year, compared to 3,355 km in the same period of the previous year. So far, the pace of construction this year has been the slowest in recent years for comparable periods.
Finally, Navi Technologies, promoted by Sachin Bansal, received the green light from the capital markets regulator for its IPO. The fintech filed its draft red herring prospectus to raise Rs 3,350 via an IPO in March. Navi Technologies received an “observation letter” from Sebi on September 5. According to DRHP, out of the total of Rs 3,350 crore it plans to raise from public issuance, Rs 2,370 crore will be invested in Navi Finserv and Rs 150 crore will be invested in Navi Finserv. be infused into the general insurance arm. The rest will be used for global expansion plans.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Have your digital assistive device read the latest Indian Express business news and stay abreast of happenings in financial and business stories.

Click here to listen to last night’s Business News

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Today’s breaking news on business, finance and the stock market at 9:30 a.m. on September 13, 2022Transcript of today’s latest business news at 9.30am 13th September 2022 “You are listening to Expresso Business Update. Here is the latest news from the world of Indian and international business brought to you by The Indian Express and The Financial Express.” Let’s start with the equity market – Indian benchmarks are expected to open in the green as SGX Nifty trends indicate a higher open with a gain of 114 points. In the previous session, the BSE Sensex closed above the 60,000 mark for the first time since August 18, rising 322 points to 60,115, while its broader counterpart NSE Nifty 50 rose 103. points at 17,936. According to Ajit Mishra, Vice President – Research, Religare Broking, the recent rebound in global markets, particularly in the United States, is adding to the strength of the market and, apart from heavyweights, participants are also expected to look to broader indices for trading opportunities. The stocks in the spotlight today will be TCS, HDFC Life, Ujjivan Small Finance Bank, Vedanta, NTPC and Muthoot Capital. Moving on – Ujjivan Small Finance Bank on Monday opened its qualified institutional placement to raise up to Rs 600 crore. According to an exchange filing, the bank set the floor price for the issue at Rs 21.93 per share. The floor price is 15.4% off from Monday’s closing price of Rs 25.30 on BSE. The stock is up 28% since Aug. 12, according to BSE data. The Bengaluru-based lender said in February that it planned to raise Rs 600 crore by issuing shares on a QIP basis. The QIP is one of the stages of the bank’s reverse merger with its parent entity Ujjivan Financial Services. After the QAP, the bank will begin the process of applying for various regulatory approvals. The bank’s capital adequacy ratio fell to 20.03% as of June 30, from 25.88% a year earlier. In another development – ​​Amazon Seller Services losses narrowed to Rs 3,649.2 crore in FY22 from Rs 4,748.1 crore in FY21. retailer also narrowed to Rs 1,285.9 crore for the year to March 2022, from Rs 2,970.6 crore the previous year. Operating revenue for the period increased by 32.4% to Rs 21,462 crore. Amazon Seller Services operates a marketplace where it sells products online in India and internationally. According to Bernstein analysts, a decade after a presence in India and $6.5 billion in investments, Amazon India’s track record is mixed. Analysts pointed out that India is one of Amazon’s largest overseas markets and also one of its fastest growing with top-notch customer experience and a large Prime customer base. Meanwhile, foreign portfolio investors have bought $8 billion worth of stocks since July, helped by a correction in commodity prices and India’s relatively strong macro fundamentals. This is after withdrawing $33.5 billion between October and June. India’s relative outperformance against other emerging markets has accelerated in recent weeks and the outperformance is now the highest since the 1999-2000 period. The 50-stock Nifty is trading at a valuation of 19x its 12-month forward P/E as of September 7. India is seen as the favorite among emerging markets due to the relative resilience of the rupee and also relatively low foreign exchange reserves. levels of external debt, current account and budget deficits. India’s weighting in the MSCI EM Index has risen to around 14.49% now, from 8.1% at the end of October 2020. The constituent count of the MSCI EM Standard Index is now 108 stocks, up from 87 in October 2020. In other developments – Construction of national roads fell by 13% year on year to 19.4 km per day in the first five months of the current financial year, against 22.3 km per day achieved in the during the corresponding period of the previous financial year. This means that construction must grow at a blistering pace of 55 km per day during the remaining period to meet the target of building 40 km per day set by the government for the current financial year. All the executing agencies including the National Highways Authority of India have together constructed 2,911 km of highways in the April-August period of the current fiscal year, compared to 3,355 km in the same period of the previous year. So far, the pace of construction this year has been the slowest in recent years for comparable periods. Finally, Navi Technologies, promoted by Sachin Bansal, received the green light from the capital markets regulator for its IPO. The fintech filed its draft red herring prospectus to raise Rs 3,350 via an IPO in March. Navi Technologies received an “observation letter” from Sebi on September 5. According to DRHP, out of the total of Rs 3,350 crore it plans to raise from public issuance, Rs 2,370 crore will be invested in Navi Finserv and Rs 150 crore will be invested in Navi Finserv. be infused into the general insurance arm. The rest will be used for global expansion plans. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Have your digital assistive device read the latest Indian Express business news and stay abreast of happenings in financial and business stories. Click here to listen to last night’s Business News

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