Adani Group surpasses Mukesh Ambani led firms in terms of market cap

The Markets Today in a nutshell

• The domestic equity benchmark ended with steep losses tracking negative global cues.
• Investor sentiments turned jittery as US officials spoke about more rate hikes in coming policy to bring down inflation close to targeted 2 percent. Minutes of RBI’s policy meet in August also indicated more interest rate hikes in the coming months as retail inflation remains elevated, even though panel members noted that inflation might have peaked.

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News you could use

?Kotak Mahindra Bank witnesses selling pressure
Kotak Mahindra Bank witnessed selling pressure as it missed out on inclusion in the Financial Times Stock Exchange (FTSE).  The private sector lender was widely expected to get included in the FTSE All-World Index after the legroom for foreign portfolio investors increased to 20 per cent in the quarter ended June.

?Adani Group surpasses Mukesh Ambani led firms in terms of market cap
Adani group has become the second most valued listed Indian group in terms of market cap, beating Mukesh Ambani Group. Despite its higher debt, investors continued to buy Adani Group firms after they expanded and diversified into multiple businesses, leading to earnings visibility in the future.

?Zomato share price declines on brokerage firm sell call
Zomato share price dropped for almost one-week low after brokerage firm Nomura Research initiated coverage on the firm with reduced ratings with a price target of Rs 50 a share.

News from the IPO world?

• Dreamfolks Services IPO sets IPO price band at Rs. 308-326.
• Pharma company Shanghai United Imaging jumps 75% in its debut IPO.
• PharmEasy delays IPO.

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