Categories: Miscellaneous

HeroMotoCorp has raised the prices of its motorcycles and scooters

Opening Bell:

SGX Nifty is up by 81.0 points in the early morning trade, indicating a gap down opening for Indian stock market.

Asian indices were trading lower in the early morning trades. The Japanese Nikkei will be closed on public holiday in Japan, South Korea’s Kospi was lower by 1.07 percent and Hong Kong’s Hang Seng is down 0.32 percent in early morning deals.

Wall Street key benchmark indices extended their downfall as more central banks joined the Federal Reserve in raising interest rates in response to soaring inflation. Dow Jones went down by 0.35 percent, Nasdaq Composite declined by 1.37 per cent, S&P 500 slid by 0.84 per cent.

European indices fell on Thursday with tech stocks sliding the most after the US Federal Reserve hiked interest rates.

Stocks News:

?M&M is in talks with global investors to raise $250 mn to $500 mn to accelerate its plans to build electric vehicles (EVs), the Reuters said quoting source with direct knowledge of the matter.

?Kirloskar Industries has announced the proposed divestment of its 17.41% stake in Swaraj Engines (SEL) to Mahindra & Mahindra (M&M). The divestment has been proposed through inter-se transfer amongst the promoter through off-market transaction, at a price of Rs 1,400 per share.

?HeroMotoCorp has raised the ex-showroom prices of its motorcycles and scooters, with immediate effect. The price revision has been necessitated to partially offset the impact of cost inflation. The price revision will be up to Rs 1,000 and the exact quantum of increase will vary with model and market.

?Zydus Lifesciences has entered into share purchase, subscription and shareholder’s agreement (SPSSA) to acquire upto 11.86% stake in AMP Energy Green Nine. With this, it will set up captive wind solar hybrid power project in Gujarat.

?Somany Ceramics has decided to sell its entire equity stake in subsidiary Amora Ceramics (ACPL) for Rs 3.62 crore. Amora Ceramics will cease to be the subsidiary of the company after completion of disinvestment.

?Foreign institutional investors (FIIs) have net sold shares worth Rs 2,509.55 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 263.07 crore on September 22, as per provisional data available on the NSE.

Domestic and International Events

  • The US current account deficit narrowed sharply in the second quarter amid a surge in goods exports, data showed on Thursday. The current account deficit, which measures the flow of goods, services and investments into and out of the country, contracted 11.1% to $251.1 billion last quarter.
  • The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to “respond forcefully, as necessary” to inflation, despite the economy entering recession.
  • Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow’s new mobilization campaign in its invasion of Ukraine would further restrict global supplies.
  • The European Union is looking at an oil price cap, tighter curbs on high-tech exports to Russia and more sanctions against individuals, diplomats said on Thursday, in response to what the West condemned as a new escalation in Moscow’s war in Ukraine.

Key Equity Indices

EMERGING LATEST % 1D
Hang Seng 18,148 (1.6) %
Shanghai Composite 3,109 (0.3) %
DEVELOPED LATEST % 1D
Dow Jones 30,077 (0.4) %
DAX 12,532 (1.8) %
FTSE 100 7,160 (1.1) %
Nikkei 27,154 (0.6) %
Straits Times 3,263 0.0 %
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