Tata Capital may launch IPO in 2025, seek Jio Financial-like valuation: Report - The Economic Times

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Jio AirFiber Launch: Reliance Jio's wireless broadband service goes live with plans starting at Rs 599 - CNBCTV18

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Jio AirFiber Launch: Reliance Jio's wireless broadband service goes live with plans starting at Rs 599 - CNBCTV18
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Trade setup for Wednesday: Top 15 things to know before the opening bell - Moneycontrol

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Trade setup for Wednesday: Top 15 things to know before the opening bell - Moneycontrol
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Tata Motors to raise commercial vehicle prices by up to 3% - Moneycontrol

Tata Motors announced on September 18 that it will increase the prices of its commercial vehicles, effective October 1, 2023, by up to 3 percent. This will lead to higher revenue for the company from the next quarter, assuming sales growth continues.

“The price increase is to offset the residual impact of the past input costs, and will be applicable across the entire range of commercial vehicles,” India’s largest commercial vehicle manufacturer said in a release.

For most of last year and earlier this year, the auto industry faced high input costs due to rise in commodity prices. This put pressure on margins of the company and led to passing the cost to customers in a gradual manner. Though, commodity prices have softened since then.

Earlier in the month, Tata Motors posted a tepid 1.9 percent YoY growth with total sales at 32,077 units in August 2023 against 31,492 units in the same month last year.

Domestic sale of medium and heavy internal combustion vehicles (M&HICV) in August 2023, including trucks and buses, stood at 13,306 units, compared to 12,069 units in August 2022. Total sales for M&HICV Domestic & International Business in the month stood at 13,816 units compared to 12,846 units in August 2022.

The largest growth came in passenger carriers, registering sales growth of 30 percent YoY. Sales of Heavy Commercial Vehicles (HCV), which primarily includes trucks, rose 14.4 percent YoY.

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Foxconn looks to double India workforce, investments by 2024 - The Economic Times

Taiwanese contract manufacturer Foxconn aims to double its workforce and investment in India by next year, the company’s India representative V Lee said in a LinkedIn post on Sunday.
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Lee wished Prime Minister Narendra Modi on the occasion of his 73rd birthday and said the company was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.

However, he did not divulge any further details. Foxconn, one of the makers of iPhone and the world's largest contract manufacturer, already has a sizeable presence in Tamil Nadu where its factory employs over 40,000 people.

On September 7, ET reported that Lee had confirmed the company was evaluating several states, including Tamil Nadu, for its EV ambitions.

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“In our last earnings call, chairman Liu had said the company will expand its diversified strategy including in the states of Karnataka and Telangana aside from Andhra Pradesh and Tamil Nadu,” Lee had told ET at the time.
“He said that our key components in India will first and foremost, be to do with consumer electronics. However, next year, he said there will also be EV key components in India.”

( Originally published on Sep 17, 2023 )

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Stock market today: What to expect from Nifty, Sensex, Bank Nifty today - Mint

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FPIs offload ₹4,800 crore from equities in first fortnight of September - BusinessLine

Foreign portfolio investors (FPIs) have pulled out close to ₹4,800 crore from equities in the first fortnight of September on rising US bond yields, a stronger dollar, and concerns over global economic growth.

Before the outflow, FPIs were incessantly buying Indian equities in the last six months from March to August and brought in ₹1.74 lakh crore during the period.

“In the coming days, FPIs are likely to press sale as the market is at record highs and valuations are high,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

"With high bond yields in the US (the 10-year is at 4.28 per cent) and the dollar index above 105, FPIs are likely to sell more," he added.

According to the data with the depositories, Foreign Portfolio Investors (FPIs) pulled out a net sum of ₹4,768 crore from the equities so far this month (till September 15). This figure includes bulk deals and investments through the primary market.

• Also read: Primary market turns busy as seven firms gear up to raise ₹9,600 crore

This came after FPI investment in equities had hit a four-month low of ₹12,262 crore in August.

"The net outflow (in September) was mainly due to uncertainties surrounding the global interest rate landscape, particularly in the United States, and concerns regarding global economic growth," Himanshu Srivastava, Associate Director - Manager Research, Morningstar India, said.

“These concerns stem from broader global macroeconomic factors, including surging crude oil prices and the reemergence of inflation risks,” he said.

He further said that worries about an impending interest rate hike in the United States and its potential impact on the global economy have made investors more cautious, prompting them to adopt a "wait-and-watch" approach.

"While FPI withdrawals in September have raised concerns, it's important to view these movements in the broader context of global financial dynamics. The potential for FPIs to transition into buyers in the coming months is a significant indicator of India's resilience as an investment destination," Mayank Mehraa, small case manager and principal partner at Craving Alpha, said.

“As global conditions evolve and India’s economic fundamentals remain robust, there’s reason to maintain a positive outlook for the markets shortly,” he added.

Investment in debt market

On the other hand, FPIs invested over ₹2,000 crore in the country's debt market during the period under review.

With this, the total investment by FPIs in equity has reached ₹1.3 lakh crore and over ₹30,200 crore in the debt market this year so far.

In terms of sectors, FPIs have been consistently buying capital goods and power.

Even though the foreign investors have been sellers, it didn't impact the market at all since it was neutralised by domestic institutional investors.

“Additionally, hyperactivity by retail investors is also contributing to the bullishness in the market,” Geojit’s Vijayakumar said.

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Published on September 17, 2023

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FPIs offload ₹4,800 crore from equities in first fortnight of September - BusinessLine
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