Investors lost around Rs 7.59 lakh crore on Monday, October 23, as the equity market witnessed selling pressure amid rising tensions in the Middle East. Indian equity benchmark indices settled in red for fourth consecutive session.
The BSE Sensex plunged 825.74 points or 1.26 per cent to close at 64,571.88 points. The NSE Nifty ended 260.90 points or 1.34 per cent to close at 19,281.
"Benchmark indices witnessed severe pounding in the last hour trades as simmering geopolitical tension in the Middle East region triggered a wave of selling pressure and prompted investors to offload equity holdings.
"Investors are already worried about further interest rate hike and inflation, and with the addition of the Israel-Hamas conflict, the uncertainty has increased further and leading to weak sentiment in global equities," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.
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The Mukesh Ambani-led conglomerate is likely to close deal to acquire Walt Disney Co’s India operations, according to Moneycontrol report. The US-based entertainment company is expected to sell a majority stake in Disney Star business for around $10 billion, while Reliance values the assets between $7 billion and $8 billion.
The automobile company has commissioned two R&D facilities in Pune for the development of hydrogen propulsion technologies. The launch comprises an engine test cell for the development of hydrogen internal combustion engine and necessary infrastructure for the storage and dispensing of hydrogen fuel for the fuel cell and hydrogen to internal combustion engine (H2ICE) vehicles, the company said in a statement.
The third-party logistics service provider reported 73 per cent growth YoY in standalone profit after tax (PAT) at Rs 19 crore in the September quarter of FY24, compared to Rs 11 crore in the year-ago period. Revenue during the quarter fell 5 per cent to Rs 1,136 crore from Rs 1,196 in the corresponding quarter of FY23. EBITDA during the reported quarter fell by 20.6 per cent to Rs 54 crore.
The company said the board of directors has approved the appointment of Ajay Goel as Chief Financial Officer (CFO) of the company, with effect from October 30. Sonal Shrivastava has stepped down from the position from October 24 citing personal reasons.
Adani Ports and SEZ
The Adani Group firm has incorporated its wholly owned subsidiary, Udanvat Leasing IFSC for Rs 2.5 crore. The subsidiary will carry out the business of owning and leasing of aircraft.