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The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."
Adani Group has dismissed the report as baseless and said it is considering whether to take legal action against the New York-based firm. "There were heavy positions in Adani group (shares), the way they have risen in the last couple of years," said Neeraj Dewan, director at Quantum Securities in New Delhi. Shares of other listed Adani firms also plummetted, with Adani Transmission Ltd (ADAI.NS) Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Enterprises' net profit for the period ended Sept. 30, 2022 doubled to 9 billion Indian rupees ($110.31 million) while its total income nearly tripled to 795 billion Indian rupees, according to its share sale prospectus. The company's total liabilities as of September 2022 stood at 869 billion rupees ($10.64 billion), the prospectus showed.
BENGALURU, Jan 27 (Reuters) - Shares of Tata Motors Ltd (TAMO.NS), India's No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years. Tata Motors swung to a surprise profit of 29.58 billion rupees in the October-December quarter, from a loss of 15.16 billion rupees a year before. Improving semiconductor supplies and rising demand helped Tata Motors' luxury car unit, Jaguar Land Rover (JLR), turn profitable. Goldman rates Tata Motors' stock "neutral", while Nomura rates it "buy", which is also the average rating of the 30 analyst covering the stock, according to Refinitiv data. Bajaj Auto Ltd (BAJA.NS), among India's top motorcycles and three-wheelers maker, also reported a bigger-than-expected quarterly profit due to strong domestic demand and higher prices.
Adani Group fallout drags Indian shares to 3-month low
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Jan 27 (Reuters) - Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence. Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on the Nifty 50 on Friday, ahead of the latter's $2.45 billion follow-on public offering (FPO). The heavyweight financials sector (.NIFTYFIN) again led the slide, falling more than 2% even though brokerages said banks' exposure to the Adani Group was within manageable limits. The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.
I'm careful to track my business expenses and don't shy away from spending money on valuable things. Working with my financial advisor and accountant helped me create a structure to make tax season a breeze. Be smart about business expensesOne of my biggest takeaways from the 2021 tax season was that eligible business expenses help grow your business and shrink your tax bill. One is for my invoices and business expenses and the other is for my personal expenses, bills, and contributions to savings. In my personal expense tracker, I cross-reference my bank accounts and credit cards with my bills and auto-deposits to savings accounts and investments.
Indian shares hit over 1-wk low; Adani group stocks fall
  + stars: | 2023-01-25 | by ( Rama Venkat | ) www.reuters.com   time to read: +2 min
BENGALURU, Jan 25 (Reuters) - Indian stocks hit an over-one-week low in volatile trading on Wednesday, ahead of the monthly expiry of derivatives and the federal budget. The Nifty 50 index (.NSEI) was down 1% at 17,936.25 as of 11:17 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.96% to 60,394.36. Nifty's volatility index (.NIFVIX) climbed as much as 8.5% to 14.815 after hovering around the 14 mark for over a month. Auto stocks (.NIFTYAUTO) shed early gains to trade 0.2% lower, with Maruti Suzuki (MRTI.NS) and Bajaj Auto (BAJA.NS) the only gainers on the index. Maruti was up 0.8% on strong third-quarter earnings, while Bajaj Auto rose 0.3%.
MUMBAI, Jan 19 (Reuters) - The Indian rupee is likely to weaken at open against the U.S. dollar on Thursday as mounting global growth concerns prompted investors to exit risk assets. The rupee is tipped at around 81.45 to the dollar in early trading against the dollar, compared with the 81.24 close in the previous session. The S&P 500 index fell the most in over a month overnight as weak U.S. retail sales data fuelled worries on the growth front. Retail sales fell more than expected in December, putting consumer spending and the overall economy on a weaker growth path heading into 2023. Further, the decline in retail sales in November was revised to show an even weaker reading.
NHL roundup: Connor McDavid leads streaking Oilers past Kraken
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +6 min
[1/4] Jan 17, 2023; Edmonton, Alberta, CAN; Edmonton Oilers forward Connor McDavid (97) carries the puck up ice during the first period against the Seattle Kraken at Rogers Place. Mandatory Credit: Perry Nelson-USA TODAY SportsJanuary 18 - Connor McDavid scored his NHL-leading 38th goal of the season as the Edmonton Oilers defeated the visiting Seattle Kraken 5-2 on Tuesday night. Derek Ryan, Warren Foegele, Ryan McLeod and Zach Hyman also tallied for the Oilers, who extended their winning streak to four games. Kyle Connor scored for the Jets, who had a three-game win streak come to an end. Carter Verhaeghe, Anton Lundell and Josh Mahura also scored goals for Florida.
INDIA RUPEE Rupee likely to inch up on upbeat Asian cues
  + stars: | 2023-01-16 | by ( Nimesh Vora | ) www.reuters.com   time to read: +2 min
MUMBAI, Jan 16 (Reuters) - The Indian rupee may open marginally higher against the U.S. dollar on Monday, supported by a further uptick in Asian currencies after last week's rally. The rupee was likely to open at 81.25 per dollar compared with 81.3250 in the previous session. However, it was fairly obvious that rupee will not be repeating the kind of rally it saw last week, he said. Portfolio outflows and likely decent support (for USD/INR pair) at 81 should keep rupee in check, he added. Foreign portfolio investors have taken out $1.8 billion from Indian equities so for this month and $116 million from debt.
MUMBAI, Jan 11 (Reuters) - The Indian rupee may open slightly higher against the dollar on Wednesday, building on the previous day's momentum when it managed to move above important resistance levels, traders said. The rupee is tipped to open at around 81.66-81.70 compared with 81.7850 in the previous session. Yesterday, the rupee managed to scale multiple resistance levels that were there between 81.80 to 82.20, surprising most market participants, a spot trader at a foreign bank said. The rupee will simply be carrying yesterday's momentum at open, he added. Anil Bhansali, head treasury at Finrex Treasury Advisors, reckoned that after Tuesday's move, the new support levels for USD/INR are at 81.70 and 81.40.
India's TCS slips 2.7% on profit miss, weak outlook
  + stars: | 2023-01-10 | by ( ) www.reuters.com   time to read: +2 min
Shares of India's largest IT services provider fell as much as 2.7% to 3,230.1 rupees, dragging the broader market down 0.7%. "While TCS is better placed in a recessionary environment, its rich valuations will likely weigh on stock performance." The Mumbai-based company's order book fell to $7.8 billion from $8.1 billion in the September quarter. (nL4N33U1V6)Profit rose to 108.46 billion rupees ($1.32 billion) from 97.69 billion rupees a year earlier, but missed analysts' estimates of 110.46 billion rupees. The stock fell 12.9% in 2022, after five straight years of gains.
The dollar index dropped below 103 overnight to its lowest level since June, extending its U.S. jobs data-prompted slide. ING Bank said in a note that after the U.S. jobs data, Fed futures have reverted to pricing in a peak rate of less than 5%. The focus now shifts to Fed Chair Jerome Powell's speech later in the day and to the critical U.S. inflation on Thursday. Fed policymakers said on Monday the inflation data will help them decide whether they can slow the pace of interest rate hikes at their upcoming meeting to 25 basis points. Overnight, U.S. shares slipped overnight, unable to sustain an earlier rally.
On his right ring finger was a big honking metal ring. Indeed, the ring appears to be an MIT class ring, also known as the "brass rat." The beaver design for the MIT class ring, taken from the school's mascot, dates to 1930. The chair of the 2014 ring committee didn't immediately respond to Insider's request for comment for this story. A representative for Bankman-Fried responded to Insider's request for comment and confirmed Bankman-Fried was wearing an MIT class ring.
Jeremy Siegel used a quote from Warren Buffett to explain the problem behind Tesla's epic stock price decline. "It's far better to buy a wonderful company at a fair price, than a fair company at a wonderful price," Buffett once said. "The problem with Tesla was always the price, and I think that's the bottom line," Siegel said. Tesla stock has erased just over $900 billion in market value over the past year, with the stock price falling more than 70% from its record high. The full Buffett quote Siegel may be referring to is: "It's far better to buy a wonderful company at a fair price, than a fair company at a wonderful price."
MUMBAI, Jan 2 (Reuters) - The Indian rupee is tipped to open little changed against the U.S. dollar on Monday, with traders assessing the outlook for the local currency after a difficult year. The rupee is expected at around 82.70-82.75 per dollar at the open, compared to 82.72 in the previous session. We anticipate an increase in volatility later this month on new positions and flows and before India's budget, the trader said. At the open, the rupee will have to contend with the 3% jump in Brent crude futures on Friday. The dollar index was little changed, at around 103.5, to begin the week.
BENGALURU, Dec 29 (Reuters) - Foreign investors' selloff in Indian equities was the biggest on record in 2022, dragging the benchmark indexes to their smallest annual gain in four years, but analysts expect purchases by cross-border investors to rebound next year. Foreign portfolio investors (FPIs) sold 1,219.08 billion rupees ($14.73 billion) worth of Indian equities in 2022, till Dec. 29, the biggest selloff in Indian shares in a year since 1993, when data became available. Reuters Graphics Reuters GraphicsThe second-worst FPI selloff was in 2008 at 529.87 billion rupees ($6.40 billion), which triggered a 51.79% fall on the Nifty 50 (.NSEI). Foreign funds purchased around 958.78 billion rupees worth of stocks in the second half of 2022, after being net sellers of shares worth 2,173.58 billion rupees in the first half. Reuters GraphicsDOMESTIC INVESTORS WEIGH INMeanwhile, domestic institutional investors net bought equities worth 2,734.60 billion rupees in 2022, their best year since data became available in 2008, according to National Stock Exchange.
Indian shares rise in final session of 2022; IT, metals up
  + stars: | 2022-12-30 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Francis MascarenhasBENGALURU, Dec 30 (Reuters) - Indian shares opened higher on Friday in the final session of 2022, aided by an uptick in IT stocks, tracking gains in global equities. The Nifty 50 index (.NSEI) was up 0.32% at 18,248.85, as of 09:55 a.m. IST, and the S&P BSE Sensex (.BSESN) rose 0.32% to 61,328.04. Oil prices, which slid on concerns over demand recovery in China, also aided gains in domestic equities. Forty-three of the Nifty 50 constituents rose with Tata Steel (TISC.NS), Bajaj Finserv (BJFS.NS), Tech Mahindra (TEML.NS) gaining over 1%. ($1 = 82.7580 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Krishna Chandra Eluri and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.
Indian shares fall as China COVID surge dampens sentiment
  + stars: | 2022-12-29 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Dec 29 (Reuters) - Indian shares fell on Thursday, dragged by broad-based declines, as a surge in COVID cases in China dampened optimism generated by the reopening of the world's second-largest economy. The Nifty 50 index (.NSEI) was down 0.58% at 18,017.85, as of 11:27 a.m. IST, and the S&P BSE Sensex (.BSESN) fell 0.54% to 60,578.03. Forty-five of the Nifty 50 constituents fell, with Tata Consumer (TACN.NS), Tata Motors (TAMO.NS), Grasim (GRAS.NS), Ultratech Cement (ULTC.NS), HDFC (HDFC.NS) and Hindalco Industries (HALC.NS) losing over 1.25%. Several countries, including the United States and India, have made COVID tests mandatory for travellers from China. The stock was the top gainer in Nifty 50 index.
Indian shares flat in choppy trade as liquidity dries up
  + stars: | 2022-12-28 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Dec 28 (Reuters) - Indian shares swung between small gains and losses on Wednesday in the absence of major triggers, with liquidity drying up ahead of the year-end and weaker global cues. Foreign institutional investors had sold net 43.2 billion rupees since Dec. 16, as per National Stock Exchange data. Adding to the worries for domestic equities were oil prices, which hovered around a three-week high on hopes of demand recovery in China. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. Twenty-six of the Nifty 50 stocks logged losses, with Bharti Airtel (BRTI.NS), Bajaj Finserv (BJFS.NS), ONGC (ONGC.NS), Infosys (INFY.NS) and Bajaj Auto (BAJA.NS) losing over 0.6%.
Indian shares rise as China further eases COVID curbs
  + stars: | 2022-12-27 | by ( ) www.reuters.com   time to read: +1 min
The Nifty 50 index (.NSEI) was up 0.46% at 18,097.45, as of 09:17 a.m. IST, and the S&P BSE Sensex (.BSESN) rose 0.47% to 60,850.63. Capping the gains in domestic equities are oil prices, which rose in thin trade on fears of supply disruption due to winter storms across the United States. Brent crude <LCOc1) rose above $84 per barrel while Nymex crude jumped above $80 per barrel. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. ($1 = 82.6500 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.
Indian shares snap four-day losing run in low-volume session
  + stars: | 2022-12-26 | by ( ) www.reuters.com   time to read: +2 min
BENGALURU, Dec 26 (Reuters) - Indian shares rose for the first time in five days in a low-volume session on Monday, with the rebound helped by mixed U.S. data that bolstered bets of smaller interest rate hikes by the Federal Reserve. The Nifty 50 index (.NSEI) was up 1.08% at 17,999.85 by midday, and the S&P BSE Sensex (.BSESN) gained 1.08% to 60,494.09. The Nifty fell 3.3% in the previous four sessions and dropped below the psychologically key 18,0000 mark on Friday. Banking stocks also rose with (.NSEBANK) and (.NIFTYPSU) rising over 1% and 3% respectively. Index heavyweight Larsen and Toubro (LART.NS) advanced 1.95% after bagging orders worth 10 billion rupees and 25 billion rupees.
BENGALURU, Dec 26 (Reuters) - Indian shares rose for the first time in five days in a low-volume session on Monday, with the benchmark Nifty 50 reclaiming the key 18,000 level, as risk assets were boosted after mixed U.S. data bolstered bets of smaller Federal Reserve rate hikes. The Nifty 50 index (.NSEI) closed 1.17% higher at 18,014.60, and the S&P BSE Sensex (.BSESN) gained 1.20% to 60,566.42, marking their biggest daily gain since Nov. 24. The Nifty fell 3.3% in the previous four sessions, slipping below the psychologically key 18,000 mark on Friday. Forty of the Nifty 50 constituents advanced, as did most of the major sectoral indexes. Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza and Eileen SorengOur Standards: The Thomson Reuters Trust Principles.
Sofia PittIf you were received Apple 's new second-generation AirPods Pro as a holiday gift, you made out well. Here are some AirPods Pro tips and tricks to get you started. How to find your AirPods Pro if you lose themThere's a built-in speaker in the new AirPods Pro that plays a sound so you can locate them. Tap the name of your AirPods (mine say Sofia's AirPods Pro). Ways to charge your new AirPodsThe new AirPods Pro come with a MagSafe charging case.
BENGALURU, Dec 23 (Reuters) - Indian shares opened lower in broad-based declines on Friday after robust U.S. economic data revived concerns over higher interest rates, while a surge in COVID-19 infections in China also dampened risk appetite. The Nifty 50 index (.NSEI) was down 0.78% at 17,988 as of 9:30 a.m. IST, dropping below the 18,000 mark for the first time since Nov. 10. Reuters GraphicsChina is expecting a peak in COVID-19 infections within a week, a health official said, sparking concerns across the world. The one exception was the pharma index, <.NIPHARM>, which rose 1.36% on news that India is ready to step up exports of fever medicines to China. Asian markets also declined after the slide in U.S. shares, with the MSCI Asia ex Japan (.MIAPJ0000PUS) falling 0.94%.
"Global investors, sovereign funds and other institutions are looking to raise exposure to India in their emerging markets portfolios. The world-beating stocks performance has helped India to double its weight in MSCI's emerging markets index to 16% from 2019, but overseas investors have missed out in the local rally. Foreign portfolio investors sold a net $18 billion this year of Indian assets but turned buyers in November and December. The IPO came after the government offloaded its decades-old, debt-laden flag carrier Air India to Tata Sons for $2.4 billion in enterprise value. Apple said it will manufacture iPhone 14 in India, while a key supplier Foxconn (2317.TW) plans to quadruple the workforce at its Indian plant, Reuters has reported.
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