X

Yo-yo Tuesday

Nifty50: 17,007 8 (-0.05%)
Sensex: 57,107 37 (-0.07%)


Hello, folks!

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Among the Nifty sectoral indices, Oil and Gas (+1.1%) and Pharma (+0.9%) were the top gainers, while Metal (-0.8%) and Financial Services (-0.8%) were the top losers.

Top gainers Today's change
Cipla 1,102 ▲ 36 (+3.4%)
Tata Consumer 800 ▲ 19 (+2.4%)
Shree Cement 21,239 ▲ 490 (+2.3%)

Top losers Today's change
Hero MotoCorp 2,643 ▼ 78 (-2.8%)
Adani Ports 846 ▼ 16 (-1.9%)
Titan 2,604 ▼ 50 (-1.9%)

What’s trending


⭐ Power Grid rises after govt order

POWERGRID (NSE): 205 ▲ 4.4 (+2.1%)

Shares of transmission firm Power Grid rose by over 3% intraday. As per media reports, power financing firm Rural Electrification Corporation (REC) had approached the government to consider selling the 52.6% stake of Power Finance Corporation (PFC) in REC to Power Grid. However, the proposal has been reportedly rejected by the government, leading to a rebound in Power Grid’s shares, which were on a declining trend for the past seven trading sessions.

⭐ Mahindra Logistics makes new acquisition

MAHLOG (NSE): 506 ▲ 2.9 (+0.5%)

Logistics service provider, Mahindra Logistics will acquire the B2B express business of logistics firm Rivigo Services. The total transaction value is ₹225 crore and will take place through a business transfer agreement. Gurgaon-based Rivigo’s B2B network currently covers over 19,000 pin codes across the country. The acquisition will significantly strengthen the Mahindra Logistics’  express business capability.

Jyoti Structures bags new order

JYOTISTRUC (NSE): 17.5 ▲ 0.8 (+4.7%)

Shares of power transmission solutions provider Jyoti Structures surged after the company secured a new order from Sterlite Power Transmission. The new contract worth ₹237 crore is for the turnkey supply and construction of a double-circuit transmission line in Goa and Karnataka. The project will be commissioned in a phased manner by December 2023 and July 2024.

Shakti Pumps rises on advance funds

SHAKTIPUMP (NSE): 511 ▲ 24 (+5.0%)

Shares of Shakti Pumps India were upbeat and rose over 10% intraday. This was after the company said it had received an advance of $6 million for the pumps it will be supplying to the government of Uganda. The company will start the project execution from October 2022


In Focus


Crude oil falls on demand concerns

Oil prices in the international markets seem to have cooled down in the past few weeks. Brent Crude December Futures slipped to as low as $84.6 this week, the lowest level since January. As a stock market investor, one might think falling crude prices are good for India. But, this is where things get a bit tricky. Keep reading to find out.

The US Fed in its policy meeting last week raised the interest rate by 0.75%. This makes US treasury bonds more attractive to foreign investors, leading to a rise in the US dollar. In fact, the US dollar index, which values the dollar against the basket of major currencies, climbed to a 20-year high this week.

A rising dollar tends to weaken the demand for crude oil, as countries like India have to spend more in dollar terms to buy crude. Hence, a strong dollar more or less cancels any gains made from lower crude oil prices as the overall import bill remains the same.

Further, interest rate hikes by central banks across the globe have raised concerns about an economic slowdown and are also dampening the demand for crude oil.

At present, a lower demand outlook and rising dollar is keeping a check on crude prices. However, all eyes will be on the upcoming OPEC+ meeting on 5 October. Any key announcement with regard to oil production cuts could lend some support to oil prices.


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Good to know

What are current assets?

In simple terms, current assets are an item on the balance sheet which accounts for all the assets owned by the company that can be converted into cash within one year. For a company, current assets are important as it provides working capital for day-to-day expenses. Examples of current assets can be cash (including foreign currency), short-term investments, prepaid expenses, and inventories.

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Categories: Market Recap