The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.
Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity markets were closed on Tuesday on account of Ganesh Chaturthi.
From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week.
The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week.
ICICI Bank's valuation dropped Rs 29,41

HDFC Bank

LIC gears up to appeal against a hefty GST demand exceeding Rs 290 cr, encompassing penalties and interest

LIC, Life Insurance Corporation

Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

oil refinery, crude oil, oil

The US provided Canada with intelligence after the killing of Sikh separatist Hardeep Singh Nijjar, but communications intercepted by Ottawa were more definitive and led it to accuse India of orchestrating the plot, The New York Times has reported citing sources.
The report came on Saturday as the top US diplomat in Canada confirmed that there was shared intelligence among Five Eyes partners that had prompted Canadian Prime Minister Justin Trudeau's offensive allegation against India in the killing of a Khalistani extremist on Canadian soil.
The allegations have infuriated India, which rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. India also accused Canada of being a safe haven for terrorists.
Nijjar, the chief of the banned Khalistan Tiger Force (KTF), was killed in Surrey in British Columbia on June 18. India had designated Nijjar as a terrorist in ...

Hardeep Singh Nijjar, Hardeep Nijjar

When Chief Executive Officer Charlie Scharf took the reins at Wells Fargo in 2019, he quickly tagged the firm's wealth offerings as an area he'd seek to develop

Wells Fargo

Cisco is buying the cybersecurity firm Splunk in a USD 28 billion deal as it bolsters its defences against potential security threats that may be heightened by the widening use of artificial intelligence.
The Silicon Valley tech giant will pay USD 157 per Splunk Inc. share.
Our combined capabilities will drive the next generation of AI-enabled security and observability, Cisco Chair and CEO Chuck Robbins said in a prepared statement. From threat detection and response to threat prediction and prevention, we will help make organisations of all sizes more secure and resilient.
The boards of both companies approved the acquisition, which is expected to close by the end of 2024's third quarter. It still needs approval from Splunk shareholders.
Shares of Cisco Systems Inc. fell more than 4 per cent before the market open on Thursday, while Splunk's stock surged nearly 22 per cent.

Cisco Webex

He argued that the move to choose Bombay HC over Delhi HC is to 'reap the maximum payable amount'

Akasa Air

Samakhiyali Tollway Private Limited, a special purpose vehicle of IRB Infrastructure Developers, will execute the Samakhiyali-Santalpur highway project in Gujarat with an outlay of Rs 2,092 crore, according to a statement on Thursday.
The project is to be executed on Build Operate and Transfer (BOT) mode, IRB Infrastructure Developers (IRB) said in the statement.
"Samakhiyali Tollway Private Limited has successfully achieved financial closure for its Samakhiyali Santalpur BOT highway project in Gujarat. The SPV is to execute the project with a cost outlay of Rs 2,092 crore... through IRB Infrastructure Trust," it said.
The consortium of lenders has extended debt support of Rs 1,446 crore for the project while the remaining Rs 646 crore will be in the form of equity contributions and internal accruals from the concessionaire, the company added.
Virendra D Mhaiskar, the company's Chairman & Managing Director, said, "After successful commencement of the Hyderabad Outer Ring Road ...

Road contruction, infrastructure projects, highways

Recovery in real estate, rise in property prices attracted savings

savings, investment, saving scheme

Demand for labor is slowing, overall labor market conditions have remained tight despite higher interest rates

US jobs

Union Home Minister Amit Shah on Sunday said the three proposed criminal laws are people-centric, have the flavour of Indian soil and their main purpose is to protect the constitutional, human and personal rights of citizens.
Addressing the International Lawyers' Conference organised by the Bar Council of India here, Shah also said the approach of the three bills is also to provide justice rather than mete out punishment.
He appealed to all lawyers in the country to provide their suggestions to the Bharatiya Nyaya Sanhita (BNS-2023), Bharatiya Nagarik Suraksha Sanhita (BNSS-2023) and the Bharatiya Sakshya Adhiniyam (BSA-2023) so that the country can have the best laws that benefit all.
The three bills, which were introduced in the Lok Sabha on August 11, will replace the Indian Penal Code, 1860, Criminal Procedure Act, 1898, and the Indian Evidence Act, 1872 respectively.
"India's criminal justice system was imprinted with colonial law. All three new bills do not have colonial impr

Amit Shah, Madhya pradesh election

In the interview, Tyagarajan talks about the investments in GenAI, acquisition strategy, and the technology spend environment

Tiger Tyagarajan pic

The MotoGP race in Greater Noida has provided Uttar Pradesh with economic opportunities worth around Rs 1,000 crore besides employment generation on a large scale, the state's Industrial Development Minister Nand Gopal Gupta said on Sunday.
While addressing a Business Conclave ahead of the main event of MotoGP's first-ever bike race in India at the Buddh International Circuit (BIC) on Sunday, the minister for Export, NRI and Investment Promotion, said, With the successful organization of Global Investor Summit, International Trade Show and MotoGP, Uttar Pradesh is completing the hat-trick of international events in the year 2023.
"The telecast of this event is reaching 50 crore homes in 200 countries through satellite TV," Gupta said.
"More than one lakh tickets have been sold for the MotoGP event. This event has generated economic activities worth about Rs 1,000 crore as well as employment generation opportunities on a large scale," the minister was quoted as saying in an official 

Photo: Shutterstock

Akasa had told the court that they have cancelled 24 flights per day and they operate 120 flights per day

Amid the funding winter and macroeconomic uncertainty, this funding will result in bolstering the balance sheet of the company and supporting its IPO plans, according to the sources

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Proposed criminal laws seek to provide justice rather than punishment: Shah

Genpact is investing about $600 mn over 3 years in AI: CEO Tyagarajan

MotoGP brings economic opportunities of Rs 1,000-crore in UP: Minister

No proof of flight cancellations, dismiss Akasa's petition: DGCA to HC

Udaan in talks with existing and new investors to raise $400 mn funding

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M-cap of 8 of 10 firms lose Rs 2.28 trn; HDFC, Reliance biggest laggards

LIC to challenge Rs 290 cr GST bill issued by Bihar tax authority

After lower sales in August, Russia ups discount on crude sale to India

US provided Canada intel on separatist Nijjar's killing, reports NYT

Banking giant Wells Fargo prepares for wealth battle after $1 bn turnaround

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