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

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 Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts.
The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023. The last meeting of the MPC, the highest rating-setting panel, was in August.
"We do expect the RBI to hold on to a status quo position this time as inflation is still high and liquidity tight. In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too

RBI, Reserve Bank of India

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

Not thinking about an IPO as of now, says chairman

Dr Krishna Ella

Cisco offered $157 in cash for each share of Splunk, representing a 31% premium to the company's last closing price

In search for next big ideas, global networking major is trying to grasp, and push forward, technologies such as IoT, AI, ML

Cisco

The ongoing diplomatic row between India and Canada is unlikely to have any immediate effect on investment relations between the two countries, a top government official said on Thursday.
The official said that the Canadian pension funds are getting higher returns in India, and they have investments in the Indian infrastructure sector.
"They are here because they are making higher returns here... So I don't see any reason for them to back out because of the current situation, which hopefully we will sort out," the official said.
Those funds can not get such returns anywhere else, the official said, adding "I don't see any impact on Canadian investments into India".
"Don't see any immediate impact on Indian investments into Canada also," the official noted.
The comments come in the backdrop of an intense diplomatic row that erupted following Canadian Prime Minister Justin Trudeau's allegations of a "potential" involvement of Indian agents in the killing of a Khalistani separatist i

India Canada

India will be a USD 5 trillion economy and the third largest in the world by market exchange rates by 2027, aided by the demographic advantage and pace of financial sector development, Reserve Bank Deputy Governor Michael D Patra has said.
Delivering a speech at the 16th SEACEN-BIS High-Level Seminar hosted by the National Bank of Cambodia on Monday, Patra said it is widely believed that during the next two decades -- if not for longer -- the centre of gravity of the global economy will shift eastward to Asia.
The IMF's Regional Economic Outlook for Asia and the Pacific indicates that this region will contribute about two-thirds of global growth in 2023 itself and India will account for a sixth of world output growth in 2023 and 2024, he said.
In terms of market exchange rates, he said India is the fifth-largest economy in the world and the third-largest economy on the basis of purchasing power parity.
"Our assessment is that by 2027, India will be a USD 5 trillion economy and the 

Indian economy, economy, markets

In a step towards enhancing last-mile connectivity with public transportation, Delhi govt has invited proposals for the deployment of 3,000 high-speed e-scooters, low-speed e-scooters, and e-cycles

Fire-safety norms for Li-ion battery could push up e-scooter prices by 10%

electric scooters, e-scooters, EV, Electric vehicles

Sebi has amended rules under which listed entities with outstanding non-convertible debt securities will be required to list subsequent issuance of such securities on stock exchanges.
This will come into effect from January 1, 2024, the Securities and Exchange Board of India (Sebi) said in a notification uploaded on its website on Thursday.
The move is aimed at facilitating transparency in price discovery of non-convertible debt securities, providing better disclosures to investors and the market, and avoiding ISIN-level confusion and possible mis-selling of unlisted bonds.
In its notification, Sebi said certain types of issuances have been exempted from the applicability of this requirement.
Those included capital gains tax debt securities issued under Section 54EC of the Income Tax Act, 1961; those Non-Convertible Debts (NCDs) where parties have agreed to hold the securities till maturity and accordingly will be unencumbered; and NCDs issued following an order of any court or ...

SEBI

"If this Vande Bharat train is for the people and we want them to travel by Vande Bharat, it is necessary that the fare prices should be reduced," Mahua Maji said

Vande Bharat Express

Company executives and government officials are counting on esports as an instrumental part of their post-Covid comeback

Tencent

Evasion by companies may be to the tune of up to Rs 12,000 crore

gaming, online gaming,

The leaders of both countries should encourage bilateral trade and people-to-people exchanges that can help build bridges

Bezzecchi, however, regained his top spot. First, he overtook Bagnaia to claim second place and then raced into the lead when an error at Turn 4 sent Martin wide, as per the MotoGP release

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

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

RBI likely to keep interest rate unchanged as inflation still high: Experts

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

Bharat Biotech plans to invest Rs 3,000-4,000 crore in post-Covid shift

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