Here is a collection of the most important stories this evening:
Pre-Budget bloodbath sees wipeout of Rs 12 lakh crore investor wealth
The market succumbed to major selling pressure on January 27, with the benchmark indices falling nearly 2 percent despite a positive trend in global peers, as participants turned cautious ahead of key events next week – Union Budget 2023 and the US Federal Reserve meeting. Bears took a strong lead for a second consecutive session, which resulted in a loss of Rs 11.75 lakh crore of wealth during 2 sessions, as the BSE market capitalisation fell from Rs 280.39 lakh crore, to 268.64 lakh crore as of 14:46 hours IST.
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Adani Enterprises FPO subscribed 1% on Day 1, retail portion booked 1%
Adani Enterprises' follow-on public offering (FPO), the largest ever in the history of Indian capital markets, received bids for 3.63 lakh shares or 1 percent of the issue size of 4.55 crore shares on January 27, the first day of bidding.
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Adani report fallout: Banking, LIC shares crack
Shares of Indian banks and Life Insurance Corp. of India plunged on Friday amid concerns about their exposure to the Adani Group following a scathing short-seller report. The NSE Bank Nifty Index extended declines of the previous session, underperforming broader stock benchmarks. Bank of Baroda and State Bank of India were among the biggest decliners.
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Adani Group stocks continue to fall; Adani Total Gas, Adani Transmission, Adani Green tank 20%
Adani group stocks took a beating for a second straight session on Friday, falling up to 20 percent and losing over Rs 4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations.
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RBI Governor Shaktikanta Das says India's Current Account Deficit 'eminently manageable'
RBI Governor Shaktikanta Das sought to ease worries over risks around India's rising Current Account Deficit (CAD) saying that it is "eminently manageable and within parameters of viability". Das said India's strong services exports and remittances will help in softening the impact on external deficit due to slowing of merchandise demand globally.
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Vedanta Q3 result: Net profit plunges 41% to Rs 2,464 crore; announces dividend of Rs 12.5
Vedanta Limited on January 27 reported a 40.81 percent drop in consolidated net profit for the quarter ended December 2022 at Rs 2,464 crore from Rs 4,164 crore in the same quarter last year. The revenue from operations came in at Rs 33,691 crore, down 0.01 percent from Rs 33,697 crore in the corresponding quarter a year ago, the company said in an exchange filing.
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Bajaj Finance Q3 net profit surges 40% to Rs 2,973 crore, in line with estimates
Bajaj Finance Ltd reported a consolidated net profit of Rs 2,973 crore, a jump of 40 percent year-on-year (YoY) for the December quarter, largely in line with analysts’ expectations. The average estimate of a poll of five brokerages by Moneycontrol had put the lender’s net profit at Rs 2,928 crore for the quarter compared with Rs 2,125 crore reported in the corresponding quarter a year ago.
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Tata Motors to hike prices of passenger vehicles from February 1
Tata Motors said on January 27 it would increase the price of its passenger vehicles by 1.2 percent weighted average basis from February 1, as input costs rise.
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