Sensex accumulates 500 pts on weak overall indices; financial, banks under pressure
The Hang Seng and Shanghai Composite are trading down 0.8% and 1.8% respectively. Meanwhile, the Nikkei fell 2.7%.
In U.S. equity markets, Wall Street indices fell, tech stocks fell the most as Treasury Secretary Janet Yellen urged the U.S. Congress to quickly raise the debt ceiling to keep the U.S. government operating .
The Dow Jones finished lower 1.6% while the Nasdaq Composite fell 2.8% to 14,547.
Back home, Indian stock markets opened on a negative note, following the trend on SGX Nifty.
The ESB Sensex trades 480 points. Meanwhile, the NSE Nifty is trading down 131 points.
Dr. Reddy’s lab is among the top winners today. HDFC Bank and ICICI Bank, on the other hand, are among the big losers today.
The BSE Mid Cap index opened down 0.2%. The BSE Small Cap Index is trading down 0.3%.
Sector indices are trading on a mixed note, with stocks in the banking and financial sectors taking most of the selling pressure.
Healthcare stocks and FMCG stocks trade green.
The rupee is trading at 74.19 against the US dollar.
Gold prices are trading up 0.2% at ??45 930 for 10 grams.
In the news of the electric vehicle (EV) space, Bharat Petroleum Corp (BPCL) plans to add 1,000 EV charging stations in the short term to exploit new business opportunities and to guard against the displacement of automotive fuels .
Here is what President Arun Kumar Singh said:
We will leverage our nationwide network of service stations to support electric mobility, converting approximately 7,000 conventional retail outlets into energy stations offering multiple refueling options such as gasoline, diesel, flexible fuels, charging facilities for electric vehicles, CNG and possibly hydrogen in the medium and long term. .
Currently, BPCL operates 44 EV charging stations.
BPCL plans to offer several refueling options to 7,000 gas pumps, or about a third of its network of 19,000 points of sale, to facilitate owners of vehicles powered by gas, electricity and hydrogen.
BPCL also plans to spend ??$ 50 billion to build its 1,000 MW renewable energy portfolio over the next five years, much of it inorganically.
Note that another state-run fuel retailer, HPCL, recently announced plans to build 5,000 electric vehicle charging stations, mostly at its existing pumps.
Overall, BPCL expects a capex of ??1 lakh crore over the next five years on a range of upstream, refining, marketing, natural gas and renewable energy projects.
The plan to add charging stations just means the company wants to be ready if electric vehicles gain popularity in the future.
The BPCL share price opened the day down 0.6%.
Speaking of electric vehicles, after the government announced the expansion of the FAME II program, several states like Maharashtra, Gujarat, Rajasthan and Delhi announced their own policies for faster adoption of electric vehicles.
As part of the FAME II program, 350 new charging stations for electric vehicles have been installed across the country.
Here is a summary of the stations that have been installed in each city:
The government is actively developing guidelines such as the establishment of charging infrastructure for electric vehicles by the Ministry of Energy, the modification of model building orders (MBBL-2016) for charging infrastructure for electric vehicles by the Ministry of Housing and Urban Affairs, etc.
Moving on to the news of the IPO space, Aditya Birla Sun Life AMC Rs 27.7 billion initial public offering (IPO) opens today.
The IPO is an offer to sell up to 2.9 million shares by Aditya Birla Capital and up to 36 million shares by Sun Life AMC.
The offer will be closed to subscriptions on October 1.
The company has set the price range at Rs 695-712 per share.
In total, 50% of the size of the issue was reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional investors.
Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla group and Sun Life Financial Inc. of Canada.
He had average assets under management (AUM) of Rs 2.93 lakh crore in the June quarter and manages 118 plans.
It remains to be seen how this IPO will play out. In the meantime, we will keep you posted on the latest developments in this space.
(This article is syndicated from Equitymaster.com)
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