The government's offer-for-sale for more than 4.75 crore Hindustan Zinc Ltd (HZL) shares to institutional investors over-subscribed on Wednesday, with institutional buyers putting bids worth close to Rs 3,400 crore. On the first day of the two-day OFS, bids came in for over 6.69 crore shares, which is 1.41 times the total of 4.75 crore shares on offer for institutional buyers.
Newly elected U.S. President Donald Trump will face fiscal challenges that could threaten the country's standing in the global debt markets. U.S. budget deficits and government debt levels were largely projected to surge as Trump's policies are believed to worsen the U.S. fiscal picture.
Swiggy plans to raise Rs 4,499 crore in primary capital, while shares worth Rs 6,828 crore are being put up on offer for sale by existing investors. The company has set a price band of Rs 371-390 for the issue.
RBI Governor Shaktikanta Das stated that India's economy remains robust but warned of escalating inflation, potentially surpassing September's 5.5%. He indicated that high inflation might deter interest rate cuts in the upcoming December policy review. Das also highlighted the resilience of India's financial sector and its ability to withstand global economic fluctuations.
Elon Musk, a staunch supporter of Donald Trump, is poised to play a significant role in the newly elected president's administration. Trump has lauded Musk as a "super genius" and "the greatest cutter," hinting at a potential role for him in streamlining government spending and efficiency.
Niftys short-term trend remains positive, with a strong breakout above the immediate resistance at 24,500 potentially paving the way for a quick move towards the 25,000 mark. Immediate support is positioned at 24,350, according to Nagaraj Shetti of HDFC Securities.
A development group backed by the Ozinga family wants to burrow several hundred feet beneath a contaminated former steel mill site and create a six million-square-foot underground storage facility called the Invert.
Indian market closed in the green for the second consecutive day in a row on Wednesday tracking positive global cues. The BSE Sensex index rose more than 900 points to close above 80,300 levels while Nifty50 reclaimed 24,400 levels.
