Nomura reaffirmed its bullish stance on Indias steel sector, citing strong domestic demand, Chinese production cuts, and potential Beijing stimulus. It raised targets for JSW Steel (Rs 1,300) and Jindal Steel (Rs 1,150), forecasting capacity-driven growth and EBITDA expansion. Import curbs, firm demand, and improving pricing dynamics support sector outlook.
Vodafone Idea shares surged 7% intraday amid investor hopes for Supreme Court relief on Rs 9,450 crore AGR dues. The apex court will hear the plea on September 26, a crucial decision impacting funding plans, debt resolution, and operational continuity for the debt-laden telecom operator seeking clarity on dues reconciliation.
Purple Style Labs, the parent firm of luxury fashion platform Pernia's Pop-Up Shop, has filed preliminary papers with capital markets regulator Sebi to raise Rs 660 crore through an initial public offering (IPO).
The Indian Rupee faced a significant drop, hitting a record low. This decline was influenced by concerns over U.S. tariffs and increased H-1B visa fees. Central bank intervention helped to control the losses. The rupee's performance has been among the weakest in the region this year. Restrictions on services exports could further impact the currency.
The uncertainty is worrying builders, said Molly McShane, CEO of The McShane Cos., a national real estate and development firm. People understand deals wont move forward if prices change four times a week.
