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Indian markets faced turmoil as the Nifty 50 index fell to its lowest level since mid-August, resulting in a wealth erosion of ₹13 lakh crore over two days. The frontline NSE index closed at 24,472, down by 309 points, while the rupee hit an all-time low of 84.0825 against the US dollar.

On the macroeconomic front, the IMF projected India’s GDP growth to moderate to 7% in FY25 and 6.5% in FY26. In corporate news, Hyundai India debuted at a discount, despite being the largest IPO in the country.

Amid the ongoing consolidation in the cement sector, Ambuja Cements announced its acquisition of Orient Cement for over ₹8,000 crore. Allianz is also considering exiting its joint ventures with Bajaj Finserv.

On the sidelines of the BRICS Summit in Kazan, PM Modi emphasised the need for a peaceful resolution to the Ukraine conflict in talks with Russian President Vladimir Putin.

Meanwhile, the aviation sector is on high alert due to over 150 bomb hoaxes in just nine days, and Zomato plans to raise ₹8,500 crore after reporting a five-fold profit increase.

Lastly, SEBI’s Ashwani Bhatia has called for a focus on serious investments amid regulatory changes in futures and options trading.

Nifty 50 crashes to lowest since mid-August; Investors lose ₹13 lakh crore capital in 2 days


The frontline Nifty 50 index plunged to its lowest level since mid-August on Tuesday, as broad-based selling by foreign investors extended this week, leading to a capital erosion of approximately ₹13 lakh crore over the past two sessions.

The Nifty index breached the 24,500 mark, closing at its lowest levels since August 14. It dropped 309 points to settle at 24,472.

Of the 50 stocks in the Nifty, 48 ended in the red, with losses of up to 4%. The Sensex fell 931 points to close at 80,221.

These factors sent the rupee crashing to an all-time low today


The Indian rupee closed at 84.0775 against the U.S. dollar on Tuesday, marking its weakest closing level on record after hitting an all-time low of 84.0825 during the session. Asian currencies declined between 0.1% and 0.4%, contributing to pressure on the rupee amid a stronger dollar.

IMF bats for a triple policy pivot as global inflation recedes; retains India’s growth outlook at 7% for FY25


The International Monetary Fund’s (IMF) latest World Economic Outlook report pegs India’s real GDP growth at 7% for the current fiscal and 6.5% for the next, with no change from its last update in July.

“In India, the outlook is for GDP growth to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025, because pent-up demand accumulated during the pandemic has been exhausted, as the economy reconnects with its potential,” the IMF said in its report on the outlook for India. The Reserve Bank of India has projected India’s GDP growth at a higher 7.2% for the current fiscal.

Hyundai Motor India Listing: Shares of India’s largest IPO debut at a discount to issue price


Shares of Hyundai Motor India Ltd. made its market debut on Tuesday, October 22. India’s largest IPO debuted with a discount of 1.33% on the NSE, at ₹1,934 per share. Similarly, on the BSE, shares of Hyundai Motor India were listed at ₹1,931, down 1.47% as against an issue price of ₹1,960.

The grey market premium (GMP) of the company had declined to 2%, with shares trading at a premium of ₹48 minutes ahead of the listing. This marked a decrease from the earlier surge of 5%, indicating fluctuating investor sentiment as the stock approached its market debut.

Ambuja Cements to acquire Orient Cement at an equity value of ₹8,100 crore


Ambuja Cements Ltd., the Adani Group company will be acquiring a controlling stake in Orient Cement Ltd. for an equity value of ₹8,100 crore, it said in an exchange filing on Tuesday, October 22.

The acquisition will add 16.6 MTPA capacity, which includes operational capacity of 8.5 MTPA and an additional 8.1 MTPA which is ready to be executed, to Ambuja’s overall capacity. The deal will also provide Ambuja Cements potential additional capacity of 6 MTPA in North India, leveraging Orient Cement’s high quality limestone reserves in Rajasthan. This is likely to be done via the large high quality limestone mining lease in Chittorgarh in Rajasthan that Orient has.

Bajaj Finserv confirms Allianz ‘actively considering’ exiting Joint Ventures


Given its strategic priorities, German company Allianz SE is actively considering an exit from the life and general insurance joint ventures, Bajaj Finserv Ltd. said in a filing on Tuesday, October 22. The discussions are at preliminary stage and there is no proposal before the Board of the company or its insurance subsidiaries in this regard, according to Bajaj Finserv.

Allianz has indicated that it remains committed to the Indian insurance market but will not speculate on alternatives. Bajaj Finserv holds a 74% stake in the joint ventures with Allianz.

Zomato board approves raising ₹8,500 crore via QIP: CNBC-TV18 Newsbreak confirmed


The Board of food delivery aggregator Zomato Ltd. approved raising up to ₹8,500 crore through a qualified institutions placement (QIP) at the end of its board meet on Tuesday, October 22.The fund raise is meant to strengthen the balance sheet at this point, the company said in a filing.

Zomato said its cash balance reduced by ₹1,726 crore, compared to the previous quarter on account of the deal consideration of ₹2,014 crore for the acquisition of Paytm’s entertainment ticketing business.

Zomato Q2 Results: Revenue grows by nearly 70%; Board approves ₹8,500 crore fund raise

Food delivery aggregator Zomato Ltd. reported its September quarter results on Tuesday, October 22. The company reported a net profit for the fifth quarter in a row.

Zomato reported a net profit of ₹176 crore for the July-September period. The figure, though, is lower compared to Jefferies’ estimates of ₹245.3 crore. The company had reported a net profit of ₹36 crore during the base quarter.

50 fresh bomb threats hit flights on Oct 22, total reaches 80 in two days


Indian carriers were hit by a wave of bomb threats on Tuesday (October 22) with nearly 50 domestic and international flights receiving alerts. At least 13 flights each of Air India and IndiGo, over 12 flights of Akasa Air, and 11 flights of Vistara were reportedly affected. This follows 30 bomb threats targeting Indian airline flights on the night of October 21. Since Monday night, around 80 flights have been impacted. In just over a week, more than 170 flights operated by Indian carriers have received bomb threats.

PM Modi, Putin discuss strengthening India-Russia relations on sidelines of BRICS summit


Prime Minister Narendra Modi met with Russian President Vladimir Putin on Tuesday (October 22) on the sidelines of the 16th BRICS Summit, where they exchanged views on regional and global issues, including the ongoing conflict in Ukraine. Modi also expressed appreciation for Russia’s chairmanship and extended his best wishes for the summit’s success.

During their meeting, the two leaders reviewed the entire spectrum of India-Russia relations, with a special focus on the progress made since their last meeting in Moscow in July 2024. Modi arrived in Kazan, southwest Russia, on Tuesday to attend the 16th BRICS Summit, where he was warmly received by Rustam Minnikhanov, the Head of the Republic of Tatarstan.

F&O cannot be a ‘national pastime’, investors should make serious investments: SEBI’s Ashwani Bhatia

Ashwani Bhatia, whole-time member of the Securities and Exchange Board of India (SEBI), addressed concerns regarding the regulatory body’s recent changes to futures and options (F&O) trading.

While speaking at the 14th Morningstar Investment Conference, he said that while India boasts the largest volume of F&O globally, “this is a crown we should not wear.” He urged investors to shift their focus from treating F&O as a “national pastime” to making serious investments that contribute to wealth creation.

Bhatia’s remarks come amid growing protests from investors over SEBI’s stricter regulations. The market regulator has recently tightened rules to enhance market stability and investor protection.

CGD companies profits may ‘normalise’ with APM gas cut, say sources

City gas distribution (CGD) companies’ profits are likely to “normalise” following a 20% cut in their gas allocation under the Administered Price Mechanism (APM), government sources told CNBC-TV18.The sources also said that market expectations for CGD profitability should adopt a more nuanced perspective, as CGDs purchase gas at administered prices but sell it at market rates.

The government has reallocated APM gas from power companies and gas majors to CGDs. Despite the reduction in APM gas quantity for CGDs, alternative gas sources remain available.

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