Business

Shipping stocks continued their impressive rally for the second consecutive session on Friday, with Shipping Corporation of India (SCI) rising 16.40% to hit a record high of ₹384.20 per share. In the previous trading day, the stock had touched the upper circuit limit of 20% due to positive developments. This recent rally in the stock has propelled it upturn 40% in 3 sessions and 113% so far in the current year.Indian Oil Corporation Limited (IOCL), the country's largest oil marketing company and refiner, is being considered as the preferred partner for this joint initiative with SCI.India currently accounts for less than 1% of the global shipbuilding market, which is dominated by China, South Korea and Japan, and has never produced an oil tanker before. The proposal is in line with the go...

State Bank of India (SBI) on Wednesday said it has raised Rs 10,000 Crore through its sixth infrastructure bond issue offering a coupon of 7.36 percent. The bank said the issue received bids worth over Rs 18,145 Crore and was oversubscribed by about 3.6 times against the base issue size of Rs 5,000 Crore. The total number of bids received from investors from various sectors including provident funds, pension funds, insurance companies, mutual funds and corporate was 120. The lender said the proceeds of the bonds with 15-year maturity will be used to raise long-term resources to finance infrastructure and affordable housing sectors. "This issuance will help evolve the long-term bond curve and encourage other banks to issue long-term bonds," SBI Chairman Dinesh Khara said. Wi...

According to Reserve Bank of India data, the country's employment rate grew by 6 percent in the financial year ending March 31, 2024, up from 3.2 percent in 2022-23.Employment in the country improved by 4.67 crore to 64.33 crore (provisional) in the fiscal year 2023-24, from 59.67 crore in 2022-23, the RBI’s Measuring Productivity at the Industry Level-The India KLEMS [Capital, Labour, Energy, Material and Services] database showed.RBI data shows that employment in the country stood at 57.75 crore in the year ending 2022-23, while it was 56.56 crore in 2021-22.The database covers 27 industries covering the entire Indian economy. The database also provides these estimates at broad sectoral levels (agriculture, manufacturing and services) and at the all India level.It includes measures of g...

Share price of Domes Industries surged over 5% on Monday to hit a record high of ₹2,367.50 on the BSE after brokerage firm Axis Securities initiated coverage with a bullish outlook on the stock. This is the seventh consecutive day of rise in shares of DOMS Industries and the stock is up more than 10% in a week. Axis Securities has 'buy' rating on shares of DOMS Industries with a price target of ₹2,670 per share, which is 18% higher than Friday's closing price. "Our self-confidence in the promising future of DOMS is based on the company's strong and dependable performance over the past several quarters," Axis Securities said that in a report. It expects this trend to continue in the coming years, supported by factors such as a) continued distribution expansion in lower penetration...

CRISIL MI&A Research said prices of representative home-cooked vegetarian and non-vegetarian thalis increased by 6 percent and 4 percent, respectively, on a month-on-month basis in June 2024. It said the cost of a vegetarian thali has increased month-on-month mainly due to increase in prices of vegetables, with prices of potatoes, onions and tomatoes increasing by 9 percent, 15 percent and 29 percent respectively due to inferior arrivals. The price of non-veg thali also increased due to higher prices of vegetables, but an estimated one per cent monthly increase in the cost of broilers, which is 50 percent of the cost of non-veg thali, prevented further increase. Crisil MI&A Research said that on a year-on-year basis, the price of home-cooked vegetarian thali increased by 10 ...

The NSE Nifty 50 was up 0.27% at 24,354.1 points, while the S&P BSE Sensex rose 0.29% at 80,214.56, hitting a record high by 9:26 am IST. Indian shares opened higher on Thursday in line with Asian peers,led by IT stocks after soft US data boosted hopes of a rate cut in September. The NSE Nifty 50 was up 0.27% at 24,354.1 points, while the S&P BSE Sensex rose 0.29% at 80,214.56, hitting a record high by 9:26 am IST. Asian shares rose on new estimates that the Federal Reserve could start cutting rates in September after stoft labor data in the world's largest economy. Nine out of 13 major sectors in India recorded gains. US rate-sensitive IT stocks rose 1%. Non-bank lender L&T Finance rose nearly 3% after strong loan growth and disbursement numbers in the June qua...