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Listen to the latest news related to business, finance, and the economy in which we talk about the RBI MPC meeting, Porsche’s IPO listing and how residential sales across eight cities have continued to show robust growth. We also talk about Sebi barring The Apex Global and its proprietor from the securities market for four years. Don’t forget to get your daily dose of stock market closing.

Today’s Latest Business News at 5:30 pm on 29th September 2022.

[Disclaimer: This transcript is auto-generated]
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Let’s begin. The RBI is expected to raise the repo rates by 35-50 bps in its September Monetary Policy Committee meeting. It may be noted that the Reserve Bank of India has already increased the repo rate to 5.4 per cent, hiking it by 140 basis points since May this year. A 50 bps increase in key policy rates again this time will take it to a three-year high of 5.9 per cent. All eyes will be on RBI Governor Shaktikanta Das on Friday, 30 Sep 2022, who, in the previous policy review, had said that ’50 is the new normal for central banks’. The monetary policy committee is likely to take cues from its global counterparts, including the US Federal Reserve, to raise interest rates for the fourth time in a row. Last week, the US Fed clearly signalled that it is willing to tolerate a recession to get inflation back in control when it raised the rate by another 75 bps.

Meanwhile, Volkswagen AG, in consultation with the advising banks, has set the placement price of the preferred shares in Porsche AG to be EUR 82.50 per preferred share. The much anticipated Porsche IPO listing has taken place on Thursday, September 29, 2022. In the IPO, 114 million Porsche AG shares were offered to the public at a price between 76.50 and 82.50 euros each. On September 29, 2022, trading in Porsche shares began on the Frankfurt Stock Exchange under the ticker symbol P911, making it one of Europe’s most significant listings in recent years.

Next up, Industry. MSMEs in the national capital region have urged the air pollution monitoring body Commission for Air Quality Management to allow the use of diesel generator sets in areas where average power shutdown is less than 3 per cent instead of a blanket restriction on DG sets aimed at curbing air pollution. The request has been to mitigate any risk of production loss particularly ahead of the expected surge in festive demands. On Wednesday, MSMEs associations based in NCR, represented by MSME body FISME, came together to jointly sign the petition for submission to CAQM.

Moving on. ICICI Prudential Mutual Fund has launched ICICI Prudential Transportation and Logistics Fund. It is an open-ended equity scheme that will invest in equity and equity-related securities of companies engaged in transportation and logistics. In a statement, ICICI Prudential MF said the scheme may invest in sectors/stocks that form a part of Nifty Transportation and Logistics TRI which is also the benchmark of the offering. The scheme may follow a buy and hold approach and hence an investment horizon of minimum five years is recommended. ICICI Prudential MF said the transportation and Logistics theme consists of industries broadly classified under three key sectors – Auto Original Equipment Manufacturers, Auto Components and Logistics.

In other news, Markets regulator Sebi barred The Apex Global and its proprietor Yadunath Singh Thakur from securities markets for four years and directed them to refund money collected from investors through unauthorised investment advisory services. The regulator found that The Apex Global and Thakur were engaged in the business of providing investment advice to their clients and for consideration and thus, were acting as investment advisers. They were involved in such investment advisory services without obtaining regulatory approval from it, which is in violation of Investment Advisers norms, the Securities and Exchange Board of India said in its order on Wednesday. Through such services, they had received a total amount of Rs 1.23 crore from June 2013 to December 2019 through unregistered investment advisory activities, it added.

Fuelled by strong demand, residential sales across the top eight cities of India have continued to show robust growth while registering sales of 83,220 units, a 49% Year on Year growth between July and September 2022 as compared to 55,910 units sold in the corresponding period last year, according to PropTiger.com. As per the report titled ‘Real Insight Residential – July-September 2022,’ new housing supply registered a YoY growth of 61% when compared to Q3 2021. The new supply is at par with the 2015 levels for the second consecutive quarter.

And lastly, let’s hear how the stock market performed today. BSE Sensex and NSE Nifty 50 were trading in red on Thursday, a day of monthly F&O expiry. The Sensex was down 200 points, and the Nifty was below 16850. Hindalco Industries, Tata Motors, Tata Steel, IndusInd Bank and M&M were among major gainers on the Nifty, while Asian Paints, Cipla, TCS and Hero MotoCorp were the laggards. Broader markets outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged over 1 per cent each.

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Business News at 05:30 pm on 29th September 2022