Listen to the latest business and finance news by the Financial Express where today we talk about Inox Green Energy IPO, Adani Enterprises, India and GCC’s free trade pact negotiations. We also talk about the US stock market and Instagram, Facebook’s new privacy update. Do not forget to get the daily dose of the share market.

Today’s Latest Business News at 05:30 pm on 23rd November 2022.

[Disclaimer: This transcript is auto-generated]

Let’s begin with some IPO news. Inox Green Energy made a weak debut on the domestic indices today, listing at Rs 60.5 on the BSE and Rs 60 on the NSE. The IPO price band was set between Rs 61 to Rs 65. The company’s shares were available on the grey market for a discount of Rs 1, which had hinted at a subdued listing. The IPO sought to raise funds through issue of fresh sales and OFS, that comprise Rs 370 crore each, taking the total issue size to Rs 740 crore. The company will use the capital to repay certain borrowings availed and for general corporate purposes.

Meanwhile, Adani Enterprises Ltd., the flagship firm of Asia’s richest person, is considering issuing at least $1.8 billion in new shares, according to people familiar with the matter, Bloomberg reported. Billionaire Gautam Adani’s conglomerate is working with advisers on the follow-on issue and could sell the shares as soon as next year, the people said, asking not to be identified as the information is private. The sale could even raise as much as $2.4 billion, one of the people said. The issue would diversify the shareholder base and build the firm’s credibility and acceptance among investors, the people said. More research firms are expected to cover the company in the next six months, one of the people said.

In the economy sector, India and the Gulf Cooperation Council will announce the launch of negotiations for a free trade agreement on Thursday, which aims at promoting two-way commerce and investments between the regions, an official said. GCC is a union of six countries in the Gulf region — Saudi Arabia, the UAE, Qatar, Kuwait, Oman and Bahrain. India’s exports to the GCC member countries grew by 58.26 per cent to about USD 44 billion in 2021-22, as against USD 27.8 billion in 2020-21, according to data from the commerce ministry. The share of GCC members in India’s total imports rose to 18 per cent in 2021-22, from 15.5 per cent in 2020-21.Bilateral trade has increased to USD 154.73 billion in 2021-22, from USD 87.4 billion in 2020-21.”GCC officials will be here for the announcement,” the official said.

Let’s get an update on the US stock market. Wall Street has already taken the Federal Reserve’s interest-rate hike trajectory into account as U.S. stocks ended the day higher. Investors revised their expectations after Federal Reserve members said they plan to keep raising interest rates but are open to lowering their pace. As a result, US Stocks rallied as investors bet on easing of interest rate hikes, and inflation by the December end. Tuesday saw US stocks rise, closing near the day’s highs. S&P 500 closed higher by 1.36%, Dow 30 was up by 397 points or 1.18% while Nasdaq Composite also gained 1.36% at Tuesday’s close. Positive earnings reports from a few retailers, notably Best Buy Co. and Abercrombie & Fitch Co., also improved trading session morale.

In the tech world, Mark Zuckerberg-led Meta recently made an announcement which caters to Gen Z in terms of privacy and security on the social media applications- Instagram and Facebook. In order to enhance their user experience along with maintaining virtual security, new policies related to privacy are being rolled out. A significant update is that any new user joining Facebook who falls under the age category 16 to 18 will be given more privacy setting options by default, which are spread anywhere from posting pictures and tagging people to friends lists and private chats. To begin with, Meta is introducing notifications, which will appear on mobile screens of teen users of Instagram and Facebook which will inform them about reporting accounts, encourage them to keep their privacy set up at all times and safety notices to identify inappropriate or problematic messages.

Moving on. After Twitter, Google, and Meta, now the American technology giant Hewlett-Packard Company wants to conduct layoffs in the company. The company on Tuesday announced that it is planning to slash up to 6000 jobs over the coming few years. The job cuts will happen globally accounting for nearly 12 per cent of the global workforce of the company. The current known strength of HP stands at 51,000 members worldwide. The said mass layoff will happen over the next three years with final rounds to happen in 2025.

And lastly, the stock market. Sensex ended at 61,510 while Nifty ended at 18,267. Nifty PSU Bank and Nifty Media ended the day with gains of over 1%, while Nifty Metal fell 0.4 per cent. Volatility gauge, India VIX, closed at 14.04, up 1.44 per cent.

Show More
Business News at 05:30 pm on 23rd November 2022