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Gautam Adani-led Adani Enterprises will become part of Nifty 50 from Friday, 30 September, in NSE’s upcoming semi-annual index rejig. Adani Enterprises will replace Shree Cement from the 50-stock index. This is the second Adani stock to be included in the Nifty 50 index after Adani Ports and Special Economic Zone. Apart from Nifty 50, changes have been announced in Nifty Next 50, and Nifty IT. Adani group has seven established listed entities, including Adani Read More

India has deferred the planned inclusion of the government bonds in the JP Morgan emerging market global index to next year, as was being speculated on the street. The bond inclusion in the global index may have been pushed back to early 2023, as the Government of India still needs to address various operational issues, Reuters reported citing unidentified sources. Earlier, Goldman Sachs and Morgan Stanley had predicted the bond index inclusion would happen only Read More

Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, the Government of India, according to the Draft Red Herring Prospectus (DRHP). WAPCOS provides consultancy, and engineering, procurement, and construction services in the field of water, power, and infrastructure sectors. It comes under the Ministry Read More

The Fed raised the interest rates by another 75bps yesterday, as expected. This is the third back-to-back 75bps rate hike this year by the US central bank. With the latest hike, the Fed fund rate (FFR) now stands in the range of 3.0%-3.25% and is the highest since January 2008. The FOMC revised the median FFR at the end of 2022 up by 100bps to 4.4% from 3.4% in June, indicating a cumulative rate hike Read More

IdeaForge Technology Pvt., India’s largest drone maker backed by Qualcomm Inc., is considering an initial public offering in Mumbai that could raise about $125 million, according to people familiar with the matter. The company is working with financial advisers on the potential listing, which could happen in the first quarter of 2023, the people said. The Mumbai-based firm is seeking a valuation of about $700 million in the share sale, which could mostly consist of Read More