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Indian stock market, Sensex, Nifty, L&T buyback, Jupiter Hospital listing, RIL windfall tax

The Indian stock market started the week on a cautious note on September 18, 2023, tracking muted global cues. The S&P BSE Sensex fell over 150 points from its intraday high to close at 64,950.52, while the Nifty50 index closed below 20,200 levels at 20,136.30.

Stock Market News

Important news of the day

L&T buyback opens: Engineering and infrastructure conglomerate Larsen & Turbo (L&T) opened its share buyback offer on September 18, 2023. The buyback will close on September 25, 2023, and the company will buy back shares up to a maximum of Rs 10,000 crore at a floor price of Rs 3,200 per share.

Jupiter Hospital listing: Jupiter Hospital, a multi-specialty hospital chain, listed on the BSE and NSE on September 18, 2023. The shares of the company opened at a premium of Rs 250 over the issue price of Rs 850 per share.

RIL windfall tax hiked: The government of India hiked the windfall tax on the sale of domestic crude oil to Rs 10,000 per tonne from Rs 6,700 per tonne. The new rates came into effect on September 16, 2023.

Impact on the Indian Stock Market market

The L&T buyback offer is expected to support the share price of the company. The listing of Jupiter Hospital is also a positive development for the Indian stock market, as it shows that there is still investor interest in new IPOs. However, the hike in the windfall tax on RIL could weigh on the stock price of the company and other oil and gas companies.

Indian Companies Deals and Tie-ups in News of 18th Sep 2023

Larsen & Toubro

L&T and Siemens tie-up for green hydrogen projects:

Engineering and infrastructure conglomerate Larsen & Toubro (L&T) and German industrial giant Siemens have signed a Memorandum of Understanding (MoU) to collaborate on green hydrogen projects in India. The two companies will work together to develop, manufacture, and deploy green hydrogen technologies and solutions.

Tata Steel

Tata Steel acquires Neelachal Ispat Nigam

Tata Steel has acquired Neelachal Ispat Nigam (NINL), a state-owned steel company, for Rs 12,100 crore. The acquisition is expected to help Tata Steel expand its presence in the eastern Indian market.

Jio industries

Reliance Jio partners with Google Cloud for AI and cloud computing

Reliance Jio, the telecom arm of Reliance Industries, has partnered with Google Cloud to accelerate its digital transformation journey. The two companies will work together to develop and deploy artificial intelligence (AI) and cloud computing solutions across Reliance Jio's businesses.


HDFC Bank and Axis Bank tie-up for UPI payments

HDFC Bank and Axis Bank, two of India's largest private banks, have tied up to enable UPI payments between their customers. The tie-up will allow HDFC Bank and Axis Bank customers to send and receive money from each other using UPI without having to download any additional app.

Tata Consultancy (TCS)

TCS partners with Microsoft to develop cloud-based solutions

Tata Consultancy Services (TCS), India's largest IT services company, has partnered with Microsoft to develop cloud-based solutions for enterprises. The two companies will work together to develop and deploy solutions on Microsoft Azure, Microsoft's cloud computing platform.

Indian Stock Market: Near-Term Volatility, Long-Term Outlook Positive

The Indian stock market is expected to remain volatile in the near term as investors track global cues and domestic economic data. However, the long-term outlook for the market remains positive, given the strong economic fundamentals of India and the deals and tie-ups being announced by Indian companies.

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