Elon Musk's SpaceX to begin Mars mission

Ashok Leyland will see a 19 per cent upside, said Emkay Research while revising the target price to Rs 300 a share. Optimism is based on strong positioning in the commercial vehicle market, improvements seen on the non-vehicle business front and solid margin expansion outlook.

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The digitally-native, app-first Gen Z cohort is assuming the centre stage in India's consumer markets by scripting "big shifts" in consumption trends, including the rise of quick commerce delivery and direct-to-consumer brands, according to a report by Bernstein.

Brands are seeking a deeper connection with this digitally-native, app-first generation that 'swipes up' for practically everything from social media to ride-hailing and food delivery.

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The Indian defence sector is all set to witness explosive growth, with the country's defence market likely to grow 14 per cent CAGR from FY24 to FY30, driven by a rising focus on indigenisation and opening up export possibilities for Indian defence companies, a recent sectoral report by Jefferies said.

The report says that geopolitical tensions worldwide, coupled with an increasing focus on self-reliance in the country's defense, has been a reason for sure momentum in growth terms of order flow and revenues for local defence manufacturers. For increasing this tempo, the government has been trying to foster bilateral relations to push defence exports.

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Solar rooftop systems of 48 MW will be installed on various government buildings in Gujarat in the current financial year for which Rs 177 crore have been allocated, the state government said on Sunday.

To tap into Gujarat's solar energy potential, the state Climate Change Department is actively installing such systems on government buildings, it said.

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Meta has announced that it is working towards making WhatsApp and Messenger interoperable with third-party chat apps. This means that WhatsApp and Messenger users can call or message users on the other messaging apps. However, this functionality will be exclusive to select countries in Europe as it comes as part of Meta's efforts to comply with the Digital Markets Act (DMA) in the European Union. 

Adani Group has formed a subsidiary in China to carry out business of providing supply chain solutions and project management services, according to a regulatory filing.

Adani Enterprises, the group's flagship firm, in the filing said a Singapore-based step-down subsidiary incorporated a wholly-owned subsidiary, Adani Energy Resources (Shanghai) Co. (AERCL), domiciled in Shanghai, China on September 2, 2024.

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Italy is expected to set an economic growth target for 2025 of 1.3% or 1.4% as part of its medium-term structural budget plan to be submitted to the European Commission by Sept. 20, Italian daily Il Sole 24 Ore reported on Sunday.  Excluding policy changes, Rome expects growth of 1.1% next year, the newspaper added, lower than a projection of 1.2% made in April. The final target is slightly higher than that, however, as Rome plans to approve tax cuts to support the public's purchasing power and boost domestic demand.

Saudi Arabia's real gross domestic product decreased 0.3% year-on-year in the second quarter, estimates by the government's statistical authority showed on Sunday.

China is "dissatisfied" with the Dutch goverment's decision to expand export controls on ASML ASML.AS chipmaking equipment, the Chinese commerce ministry said in a statement on Sunday.  The Dutch government on Friday said it would expand export licensing requirements for ASML's 1970i and 1980i DUV (Deep Ultraviolet) immersion lithography tools, aligning its rules with export restrictions on these machines unilaterally imposed by the United States last year.

Elon Musk denied a report that his artificial intelligence startup xAI has held talks for a share in future Tesla TSLA.O revenue in return for giving Musk's electric vehicle maker access to xAI's technology and resources.  The Wall Street Journal reported on Saturday that Tesla would license xAI's artificial-intelligence models to help power its driver-assistance software, full self-driving technology and share some of that revenue with the startup, according to the proposed arrangement as described to investors.

India's power generation and transmission sectors are poised for substantial growth, and as the country enters a phase of capex-driven GDP growth, the power intensity should rise, said Jefferies in its latest September report.

Investment firm MNC Capital said on Saturday it has increased its all cash buyout offer for Vista Outdoor VSTO.N to $43 per share from $42 per share.  The offer values Vista at $2.51 billion, a 12.30% premium over Vista's last closing price of $38.29 on Friday, according to Reuters calculation and LSEG data.

Elon Musk's artificial intelligence venture, xAI, is reportedly in discussions to secure a share of future revenues from Tesla , as detailed in a Wall Street Journal report on Saturday. 

According to the report, the proposed deal would involve Tesla licencing xAI's AI models to enhance its full self-driving technology. In return, the electric vehicle giant would provide xAI with a portion of the revenue generated from these innovations.

The Ministry of Skill Development and Entrepreneurship and Swiggy on Saturday launched an initiative to provide skilling and employment opportunities within Swiggy's food delivery and the quick commerce network.

The partnership will benefit 2.4 lakh delivery partners and staff of restaurant partners associated with Swiggy .

Tuhin Kanta Pandey, a 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, has been appointed as the new Finance Secretary. He is currently serving as the Secretary of the Department of Investment and Public Asset Management (DIPAM).

The Appointments Committee of the Cabinet gave its nod for Pandey’s appointment, as per an official order from the Personnel Ministry.

SpaceX’s Mars mission: SpaceX is gearing up to launch its first uncrewed Starships to Mars within the next two years, aligning with the upcoming Earth-Mars transfer window. This announcement was made by SpaceX CEO Elon Musk in a recent social media post on X.
Looking ahead, Musk envisions an exponential increase in flight frequency, with the goal of establishing a self-sustaining city on Mars in about two decades.

UBS would be given time to build up the necessary capital buffers to protect itself against financial difficulties, Swiss National Bank (SNB) Chairman Thomas Jordan said in an interview published on Saturday. Jordan told the Neue Zuercher Zeitung newspaper that improvements were needed in the wake of last year's Credit Suisse crash to enable troubled Swiss banks to be wound up or restructured without crashing the country's financial system.

Apple’s latest iPhone with its A18 chip, which is set to be unveiled at an event on Monday, has been developed using SoftBank-owned Arm’s newest V9 chip design, the Financial Times newspaper reported on Saturday. Apple is set to host its fall event on September 9 at its headquarters in Cupertino, California, where it will likely unveil a series of new iPhones and updates to other devices and apps.

Drug firm Wockhardt has denied allegations regarding payment of rent by Carol Info Services and its connection with certain orders passed by SEBI in relation to the company.

"In this regard, we categorically deny these allegations and state that these allegations are completely baseless and misleading," Wockhardt said in a regulatory filing late Friday.

Online restaurant aggregator Swiggy claimed a former junior staff member embezzled a staggering over Rs 33 crore from one of its subsidiaries, according to a report by news agency IANS. The company, which is set to take the Initial Public Offering (IPO) route soon, has launched an investigation with the help of an external team and then filed a police complaint against the unnamed person. This has been revealed in the annual report of Swiggy for fiscal 2023-24.

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Private equity major Carlyle Group-backed Hexaware Technologies has filed preliminary papers with capital markets regulator Sebi for floating a Rs 9,950 crore initial public offering (IPO).

The initial share-sale of the Mumbai-headquartered company is a complete offer for sale (OFS) by promoter CA Magnum Holdings, part of Carlyle Group, according to the draft red herring prospectus (DRHP) filed on Friday.

CA Magnum Holdings has 95.03 per cent stake in the IT company.

Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.
 

Dholera Special Investment Region (SIR) in Gujarat is attracting fresh investment of Rs 2,000-3,000 crore annually in realty assets, with investors primarily from North acquiring land and plots, according to a realty developer.

These investments reflect the increasing confidence in the project, the developer said.

The Dholera SIR project is being jointly developed by the central and Gujarat governments about 100 km from Ahmedabad, through a special purpose vehicle, DICDL ( Dholera Industrial City Development Ltd).
 

Indian equities, after extending gains in the previous week, saw a setback as benchmark indices Nifty and Sensex closed lower, falling 1.5 per cent and 1.4 per cent respectively. Broader market indices took cue with BSE Midcap index down 1.1 per cent while BSE Smallcap was better off, shedding 0.1 per cent. Weaker global cues, especially from the US where a fresh set of economic data raised alarms on recession, undermined sentiments in broader markets.

US private payrolls for August 2024 grew at a sluggish 99,000 in what has been described as the weakest job growth since January 2021. On the other hand, initial jobless claims for the week ended August 31st came in at 227,000 against a forecast of 230,000. These factors triggered a sell-off in the US markets, which, in turn, influenced the Indian markets also.

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The generative AI provides more opportunity to the Indian IT sector contrary to the believe of being a threat, highlighted a report by Nuvama Wealth Management. The report noted that although AI technology may initially disrupt the sector, especially in terms of business operations and billing models, the long-term benefits far outweigh the risks. "We, on the contrary, expect the Indian IT industry to come out stronger from the Gen AI-led disruption. We dig deep into various facets of Gen AI adoption for enterprises and find that Gen AI would create a mammoth incremental opportunity for Indian IT services," said the report. The report noted that as more enterprises adopt AI, the need for services such as upgradation of legacy code and data readiness for AI integration will increase, offering Indian IT firms new streams of revenue.

Tata Power-led Odisha Discoms have awarded contracts worth Rs 11,481 crore to local contractors and suppliers, an official said. The joint ventures between Tata Power and the Odisha government, placed orders worth Rs 8,690 crore with local MSMEs and Rs 2,791 crore to non-MSMEs by the Discoms over the past three years since taking over the state's power distribution operations. These contracts, spread across two major categories like materials and services, have been awarded to local contractors and suppliers.

The U.S. Federal Reserve and other regulators are set to unveil sweeping changes to a raft of proposed banks capital rules as soon as Sept. 19, Bloomberg News reported on Friday, citing people familiar with the matter.  The revisions could run up to 450 pages and would include key changes to rules that center on operational risk provisions including a reduction in the capital that banks must allocate against business lines like wealth-management services and certain credit-card operations, the report added.

Byju Raveendran-led beleaguered edtech giant Byju's has faced yet another set back with the resignation of its audior, BDO Global, after the company failed to provide the necessary documents subsequent to the beginning of bankruptcy proceedings. This is another jolt to a company already mired in governance and financial controversies.

Byju's said on Saturday that BDO Global resigned after the company refused to provide some key documents sought during the insolvency proceedings, according to a report by news agency Reuters. The edtech firm justified its stand by saying those materials had been sought from the board of the company which had been suspended owing to insolvency in progress. Byju's further contended that the requests by BDO ought to have been addressed to the insolvency professional appointed by the Supreme Court of India, who is currently managing the firm.

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The Reserve Bank of India has imposed monetary penalties on three nonbank financial players on account of non-compliance with the orders issued by the regulator. The entities against which financial penalties have been imposed are Godrej Housing Finance Limited, Aadhar Housing Finance Limited, and Housing and Urban Development Corporation Limited.

The central bank, in an official statement on Friday said it has fined Godrej Housing Finance and Aadhar Housing Finance Rs 5 lakh each and HUDCO with Rs 3.5 lakh. These penalties have been issued in exercise of powers vested in the RBI under Section 52A of the National Housing Bank (NHB) Act, 1987.

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Odisha Chief Minister Mohan Charan Majhi Friday graced the ground-breaking ceremony of India's first silicon carbide manufacturing facility to be set up in Odisha at an investment of Rs 620 crore. The project will be developed by RIR Power Electronics Limited, a leader in India's semiconductor power electronics technology at the EMC Park, Infovalley, Bhubaneswar. 

Belgium-based global accounting firm BDO, the auditor of beleaguered edtech startup Byju's, has resigned due to initiation of insolvency, according to a statement by Byju's, news agency Reuters reported. 

KinderCare Learning Companies, a provider of early childhood education that first filed for a stock market listing three years ago, is rebooting its bid for an initial public offering in the United States. The IPO would be among the first major moves by KinderCare's new CEO Paul Thompson, who took over the reins in June after his predecessor Tom Wyatt's 12-year stint.

The U.S. Federal Energy Regulatory Commission on Friday approved BlackRock's $12.5 billion deal for Global Infrastructure Partners.  Under the deal, which was announced earlier this year, BlackRock said it would pay $3 billion in cash and roughly 12 million BlackRock shares to acquire the asset management giant.

BlackRock and Global Infrastructure Partners declined to comment.  Last year, a member of the U.S. energy regulator called for scrutiny of top asset managers' ownership of power utilities, as the oversight body began a review.  Commissioner Mark Christie said the commission had to “apply strict scrutiny when a huge asset manager like Vanguard or State Street or BlackRock is buying a big chunk of either the (utility) company itself or its holding company.”

Global Infrastructure Partners is an infrastructure investor that specializes in investing, owning and operating assets in the energy, transport, digital infrastructure, and water and waste management sectors.

The US Department of Justice aims to present a detailed outline by December on the measures Alphabet's Google must adopt to restore competition, following a court ruling that found the tech giant had unlawfully monopolised the online search market. This update was shared by prosecutors during a court session in Washington on Friday.

While specifics of the proposed remedies were not disclosed, Justice Department attorney David Dahlquist stressed that the plan should be thorough and consider Google's integration of artificial intelligence into its search operations. Since the lawsuit was initiated, Google has rebranded its Bard AI product as Gemini.

The Equal Employment Opportunity Commission (EEOC) has taken legal action against FedEx, accusing the logistics giant of unfair treatment toward disabled workers. According to the lawsuit filed on Friday in a Minnesota federal court, FedEx allegedly placed disabled transport workers on unpaid leave or terminated their employment if they weren't "100% healed."

Bajaj Housing Finance on Friday said it has collected Rs 1,758 crore from anchor investors, days before its initial share-sale opening for public subscription.

Government of Singapore, Abu Dhabi Investment Authority, Fidelity, Morgan Stanley, Nomura, Goldman Sachs, JP Morgan India Investment Trust Plc, SBI Life Insurance Company, ICICI Prudential Life Insurance Company, HDFC Mutual Fund (MF), Kotak Mahindra MF, SBI MF, UTI MF and Nippon India MF are among the anchor investors.

Federal Reserve officials indicated on Friday that they are prepared to initiate a series of interest rate cuts at the US central bank's meeting in two weeks. This comes as the labour market shows signs of cooling, which could worsen without a policy adjustment.

Their comments were widely interpreted as support for a quarter-percentage-point reduction in the Fed's policy rate, with the possibility of larger or additional cuts if the job market continues to weaken.

US employment numbers grew less than anticipated in August, but a drop in the unemployment rate to 4.2 per cent suggests that the labour market isn't in severe distress, reducing the likelihood of a notable interest rate cut by the Federal Reserve this month.

The Labour Department's report, released on Friday, indicated solid wage growth last month, which could boost consumer spending and help prevent an economic recession. However, there was a notable slowdown in labour market momentum, with June and July's job additions being revised downward by 86,000.

Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday.

Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint, industry lobby grouping Indian Banks Association's chief executive Sunil Mehta told PTI.
 

Peak XV Partners, formerly Sequoia Capital India and SEA, on Friday, divested a little over 22 per cent stake in Indigo Paints to investors like Morgan Stanley, Mercer and HDFC MF for Rs 1,557 crore via open market transactions.

Venture capital firm Peak XV Partners through its two affiliates, Peak XV Partners Investments IV and Peak XV Partners Investments V, offloaded a total of 1.05 crore shares, amounting to a 22.04 per cent stake in Pune-headquartered Indigo Paints, as per the bulk deal data on the NSE.

US equity funds experienced their largest weekly outflow in 12 weeks by Sept. 4, driven by heightened investor anxiety about the economic outlook as they awaited crucial labour market data.

According to LSEG data, investors disposed of a net $11.73 billion worth of US equity funds during the week, registering a fourth weekly outflow in five weeks.

Wall Street's main indexes fell on Friday after a crucial jobs report did little to clear the uncertainty around the magnitude of the Federal Reserve's interest rate cut that is expected at the central bank's meeting later this month.

A Labor Department report showed US employment increased less than expected in August, but a drop in the jobless rate to 4.2 per cent suggested an orderly labour market slowdown continued.

Federal Reserve policymakers got a green light to start a round of interest rate cuts this month after a government report on Friday showed US employers added far fewer workers than economists had expected in August and July.

Nonfarm payrolls increased by 142,000 jobs last month after a downwardly revised rise of 89,000 in July, the Labor Department said. Economists polled by Reuters had forecast payrolls would increase by 160,000 jobs after a previously reported gain of 114,000 in July.

To Inflation Insights President Omair Sharif, the takeaway for the Fed was clear.

Investor wealth plummeted by Rs 5.49 lakh crore on Friday as markets witnessed severe correction amid a weak global trend and fresh foreign fund outflows.

The 30-share BSE Sensex extended the losses for the third straight session, slumping 1,017.23 points or 1.24 per cent to 81,183.93. In intra-day trade, the benchmark index tumbled 1,219.23 points or 1.48 per cent to 80,981.93. This, after the Sensex scaled a fresh all-time high of 82,725.28 on Monday earlier this week.

BSE-listed companies' market capitalisation slumped Rs 5.49 lakh crore to Rs 4,60,18,976.09 crore in tandem with the broader market trend.
 

Russia on Friday announced it was starting to replace sovereign Eurobonds with substitute bonds through an offer applying to all Eurobond holders as of the end of business hours on Sept. 12.

Russia has been paying coupons on its Eurobonds in roubles after Western sanctions made it impossible to make payments in Western currencies. The replacement bonds will be issued through Russian financial infrastructure with all related payments in roubles. Analysts have estimated the total value of sovereign substitute bonds at $20-$25 billion.

US employment increased less than expected in August, but a drop in the jobless rate to 4.2 per cent suggested an orderly labour market slowdown continued and probably did not warrant a big interest rate cut from the Federal Reserve this month.

Nonfarm payrolls increased by 1,42,000 jobs last month after a downwardly revised 89,000 rise in July, the Labor Department's Bureau of Labor Statistics said on Friday. Economists polled by Reuters had forecast payrolls increasing by 1,60,000 jobs after a previously reported 1,14,000 gain in July. Estimates ranged from 1,00,000 to 2,45,000 jobs.
 

Malaysia Airlines plans to fly to more non-metro cities in India as well as increase the frequency of flights to Ahmedabad and Trivandrum, a senior airline official said on Friday.

The carrier, part of the Malaysia Aviation Group (MAG), currently connects nine Indian cities with Kuala Lumpur and operates 71 weekly flights to India.
 

Broadcom's shares slid about 9 per cent in premarket trading on Friday, after the chipmaker's revenue forecast spooked investors betting on robust demand for AI chips to drive strong growth.

The chip major posted big declines in revenues from its broadband and non-AI networking divisions on Thursday, offsetting a hike in its forecast for AI chip sales.

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The Reserve Bank of India (RBI) sold government bonds from its portfolio for an eighth consecutive week, withdrawing liquidity from the banking system, but the sale was the smallest in this period, according to data released on Friday. The RBI sold bonds worth Rs 1,080 crore ($128.67 million), in the week ended August 30, bringing the total sale for the eight-week period to Rs 18,245 crore, the data showed.

The rupee ended higher on Friday, tracking gains across regional currencies ahead of the crucial US jobs report that will help investors gauge the extent of a rate cut at the Federal Reserve's meeting this month.

The rupee INR=IN settled at 83.9475 to the US dollar, up from 83.9825 in the previous session. For the week, the rupee fell 0.1 per cent.

 India's foreign exchange reserves rose for a third straight week to a record high of $683.99 billion as of Aug. 30, data from the Reserve Bank of India showed on Friday. The reserves rose by $2.3 billion in the reporting week, after having risen by a total of $11.6 billion in the prior two weeks. The RBI intervenes in the foreign exchange market to prevent undue volatility in the Indian rupee. Over the last month, the central bank likely bought and sold dollars, according to traders. This led to the rupee holding a narrow range for extended periods. 

Cash-strapped domestic carrier Spicejet plans to raise Rs 3,200 crore through QIP, warrants and capital infusion by the promoter, the airline said in a presentation on Friday.

The funds will be utilised in taking back the grounded fleet in operations, liability settlement, new fleet induction and other general purposes, SpiceJet in the presentations.

Philippine power generator and distributor Manila Electric Co MER.PS is selling a 40% stake in a solar power subsidiary to global investment firm Actis for $600 million, the company said on Friday.  Proceeds will be used for the joint development and expansion of the Terra Solar energy storage project, Manila Electric said in a statement.  Terra Solar is one of the world's largest integrated renewables and energy storage projects, with an estimated cost of $3.5 billion. It will have 3,500 megawatts of photovoltaic capacity and battery energy storage of 4,500 megawatt hours.  Actis is a global player in sustainable infrastructure and has pledged to invest $9 billion in its energy portfolio covering more than 200 projects in 35 countries.

Ahmedabad-based Prozeal Green Energy and Nepalese firm Golyan Power have inked a joint venture agreement for setting up solar power projects in the Himalayan nation. The agreement was signed on Tuesday at Golyan Group headquarters in Kathmandu, marking a significant milestone in both companies' commitment to advancing renewable energy solutions, a statement said.

A decline in the price of tomatoes and poultry due to the holy month of Shravan where many abstain from consuming meat helped in a reduction of home-cooked meals in August, a report said on Friday.

The cost of a vegetarian meal declined 4 per cent to Rs 31.2 in August from Rs 32.6 per plate in July, and was lower when compared with Rs 34 in August last year, as per the report by domestic rating agency Crisil. A non-veg thali price declined 3 per cent as compared to the previous month to Rs 59.3, while the same was much wider at 12 per cent when compared to the cost last year, the report said.

On-demand convenience platform Swiggy on Friday said it has launched an industry-first Incognito Mode feature, allowing users to place orders privately across food and quick commerce. Whether planning a surprise, indulging in a personal treat, or making a discreet purchase, Incognito Mode keeps these orders out of the app's history, eliminating the need to manually delete them.
 

Silver prices on Friday rose Rs 164 to Rs 85,120 per kilogram in futures trade as participants widened their bets on a firm spot demand. On the Multi Commodity Exchange, silver contracts for December delivery increased Rs 164 or 0.19 per cent to Rs 85,120 per kg in 29,379 lots.
 

Credit card holders in India will have the option to independently select their card network, be it Visa, Mastercard, or RuPay, while getting a new credit card or while reissuance of their credit card with effect from September 6, 2024. The decision is a part of the Reserve Bank of India's effort to give more options to consumers and increase healthy competition in the digital payment ecosystem.

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Japan Airlines does not expect flight cancellations or delays as a result of inspections ordered by Europe's air safety regulator on engines of Airbus A350-1000 jets, it said on Friday.

Telegram founder and CEO Pavel Durov is promising stepped-up efforts to fight criminality on the messaging app, his first public comments since French authorities handed him preliminary charges for allegedly allowing the platform's use for criminal activity. In a Telegram post, Durov defended himself against the French judicial investigation, suggesting that he personally shouldn't have been targeted.
 

Israel's Tower Semiconductor and Adani Group will invest Rs 83, 947 crore ($10.01 billion) for a semiconductor project in India's western state of Maharashtra, its chief minister said in a post on X on Thursday.

Two new electric vehicle manufacturing units will also be set up in the state, with Skoda-Volkswagen investing Rs 15,000 crore while Toyota-Kirloskar will dole out Rs 21,273 crore for its plant.

The Shree Tirupati Balajee Agro Trading Company Limited IPO started off on a good note with the issue subscribed 11.02 times as on 12:30 pm, Friday, the second day of its opening. It saw retail investors leading from the front, with this portion subscribed 14.62 times. NII and QIB portions got booked 13.87 and 4.48 times, respectively.

The IPO, a book-built issue, would raise Rs 169.65 crores comprising a fresh issue of 1.48 crore shares aggregating Rs 122.43 crores and an offer for sale of 0.57 crore shares aggregating Rs 47.23 crores. The price band of the IPO has been fixed between Rs 78 and Rs 83 per share with a minimum lot size of 180 shares. Thus, retail investors would have to invest at least Rs 14,940. Similarly, larger investments are meant for HNIs, with minimum bids for sNII and bNII at Rs 209,160 and Rs 1,000,980, correspondingly.

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Asian equities were poised to end a turbulent week on a steady note, with Thailand's stocks leading the charge on Friday, while currencies edged higher ahead of crucial US monthly payrolls data that could set the stage for outsized rate cuts.

The MSCI Emerging Markets index increased 0.4 per cent on Friday, but was on track for a weekly decline of more than 2 per cent. 

Thailand's benchmark stock index gained 1.8 per cent to its highest since Jan. 5 and was on track for its strongest weekly rise since January 2021 with a near 5 per cent jump as a stabilising political environment and measures taken to boost capital flows improved risk appetite.

Ace investor Rekha Jhunjhunwala-backed Baazar Style Retail shares made a flat stock market debut on Friday, September 6. The stock opened for trading at Rs 389, unchanged from Initial Public Offering ( IPO ) price but it came under buying interest soon after as it rose as much as 10.78 per cent from IPO price to hit an intraday high of Rs 430.95. On the National Stock Exchange, Baazar Style Retail shares rose as much as 10.83 per cent to hit an intraday high of Rs 431.15.

Baazar Style Retail sold shares in price band of Rs 370-389 per share in the IPO which opened for bidding on August 30 and closed on September 3. The company raised Rs 834.68 crore from the IPO which was a combination of fresh issue of Rs 148 crore and an offer for sale worth Rs 686.68 crore.

Shares of Vodafone Idea Ltd. fell more than 14 per cent on Friday after foreign brokerage firm Goldman Sachs predicted as steep as 83 per cent downside in the stock price. Vodafone Idea shares tumbled 14.44 per cent to hit a low of Rs 12.91 apiece on the BSE after Goldman Sachs decided to retain its 'Sell' rating on the stock and revised its target price upwards to Rs 2.5 from Rs 2.2 earlier.

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X's global affairs head Nick Pickles said on Thursday he is quitting after a decade with the social media company formerly called Twitter.

Pickles, who joined the company in 2014, said he had decided to leave X several months ago and was working with the Chief Executive Linda Yaccarino through the transition.

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The Indian rupee rose on Friday after disappointing U.S. private payrolls data fuelled expectations of a weaker jobs report, prompting traders to avoid the U.S. dollar.

The rupee was at 83.9350 to the U.S. dollar at 9:30 a.m. IST, up from 83.9825 in the previous session.

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Indian government bond yields were largely flat early on Friday, with the benchmark yield remaining close to a key level as traders eye a weekly debt auction, even as US Treasury yields continued to decline.

New Delhi aims to raise 290 billion rupees ($3.45 billion) through a sale of bonds, which includes 120 billion rupees of the liquid 15-year note.

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U.S. job growth likely picked up in August, with the unemployment rate forecast to have dropped to 4.2%, which would offer more assurance that an orderly labor market slowdown remained intact and cement expectations of a quarter-point interest rate cut from the Federal Reserve this month.

Benchmark indices started the day in the red on Friday as investors remained on the sidelines ahead of a key US jobs report, which may determine whether the Federal Reserve cuts interest rates further.

The Nifty 50 index was down 0.32 per cent at 25,065.60 points at 9:45 am, while the S&P BSE Sensex was lower by 0.37 per cent at 81,897.11. This is against a week where the blue-chip index rose to a record high, but is down about 0.5 per cent amid rising worries over the health of the US economy.

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India's growing role in the global economy presents Singapore with opportunities for collaboration across economic, technological and geopolitical spheres, Singapore Indian Chamber of Commerce and Industry chairman Neil Parekh has said.
 

Tesla shares rose more than 6 per cent on Thursday after the electric automaker stuck to its plans to launch the Full Self-Driving (FSD) advanced driver assistance software in China and Europe pending approval from regulators.

GIFT Nifty indicates negative opening for Indian market