Business News Live: S&P 500 hits record high ahead of Fed rate cut

BlackRock and Microsoft plan to launch a more than $30 billion fund to invest in artificial intelligence infrastructure to build data centers and energy projects, the companies said on Tuesday.

AI models, especially those used for deep learning and large-scale data processing, require substantial computational power, leading to higher energy consumption.

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Intuitive Machines said on Tuesday it has bagged a navigation and communication services contract of up to $4.82 billion from NASA for missions in the near space region.

Shares of the space exploration company rose 52% to $8.21 in aftermarket trading and have more than doubled so far this year.

As part of the contract, which has a base period of five years with an additional five-year option period, Intuitive will deploy lunar relay satellites and provide communication and navigation services to aid NASA's Artemis campaign.

The contract would see Intuitive debut its lunar satellite constellations that will enable enhanced data and transmission services as well as autonomous operations.

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The Federal Aviation Administration said Tuesday it proposing to fine Elon Musk's SpaceX $633,000 for allegedly failing to follow license requirements and not getting approval for changes during two launches in 2023.

The FAA said SpaceX failed to get approval to revise its communications plan related to its license to launch from Cape Canaveral Space Force Station in Florida including adding a new launch control room at Hangar X and removing the T-2 hour readiness poll from its procedures before a June 2023 launch. SpaceX used the unapproved launch control room for the PSN SATRIA mission and did not conduct the required poll, the FAA said.

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Amazon.com has asked a U.S. judge to dismiss what it called a “far-fetched” lawsuit by independent authors accusing the e-commerce giant of monopolizing the retail market for audiobooks and causing them to overpay for the distribution of their works.

In a filing in Manhattan federal court, Amazon on Monday night defended the 90-day exclusivity provision that its digital audiobook subsidiary Audible offers to self-published authors.

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Universal Music Group said on Tuesday it expects annual core profit growth of more than 10% through 2028 on higher subscription revenue, expanded partnerships, and boosted by the superfans of its artists such as Taylor Swift, BTS and Drake.

At its first Capital Markets Day, held at London's Abbey Road Studios, the world's biggest music label spelled out its plans to revive slowing subscriber and streaming growth.

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The government on Tuesday slashed windfall tax on domestically produced crude oil to 'nil' per tonne with effect from September 18.

The tax is levied in the form of Special Additional Excise Duty (SAED) and is notified fortnightly based on average oil prices in two weeks.

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The U.S. economy is not in a recession but labor-market weakness might worry the Federal Reserve enough to cut interest rates by 50 basis points on Wednesday, former Fed economist Claudia Sahm said.

"The likely path for the Fed is for the 50-(bps) cut this time, really adhering to the principles of data-dependence," Sahm told the Reuters Global Markets Forumon Tuesday.

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In a volatile session, US stocks reached new record highs on Tuesday before ending the day little changed as investors braced for the Federal Reserve’s interest rate decision on Wednesday.

The S&P 500 surged 0.66 per cent to a record high of 5,670.81 before settling at 5,634.58, while the Dow Jones Industrial Average rose 0.51 per cent to an all-time high of 41,835.28 before closing at 41,606.18, down 0.038 per cent. The NYSE Composite also set a record of 19,331.59, finishing the day 0.15 per cent lower.

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Snap SNAP.N announced an upgraded version of its Spectacles augmented-reality glasses on Tuesday, doubling down on its bet that wearable devices to enhance the view of the real world will be one of the next frontiers in tech.

Snap, long known for its ephemeral messaging app Snapchat and animated filters, has been an early leader in augmented reality, which can overlay digital effects onto photos or videos of real-life surroundings through a camera or lens.

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A former auditor for FTX will pay $1.95 million to settle two U.S. Securities and Exchange Commission cases, including for alleged negligence in auditing the cryptocurrency exchange Sam Bankman-Fried led before being convicted of fraud.

Prager Metis did not admit or deny wrongdoing in agreeing to Tuesday's settlements, which include $1.75 million of civil fines plus disgorged profit and interest.

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JPMorgan Chase (JPM) is reportedly in negotiations with Apple to assume control of the tech giant's credit card business, which is currently managed by Goldman Sachs, according to a Wall Street Journal report released on Tuesday. The discussions, which began earlier this year, have made significant progress recently, but a final agreement may still be a few months away. Key aspects, such as the financial terms, remain unresolved.

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Walmart-owned Sam's Club said on Tuesday it would raise average hourly wages for nearly 100,000 of its workers, as part of a new employee compensation plan that will come into effect ahead of the holiday season rush.

Wages for its entry-level workers will now start at $16 per hour from $15 that was set three years ago, it said.

The company also said hourly wages will grow at a "faster" clip, rising to between 3% and 6% based on years of service that would allow workers to quickly attain the maximum pay rate for their given position.

The Red sea crisis and logistical challenges have severely impacted the country's exports in August, which contracted 9.3 per cent, according to exporters and experts.

Think tank GTRI said the contraction of petroleum product exports' by 37.56 per cent to USD 5.95 billion in August is linked to the ongoing disruptions in the Red Sea.

The dollar hovered near its lowest levels of the year on Tuesday, a day before the expected start to a U.S. easing cycle that markets are wagering may begin with an outsized rate cut.

Triumph has launched the most affordable bike of its lineup, the Speed T4 in India, which is based on the Speed 400 platform. The Speed T4 starts at Rs 2.17 lakh (ex-showroom) in India. The Speed T4 has differences, both mechanically and featurewise. It is the third 400cc motorcycle from Triumph in India. The major revisions are done with the fuel tank and has a less powerful engine that has more focus on efficiency and a revised seat.
 

Indian IT major Infosys on Tuesday said it has entered into a long-term collaboration with British community bank Metro Bank to digitise the bank's operations. The collaboration will utilise Infosys Topaz, the firm's  AI-first offerings, to enhance Metro Bank's digital capabilities, improve automation, refine data, and embed further AI capabilities. This will assist the bank in increasing efficiency and saving costs, a regulatory filing said. "At the end of this transformation, we will be a very different business, but the true essence of Metro Bank will remain the same -- a high-quality service organisation putting customers centre-stage," Metro Bank CEO Daniel Frumkin said

India's merchandise exports in August declined 9.3 per cent to $34.71 billion from $38.28 billion in the year-ago month, according to government data released on Tuesday.

Imports increased by 3.3 per cent to $64.36 billion in August against $62.3 billion a year ago.

The trade deficit, or the gap between imports and exports, during the month under review ballooned to $29.65 billion.

India's merchandise exports dipped by 1.5 per cent in July.

French prosecutors used a new law called the LOPMI law to target Telegram CEO Pavel Durov. It criminalises tech titans whose platforms allow illegal activity.

India's merchandise exports in August declined 9.3 per cent to $34.71 billion from $38.28 billion in the year-ago month, according to government data released on Tuesday. Imports increased by 3.3 per cent to $64.36 billion in August against $62.3 billion a year ago. The trade deficit, or the gap between imports and exports, during the month under review, ballooned to $29.65 billion. India's merchandise exports dipped by 1.5 per cent in July.

Drivers are more likely to engage in non-driving activities, such as checking their phones or eating a sandwich, when using partial automation systems, with some easily skirting rules set to limit distractions, new research showed on Tuesday. Insurance Institute for Highway Safety (IIHS) conducted month-long studies with two such systems - Tesla's Autopilot and Volvo's Pilot Assist - to examine driver behavior when the technology was in use and how it evolved over time.
 

Intel's foundry has signed up Amazon's cloud services unit as a customer for making custom artificial intelligence chips, the two companies have confirmed. Intel's shares rose roughly 8 percent in extended trading after CEO Pat Gelsinger released a memo to employees announcing the news.

Wholesale price inflation declines to 1.31 per cent in August against 2.04 per cent in July: Government data 

The Asian Development Bank has assured Pakistan it will provide $2 billion annually in new loans to the cash-strapped country amid the government's inability to get cheaper credit due to its worsened ratings, according to a media report on Tuesday.
 

Australia will soon launch a new Ballot System to streamline issuing visas for Work and Holidays for the citizens of India, as well as China and Vietnam. The new visa management system will come into effect in the 2024-25 programme year, allowing individuals aged 18 to 30 from the three nations to travel and work in the country.

The BJP-led NDA government has approved infrastructure projects worth Rs 3 lakh crore, including linking 25,000 unconnected villages to road networks and building a mega port at Wadhawan in Maharashtra, during its first 100 days in office, Home Minister Amit Shah said on Tuesday.

Speaking about the initial skepticism towards the 'Make in India' initiative, Union Home Minister Amit Shah has said India is now admired worldwide for its manufacturing capabilities and its 'Digital India' scheme. He highlighted that many countries are keen to understand and adopt India's digital strategies.

P N Gadgil Jewellers shares made a strong stock market debut on Tuesday, September 17. The stock opened for trading at Rs 834 against initial public offering (IPO) price of Rs 480, marking an upside of 74 per cent on the BSE. On the National Stock Exchange, the stock opened for trading at Rs 830, marking an upside of 73 per cent from the IPO price.

After staging a strong start, the stock rose as much as 77 per cent on the NSE and 76 per cent on the BSE.

PN Gadgil Jewellers shares were in high demand during the share sale which ended on September 12 as the IPO was subscribed a whopping 59.41 times. PN Gadgil Jewellers shares were in very high demand especially among the Qualified Institutional Buyers (QIBs) as the portion set aside for them was booked 136.85 times, data from the National Stock Exchange showed. Pie of shares set aside for high net-worth individuals, which fall under the category of Non-Institutional Investors, was booked 56.09 times and shares set aside for retail investors was booked 16.58 times.

PN Gadgil Jewellers raised Rs 1,100 crore from the IPO which was a combination of fresh issue of Rs 850 crore and an offer for sale worth Rs 250 crore. The company sold shares in price band of Rs 456-480 per share and a retail investor was allowed to bid for minimum one lot of 31 shares up to maximum of 13 lots. One lot of PN Gadgil Jewellers shares was priced at Rs 14,880.
 

Mark Zuckerberg-owned Meta has announced that it is banning Russian state media networks from its platforms, alleging that these outlets used deceptive tactics to influence operations and evade detection online. The banned Russian state media outlets include RT and Rossiya Segodnya among other. 

A total of 134 countries representing 98 per cent of the global economy are now exploring digital versions of their currencies, with almost half at an advanced stage and pioneers like China, the Bahamas and Nigeria starting to see a pick up in usage.

The Indian equity benchmarks were little changed on Tuesday as gains in ICICI Bank, Bharti Airtel, Hindustan Unilever, Reliance Industries and Kotak Mahindra Bank were offset with losses in Tata Motors, Infosys, Tata Consultancy Services, State Bank of India and Mahindra & Mahindra. The Sensex traded in a band of 228 points and Nifty 50 index touched an intraday high of 25,417 and low of 25,356.

As of 9:22 am, the Sensex was down 62 points at 82,927 and Nifty 50 index slipped 15 points to 25,369.

Most Asian stocks saw modest gains on Tuesday, driven by expectations of an interest rate cut from the US Federal Reserve. However, Japanese markets faced pressure due to a stronger yen ahead of an upcoming Bank of Japan meeting.

Mercedes-Benz is seeing a rise in the number of Indian buyers opting for electric vehicles as their first luxury car, the country's Managing Director said, a trend that is helping the German carmaker boost their sales
 

Japan's Nikkei share average sank on Tuesday, weighed down by worries of a stronger yen, as investors braced for a super-sized interest rate cut from the US Federal Reserve this week.

The Nikkei dropped 1.5 per cent to 36,023.51, as of 0127 GMT, as the market reopened after a national holiday on Monday, when Japan's currency hit a more than one-year high against the dollar.

The broader Topix index slumped 1.3 per cent.

Technology giants were the biggest drag on the Nikkei , amid broader losses in export-dependent companies. Chip-sector peers declining on Wall Street overnight also weighed on sentiment.

Boeing could lose over $100 million in daily revenue until it reaches a settlement with its union that represents more than 30,000 workers, analysts said on Monday.

The Indian rupee is likely to open nearly unchanged on Tuesday, with traders expecting range-bound movement as they await the US Federal Reserve's policy decision later in the week. One-month non-deliverable forward contracts suggest that the rupee, INR=IN, will start trading at around 83.87-83.88 against the US dollar, indicating an almost flat change from its Monday closing rate of 83.8875.

Indian markets are set to open higher on Tuesday, with traders anticipating incremental gains ahead of the US Federal Reserve's likely rate cut, expected a day later. As of 07:58 am, the GIFT Nifty stood at 25,476.5 points.

Both the Nifty 50 and the S&P BSE Sensex hit record highs on Monday, buoyed by rising metal stocks and expectations of a favourable Fed policy. "Investors remain cautiously optimistic ahead of the Fed's policy decision due on Wednesday, which could shape short-term trends in domestic equities," commented Vikram Kasat, head of advisory at Prabhudas Lilladher.

The chances of an aggressive 50-basis-point rate cut have risen to 67 per cent, up from 50 per cent, following media reports hinting at deeper easing measures. Foreign institutional investor (FII) buying, spurred by the anticipated Fed rate cut, is expected to fuel further gains in Indian equities.

Microsoft unveiled a major new initiative when its board approved a $60 billion share buyback program, underscoring the tech giant's efforts to return value to shareholders in the context of significant investment in artificial intelligence infrastructure. Underpinning the board decision is the strategic focus of optimising shareholder returns while continuing improvements in technological capabilities.

Facebook owner Meta META.O said on Monday it was banning RT, Rossiya Segodnya and other Russian state media networks, alleging the outlets used deceptive tactics to carry out influence operations while evading detection on the social media company's platforms.

The dollar traded near its lowest levels of the year on Tuesday, on the eve of the expected the start to a U.S. easing cycle that markets are betting may begin with an outsized rate cut.

The euro rallied overnight to $1.1138 and traded around there early in the Asia session, not far from the year's high against the dollar of $1.1201.

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Shapoorji Pallonji Group’s flagship infrastructure company, Afcons Infrastructure Limited (AIL), has secured approval from the Securities and Exchange Board of India ( SEBI ) for its highly anticipated Rs 7,000 crore Initial Public Offering ( IPO ). The company, which filed its draft papers with SEBI in March 2024, is now set to launch its IPO, marking a major milestone in its expansion plans.

The offering consists of a fresh issue of shares worth Rs 1,250 crore and an offer for sale of up to Rs 5,750 crore by Goswami Infratech Private Limited, a significant shareholder. A portion of the IPO will be reserved for eligible employees, making it an attractive opportunity for both investors and internal stakeholders.

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The head of the Federal Aviation Administration (FAA) will testify on Sept. 24 before the House of Representatives Transportation Committee on Boeing's BA.N quality improvement plan, the committee said Monday.

FAA Administrator Mike Whitaker in late February gave Boeing 90 days to come up with a plan to address "systemic quality-control issues." Boeing delivered the plan in late May and the FAA is still assessing the planemaker's reform efforts.

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Microsoft-backed OpenAI said on Monday its safety committee will oversee security and safety processes for the company's artificial intelligence model development and deployment, as an independent body.

The change follows the committee's own recommendations to OpenAI's board which were made public for the first time.

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The United Auto Workers union said on Monday it had filed unfair labor practice charges against Chrysler-parent Stellantis for violating the labor contract the parties reached last fall.

The UAW said it filed charges with the National Labor Relations Board because Stellantis has refused to provide information about its future product plans.

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The S&P 500 eked out a slight gain in a subdued session while the Nasdaq fell on Monday, weighed down by a drop in technology stocks as investors assessed the likelihood of an upsized rate cut from the U.S. Federal Reserve this week.

The S&P technology index, the best performer of the 11 major S&P sectors this year, lost 0.95% as the session's biggest decliner.

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The Delhi State Consumer Disputes Redressal Commission has upheld a district forum order, holding the manufacturer and customer relation office of Hyundai Motors India as not responsible for any wrongdoing or omission by an authorised dealer.

The authorised dealer did not deliver a car after receiving the booking amount.

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Intel and Amazon's AWS said on Monday they would expand their collaboration, including a co-investment in custom chip designs, under a multi-year, multi-billion-dollar framework.

Intel's shares were up 9% in extended trading.

Intel CEO Pat Gelsinger released a memo to employees announcing that the Amazon unit would be a multibillion-dollar customer, paying Intel for design services and manufacturing.

The memo also outlined a number of steps Intel would take to revive itself after a disastrous second quarter earnings.

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The Federal Reserve will likely not cut U.S. interest rates as deeply as the bond market expects due to a resilient economy and inflation remaining sticky, the BlackRock Investment Institute said in a note on Monday.

The U.S. central bank is expected to cut interest rates for the first time in over four years on Wednesday, with speculation over the size of the first rate cut creating volatility across financial markets in the run-up to the decision.

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Futures on the fed funds rate, which measures the cost of unsecured overnight loans between banks, have priced in a nearly 60% chance of a 50 basis-point rate cut by the Federal Reserve on Wednesday, LSEG calculations showed.

That was up from 45% last Friday and from 25% following the release of an in-line U.S. consumer price index report last week.

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A state judge in Oregon has overturned a jury's $260 million verdict against Johnson & Johnson in a lawsuit brought by a woman who said she got mesothelioma, a deadly cancer linked to asbestos exposure, from inhaling the company's talc powder, the company said on Monday.

Judge Katharine von ter Stegge in Portland granted J&J's motion to throw out the verdict and hold a new trial in the case at a hearing late on Friday, according to a spokesperson for the company. Von ter Stegge is expected to issue a written opinion explaining her order in the coming days.

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The U.S. Treasury two-year yield fell to its lowest in two years on Monday, while the 10-year's yield slid for a second straight session, as investors weighed the odds of a half-percentage point interest rate cut by the Federal Reserve this week.

In midday trading, benchmark 10-year Treasury yields dipped 2 basis points to 3.628%, while U.S. two-year yields fell to 3.528%, their lowest since September 2022. They were last down 1.9 bps at 3.557%.

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Amazon.com will require employees to return to working at company offices five days per week beginning next year, toughening a prior three-day mandate.

The change is necessary to "invent, collaborate and be connected" wrote CEO Andy Jassy in a letter to employees on Monday posted to its website. He said the experience of a three-day mandate "strengthened our conviction about the benefits" of in-office work.

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Apple Inc. shares fell nearly 3 per cent on Monday following concerns from analysts that shorter shipping times for the newly launched iPhone 16 Pro models may indicate weaker-than-expected demand. The decline is partly attributed to the delayed release of key artificial intelligence (AI) features in the latest iPhone series. 

Last week, Apple introduced its highly anticipated iPhone 16 series, highlighting its new AI software, Apple Intelligence. However, early pre-order data from BofA Global Research showed that the shipping times for the iPhone 16 Pro models are shorter compared to last year's iPhone 15 Pro models. This raised concerns about the level of consumer interest in the new phones.

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Alongside the iOS 18 update, Apple will also roll out watchOS 11, the latest software for the Apple Watch. The new watchOS 11 update introduces new health tracking and fitness features, alongside other functionalities such as Smart Stack and Live Activities, which debuted on iPhone last year with iOS 17. Here is everything about the new Apple Watch software.

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Technology stocks weighed on the Nasdaq and the S&P 500 on Monday as prudent investors awaited a pivotal monetary policy decision from the Federal Reserve later in the week and most traders priced in a steep reduction in borrowing costs.

Rate-sensitive chip stocks fell, with Nvidia NVDA.O, which led much of this year's rally, down 2%, Broadcom AVGO.Olosing 3.4% and Qualcomm QCOM.Odropping 1.5%, sending the Philadelphia SE Semiconductor index .SOX lower by 2%.

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Finance Minister Nirmala Sitharaman will launch the NPS Vatsalya scheme on Wednesday in line with the announcement made in the Union Budget 2024-25.

The finance minister will also launch an online platform for subscribing to NPS Vatsalya, release a scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to minor subscribers.

As part of the launch here, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country, the finance ministry said in a statement on Monday.

Other locations will join the launch through a video conference and also distribute PRAN membership to new minor subscribers in that location.
 

Daimler Truck, one of the world's biggest commercial vehicle makers, aims for half of its European sales to come from electric trucks in 2030, the head of its Mercedes-Benz Trucks unit, Karin Radstrom, said on Monday. Radstrom, who is due to take the helm of the whole group next month, seeks to sell as many as 30,000 electric trucks, or half of Daimler's s total vehicle sales in Europe, by the end of the decade. "Hopefully we'll be so good that we can do even more," she said at a press conference during the IAA Transportation trade fair in Hanover.

The European Central Bank should keep cutting interest rates gradually, its chief economist said on Monday, but its policymakers expressed differing views on how to signal their intent given economic uncertainty.

The ECB cut rates for the second time this year on Thursday but provided little to no guidance on further moves, even as some policymakers privately argued that coming back for another cut in just five weeks was too soon.

Markets now see only a 25% chance of a move on Oct. 17, but pricing could shift after the U.S. Federal Reserve's own policy decision later this week.

Sudhir Sitapati, the Managing Director and CEO of Godrej Consumer Products, has come out in strong support of Dhaval Buch, who is the husband of embattled SEBI Chairperson Madhabi Puri Buch. Dhaval and Madhabi are currently facing allegations of conflict of interest related to Dhaval providing consultancy services to corporates. Sitapati commented that this may be a natural consequence of the overlap between government roles and private sector interests.

In a LinkedIn post, Sitapati shared his views, stressing that if the backgrounds of top professionals transitioning from the corporate world to the government sector aren’t fully appreciated, it could dissuade senior corporate figures from considering government positions.  

Mahindra & Mahindra on Monday expanded its light commercial vehicle (LCV) range with a new product range based on an all new platform developed at an initial investment of Rs 900 crore. The company has introduced "Veero" light commercial vehicle in the less than 3.5 tonne range with both diesel and CNG trims, with price starting at Rs 7.99 lakh (ex-showroom). An electric version of the LCV would be introduced at a later stage. In an interaction with PTI, Mahindra & Mahindra (M&M) President Automotive Division Veejay Nakra said the model will help the company further strengthen its leadership in the LCV (less than 3.5 tonne) segment. The product, with multiple fuel options and payloads, will be useful for various applications, he added.

India is well-poised to take advantage of new jobs that emerge from the advent of Artificial Intelligence (AI), according to Meta India Vice President Sandhya Devanathan. In an interview to PTI, Devanathan weighed in on the raging debate around AI and its impact on jobs, saying she is of the firm belief that AI would now lead to new opportunities for India. "I think that India is potentially well-poised to take advantage of new jobs that could come up with AI," she said. Devanathan said that the nature of jobs may change, however. "I think it offers opportunities for new kind of jobs to get created...jobs may change in terms of what they look like, but there will be new things that could end up coming up as a result of that (AI)...and it would lead to new opportunities for us as a country," she said.

Tata Steel on Monday said Odisha would emerge as the company's single-largest investment destination after the phase-II expansion of its Kalinganagar plant from 3 million tonnes per annum to 8 mtpa. The steel major has invested Rs 27,000 in phase-II of the Kalinganagar plant expansion, and the company is on the verge of commissioning its expanded capacity at the unit, it said in a release. The ongoing expansion in Kalinganagar will play an important role in Tata Steel's ambition to achieve its target of 40 mtpa capacity in India by 2030, the company said.
 

India is the main market that offers a lot of potential and ATR is open for opportunities in terms of sourcing components from the country, according to a senior official of the European aircraft maker. ATR, a joint venture between European aeronautics players Airbus and Leonardo, manufactures turboprops with up to 78 seats as well as freighters. IndiGo and two regional carriers -- Alliance Air and FLY91 -- operate ATR planes that are used for regional flight operations. ATR's Chief Commercial Officer Alexis Vidal told PTI in a recent interview that the company is looking at India as the main market and the country's regional air connectivity is very promising. Currently, nearly 70 ATR planes are in operation in India and worldwide, the company has delivered around 1,700 aircraft.
 

GST investigation arm DGGI has suggested reciprocal arrangements with foreign governments for information sharing and enforcement measures as well as blocking of websites to prevent tax evasion in OIDAR services like e-gaming, online education, and advertisement. The move has been necessitated as it has come to DGGI's notice that there are entities, including online casinos that are based out of tax havens and also those that operate through offshore VPNs and cloud-based platforms. These entities are non-cooperative and appear to intentionally avoid tax compliance, and hence an information exchange with global law enforcement agencies would help crack down on any evasion. Online Information and Database Access or Retrieval (OIDAR) services are those that are delivered over the internet or electronic network and whose supply is essentially impossible without Information Technology. It includes a wide array of services viz cloud services, digital content, online gaming, online advertising, etc. When such services are provided by an offshore entity to a non-taxable recipient, the supplier becomes liable for obtaining registration and discharging GST on the same.
 

Honda Cars India launched the Apex Edition of the compact SUV Elevate in India, at a starting price of Rs 12.85 lakh (ex-showroom). This is a limited-time offer by Honda Cars ahead of the festive season and comes as an accessory package for the V and the VX trim levels offered with both manual and automatic transmission. The Apex Edition adds accessories on the exterior and the interiors of the Elevate and comes with an additional cost of Rs 15,000 more than the regular variants and will be limited in volume. 
 

The rupee witnessed range-bound trade and settled for the day higher by 4 paise at 83.88 (provisional) against the US dollar on Monday supported by weak American currency and significant foreign fund inflows, while firm crude oil prices capped sharp gains. Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain. Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added. At the interbank foreign exchange market, the local unit opened at 83.89 and witnessed an intraday high of 83.87 and a low of 83.90 against the American currency. The domestic unit finally settled for the day at 83.88 (provisional), higher by 4 paise over its previous close, amid a positive trend in domestic equities.
 

The Indian equity benchmarks ended higher on Monday with both the Sensex and Nifty touching new highs during the session, led by gains in ICICI Bank, Larsen & Toubro, HDFC Bank, Axis Bank, NTPC, Infosys, Kotak Mahindra Bank and JSW Steel. 

The Sensex rose as much as 293 points to hit a record high of 83,184.34 and Nifty 50 index climbed as much as 89 points to an all-time high of 25,445.70. The benchmarks, however, came off record highs owing to profit bookings at record highs.

The Sensex ended +97.84 points higher at 82,988.78 and the Nifty 50 index rose 27.25 points to close at 25,383.75.

The Adani Group on Monday rebutted a fake press release on the group’s statement which ‘warned Kenyan protestors of serious consequences’. 

Strides Pharma Science Ltd on Monday said its arm has received approval from the US health regulator for its generic version of antidepressant Fluoxetine tablets. The approval granted by the US Food & Drug Administration (USFDA) to wholly owned subsidiary Strides Pharma Global Pte. Ltd, Singapore, is for Fluoxetine tablets of strength 60 mg, Strides Pharma Science said in a regulatory filing. The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Fluoxetine tablets, 60 mg, of TWi Pharmaceuticals, Inc, it added.
 

Mercedes-Benz India, one of the leading luxury auto manufacturers launched a new EV in its portfolio, the EQS 580 SUV at Rs 1.41 crore (ex-showroom) in India. The EQS 580 SUV is powered by a 122 kWh battery pack with a claimed range output of 809 km and has a claimed time of 0-100 km/h of 4.7 seconds. The EQS 580 SUV mainly rivals the BMW iX and the Audi Q8 e-Tron in its segment.

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Amid growing protests from employees seeking the resignation of Sebi Chairperson Madhabi Puri Buch, the markets regulator withdrew its statement on Monday blaming "external elements" for the ruckus. This followed a silent protest by some staff members protesting outside Sebi's headquarters in Mumbai's Bandra-Kurla Complex (BKC), with a claim of a "toxic work culture."
 

Prime Minister Narendra Modi on Monday said his government in the first 100 days of its third term had tried to address every sector and factor for rapid progress of the country.
 

Union New & Renewable Energy Minister Pralhad Joshi on Monday urged investors to invest in India saying that Rs 32.45 lakh crore finance in green projects has been committed by banks and financial institutions.

Addressing the inaugural session of the 4th RE-INVEST 2024, Joshi said, "we have received overwhelming commitments from the states and UTs as well as from developers, manufacturers and financial institutions to support our goal of 500 GW by 2030."
 

Indian police have detained 104 striking workers protesting low wages at a Samsung Electronics 005930.KS plant in southern India, as they were planning a march on Monday without permission, police officials said.

JSW MG Motor India will enter the 'accessible luxury' segment with plans to introduce four new energy vehicles in the next two years for which it is setting up a new retail channel brand, 'MG Select', according to company Chief Growth Officer, Gaurav Gupta. The company plans to set up exclusive experience centres in 12 cities across India in the first year. "With MG Select we will be bringing in four new products over the next two years to begin with," Gupta told PTI here. "We will be bringing in fresh, new platforms and products and these will be across the new energy vehicles (NEV) platform. So, it will have plug-in hybrids, hybrids, and electric vehicles," said Gupta, however, he clarified that MG Select is not purely an EV channel.

Tolins Tyres and Kross Ltd. shares made a tepid stock market debut on Monday, September 16. Tolins Tyres shares opened for trading at Rs 227, marking a flat start from its initial public offering price of Rs 226. Meanwhile, Kross Ltd. also opened for trading on a flat note at Rs 240, unchanged from the IPO price.

Both the shares, however, saw buying interest post listing with Tolins Tyres rising as much as 5.44 per cent, from IPO price, to hit an intraday high of Rs 238.30 and Kross shares rose as much as 7.15 per cent to hit an intraday high of Rs 260.

Shares auto parts manufacturer Kross Ltd was booked 16.81 times on final day of the issue, data from stock exchanges showed. The company sold shares in price band of Rs 228-240 per share for its Rs 500 crore initial public offering (IPO).
 

Logistics operator Delhivery on Monday said it has teamed up with Teamglobal Logistics for ocean freight services with a focus on both in and outbound logistics. The strategic partnership will provide an expanded reach of over 120 countries for Delhivery's Less than Container Load (LCL) service while Delhivery, in turn, will enable in-land services of its Part Truckload (PTL) shipping solution within India to Teamglobal through its 18,700+ pin codes, Delhivery said in a statement. Teamglobal Logistics is the largest LCL operator in the country, offering transportation services between all major international cargo centers using a combination of land, sea, and air modes.
 

Bajaj Housing Finance shares made a blockbuster stock market debut on Monday, September 16. The stock opened for trading at Rs 150 on the National Stock Exchange against its Initial Public Offering (IPO) price of Rs 70, marking an upside of 114.29 per cent. On the BSE also, Bajaj Housing Finance shares opened at Rs 150. 

Bajaj Housing Finance shares were in very high demand during the IPO as the issue was subscribed a whopping 63.61 times, data from the stock exchanges showed. The IPO garnered bids worth over Rs 3 lakh crore against its issue size of Rs 6,560 crore, making it the best IPO on record in Indian markets.

The IPO was oversubscribed from all categories of investors as the portion reserved for Qualified Institutional Buyers was booked 209.36 times, pie set aside for Non-Institutional Investors was booked 41.51 times and shares set aside for retail investors was subscribed 7.04 times.

Following a record fine and a six-month suspension imposed by Chinese regulators, PwC is taking significant steps to enhance its business operations in China. The Big Four firm announced a series of "tangible investments" aimed at ensuring long-term quality and sustainability within its Chinese operations, as detailed in an internal memo circulated to staff.

The Indian equity benchmarks edged higher on Monday paced by gains in metal heavyweights like Tata Steel and JSW Steel. The Sensex rose as much as 181 points to hit an intraday high of 83,071.86 and Nifty 50 index advanced 55 points to hit an intraday high of 25,411.60.

As of 9:20 am, the Sensex was up 106 points at 82,997 and Nifty 50 index rose 40 points to 25,396.

Most of the Asian markets were closed on Monday on account of holiday. Australian shares rose 0.45 per cent and Hong Kong's Hang Seng fell 0.51 per cent.

Wall Street's main indexes rose on Friday as investors reevaluated the possibility of a bigger interest rate cut by the Federal Reserve next week, with interest rate sensitive small cap stocks outperforming.
 

JSW Energy on Sunday announced that its step-down subsidiary, JSW Renew Energy Two Ltd, has successfully commissioned a 300 MW wind power plant at Tuticorin in Tamil Nadu.

The Indian equity benchmarks are set to open higher on Monday as indicated by Nifty futures traded at Gift City in Gandhinagar. Gift Nifty futures rose 0.21 per cent or 55 points to 25,440 indicating record opening for the National Stock Exchange benchmark index.

Most of the Asian markets were closed on Monday on account of holiday. Australian shares rose 0.45 per cent and Hong Kong's Hang Seng fell 0.51 per cent.

Wall Street's main indexes rose on Friday as investors reevaluated the possibility of a bigger interest rate cut by the Federal Reserve next week, with interest rate sensitive small cap stocks outperforming.
 

Former President Donald Trump is safe after Secret Service agents thwarted an apparent assassination attempt while he was golfing at his course in West Palm Beach, Florida. The incident highlights ongoing security challenges for high-profile figures amid a contentious election season.

The GST Council set up a 13-member Group of Ministers to work out and suggest the GST rates on premiums for various health and life insurance products. It was decided during the council's 54th meeting on September 9 to discuss the present tax structure on insurance premia.

The Indian rupee and, to a smaller extent, government bonds will take cues from the Federal Reserve's mid-week monetary policy decision, with the focus squarely on whether it will be a 25-basis-point interest rate cut or a 50-bps cut. 

Asian stocks made a cautious start on Monday in a week that is almost certain to see the start of an easing cycle in the United States with the only question mark being the size of the cut, with markets split on the chance of an outsized move. 

Britain's Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander yesterday undertook a historic trip to the Gulf, in a first-ever joint visit as part of efforts to seal a potential trade deal with the Gulf Cooperation Council (GCC).

US lenders, led by Glas Trust, have contested recent claims made by Byju Raveendran, that the verified debt of BYJU'S is a mere Rs 20 crore. They claim that the beleaguered ed-tech firm ought to pay the full amount of $1.2 billion Term Loan B (TLB) along with its interest.

Britain's housing market gained fresh strength in September on the back of the Bank of England's first interest rate cut in more than three years and growing political stability following the July 4 election, according to property website Rightmove.

During its first 100-day tenure, the BJP-led NDA government led by Prime Minister Narendra Modi has initiated several bold initiatives worth as much as Rs 3 lakh crore, by way of infrastructure projects. Some other significant projects are building a mega port at Wadhawan in Maharashtra, an investment worth Rs 76,200 crore, proposed to be among the world's top 10 ports. The government also cleared the Prime Minister's Rural Roads Scheme-4 (PMGSY-IV), which aims to construct or upgrade 62,500 km of roads and bridges connecting 25,000 unconnected villages.

The Japanese yen continued to be near its highest levels this year with lighter trade on Monday, as markets were less active due to a holiday in Japan. Investors remained cautious ahead of the expected Fed meeting this week, where the central bank is widely anticipated to cut rates.

The Confederation of All India Traders (CAIT) has urged Union Commerce Minister Piyush Goyal, outlining concerns of domestic traders after the Competition Commission of India found Flipkart and Amazon violating the local competition laws. Praveen Khandelwal, CAIT Secretary General Emeritus and Member of Parliament from New Delhi’s Chandani Chowk, has written a letter to Goyal, requesting a “swift and decisive action” against the e-commerce giants, alongside smartphone brands, such as Samsung, Realme, Xiaomi, Vivo, and Motorola, that were found colluding in the antitrust investigations.

Ninety percent of Indian financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report.

Google has fixed the issued that caused the Google app on Android devices to crash repeatedly. The company, via an update on its Google Search Status Dashboard, said that it had fixed the issue and rolled it out to all Android users across the globe.
 

The Indian audio devices market is experiencing “remarkable growth” as offline retail sales hit Rs 5,000 crore moving annual turnover (MAT) in June 2024, driven by a 61 per cent YoY volume growth in the Personal Audio segment, according to a report from GFK.

Spotify has introduced new parental controls for accounts of kids under 13 years of age. These new parental controls are grouped under a section called 'managed accounts' and they let parents control the content that their kids can access within the Spotify app.

 The US Federal Reserve's interest rate decision is the biggest event that would drive sentiments in the domestic stock market this week, besides a host of macroeconomic data from the global front and trading activity of foreign investors, analysts said.
 

SpaceX's capsule splashed down in the Gulf of Mexico near Florida's Dry Tortugas in the predawn darkness, carrying tech entrepreneur Jared Isaacman, two SpaceX engineers and a former Air Force Thunderbird pilot.

Republican presidential candidate Donald Trump said on Friday he will not sell his shares in the company that owns his Truth Social platform when limits on selling are lifted in the coming days, driving up the stock after a recent selloff. Shares of Trump Media & Technology Group surged as much as 30 per cent following his comments before closing with a 12 per cent gain for the day.

Indian antitrust investigations have found that Amazon and Walmart's Flipkart violated local competition laws by giving preference to some sellers, prioritising certain listings, and steeply discounting products, hurting other companies.

The US health regulator has pulled up Zydus Lifesciences for manufacturing lapses at its Gujarat-based plant. In a warning letter to the company's Managing Director Sharvil Patel, the US Food and Drug Administration (USFDA) noted that the drug maker failed to investigate contamination identified in drug products at its Jarod-based plant in Vadodara district.

Union Minister of State for Finance Pankaj Chaudhary is likely to be the convenor of a newly-formed Group of Ministers (GoM) tasked with reviewing the GST compensation cess structure. The development is ahead of an eventual big-bang announcement by the Centre on key issues like apportionment and future of the cess.

Adani group has won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra for the long term after its quote of Rs 4.08 per unit beat the likes of JSW Energy and Torrent Power, sources said.

On Sunday, Prime Minister Narendra Modi will inaugurate six new Vande Bharat trains at Tatanagar Junction Railway Station, marking a significant expansion of India’s modern rail network. This move aims to enhance connectivity, safety, and passenger amenities across the country.

The Directorate General of GST Intelligence (DGGI) has recovered Rs 2.01 lakh crore in Goods and Services Tax (GST) evasion for the year 2023-24. The amount is much higher than the previous years and suggests key trouble areas in most sectors.

The Securities and Exchange Board of India (Sebi) has exempted Spice Healthcare from the liability of making an open offer to the shareholders of SpiceJet. The big move was made on September 14, 2024, regarding Spice Healthcare's acquisition of additional shares in the airline.

Maldives-China MoU: The Maldives has officially signed a Memorandum of Understanding (MoU) with the People's Bank of China to establish a framework on current account transactions and direct investments in both countries' respective currencies. The agreement also includes vague offers to open one of China's largest banks, the Industrial and Commercial Bank of China, on the island.
 

Elon Musk, the world's richest man, whose net worth exceeds $250 billion, has significantly upped his personal security details, from traveling with as many as 20 bodyguards and a medic, according to a new report released by The New York Times.

British companies are seriously raising objections over the new employment rules to be implemented by the newly elected Labour government, the Confederation of British Industry said in its latest report. The move may influence hiring practices and investment in the business arena.

A gigantic Boeing strike by more than 30,000 International Association of Machinists and Aerospace Workers is poised to continue indefinitely, as workers are demanding higher wages and restoration of pension benefits. The strike began on Friday after the IAM members voted to defeat a contract.

Despite political unrest in Bangladesh, India continues to export diesel to Bangladesh and the business remains unaffected, chairman of the firm selling oil said on Saturday.

Numaligarh Refinery in Assam exports diesel to Bangladesh through a pipeline.

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Investigation arm DGGI has detected 6,084 cases involving Rs 2.01 lakh crore of GST evasion in 2023-24 fiscal, with online gaming and BFSI in services and iron, copper, scrap and alloys in goods emerging as the sectors most prone to evasion.

The amount is double of over Rs 1.01 lakh crore detected in 2022-23 in 4,872 cases.

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State-owned Oil India Ltd plans to invest Rs 25,000 crore in clean energy projects to help achieve the net zero carbon emission goal by 2040, its chairman Ranjit Rath said on Saturday.

OIL's net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas as well as setting up renewable electricity generation capacity, building green hydrogen plants and constructing biogas and ethanol plants.

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Prime Minister Narendra Modi on Saturday lauded recent changes in agricultural export policies, stating that easing export norms on basmati rice and onions, and increasing import duties on some edible oils will boost farmers' incomes and create rural jobs.

On Friday, the government scrapped a USD 950 per tonne minimum export price (MEP) for basmati rice and removed a USD 550 per tonne MEP on onions, according to government statements.

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Walt Disney and DirecTV announced they have reached an agreement in principle on Saturday, restoring college football and other programming to the satellite TV provider's more than 11 million subscribers.

The deal affords satellite TV subscribers greater choice and flexibility, the companies said in a joint statement. DirecTV customers had lost access to ABC, ESPN and other Disney-owned networks on Sept. 1, after the two sides reached an impasse in renewal talks.

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Foreign Portfolio Investors (FPIs) have pumped in Rs 16,881.03 crore into Indian equities in the second week of September, according to data from the National Securities Depository Limited. The investments are made between September 9 to 13, 2024.

Inflows in the week were significant, with the week's peak coming in on September 11, when FPIs invested Rs 2,962.44 crore, underlining their confidence in the return available from the Indian stock market. The inflow is a continuing trend, since the first week of September, when FPIs added a net Rs 10,980 crore to Indian markets.

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The Reserve Bank of India has imposed a monitory penalty on three NBFCs for failing to adhere to various normative guidelines. The monetary penalties were issued by the Reserve Bank of India between September 3 and September 11, 2024, as per an official notification released by the RBI on Friday.

Affected companies include Hewlett Packard Financial Services (India) Private Limited, SMFG India Credit Company Limited, and Muthoot Vehicle & Asset Finance Limited. The amount of the penalty is due to defaults noticed under the category of KYC norms, followed by information technology and cybersecurity, and then lastly, in the management of liquidity risks.

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The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard.

The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India.

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The household debt in India has grown considerably driven by an expansive growth of housing loans and a rising trend of unsecured lending, according to a recent report by Care Edge Ratings. As of FY23, household debt accounted for a handsome 38 per cent of India's GDP . Household financial leverage, as reflected in the country, continues to rise.

Mortgage loans have become more than half of the overall retail loans. It has become the leading driver of household debt growth. While the household debt ratio currently remains modestly behind the peak of 39.2 per cent in FY21, it is sufficiently high compared to Brazil at 35 per cent and South Africa at 34 per cent.

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Tamil Nadu Chief Minister MK Stalin announced that during his visit to the United States recently, he signed 19 Memorandums of Understanding (MoUs), securing investments worth Rs 7,618 crore for the state. These investments promise new jobs amounting to 11,516 in 57 districts like Trichy, Madurai, Coimbatore, Chennai, and Krishnagiri.

Stalin, addressing reporters at the Chennai Airport after returning from his trip, said that the trip was successful. "I have completed my official visit to America. This has been a successful visit. Nineteen MoUs have been signed, bringing in Rs 7,618 crore of investment to the state, which will create 11,516 jobs," Stalin said.

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The Indian automobile segment’s transition towards electric mobility will not only depend on EVs but will also include hybrid vehicles and plug-in hybrid vehicles. Hybrid vehicle charges its battery from the engine and plug-in hybrid vehicles have an option for external chargers.  

A report by Elara Securities stated that a combination of EVs, which consists of hybrid vehicles, and plug-in hybrids is set to drive a transition towards clean energy solutions, instead of depending only on electric mobility solutions in India.

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India is required to increase its engagement with countries like Taiwan and Japan to get a better standing in the global semiconductor ecosystem, according to recent reports by Elara Securities.

While Taiwan holds 78 per cent of the global output at fab and 53 per cent in the assembly, testing, and packaging (ATMP) market, the largest players in Taiwan have almost shown complete lack of interest in India's nascent semiconductor industry. The estimated number of firms operating from Taiwan in this industry is more than 312 firms. Even for the largest ones, none other than TSMC itself, lukewarm interest has continued in investing in the semiconductor projects of India.

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Beijing firmly opposes U.S. tariff hikes on Chinese imports, China's commerce ministry said in a statement on Saturday, urging the U.S. to immediately correct its "wrongdoings" and lift all tariffs imposed on Chinese goods.  "China will take necessary measures to resolutely defend the interests of Chinese companies," the statement said.

Adani Green Energy on Saturday said Saurabh Shah, now deputy chief financial officer of Adani Enterprises, would assume the role of CFO at Adani Green Energy, replacing Phuntsok Wangyal, who will step down effective Sept 30.

External Affairs Minister S Jaishankar held wide-ranging discussions with his Swiss counterpart Ignazio Daniele Giovanni Cassis on bilateral ties, with a focus on leveraging the trade agreement between India and four-nation European bloc EFTA, which includes Switzerland, the MEA said on Saturday.

Jaishankar was here on a two-day visit which concluded on Friday.

In a special gesture, Cassis hosted Jaishankar in Geneva, the Ministry of External Affairs (MEA) said in a statement.

"The two leaders held wide-ranging discussions on bilateral ties, with a special focus on leveraging the Free Trade Agreement between India and EFTA States (Switzerland, Norway, Iceland, and Principality of Liechtenstein) to boost trade and investments," the statement said.

Samsung, Xiaomi and other smartphone companies colluded with Amazon and Walmart's Flipkart to exclusively launch products on the e-commerce firms' Indian websites in breach of antitrust laws, according to regulatory reports seen by Reuters. Antitrust investigations conducted by the Competition Commission of India (CCI) have found that Amazon and Flipkart violated local competition laws by giving preference to select sellers, prioritising certain listings, and steeply discounting products, hurting other companies, Reuters reported this week.

The CCI's 1,027-page report on Amazon also said the Indian units of five companies - Samsung, Xiaomi, Motorola, Realme and OnePlus - were "involved in the practice of exclusive" phone launches in "collusion" with Amazon and its affiliates, breaking competition law.

In Flipkart's case, a 1,696-page CCI report said the Indian units of Samsung, Xiaomi, Motorola, Vivo, Lenovo and Realme conducted similar practices. The inclusion of smartphone makers like Samsung and Xiaomi in the case could increase their legal and compliance headaches.

Japan and the United States should avoid confrontation about the steel industry and work together amid competition from China, the world's top steelmaker, leading prime ministerial candidate Shinjiro Koizumi said on Saturday.

Sources told Reuters on Friday that a powerful U.S. national security panel reviewing Nippon Steel's $14.9 billion bid for U.S. Steel faces a September 23 deadline to recommend whether the White House should block the deal.

Koizumi, Japan's former environment minister, said at a debate on Saturday that Japan and the U.S. should not confront each other when it comes to the steel industry but to face together the 'shared challenge' coming from China's steel industry.

China's economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand.

Data published by the National Bureau of Statistics Saturday showed weakening activity across industrial production, retail sales and real estate this month compared to July.

We should be aware that the adverse impacts arising from the changes in the external environment are increasing, said Liu Aihua, the bureau's chief economist in a news conference.

Sanae Takaichi, Japan's minister in charge of economic security and a leading candidate in the ruling party's leadership race, said on Friday the central bank should not raise interest rates yet as the economy is on the cusp of emerging from stagnation. "The economy is only starting to recover and on the cusp of fully eradicating a deflationary mindset, so we shouldn't tighten fiscal policy," Takaichi, who is emerging as a strong candidate for the leadership of the Liberal Democratic Party (LDP), said on her personal Youtube channel.

Thousands of information technology major Tata Consultancy Services (TCS) employees received tax demand notices from the Income Tax Department over the past few days. According to media reports, as many as 40,000 employees have been asked by the IT department to settle their tax dues, ranging from Rs 50,000 to Rs 1 lakh, depending on their seniority. After telling the impacted employees not to initiate any action or pay taxes per the notices, TCS has now termed the notices a “discrepancy.”

In an email to employees, TCS said the IT department “will be reprocessing the returns, following which the TDS shall be in sync with Form 26AS issued by the Income-Tax Department, and Form 16 Part A issued by TCS.” The company said employees who received tax demand notices need to pay any amount as their taxes were already deducted at source. “Once the tax authorities send the rectification intimations, the discrepancies should be resolved,” read the email accessed by Republic.

“Further to our communication yesterday regarding income-tax demand notices received by many associates from the Income Tax Department, we have received clarification from the tax authorities.”

The government's decision to hike customs duty on crude palm and refined sunflower oil to 20 per cent and 32.5 per cent, respectively will "hugely" benefit farmers as it will increase their income, a senior official said on Saturday. The government official also said that the decision to remove the minimum export price and slashing of export duty on onion too would help farmers of the country. According to a finance ministry notification, the basic customs duty on crude palm, soybean, and sunflower seed oil has been increased from nil to 20 per cent. Basic customs duty on refined palm, soybean, and sunflower oil has been hiked from 12.5 per cent to 32.5 per cent. The effective duty on these crude and refined oils will increase from 5.5 per cent to 27.5 per cent and from 13.75 per cent to 35.75 per cent, respectively.
 

Uber Technologies said it would expand its partnership with Alphabet's Waymo to bring ride-hailing to Austin, Texas, and Atlanta, Georgia, early next year. Shares of Uber rose 5 per cent, while Alphabet was up around 2 per cent. The announcement comes at a critical time for self-driving firms as they face heavy scrutiny from safety regulators over multiple incidents of crashes and accidents involving the technology.

China's industrial output growth slowed to a five-month low in August, while retail sales and new home prices also weakened further, raising the case for bolder stimulus to shore up the world's second-largest economy.

The sluggish data released on Saturday echoed soft bank lending figures on Friday, underscoring weak growth momentum of the world's second-biggest economy in the third quarter.

Industrial output in August expanded 4.5% year-on-year, slowing from the 5.1% pace in July and marking the slowest growth since March, data from the National Bureau of Statistics (NBS) showed on Saturday.

That missed expectations for 4.8% growth in a Reuters poll of 37 analysts.

The Indian equity benchmarks posted their best weekly performance in two months on the back of strong global cues as hopes of interest rate cut by the US Federal Reserve gained traction. For the week, Sensex rose 2 per cent or 1,707 points to close at 82,890.94 and Nifty 50 index climbed 2 per cent or 504 points to settle at 25,356.50.

During the week, Sensex and Nifty touched new record highs on Thursday, September 12.

The Federal Reserve is nearly as likely to deliver an outsized interest-rate cut next week as a more-usual-sized reduction, trading in rate-futures contracts suggested on Friday, as financial markets priced in a bigger chance that the Fed will move more aggressively.

The government on Friday scrapped the minimum price thresholds for onion and basmati rice to boost outbound shipments and enhance farmers' income.

The government also halved export duty on onion to 20 per cent from 40 per cent. The duty cut is effective from September 14.

The 40 per cent export duty had been in place since May 4.

The decisions, including removal of the Minimum Export Price (MEP) on both onion and basmati rice and cut in the export duty, came ahead of assembly elections in Maharashtra and Haryana.

China's new home prices fell at the fastest pace in more than nine years in August, official data showed on Saturday, as supportive measures failed to spur a meaningful recovery in the property sector.

New home prices were down 5.3 per cent from a year earlier, the fastest pace since May 2015, compared with a 4.9 per cent slide in July, according to Reuters calculations based on National Bureau of Statistics (NBS) data.

In monthly terms, new home prices fell for the fourteenth straight month, down 0.7 per cent, matching a dip in July.
 

Banks with substantial commercial real estate (CRE) exposure could become a prime target for short sellers amid global liquidity stress, warned Reserve Bank of India (RBI) Governor Shaktikanta Das. Speaking at the Future of Finance Forum 2024 in Singapore, organised by the Bretton Woods Committee, Das expressed concerns over global financial stability, particularly due to stress in the CRE sector, newspaper Business Standard reported.

"Given the high CRE coverage ratios in their loan books, banks are highly sensitive to both expected and unexpected CRE losses. This makes them vulnerable to liquidity squeezes, which short sellers may exploit, potentially eroding investor confidence," Das said.

The governor stressed on the need for proactive regulation to safeguard bank balance sheets from growing systemic risks. He cited a 12 per cent drop in global CRE prices over the past year, coupled with rising vacancy rates and increased financing costs, as flagged by the International Monetary Fund (IMF).
 

China's industrial output growth slowed to a five-month low in August, while retail sales also weakened further, raising the case for bolder stimulus to shore up the world's second-largest economy.

The sluggish data released on Saturday contrasted with the robust export growth seen in August, underscoring the uneven nature of China's economic recovery.

Industrial output in August expanded 4.5% year-on-year, slowing from the 5.1% pace in July and marking the slowest growth since March, data from the National Bureau of Statistics (NBS) showed on Saturday.

OpenAI's new financing round is expected to come in the form of convertible notes, according to sources with direct knowledge of the matter, who said its $150 billion valuation will be contingent on whether the ChatGPT-maker can upend its corporate structure and remove a profit cap for investors.

The details of the conditions of the $6.5 billion funding, which have not been previously reported, show how far OpenAI, the most valuable AI startup in the world, has come from a research-based non-profit, and the structural changes it's willing to make to attract ever more investment to fund its expensive pursuit of artificial general intelligence (AGI), or AI that surpasses human intelligence.

The outsized funding round has seen strong investor demand and could be finalized in the next two weeks, given the rapid growth of OpenAI's revenue, sources added.

Intel Corp has officially qualified for as much as $3.5 billion in federal grants to make semiconductors for the US Department of Defense, Bloomberg News reported on Friday, citing people familiar with the matter, after the chipmaker reached a binding agreement with US officials. 

Republican presidential candidate Donald Trump said on Friday he will not sell his shares in the company that owns his Truth Social platform when limits on selling are lifted in the coming days, driving up the stock after a recent selloff. Shares of Trump Media & Technology Group surged as much as 30% following his comments before closing with a 12% gain for the day.

The US Federal Mediation & Conciliation Service said on Friday it is convening Boeing and the International Association of Machinists and Aerospace Workers (IAM) to meet with a federal mediator for their return to the negotiation table. As part of the effort to resolve the current labor dispute and end the work stoppage, the parties will resume meetings early next week, the federal agency said. 

White House officials have signaled a delay in taking a decision regarding the takeover of U.S. Steel X.N by Japan's Nippon Steel 5401.T, the Washington Post reported on Friday.

The Committee on Foreign Investment in the United States, Nippon and U.S. Steel all declined to comment. The White House did not immediately respond to a request for comment.

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Shares of MBX Biosciences MBX.O, which is developing therapies that target endocrine and metabolic disorders, including diabetes and obesity, jumped nearly 44% in their Nasdaq debut on Friday.

The upbeat debut underscores investors' growing focus on weight-loss drugs after proving to be an effective obesity treatment and showing potential to reduce stroke or heart attack risks.

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U.S. consumer sentiment rose to a four-month high in September amid expectations that inflation will continue moderating over the next year and household incomes improve, but views on the labor market weakened against the backdrop of slower job gains.

The brightening inflation outlook was reinforced by other data on Friday showing import prices dropped by the most in eight months in August, driven by a broad decline in the costs of goods. Government data this week showed mild increases in producer and consumer prices in August.

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EU antitrust officials are considering ordering Alphabet's Google to end anti-competitive practices in its adtech business, but will not order a breakup as they had previously warned, people with direct knowledge of the matter said.

European Union regulators are due to issue a decision with a hefty fine in the coming months after antitrust chief Margrethe Vestager last year threatened to break up Google 's lucrative adtech business.

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Meta Platforms META.O will begin training its AI models using public content shared by adults on Facebook and Instagram in the UK over the coming months, the company said, after it had paused the training in the region following a regulatory backlash.

The company will use public posts including photos, captions and comments to train its generative artificial intelligence models, it said on Friday, adding that the training content will not include private messages or information from accounts of users under the age of 18.

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The European Union is to vote on the imposition of higher tariffs on imports of electric vehicles from China by September 25, Bloomberg News reported, quoting people familiar with the matter. The votes are targeted at retaliating against what the EU deems unfair competition from Chinese automakers enjoying state subsidies.

According to the report, the proposed tariffs are likely to come into effect by November unless 15 EU member states with a qualified majority, representing 65 per cent of the bloc's population, oppose the plan. It also added that the voting date may still change.

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The Federal Reserve is in focus next week, as uncertainty swirls over how much the U.S. central bank will cut interest rates at its monetary policy meeting and the pace at which it will reduce borrowing costs in coming months.

The S&P 500 index is just 1% shy of its July record high despite weeks of market swings sparked by worries over the economy and seesawing bets on the size of the cut at the Fed's Sept. 17-18 meeting.

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The jury that convicted Sam Bankman-Fried of stealing billions of dollars from customers of his FTX cryptocurrency exchange only saw "half the picture" because the judge did not allow in critical evidence, his lawyer argued in their appeal on Friday.

In a 102-page brief filed with the 2nd U.S. Circuit Court of Appeals, Bankman-Fried's lawyer wrote that U.S. District Judge Lewis Kaplan erred in preventing the 32-year-old former billionaire from introducing evidence to back up his belief that FTX had enough funds to cover customer withdrawals.

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Venture capital firm Tiger Global Management plans to participate in the multi-billion-dollar funding round for OpenAI, which could value the ChatGPT developer at $150 billion, a source familiar with the mattersaid on Friday.

OpenAI's meteoric popularity has made the startup one of the biggest players in the artificial intelligence industry and ignited widespread interest in generative AI, with businesses racing to capitalize on the technology.

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Wall Street's main indexes rose on Friday as investors reevaluated the possibility of a bigger interest rate cut by the Federal Reserve next week, with interest rate sensitive small cap stocks outperforming.

Traders' bets on a 50-basis point rate cut jumped to 47% from 28% on Thursday, CME's FedWatch Tool showed, after former New York Fed President Bill Dudley said late Thursday there was a strong case for a 50-bps interest rate cut.

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Boeing BA.N is eager to get back to the bargaining table to limit damage and reach a settlement after 30,000 workers walked off the job on Friday, as the strike added challenges to its turnaround.

More than 30,000 International Association of Machinists and Aerospace Workers (IAM) members who produce Boeing's top-selling 737 MAX and other jets in the Seattle and Portland areas voted on their first full contract in 16 years, with 94.6% rejecting it and 96% favoring a strike.

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Brazil’s Supreme Court Justice Alexandre de Moraes has lifted freezes previously imposed on the bank accounts of Starlink and X, following the transfer of 18.35 million reais ($3.3 million) to the national treasury. The funds settled fines imposed on X, owned by billionaire Elon Musk, marking a pivotal moment in an ongoing legal dispute between Musk and the Brazilian judiciary.

The feud stemmed from X’s failure to comply with court orders to block accounts accused of spreading misinformation and hate speech, which Justice Moraes considered threats to democracy. Brazil had blocked access to X, one of the platform’s largest global markets, after it failed to remove flagged content. Musk also criticised the moves of the court, accusing them of being "censorship."

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Inflation in India has moderated but still, there is a distance to cover, Reserve Bank Governor Shaktikanta Das said on Friday. India's retail inflation based on movement in consumer price index (CPI) was at 3.65 per cent in August, making it the second consecutive month of sub-4 per cent inflation. The government has tasked the RBI to ensure that inflation remains at 4 per cent with a margin of 2 per cent on either side.

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The Biden administration said on Friday it was moving to curb low-value shipments entering the US duty-free under the $800 "de minimis" threshold that has been exploited by Chinese e-commerce firms such as Shein and PDD Holdings' PDD.O Temu.

White House officials said they will propose the new trade rules to deny the duty-free exemption to packages that contain low-value goods subject to the Section 301 tariffs on Chinese goods, the Section 232 tariffs on steel and aluminum products and Section 201 on "safeguard" tariffs on products including solar products and washing machines.

New bank lending in China jumped less than expected in August after hitting a 15-year low in July, as the central bank keeps policy accommodative and pledges to roll out more supportive measures to bolster a fragile economic recovery.

Chinese banks extended 900 billion yuan ($126.86 billion) in new yuan loans in August, up 246% from July but short of analyst expectations, data released by the People's Bank of China showed on Friday.

US import prices dropped by the most in eight months in August amid lower costs for a broad range of goods, suggesting that domestic inflation will continue to subside in the months ahead. The report from the Labor Department on Friday followed on the heels of data this week showing mild increases in producer and consumer prices in August, though some stickiness remained in underlying inflation. 
 

Efficient logistics and paperless system are critical to boost international trade, and strong connectivity is key to foster trade and economic development, Commerce Secretary Sunil Barthwal has said. However, while making such efforts to bolster connectivity projects, it is essential to build trust as well as transparency in the cooperative efforts, he said addressing meeting of Ministers of Shanghai Cooperation Organization (SCO) on Thursday.
 

Sebi on Friday dismissed regulatory violation charges against the NSE and its seven former employees, including Chitra Ramkrishna and Ravi Narain, in the matter of the co-location facility, citing the absence of sufficient evidence.

Indian airlines carried 1.31 crore passengers in August, an increase of 5.7 per cent compared to the year-ago period, according to official data released on Friday. In August 2023, carriers had flown 1.24 crore domestic passengers while in July this year, the count stood at 1.29 crore. The report released by the Directorate General of Civil Aviation (DGCA) showed that last month, flight delays impacted 1,79,744 passengers with airlines shelling out around Rs 2.44 crore towards facilitation. As many as 38,599 passengers were affected by flight cancellations and carriers spent about Rs 1.14 crore for compensation and facilities.

The NCLAT on Friday issued a notice to IndusInd International Holdings Ltd (IIHL) over a plea filed by lenders of Reliance Capital seeking interest on the payment for the extended period.

A three-member bench led by Chairperson Justice Ashok Bhushan directed the Hinduja Group firm, IIHL to file reply within two weeks.

Short-term treasury bill rates dropped to their lowest levels in nearly a year and a half after an unprecedented cut in treasury bills supply boosted prospects of higher systemic liquidity and demand for debt, traders said. On Thursday, the Reserve Bank of India cancelled two treasury bills auctions worth Rs 20,000 crore ($2.38 billion) each, scheduled for this month.

American automaker Ford on Friday said it is preparing to utilise its Chennai manufacturing plant to roll out vehicles for exports and has intimated the same to the Tamil Nadu government. The company which in 2021 had said that it would stop manufacturing vehicles in India, has submitted a Letter of Intent (LOI) to the Tamil Nadu government, confirming its intention to utilise the Chennai plant for manufacturing for exports. The announcement follows a meeting between Ford leadership and Tamil Nadu Chief Minister MK Stalin as part of his visit to the United States, Ford said in a statement.
 

India's bioeconomy has experienced significant growth, reaching a valuation of $151 billion by the end of 2023, according to a new report, which said that the surge highlights the bioeconomy's critical role in national development, contributing 4.25 per cent to the country's GDP and positioning India among the top five global bioeconomies. The report, prepared by the Biotechnology Industry Research Assistance Council (BIRAC) and the Association of Biotechnology-Led Enterprises (ABLE), outlines transformative advances across biotechnology, agricultural innovation, healthcare, and biomanufacturing, driving the sector's expansion.

Thailand's economy is expected to grow 3% this year, supported by government's digital wallet stimulus programme, new fiscal-year budget spending and a government equity fund, senior finance ministry official Lavaron Sangsnit said on Friday.

Japan's Nikkei share average ended lower on Friday after a stronger yen weighed on export-oriented stocks, while gains in chip-related stocks limited losses. The Nikkei fell 0.68 per cent to close at 36,581.76, after opening 0.13 per cent higher. For the week, the index rose 1.2 per cent. The broader Topix fell 0.82 per cent to 2,571.14 and slipped 0.19 per cent for the week. "The stock market has been so closely linked with the currency market because investors are worried about the impact of the yen rising below 140 to the dollar on corporate earnings," said Kentaro Hayashi, a senior strategist at Daiwa Securities.

Boeing's US West Coast factory workers will walk off the job after 96 per cent voted on Thursday in favor of a strike, halting production of the planemaker's strongest-selling jet as it wrestles with chronic output delays and mounting debt. The workers' first strike since 2008 will start at midnight Pacific time (0700 GMT) as Friday begins, just weeks after new CEO Kelly Ortberg was brought on in August to restore faith in the planemaker after a door panel blew off a near-new 737 MAX jet in mid-air in January. Roughly 30,000 workers who produce Boeing's 737 MAX and other jets in the Seattle and Portland areas voted on their first full contract in 16 years.

Panacea Biotech's shares shot up to 4.7%, reaching a new 52-week high of Rs 317.50 a share. The company makes pharmaceuticals. 

Following the company's announcement that it had obtained a $20 million loan from the US International Development Finance Corporation (DFC), the US government's development finance institution, Panacea Biotec's shares increased. 
 

Australian shares closed higher on Friday, driven by mining and gold stocks on strong underlying commodity prices, while market participants globally awaited the U.S. Federal Reserve policy meeting next week.

The S&P/ASX 200 index ended 0.3% higher at 8,099.9, after hitting its highest in nearly one-and-a-half months earlier in the day. The benchmark gained 1.1% for the week. The Fed is widely expected to cut rates for the first time since 2020 at the close of its two-day meeting next Wednesday. 

 India's growth outlook reflects the underlying strength of country's macro-fundamentals, with domestic drivers -- private consumption and investment -- playing a major role, RBI Governor Shaktikanta Das said on Friday.

The casino commission in Australia's biggest state said on Friday it may cancel Star Entertainment's Sydney licence or fine it up to A$100 million ($67.2 million) after an inquiry found breaches of anti-money laundering protocols. The New South Wales Independent Casino Commission (NICC) has served the casino giant a disciplinary notice that relates to four significant breaches detailed in a second report released on Aug. 30.

Sweden's Volvo , a global leader in electric trucks, said it would delay the construction start of its planned battery plant in Monterrey in northern Mexico. It was not yet clear if this would also delay the start of production, a spokesperson said in an emailed comment to Reuters late on Thursday.
 

Japanese government bond (JGB) yields declined on Friday, with the benchmark 10-year yield brushing a one-month low as US Treasury yields dropped and investors adjusted positions ahead of a holiday weekend in Japan.

The 10-year JGB yield was down 2 basis points (bps) at 0.84% as of 0500 GMT, after earlier touching its lowest since August 15 at 0.83%. Futures of 10-year JGBs rose 0.21 points to 144.75 yen.

 Esports company Nazara Technologies on Friday said it will invest Rs 982 crore in Moonshine Technology, which owns real money gaming platform PokerBaazi. As part of the deal, Nazara will buy a 47.7 per cent stake in  Moonshine Technology for Rs 831.51 crore comprising Rs 592.26 crore cash transaction and a share swap worth Rs 239.25 crore.
 

Co-working space provider 315Work Avenue has taken on lease 56,000 sq ft office space in Pune to expand its business amid rising demand for flexible workspace. Bengaluru-based 315Work Avenue currently has a portfolio around 2.5 million (25 lakh) square feet space totalling around 50,000 seats across multiple prime locations in Bengaluru, Chennai, Mumbai, and Pune.
 

Airline Cathay Pacific has completed the buyback of all warrants worth HK$1.53 billion ($196.2 million) issued to the Hong Kong government in 2020 as part of a recapitalisation, the company said on Friday. 

The Rupee is expected to rise on Friday after media reports prompted investors to pile into wagers that the US Federal Reserve may cut interest rates by 50 basis points next week. The 1-month non-deliverable forward indicated that the rupee INR=IN will likely open at 83.92-83.94 to the US dollar, compared with 83.9650 on Thursday.

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Pre-market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

Nifty and Sensex have hit historic highs at 25,433.35 and 83,116.19, reflecting strong market confidence. Investors remain optimistic, eyeing Nifty's next psychological target of 26,000, driven by FOMO. Key stocks in focus include Bharti Airtel, surging on Wi-Fi service expansion, and steel stocks, buoyed by robust demand as reported by ICRA. On the downside, Granules India fell 16% after US FDA observations. For traders, Nifty is a buy between 25,200-25,300 with targets up to 26,100, while Bank Nifty offers aggressive targets up to 55,000. Jindal Steel & Power remains a top pick for a bullish rebound.

Former New York Federal Reserve President Bill Dudley said there was a strong case for a 50 basis point interest rate cut in the United States.  "I think there's a strong case for 50, whether they're going to do it or not," he said at the Bretton Woods Committee's annual Future of Finance Forum in Singapore.

He said rates were currently 150-200 basis points above the so-called neutral rate for the U.S. economy, where policy is neither restrictive nor accomodative. "So the question is: 'Why don't you just get started?'"

Benchmark indices are likely to open with a positive note today as Wall Street offered a healthy dose of inspiration for Asian markets, which gave mixed signals. GIFT Nifty was trading 44.5 points higher at 25,392.5 as of 7:37 am.

Asian markets were mixed on Friday as investors remained cautious ahead of the Federal Reserve's meeting next week. The Japanese yen, meanwhile, rose against the dollar, weighing on export-heavy stocks in Japan, while Australia and South Korea posted gains. Traders continued to watch for any signals that the US may lower interest rates, an indication that the Fed will do all it can to nurse the economy through upward pressures on inflation.

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Stocks to watch: Several key stocks are set to see some movement in Monday's session due to order wins, acquisitions and regulatory developments.

Wipro

Wipro announced the allotment of equity shares under its stock unit schemes. The company issued 4,239 equity shares under its ADS Restricted Stock Unit Plan 2004 and another 54,464 equity shares under its Restricted Stock Unit Plan 2007 on September 12, 2024.

Chartered Logistics Ltd.

Chartered Logistics informed that the Company incorporated a Wholly-owned Subsidiary namely Chartered Comcare IFSC Limited in GIFT City. Further, the company strategy by leveraging on the international financial hub to move and expand logistics and financial services.

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Republican U.S. presidential candidate Donald Trump said on Thursday that he will end all taxes on overtime pay as part of a wider tax cut package, if he is elected in the Nov. 5 election.

"As part of our additional tax cuts, we will end all taxes on overtime," Trump said in remarks at a rally in Tucson, Arizona. "Your overtime hours will be tax-free." 

Trump, who faces Democratic Vice President Kamala Harris in what polls show to be a tight race, has previously said he would seek legislation to end the taxation of tips to aid service workers. Harris has made a similar pledge.

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MBX Biosciences, which is developing peptide therapies for treating endocrine and metabolic disorders, including diabetes and obesity, said on Thursday it has raised $163.2 million in its U.S. initial public offering.

The biotechnology company priced its offering of 10.2 million shares at $16 apiece, at the high-end of its targeted range of $14 to $16 each.

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Amazon is giving another pay boost to its subcontracted delivery drivers in the U.S. amid growing union pressure.

Drivers who work with Amazon's Delivery Service Partners, or DSPs, will earn an average of nearly $22 per hour, a 7% bump from the previous average of $20.50, the company said Thursday.

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Good morning and welcome to our rolling coverage of the day. Watch this space for all the latest updates from the stock market and the business world.

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