Business News

Kolkata Knight Riders’ terrific bowling display was too hot to handle for Sunrisers Hyderabad to handle, as KKR managed to bundle them out for 113 in just 18.3 overs in the 2024 IPL final. This was the lowest total in the history of the IPL final. Much was expected from SRH's explosive battling line-up, which has produced some magnificent results so far, but KKR's tactful and precise bowling made life absolutely difficult for SRH.Mitchell Starc (2/14), Andre Russell (3/19) and Harshit Rana (2/24) were the most successful bowlers for the Knight Riders, as SRH simply failed to turn up for the big game.Opting to bat first, SRH were off to a disastrous start as they lost their top guns Abhishek Sharma and Travis Head with just six runs on the board, with the latter getting dismissed for a first-ball duck to a beautiful outswinger.Before that, Abhishek was bowled by Mitchell Starc on the fifth ball of the first over, a peach of a delivery opening up the left-hander before hitting the top of the off stump.SRH were in all sorts of trouble as Starc accounted for the wicket of Rahul Tripathi to leave them reeling at 21/3 in the fifth over, the swing doing the trick for KKR bowlers early on.First-change bowler Harshit Rana continued the good work and got rid of Nitish Reddy (13). Andre Russell dismissed Aiden Markram in his first over as SRH slipped to 62/5 in the 11th over.SRH could not recover from there.Brief scores:Sunrisers Hyderabad: 113 all out in 18.3 overs (Pat Cummins 24; Mitchell Starc 2/14, Andre Russell 3/19, Harshit Rana 2/24).

Delhi Lieutenant Governor VK Saxena on Sunday asked the Chief Secretary to order a probe into the tragic fire incident where six newborns lost their lives at a baby care centre in the Vivek Vihar area."Have asked Chief Secy to institute an inquiry into the tragic incidents of fire in children's hospital in Delhi. Also instructed CP to ensure all that is needed. My heartfelt condolences to the bereaved families. I assure all relief & will ensure that guilty are brought to book," Delhi LG Saxena said on X.In the case, Delhi Police has registered a case against the owner of the baby care centre Naveen Kichi and started an investigation.According to Delhi Police, Naveen is still absconding, and is being searched. The help of technical surveillance and human intelligence is being taken for this.Delhi Police raided Naveen's house and some other places but Naveen was not found. Police have registered a case against Naveen under sections 336 and 304A.As per Delhi Police, concerned agencies have been informed about whether this baby care centre has all the licenses or not, and their answers have been sought.The reason for the fire in the baby care centre is not completely clear yet. Delhi Police says that in the initial investigation, it seems that the fire broke out due to a short circuit, but according to the people who conducted the rescue operation, the fire broke out due to some other reason.Earlier, Delhi Health Minister Saurabh Bharadwaj directed Health Secretary Deepak Kumar and Chief Secretary Naresh Kumar to ensure compensation to the family of the deceased in the Vivek Vihar fire incident that claimed the lives of seven newborns.In his letter, Bharadwaj said, "At night of 25 May 2024, a very unfortunate and tragic incident occurred due to fire at a Baby Care Centre in Vivek Vihar, Delhi. Though this incident occurred around 11:30 pm, I got to know about this incident through a media flash. I have tried calling the Secretary (Health) multiple times and left him many WhatsApp messages but he has not responded yet. Therefore, I visited the incident spot alone.""Ensure enquiry into this incident, names and designations of officers or private people responsible for this negligence, ensure free treatment of rescued children in best private hospitals (under Farishtey scheme), compensation to the families of deceased and injured and Expedite the arrests of those who were running this Centre," Saurabh Bharadwaj added.

New Delhi: Taking the latest cues from the US after it imposed high tariffs on various imports from China, CareEdge Ratings believes that other countries may also follow suit to protect their respective domestic industries."Impact on China's growth to be limited as tariffs cover only 0.5 per cent of exports. However, escalating US-China tensions raise concerns," said the rating agency, in a global economic update this week.US President Joe Biden, in a move that is seen as a protectionist measure to reduce trade imbalance, earlier this month, imposed heavy tariffs on Chinese products, including batteries, EVs, steel, solar cells, and aluminium. These tariffs encompass a 100 per cent tariff on electric vehicles, a 50 per cent tariff on semiconductors, and a 25 per cent tariff on electric vehicle batteries imported from China.The other items that will attract higher tariffs are medical gloves, syringes and needles, some critical minerals, and solar cells, among others."For the US, consumer welfare may suffer if domestic substitutes fail to compete with Chinese imports on price," CareEdge believes.These proposed increase in tariffs were part of the US' broader strategy, aimed at combating what it deems as unfair trade practices by China. The US Trade Representative, Katherine Tai, had emphasized that these measures are necessary to counter the flooding of global markets with low-cost Chinese products.As per White House, about USD 18 billion of imports from China will be affected. The bulk of the impacts will lie with batteries and battery parts.Separately, Moody's Analytics recently said it believes China has reasons to exercise restraint in announcing retaliatory tariffs against the US, at a time when the latter has imposed import tariffs on various critical goods from China.In a report, Moody's Analytics recently asserted that retaliatory action from China is likely, but a return to a full tit-for-tat trade war is unlikely."China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics had explained its rationale as to why it doesn't see full-scale retaliation by China.

With the ongoing buzz around the Lok Sabha election results, markets are still witnessing strong volatility. India vix stood above 21 as of May 24.However, the week ended in green, with Nifty and Sensex only rising each day while closing near their all-time high zones. With a progressive movement and the indices constantly achieving new highs, should there be a concern among investors and traders regarding a pullback?Is this a time to put one’s cautious foot forward in the markets?Sudeep Shah of SBI Securities interacted with ET Markets regarding the current outlook on Nifty and Bank Nifty. Following are the edited excerpts from his chat:In a truncated week of 4 trading sessions, nifty closed in green on all the days, closing the week also near its all-time high. Is it a sign that investors need to now remain cautious as the index might witness a pullback in the week to come?Nifty, in the past week, has surged above the psychological level of 23,000 mark and registered a fresh all-time high post a breakout of the horizontal trendline, which was formed by connecting recent swing highs. As the index is trading at an all-time high, all the moving averages and momentum-based setups indicate strong bullish momentum in the index. Even the momentum indicators and oscillators indicate the possibility of the current momentum sustaining during the coming week.Talking about market breadth, the 20-day SMA, which is a key indicator used by traders to assess short-term trends, shows significant improvement. Currently, 43 out of the Nifty 50 stocks are trading above their 20-day SMA, a substantial increase from just 14 stocks nearly two weeks ago. These developments clearly signal a notable strengthening of market sentiment in recent trading sessions, suggesting continued optimism in the near term. Going ahead, the zone of 22,750-22,780 will act as important support for the index in the short term & as long as the index is trading above this support zone, it is likely to test the level of 23,150, followed by 23,350 in the short term.What is the trading outlook in current markets when many stocks as well as indices are at their all-time highs?Fear of a market correction has often kept traders on the sidelines, causing them to miss out on significant opportunities. There has never been a situation where trading is risk-free. It’s better to take the trade with proper risk management and hedging strategies rather than watch the markets surge and experience increased FOMO (fear of missing out).Most importantly, we urge the traders to focus on quality names for short-term trading or from a momentum investing perspective given the proximity to the most important event - General election outcome. In such times, are premium options too expensive?Currently, the ATM implied volatility (IV) of options is trading at 13.5. From March to May, the IV of ATM options has remained relatively range-bound between 11 and 16. However, for the 6th June expiry, the IV of ATM options has spiked to 24, clearly indicating an increase in premiums. With the general election outcome scheduled for 4th June, option sellers are charging higher prices to compensate for the increased risk associated with option selling around a significant event.Generally, a cool-off in the premiums is witnessed once the event is out of the way. And can one go for OTM strike prices for trading when markets are moving northward?Trading in out-of-the-money (OTM) options is akin to buying a lottery ticket and relying on a favorable outcome. For instance, consider the Nifty 24000CE option expiring on 6th June, which possesses a delta of 0.19. This suggests a mere 19% chance of the index closing above 24,000 by 6th June. This probability is still inflated to 19% primarily due to the imminent large event (election outcome on 4th June); otherwise, it would likely be 10% or lower.Opting for at-the-money (ATM) options is preferable despite slightly higher premiums, as the likelihood of a favorable outcome is significantly increased compared to OTM options. For traders prioritizing safety, spread strategies offer a viable alternative, leveraging the benefits of margin utilization. Trading vs. hedging? What should be the prime focus in these volatile times?Despite market volatility, major indices are currently at all-time highs, leading to profits for both traders and investors. Traders have capitalized on significant opportunities arising from sharp market swings, while investors who wisely selected stocks have amassed substantial wealth in the ongoing rally.For investors who wish to continue riding the tide, hedging a portion of their portfolio with out-of-the-money (OTM) options is advisable. This strategy safeguards their capital against potential adverse outcomes from the upcoming general elections, which the markets may not favorably respond to.What does the PCR data indicate for both indices?Nifty PCR currently at 1 level indicates support on dips around the 22,800 zone. Bank Nifty, which has witnessed strong momentum in the past few days, has seen an improvement in PCR above 1.1 levels. This implies that the Banking Index can get support at lower levels around the 48,400-48,500 zone.Should call writers be worried in these markets?In any market scenario, naked call option writers should be cautious, especially in a strong uptrend like the current one. Even in situations where markets are overbought, the positive momentum can persist for extended periods, potentially catching even the most seasoned bears off guard. Typically, seasoned option writers operate akin to a casino, establishing multiple positions across various indices and employ extensive hedging strategies to mitigate the unlimited risk of Naked Option selling.Can you please comment your views on the FII’s confidence in Bank Nifty when HDFC Bank, its largest contributor, has now well recovered from its Q3 results’ damage?The Bank Nifty has been the weakest sectoral index year to date, largely due to HDFC Bank's underperformance. Following its merger with HDFC, the stock has notably lagged behind the broader market rally. Although we remain cautious about its trajectory, the silver lining lies in its comparatively lower valuations, which may help mitigate potential downsides, particularly in light of the strong rally in other prominent counters.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

State-owned GAIL (India) Ltd's maiden green hydrogen plant at Vijaipur in Madhya Pradesh has been commissioned, making a major step for the nation's largest natural gas transmission and distribution firm's foray into new and alternate energy, the company said. The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex has been imported from Canada. The plant will produce about 4.3 tonnes of green hydrogen per day, with a purity of about 99.999 per cent by volume. It uses electricity produced from renewable sources such as the sun's solar energy, to split water to produce green hydrogen. In a statement, GAIL said the plant was in line with the National Green Hydrogen mission that has set out a goal of 5 million tons of annual green hydrogen production capacity for the country by 2030. India is putting increased focus on hydrogen as an alternative fuel source to lower its carbon emissions, while also meeting its growing energy needs. "Initially the hydrogen produced from this unit shall be used as a fuel along with natural gas for captive purpose in the various processes and equipment running in the existing plant at Vijaipur," it said. "Further, this hydrogen is planned to be dispensed to retail customers in the nearby geographies, transported through high pressure cascades." Besides sourcing renewable power through open access, GAIL is also setting up around 20 MW Solar power plants at Vijaipur (both ground mounted and floating) to meet the requirement of green power for the 10 MW PEM Electrolyzer. While GAIL is blending hydrogen with natural gas on an experimental basis in Indore in its CGD (city gas distribution) network to test its success, it aims to escalate blending ratios with after necessary approvals based on the test results. Current regulations provide for blending only 5 per cent hydrogen with natural gas. GAIL is conducting joint studies with Engineers India Limited and IIT Kanpur to further blend hydrogen with natural gas.

As the fourth quarter earnings are about to end, inflows into the primary market are expected to continue as several companies prepare to launch their public offerings this week. In the SME segment, Aimtron Electronics, Beacon Trusteeship, Vilas Transcore, Ztech India, and TBI Corn will debut this week. Meanwhile, the mainboard IPO, Awfis Space Solutions will list on the exchanges this week.SME IPOsAimtron ElectronicsThe initial public offer (IPO) of Aimtron Electronics will open for subscription on May 30 and close on June 3. The IPO, which is priced at Rs 153-161 per share, is completely a fresh equity issue worth Rs 87.02 crore. Hem Securities is the book-running lead manager of the Aimtron Electronics IPO, while Link Intime India is the registrar for the issue.Beacon TrusteeshipLeading debenture trustee Beacon Trusteeship IPO is a book-built issue of Rs 32.52 crores and the issue is a combination of a fresh issue of 38.72 lakh shares aggregating to Rs 23.23 crores and offer for sale of 15.48 lakh shares aggregating to Rs 9.29 crore. The IPO of Beacon Trusteeship will open for subscription on May 28 and close on May 30.The company has fixed a price band of Rs 57-60 per share for the issue, with a lot size of 2,000 equity shares.Those selling shares in the OFS are Prasana Analytics Private Limited and Kaustubh Kiran Kulkarni.From the IPO proceeds, the Mumbai-headquartered company plans to allocate Rs 7 crore to build up technology infrastructure for its existing business, Rs 6.99 crore to invest in its subsidiary, Beacon Investor Holdings, to commence services as a depository participant, registrar, and share transfer agent, and Rs 3.25 crore to purchase new office premises in Borivali, Mumbai. Additionally, a portion of the proceeds will be used for general corporate expenses.Vilas TranscoreVilas Transcore IPO will open for subscription on May 27, 2024, and close on May 29, 2024. The SME IPO is a book-built issue of Rs 95.26 crores and is entirely a fresh issue of 64.8 lakh shares.The SME IPO price band is set at Rs 139-147 per share. Hem Securities is the book-running lead manager of the IPO, while Bigshare Services is the registrar for the issue. The minimum lot size for an application is 1000 Shares. The minimum amount of investment required by retail investors is Rs147,000.Ztech IndiaZtech India IPO will open for subscription on May 29, 2024, and close on May 31, 2024. The SME IPO is a book-built issue of Rs 37.3 crore, comprising an entirely fresh issue of 33.91 lakh shares.The price band has been fixed at Rs 104-110 per share. Narnolia Financial Services is the book-running lead manager for the IPO, while Maashitla Securities is the registrar for the issue.TBI CornTBI Corn IPO will open for subscription on May 31, 2024, and close on June 4, 2024. The book-built issue is valued at Rs 44.94 crore and comprises an entirely fresh issue of 47.81 lakh shares.The SME IPO price band is set at Rs 90-94 per share. Swastika Investmart and Ekadrisht Capital are the book-running lead managers for the IPO, while Kfin Technologies is the registrar for the issue.Mainboard IPOAwfis Space SolutionsAwfis Space Solutions IPO bidding opened for subscription on May 22, 2024, and will close on May 27, 2024. The IPO is a book-built issue valued at Rs 598.93 crores. It includes a fresh issue of 0.33 crore shares totaling Rs 128 crore, alongside an offer for the sale of 1.23 crore shares amounting to Rs 470.93 crores.As of day three, the initial public offering of Awfis Space Solutions has been subscribed 11.41 times, driven by strong demand from retail and non-institutional investors.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)