Stock Market Live: Nifty Near 24,700, Sensex Up Over 170 Points; Man Industries Share Price Plunges 15%
The NSE Nifty 50 and BSE Sensex opened higher on Tuesday. The Nifty 50 was trading 0.23% up at 24,691.95 and the Sensex was up 170 points at 80,541.
Primary Market Action: Anand Rathi Muted Debut
Anand Rathi Share & Stock Brokers Ltd. shares made a muted debut on the stock market on Tuesday, listing at a premium of just 4% over the IPO price. The share price opened at Rs 432 on the NSE and Rs 432.1 on the BSE, compared to the issue price of Rs 414.
Stock Market Live: Dixon Tech Shares Down
Shares of Dixon Tech was down over 2% in trade so far to Rs 16,254. The scrip had declined over 7% during the course of this week.
The decline of over 2% compares to a 0.14% advance in the Nifty 50 as of 10:03.
Stock Market Live: Goldman Sachs On Consumption
In a conversation with NDTV Profit, Santanu Sengupta, the chief India economist of Goldman Sachs, talked about global cues, fiscal discipline and consumption.
"H1-B will have a muted impact. The impact will be on FY27. The markets have reacted to these news," he said.
Sengupta said that the domestic growth numbers are looking stable and that he believes the mass consumption revival is on the way.
"We think govt will stick to 4.4% fiscal deficit target. The brokerage expects RBI to cut rates in December meet. Consumption growth will be felt in october- December quarter," he said. A lot has already been done on the fiscal front. We will now watch the GDP number, he added.
Stock Market News: Man Industries Management
Man Industries in an exclusive conversation with NDTV Profit said that the company will be pursuing legal challenges against the SEBI decision to bar it from exchanges.
The company asserted that the primary issues are minor compliance lapses related to the non-consolidation of its arm, Merino Shelters, from Fiscal Years 2015 to 2021.
The company stressed that these are historical legacy matters that do not reflect its current governance or operations, and no monetary loss was involved. Management confirmed Merino's financials are now consolidated and that they do not expect the SEBI action to impact day-to-day business.
Stock Market News: Man Industries Clarifies
"The primary issue involves the non-consolidation of its arm, Merino Shelters. The core problem is related to minor compliance lapses. These lapses occurred during the fiscal years 2015 to 2021," according to Man Industries.
"These issues are historical in nature. They do not involve any misrepresentation by the company. These matters also do not reflect the company’s current operations or governance standards," the company said in an exchange filing. It added that SEBI has finally disposed of these long-pending legacy matters.
