US Fed Hike Rates 25BPS.Adani decided to Cancel FPO.
Morning Alert..
*US FED hikes rates by 25 BPS vs Estimates of 25BPS*
*Want to make exemption-free tax regime attractive for people: FM Sitharaman*
Finance Minister Nirmala Sitharaman, along with her core team, addressed the media after her 2023 Union Budget speech. She said large macroeconomic considerations had been kept in mind, and fiscal consolidation had not been ignored. We want to make the new tax regime, which is without exemption, attractive enough for people to think this will be the best option. But if there are people who think that being in the exemption regime, which is the old regime, benefits them, they are welcome to continue. But the ultimate aim is to make the new regime attractive. Regarding the earlier announced new exemption-less corporate tax regime, more than 60 per cent of the companies are now under that. For the new personal income tax regime, we don’t have the number but we hope that most taxpayers will avail themselves of that.
*Adani Enterprises decides not to go-ahead with FPO, money to be returned*
In a late night development, the Board of Adani Enterprises (AEL) announced that it has decided not to go-ahead with the fully subscribed Follow-on Public Offer (FPO). “Given the unprecedented situation and the current market volatility the Company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” Adani Enterprises said in a statement to the exchanges. Gautam Adani, Chairman, Adani Enterprises Ltd said, “The Board takes this opportunity to thank all the investors for your support and commitment to our FPO. The subscription for the FPO closed successfully yesterday. Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you.”
*Commodity play*
Gold – Rs 57627/10gm, Silver – Rs 69323/kg, Brcrude – Rs 6375/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 782/kg.
*Corporate News*
Jefferies gives buy rating on Britannia, says beat Q3 was entirely margin-led with a slight miss on revenues.
RAILTEL ; RailTel Corporation of India Ltd. has received the work order from State Bank of India for provisioning of 4G LTE connectivity for offsite 15000 ATMs and maintenance for 5 years amounting to Rs. 253.35 Crores (excluding taxes).
SGX Nifty indicates negative start to Indian markets trading at 17552 levels down by 148 points or 0.84%. Dow Jones ended yesterday`s session flattish up by 0.02% at close.
Sector in focus – Infrastructure, Cement, Banks & Metals.