S&P Global has backed its rating of Reliance Industries, citing its resilient performance. Its rating has been affirmed at BBB+ and the issue rating on the senior unsecured debt has also been affirmed. S&P Global's stable outlook suggests it expects RIL's cash flows to remain strong and preserve its financial profile, despite elevated investments over the next two years. The ratings agency believes earnings growth in the digital and retail segments will temper the potential softness in the O2C business, which is the mainstay for the company.

India's financial and auto sectors drove the earnings growth for Q4, while metals and cement reported weaker-than-expected performances, dragging overall performance down. BFSI and auto posted 43% and 115% YoY earnings growth respectively, while excluding metals and oil and gas segments, companies experienced 34% and 30% YoY earnings growth. However, if the BFSI segment is excluded, profits grew just 4% for Motilal Oswal-covered companies. Five companies, SBI, Tata Motors, BPCL, Reliance Industries, and Axis Bank, contributed 96% of incremental YoY growth in earnings.

Technology giant TCS and India's most valuable company Reliance Industries have topped the list of the country's most valuable brands, according to Interbrand, the renowned global brand consultancy. Tata Consultancy Services (TCS) topped the 2023 50 Most Valuable Indian Brands list with a brand value of Rs 1.09 lakh crore.

India's Make in India agenda to boost local manufacturing and reduce reliance on China for imports faces several challenges. The solar power industry, for example, illustrates the difficulty in scaling up local production as the industry struggles to meet rising solar module demands. In addition, even when India succeeds in developing local manufacturing, it still has a considerable dependence on China for critical intermediate inputs. India's project to become self-reliant in manufacturing must depend on Chinese imports, at least initially, as local supply chains require time to develop comparable ecosystems.

The rating agency affirmed its 'BBB+' rating - equivalent to the sovereign rating assigned to India - to Reliance (RIL) with a stable outlook, reflecting the view that RIL's cash flows will help it preserve its financial profile, despite elevated investments over the next 24 months.

The rating agency affirmed its 'BBB+' rating - equivalent to the sovereign rating assigned to India - to Reliance (RIL) with a stable outlook, reflecting the view that RIL's cash flows will help it preserve its financial profile, despite elevated investments over the next 24 months.

​And post the market consolidation for the last 18 months, the valuations also have turned relatively reasonable. So on the whole, great fundamentals, solid liquidity and reasonable valuations I think that really provides a lot of support and a lot of push for the markets to continue to move forward.

European carmakers are frantically trying to build the supply chains they need to churn out electric vehicles.

Bankman-Fried has pleaded not guilty to the charges. The defense motion claims that Fenwick & West advised him, FTX and Alameda on at least four matters at the heart of the Manhattan federal court indictment against the onetime crypto billionaire.

Amazons 10th anniversary in India coincides with the ecommerce behemoth cutting costs, laying off thousands of employees, shuttering non-performing experiments and resetting its overall business globally.

Another official added that since older telcos - Airtel and Vodafone Idea - have been using the administratively assigned backhaul carriers for a long time, they want to continue using the same frequencies and in case of an auction, that won't be guaranteed. However, Jio, being a new entrant, does not have the legacy backhaul carriers and has a much higher level of fiberization of towers. Hence, it wants all types of airwaves to be allocated through auction, the official said. Jio, Airtel and Vodafone Idea did not respond to ET's emails seeking comment.

This is for the second time that the couple embraced parenthood. The couple already have a son named Prithvi Akash Ambani. Shloka announced her pregnancy during the star-studded launch of the Nita Mukesh Ambani Cultural Centre (NMACC) in April.

Trai has also included the applicable gross revenue (ApGR) numbers for the telecom sector in the December quarter performance report. This is since just over a year back, DoT had revised the definition of AGR and introduced the concept of ApGR, which is determined by excluding all non-telecom revenue earned by telcos from their gross revenue (GR).

The NSE Nifty index closed 99.45 points down at 18534.4

Indian stock market indices, S&P BSE Sensex and Nifty50, fell by over 500 and 150 points, respectively, amid profit booking across sectors with bank and financial services stocks being the worst hit. Lacklustre action in the global market, weak factory activity data from China, profit booking, technical factors, and MSCI rebalancing were among the factors driving the stock market lower.

Indian stock indices, S&P BSE Sensex and Nifty50, fell by over 500 and 150 points, respectively, amid profit booking across sectors with bank and financial services sectors bearing the worst brunt on Wednesday. The market breadth was skewed in favour of bears, with 1,840 declines and 1,625 advances on BSE. Concerns about China's stuttering economic recovery and weak factory activity data, contributed to losses, accompanied by technical factors and lacklustre global markets. The losses came after four consecutive days of rallies that brought Sensex and Nifty close to their all-time highs. MSCI rebalancing will also come into effect, leading to inflows into stocks.

Davor Sutija, CEO, NexWafe, said: “This investment marks the start of NexWafes plan to raise substantially larger funds in the second half of 2023. The funds will be used to break ground on NexWafes first commercial facility to speed the renewable energy transition with more efficient, lower cost, green solar wafers for the worlds photovoltaic manufacturers.”

Indian mining company Vedanta Resources, which is rated junk by credit agencies, faces a record annual bill of $2bn due in 2024 and another $500m bond payment on 31 May. While the May bond is trading close to par, pricing data on other bonds suggest concerns over repayment. Vedanta's reliance on dividend payments from profitable subsidiaries has caused cash reserves to dwindle to the lowest level in at least a year, while a drop in prices for its metals could also impact profitability. Vedanta has borrowed $250m to refinance debt and signed a five-year loan for around $850m with JPMorgan and Oaktree.

"The scale of the opportunity is something that is very exciting ... but there is a lack of talent and it is one of the challenges," said Sumant Sinha, chairman and chief executive of ReNew. In the next seven years, India will have to add 60 GW of renewable energy capacity every year to meet its aspirations across power and green hydrogen, and trained manpower is needed for this, he added.

Stocks that were in focus include names like Ujjivan Small Finance Bank, which was up more than 7%, Aurobindo Pharma closed with gains of over 6% to hit a fresh 52-week high, and RIL closed flat, but witnessed a bullish MACD crossover on daily charts.

Biocon Executive Chairperson Kiran Mazumdar-Shaw met with Indian President Droupadi Murmu in Delhi on Monday, calling it a "great honour" and "privilege" on social media.

Modi's visit is being seen as a landmark in India-America ties because the last state visit to the US by an Indian PM was in November 2009 when President Obama hosted Dr Manmohan Singh. President Biden has had just one state visit so far, when he hosted French President Emanuel Macron in December 2022.

Ambit Capital predicts that Nifty's fair value will be 20,900 by March 2024 by estimating its EPS at Rs 940 and 10-year G-Sec yield at 7.1%. Ambit has included five new stocks- SBI Cards, Indigo, Affle (India), Max Healthcare, and IndiaMart Intermesh to its portfolio. The brokerage house has reduced weight in IT, whereas it is marginally overweight in banks. The preference remains in favor of large caps over small and mid-caps. Ambit G&C portfolio has mid and small-cap allocations at 12% and 5%, and cash at 5.2%, but it has removed two stocks - LIC Housing Finance and GCPL - besides Bank Nifty.

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers. Nayara Energy, which owns over 7 per cent of India's 86,925 petrol pumps, is selling petrol and diesel at Re 1 per litre less than that by IOC, BPCL and HPCL in 10 states such as Maharashtra and Rajasthan.

About 32 million concurrent viewers tuned into the free-to-watch airing of the rain-delayed, then shortened, match, said a spokesperson for Viacom18, the joint venture between Ambani and Paramount Global that owns JioCinema.

While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers.

SEBI Registered Research Analyst

​So anything, any economic-related sector which is vulnerable has really kind of seen a big fall over the past six months as well. Whereas in India, you mentioned before that the small cap index has hit new highs.

Indian equity markets began the week by rising due to the positive outlook in global markets and breakthroughs in US debt ceiling negotiations. The S&P BSE Sensex increased 344 points while the Nifty50 settled at 18,598 levels. The consumer durables and metals sectors gained the most, while oil and gas, IT, and energy were the laggards. Among the stocks in focus, Prince Pipes gained 5%, M&M rose by 3.37%, and ONGC fell about 3%. Technical and Derivative Research Analyst at Reliance Securities recommended investors buy Prince Pipes, sell M&M and ONGC.

The telecom operators could be moving towards a slowdown in capital expenditure, after the selling, general and administration (SG&A) costs tapered in the fourth quarter of fiscal 2023, analysts said. In addition to trimming expenses, the operators will also look at monetisation of 5G, as well as 4G tariff hikes to make up for the high capex in the last fiscal year, they said.

The constituent of debt-laden Reliance Group had reported a consolidated net loss of Rs 4,249 crore in Q4FY22. Its total consolidated income decreased to Rs 4,436 crore from Rs 4,770 crore YoY.

The lack of regulatory clarity is imperiling Indias online pharmacy sector. While the digital business has grown rapidly in the past few years, online pharmacies have been accused of irrational use of prescription drugs, unlicensed selling of drugs, and endangering patients area-wise data. They are also reportedly selling drugs without licences, which neither the existing drug laws nor the draft amendment rules are governing. As a chemists organisation recently demanded a ban on online pharmacies, the government is preparing to replace existing drug regulations with the New Drugs, Medical Devices and Cosmetics Bill, 2023, which is expected to bring in more stringent norms for the sector.

The company, which counts billionaire Mukesh Ambani among its backers, is seeking a valuation of around $350 million in the new round, said one of the people, who asked not to be identified as the information is private. Some of its existing investors could tag along and sell their shares, the people said.

JioCinema, the streaming platform run by India's Reliance Industries Ltd, has signed a partnership with NBC Universal Media in a push to increase Hollywood content on the platform for Indian viewers, the companies said on Monday.