Aniket Pujari
On the business front, PB Fintech is eyeing a move into the healthcare space, while Tata Electronics faces production halts following a fire at their iPhone components plant. In other corporate news, BharatPe has officially parted ways with former co-founder Ashneer Grover after reaching a settlement.
Globally, tensions have escalated in the Middle East as Israeli strikes killed Hamas leaders in Lebanon, marking a significant development in the region’s ongoing conflict.
Nifty 50 dips below 26,000 amid heavy profit-taking; Sensex plunges over 1000 points
The Nifty 50 sank below the key 26,000 threshold, while the Sensex dropped more than 1,000 points on Monday, driven by heavy profit-taking that particularly impacted financial and auto stocks.
The Nifty fell 368 points to 25,811, while the Sensex plunged 1,272 points to close at 84,300 on Monday.
Despite the market downturn, veteran emerging markets investor Mark Mobius remains optimistic, projecting that the Sensex could reach 100,000 by year-end. This forecast suggests a potential upside of 18% over the final three months of the year.
Mark Mobius believes it’s time to allocate 10% of investment portfolio to gold
Veteran Emerging Markets investor Mark Mobius has advised that it is a good time to allocate 10% of one’s investment portfolio to gold. Mobius highlighted that increasing demand from Indian buyers is playing a key role in pushing gold prices higher.
This recommendation comes as gold prices have surged significantly.
Over the last 12 months, gold prices in India have increased by over 18%.
Israeli strikes kill Hamas leader in Lebanon and three Palestinian leaders in Beirut
Palestinian militant group Hamas said an Israeli strike killed its leader in Lebanon on Monday, while another Palestinian militant group said three of its leaders were killed in a strike on Beirut, the first attack within the city limits.
Hamas said its leader in Lebanon, Fateh Sherif Abu el-Amin was killed, along with his wife, son, and daughter, in a strike that targeted their house in a Palestinian refugee camp in the southern city of Tyre in the early hours of Monday (September 30).
SEBI board meeting LIVE: Take a look at key regulatory changes on the agenda
Monday’s Securities and Exchange Board of India (SEBI) board meeting marks the first since Hindenburg Research levelled allegations against Chairperson Madhabi Puri Buch, citing potential conflicts of interest and employee complaints. As the SEBI board convenes, attention is focused on the meeting’s discussions and decisions. Here’s what unfolded during the meeting.
PB Fintech to invest $100 million for a 20-30% stake in new healthcare company, CEO says
Yashish Dahiya, Chairman & Group CEO of PB Fintech, parent company of Policybazaar and Paisabazaar, told CNBC-TV18 in an interaction that the company’s move into the healthcare space is subject to board approval.
Dahiya said that PB Fintech will be a minority investor in the company through which the healthcare foray will happen.
At an event on Friday, PB Fintech’s Co-Founder & Executive Vice Chairman Alok Bansal had mentioned that there will be no reconsideration of the company’s foray into the healthcare space and that it is a necessity of the middle class.
Infosys GST case decision will be taken once IT company files a reply: DGCI
The Directorate General of GST Intelligence (DGGI) has been investigat in Infosys since 2020 in a case concerning the import of services by the IT giant from its branch offices. Once the company files a reply to a pre-show cause notice, the DGGI will take a decision on the matter, said Anil Kumar Gupta, Principal DG of DGGI, in an exclusive interaction with CNBC-TV18.
Tata iPhone component plant halts production indefinitely after fire
Production will remain suspended indefinitely at a Tata Electronics plant in southern India that makes Apple iPhone components after a fire at the weekend, officials said on Monday as they acted to prevent further damage from the blaze.
“We have stationed fire engines at the plant as there are chances of a follow-up fire incident or smoke coming off when the sheds that had fallen during the accident are removed,” M. Velu, a district fire officer, told Reuters by telephone.
BharatPe settles with Ashneer Grover, says ex co-founder won’t be associated with firm in any capacity
BharatPe on September 30 announced that the firm has reached an agreement with its former co-founder Ashneer Grover following which he won’t be associated with the firm in any capacity.
“Mr. Grover will not be associated with BharatPe in any capacity nor be a part of the shareholding of the company. Certain shares of Mr. Grover shall be transferred to the Resilient Growth Trust for the benefit of the Company and his remaining shares will be managed by his family trust,” the firm said in a statement.
SC Issues Contempt Notice To Assam Govt; SC Raps AP Govt Over Tirupati Laddoos Row
The Supreme Court issued a contempt notice to the Assam government after 47 residents filed a petition alleging violations of the court’s order prohibiting demolitions without prior approval. The Supreme Court on Monday questioned the Chandrababu Naidu government on making public the claims of contamination of the laddu prasadam at Sri Venkateswara temple in Tirupati.
J&K Assembly Elections: BJP faces rebellion, family feuds heat up Udhampur’s 4-seat battle
Jammu and Kashmir’s Udhampur district, which comprises four assembly constituencies, is set to witness a fierce multi-cornered contest between the BJP, the Congress, and J&K National Panthers Party (JKNPP).
The four assembly seats in the district include Udhampur West, Udhampur East, Chenani, and Ramnagar which is a reserved constituency.
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