Stock Market LIVE: Sensex, Nifty to be under pressure at start; SGX Nifty in red

US banks continue to remain under pressure and dragged Wall Street on Thursday. On the domestic front, FIIs inflow slows to a little over 837 crore on Thursday but continued to stay net buyers for 11 days in a row. DIIs however pulled out 200 crore from Indian equities on the weekly expiry day.

12 May 2023, 07:20:39 AM IST

METRO completes ₹2,850 crore deal with Reliance Retail to sell its India Cash & Carry business

German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd.

The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement.

“METRO India will complement Reliance Retail’s retail network in the future,” it said. (Read More)

12 May 2023, 07:19:37 AM IST

Adani’s Abu Dhabi backer says no plan to join any new share sale; Adani group considering fundraising of as much as $5 billion

Abu Dhabi-based International Holding Co., which has invested almost $2 billion in companies owned by Gautam Adani, doesn’t plan to take part in any potential share sales if the Indian billionaire decides to tap equity markets.

“There is no plan to take part at this point,” IHC spokesman Ahmad Ibrahim said in a statement to Bloomberg. “If anything changes, IHC will disclose the same to the market as per the governor’s rules and regulations. Our business relationship remains the same.”

Adani Enterprises Ltd., the Indian tycoon’s flagship, and at least two other group companies plan to hold board meetings on May 13 to consider raising funds via the sale of shares or other securities, just months after allegations of fraud by a short seller tipped his business empire into crisis. Three companies controlled by Adani are considering a fundraising that may draw as much as $5 billion, Bloomberg reported. (Read More)

12 May 2023, 07:17:21 AM IST

Wall Street edges lower on Thursday following inflation data, drops for Disney and banks

Wall Street edged lower Thursday, weighed down by a sharp drop for The Walt Disney Co. and flaring fears about the health of some U.S. banks.

The S&P 500 lost 7.02 points, or 0.2%, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average lost 221.82, or 0.7%, to 33,309.51, while the Nasdaq composite rose 22.06, or 0.2%, to 12,328.51.

Disney was one of the heaviest weights dragging on the market. It dropped 8.7% after it said it lost streaming subscribers in the U.S. and Canada last quarter, surprising analysts. That was despite its earnings and revenue for the latest quarter roughly matching Wall Street’s forecasts.

Some banks beaten down by the industry’s mini-panic were also under heavy pressure again, and PacWest Bancorp sank 22.7% after saying it saw 9.5% of its deposits leave last week. It said the majority of the flight occurred in two days after news reports said the bank was talking with potential investors and partners, raising worries for its customers.

Investors have been hunting for the next possible victim in the U.S. banking industry after high-interest rates helped lead to three high-profile failures since March. (AP)

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