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What is the story about?
Indian equity markets closed lower on Wednesday, led by declines in banks, autos, and midcap stocks. The markets suffered broad-based selling, though FMCG stocks bucked the trend, offering some respite for investors.
In macro news, CII President Rajiv Memani highlighted that India’s real GDP growth is projected at 6.8–7%, but nominal GDP growth may remain a challenge due to fiscal and tax revenue considerations. Commerce and Industry Minister Piyush Goyal said India aims to deepen energy trade with the US to strengthen energy security. External Affairs Minister S. Jaishankar held bilateral meetings at the UNGA, discussing regional and global issues with international counterparts.
On the corporate front, Swiggy’s shares declined after approving the sale of its stake in cab aggregator Rapido to Setu AIF Trust and MIH Investments, raising nearly ₹2,500 crore. PhonePe is planning a ₹12,000 crore IPO through the confidential SEBI route, with Walmart, Tiger Global and Microsoft expected to sell stakes.
From policy reforms to corporate developments, here’s your quick digest of today’s top stories shaping markets and business in India.
Stocks fall led by declines in banks, autos drag; FMCG bucks trend
The stock market closed lower on Wednesday, led by declines in banks, autos and midcaps, as risk-off sentiment weighed on broader markets.
The NSE Nifty 50 index fell 0.45% to 25,057, slipping below the 25,100 mark, while the S&P BSE Sensex dropped 386 points, or 0.47%, to 81,716. Market breadth remained weak with the NSE advance-decline ratio at 1:2, signalling broad-based selling pressure.
Read More Here
Also Read: Rupee falls 7 paise to 88.80 against US dollar in early trade
CEO Sentimeter: Top 5 challenges faced by Indian Inc amid global uncertainty
Indian business leaders remain cautiously optimistic about growth, but they highlighted multiple challenges facing India Inc in an exclusive panel discussion with CNBC-TV18 at the CII National Council Meeting.
Growth and Fiscal Challenges
Rajiv Memani, President of CII, projected real GDP growth of 6.8% to 7%, but cautioned that nominal GDP growth could be a concern. He said, “India’s bigger challenge is not real GDP growth, but nominal GDP growth, because from a tax revenue collection and fiscal deficit perspective, that becomes more relevant. If inflation continues to stay as benign as it is, and with GST reforms it may come down a little bit, and if the currency stabilises, then the likelihood is that nominal GDP growth will be a challenge.”
Read More Here
India aims to deepen energy trade ties with US, says Piyush Goyal
India is looking to significantly boost its energy trade with the United States in the coming years, with the US involvement playing a crucial role in achieving India's energy security goals, Commerce and Industry Minister Piyush Goyal said on Tuesday (September 23).
Read More Here
Jaishankar holds series of bilateral meetings on UNGA sidelines; discusses strategic, global issues
External Affairs Minister S Jaishankar held a series of bilateral meetings with his counterparts from across the world on the sidelines of the 80th session of the United Nations General Assembly, discussing a wide range of issues, including bilateral ties, regional developments, and global conflicts.
Read More Here
Zoho CEO Exclusive: Swadeshi push validates our 20-year bet; H1B curbs a net positive for India
Zoho’s new CEO Mani Vembu has welcomed Union IT Minister Ashwini Vaishnaw’s public endorsement of Zoho’s Work Suite, saying it underscores the potential of India’s SaaS ecosystem to stand on its own against global giants. At the same time, he played down concerns over H1B visa restrictions, stressing that Zoho’s "transnational local" model insulates it from policy shocks while creating opportunities for India’s homegrown talent.
Read More Here
Karnataka HC upholds Centre’s takedown powers, rejects X Corp plea
In a setback for Elon Musk-backed X Corp, the Karnataka High Court on Tuesday dismissed the company’s plea challenging the Centre’s content takedown orders, ruling that the challenge was “without merit.”
Read More Here
PhonePe IPO: ₹12,000 crore offer for sale, says report
Walmart, Tiger Global and Microsoft may sell up to 10% stake in the PhonePe through an initial public offering (IPO), according to a Moneycontrol report citing sources. The Bengaluru-based digital payments firm, one of the country's top two players in the space, has draft papers submitted to the Securities and Exchanges Board of India (SEBI), seeking to raise ₹12,000 crore via an IPO through the confidential route, the report added.
Read More Here
Swiggy shares decline after Rapido stake sale to fetch nearly ₹2,500 crore
Shares of Swiggy Ltd. declined on Wednesday, September 24, after the company said its board of directors approved the stake sale in cab aggregator Rapido to Setu AIF Trust and / or its affiliates, along with MIH Investments One B.V., a company incorporated in the Netherlands.
Read More Here
Cabinet approves shipbuilding and maritime reforms schemes worth ₹69,725 crore
The union cabinet, at its meeting held on Wednesday, September 24, has approved a ₹69,725 crore plan for the shipbuilding and maritime sector. Of the allocated sum, ₹24,736 crore has been allocated to shipbuilding financial assistance. The cabinet has also approved the creation of a Maritime Development fund worth ₹25,000 crore, and a Shipbuilding Development Scheme worth ₹19,989 crore.
Read More Here
Ladakh statehood protests: BJP office set on fire, violence leaves 4 dead, 30 injured
The Bharatiya Janata Party (BJP) office in Ladakh was set on fire on Wednesday, September 24, by protestors demanding statehood. The protestors were demanding the inclusion of Ladakh under the Sixth Schedule of the Indian Constitution.
Read More Here
Beyond #Newsroom
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go! - CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market - Real-time market updates
We'll see you on Thursday with another engaging 'Top 10@10.'
In macro news, CII President Rajiv Memani highlighted that India’s real GDP growth is projected at 6.8–7%, but nominal GDP growth may remain a challenge due to fiscal and tax revenue considerations. Commerce and Industry Minister Piyush Goyal said India aims to deepen energy trade with the US to strengthen energy security. External Affairs Minister S. Jaishankar held bilateral meetings at the UNGA, discussing regional and global issues with international counterparts.
On the corporate front, Swiggy’s shares declined after approving the sale of its stake in cab aggregator Rapido to Setu AIF Trust and MIH Investments, raising nearly ₹2,500 crore. PhonePe is planning a ₹12,000 crore IPO through the confidential SEBI route, with Walmart, Tiger Global and Microsoft expected to sell stakes.
From policy reforms to corporate developments, here’s your quick digest of today’s top stories shaping markets and business in India.
Stocks fall led by declines in banks, autos drag; FMCG bucks trend
The stock market closed lower on Wednesday, led by declines in banks, autos and midcaps, as risk-off sentiment weighed on broader markets.
The NSE Nifty 50 index fell 0.45% to 25,057, slipping below the 25,100 mark, while the S&P BSE Sensex dropped 386 points, or 0.47%, to 81,716. Market breadth remained weak with the NSE advance-decline ratio at 1:2, signalling broad-based selling pressure.
Read More Here
Also Read: Rupee falls 7 paise to 88.80 against US dollar in early trade
CEO Sentimeter: Top 5 challenges faced by Indian Inc amid global uncertainty
Indian business leaders remain cautiously optimistic about growth, but they highlighted multiple challenges facing India Inc in an exclusive panel discussion with CNBC-TV18 at the CII National Council Meeting.
Growth and Fiscal Challenges
Rajiv Memani, President of CII, projected real GDP growth of 6.8% to 7%, but cautioned that nominal GDP growth could be a concern. He said, “India’s bigger challenge is not real GDP growth, but nominal GDP growth, because from a tax revenue collection and fiscal deficit perspective, that becomes more relevant. If inflation continues to stay as benign as it is, and with GST reforms it may come down a little bit, and if the currency stabilises, then the likelihood is that nominal GDP growth will be a challenge.”
Read More Here
India aims to deepen energy trade ties with US, says Piyush Goyal
India is looking to significantly boost its energy trade with the United States in the coming years, with the US involvement playing a crucial role in achieving India's energy security goals, Commerce and Industry Minister Piyush Goyal said on Tuesday (September 23).
Read More Here
Jaishankar holds series of bilateral meetings on UNGA sidelines; discusses strategic, global issues
External Affairs Minister S Jaishankar held a series of bilateral meetings with his counterparts from across the world on the sidelines of the 80th session of the United Nations General Assembly, discussing a wide range of issues, including bilateral ties, regional developments, and global conflicts.
Read More Here
Zoho CEO Exclusive: Swadeshi push validates our 20-year bet; H1B curbs a net positive for India
Zoho’s new CEO Mani Vembu has welcomed Union IT Minister Ashwini Vaishnaw’s public endorsement of Zoho’s Work Suite, saying it underscores the potential of India’s SaaS ecosystem to stand on its own against global giants. At the same time, he played down concerns over H1B visa restrictions, stressing that Zoho’s "transnational local" model insulates it from policy shocks while creating opportunities for India’s homegrown talent.
Read More Here
Karnataka HC upholds Centre’s takedown powers, rejects X Corp plea
In a setback for Elon Musk-backed X Corp, the Karnataka High Court on Tuesday dismissed the company’s plea challenging the Centre’s content takedown orders, ruling that the challenge was “without merit.”
Read More Here
PhonePe IPO: ₹12,000 crore offer for sale, says report
Walmart, Tiger Global and Microsoft may sell up to 10% stake in the PhonePe through an initial public offering (IPO), according to a Moneycontrol report citing sources. The Bengaluru-based digital payments firm, one of the country's top two players in the space, has draft papers submitted to the Securities and Exchanges Board of India (SEBI), seeking to raise ₹12,000 crore via an IPO through the confidential route, the report added.
Read More Here
Swiggy shares decline after Rapido stake sale to fetch nearly ₹2,500 crore
Shares of Swiggy Ltd. declined on Wednesday, September 24, after the company said its board of directors approved the stake sale in cab aggregator Rapido to Setu AIF Trust and / or its affiliates, along with MIH Investments One B.V., a company incorporated in the Netherlands.
Read More Here
Cabinet approves shipbuilding and maritime reforms schemes worth ₹69,725 crore
The union cabinet, at its meeting held on Wednesday, September 24, has approved a ₹69,725 crore plan for the shipbuilding and maritime sector. Of the allocated sum, ₹24,736 crore has been allocated to shipbuilding financial assistance. The cabinet has also approved the creation of a Maritime Development fund worth ₹25,000 crore, and a Shipbuilding Development Scheme worth ₹19,989 crore.
Read More Here
Ladakh statehood protests: BJP office set on fire, violence leaves 4 dead, 30 injured
The Bharatiya Janata Party (BJP) office in Ladakh was set on fire on Wednesday, September 24, by protestors demanding statehood. The protestors were demanding the inclusion of Ladakh under the Sixth Schedule of the Indian Constitution.
Read More Here
Beyond #Newsroom
Follow the CNBC-TV18 channel on WhatsApp
Catch crispy news updates on the go! - CNBCTV18 Minis
Watch all #videos under one segment- CNBCTV18 Binge
We bring you real-time updates and analysis of the stock market - Real-time market updates
We'll see you on Thursday with another engaging 'Top 10@10.'
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