MARKET WRAP: Sensex tanks 812 pts amid weak global cues; India VIX up 13%

On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent.
The domestic benchmark indices witnessed across-the-board sell-off on Monday and ended over 2 per cent lower amid weak global cues. Investor sentiment also took a hit after the International Consortium of Investigative Journalism (ICIJ) reported on top-secret Suspicious Activity Reports or SARs, worth more than $2 trillion globally. In case of India, the FinCEN files so far have established sender-receiver connections for 406 transactions involving all major banks, including the country's largest, State Bank of India. READ MORE

The S&P BSE Sensex tumbled 812 points, or 2.09 per cent to settle at 38,034 levels. Of 30 constituents, 27 declined and just 3 advanced. IndusInd Bank (down 8.7 per cent) ended as the biggest loser on the index. 

On the NSE, the benchmark Nifty50 ended at 11,251, down 254 points, or over 2 per cent. India VIX -- markets' volatility index -- jumped 13 per cent to 22.6 levels.

The sell-off in broader market was more brutal. The S&P BSE MidCap index slipped 516 points, or nearly 3.5 per cent to end at 14,532 while the S&P BSE SmallCap index was down over 3.6 per cent to 14,747 levels.

All the sectoral indices on the NSE ended in the red. Nifty Metal cracked over 5.5 per cent to 2,232 levels while Nifty Realty index fell 6 per cent to 213 points. Nifty Bank declined over 3.3 per cent to 21,290 levels. 

Global markets

Asian shares slipped on Monday on fears the global economy may sputter for a while due to a resurgence of coronavirus infections in Europe while fading hopes for US fiscal stimulus hopes also weighed. In Europe, shares fell to two-week lows. S&P 500 e-minis declined 0.6 per cent, also pointing to a weak start for Wall Street on Monday. Most major Asian indexes were in the red and MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.6 per cent weaker at 565.75 levels.

In commodities, oil prices fell on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the US Gulf of Mexico limited losses.

(With inputs from Reuters)


4:22 PM IST "Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2% down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe. Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious."

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3:13 PM IST Shares of Indiabulls Group companies were under pressure at the bourses on Monday. The group's financial arm, Indiabulls Housing Finance's shares tanked 14 per cent, while realty firm Indiabulls Real Estate was locked in 10 per cent lower circuit on the BSE. Shares of Indiabulls Integrated Services, too, were frozen at 5 per cent lower circuit at Rs 43.50; while Indiabulls Ventures slipped 3 per cent at Rs 219 on the BSE. In comparison, the S&P BSE Sensex was down 1.7 per cent at 38,193 points at 02:43 pm. READ MORE

3:12 PM IST

3:08 PM IST Among the Nifty Bank constituents, IndusInd Bank tumbled 8.3 per cent to hit an intra-day low of Rs 562 per share. Besides, Bandhan Bank tanked 7 per cent, RNL Bank (6.6 per cent), Punjab National Bank (5.6 per cent), and IDFC First Bank (6.4 per cent). That apart, HDFC Bank, Federal Bank, SBI, Bank of Baroda, Axis Bank, and ICICI Bank were down between 0.3 per cent and 4.5 per cent at 2:45 pm. In comparison, the Nifty50 index was down 2 per cent, or 222 points, at 11,283 level. READ MORE

2:59 PM IST

LIVE UPDATES

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2% down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe. Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious."

Market snapshot at Close


Sectoral trends at Close


Sensex Heatmap at Close


Closing Bell


Closing Bell :: Sensex ends over 800 pts lower


Nifty hovers around 11,200


Dow Jones Futures tank 560 pts


Indiabulls Group stocks under pressure; Indiabulls Housing tanks 14%

Shares of Indiabulls Group companies were under pressure at the bourses on Monday. The group's financial arm, Indiabulls Housing Finance's shares tanked 14 per cent, while realty firm Indiabulls Real Estate was locked in 10 per cent lower circuit on the BSE. Shares of Indiabulls Integrated Services, too, were frozen at 5 per cent lower circuit at Rs 43.50; while Indiabulls Ventures slipped 3 per cent at Rs 219 on the BSE. In comparison, the S&P BSE Sensex was down 1.7 per cent at 38,193 points at 02:43 pm. READ MORE

Sensex tanks nearly 800 points


Bank stocks crash as FinCEN leak names Indian banks for suspicious transactions

Among the Nifty Bank constituents, IndusInd Bank tumbled 8.3 per cent to hit an intra-day low of Rs 562 per share. Besides, Bandhan Bank tanked 7 per cent, RNL Bank (6.6 per cent), Punjab National Bank (5.6 per cent), and IDFC First Bank (6.4 per cent). That apart, HDFC Bank, Federal Bank, SBI, Bank of Baroda, Axis Bank, and ICICI Bank were down between 0.3 per cent and 4.5 per cent at 2:45 pm. In comparison, the Nifty50 index was down 2 per cent, or 222 points, at 11,283 level. READ MORE

HEATMAP:: Only 3 BSE Sensex constituents trading in the green


Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
INDIABULLS HOUS. 153.95 -13.78
JINDAL STEEL 171.90 -13.38
INDBULL.REALEST. 55.05 -8.78
ASTER DM HEALTH. 133.10 -8.59
SOBHA 235.05 -8.33
» More on Top Losers

MARKET UPDATE:: ICICI Bank, RIL, and Bharti Airtel top contributors to Sensex's plunge


India VIX jumps over 11%


MARKET CHECK | Indices under pressure; Sensex slips over 650 pts


FinCEN files: Almost all Indian banks named for suspicious transactions

Between 2010 and 2017, a number of Indian banks, irrespective of ownership – public, private and foreign -- helped facilitate transactions red-flagged by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terrorism, drug dealing and financial fraud, latest leaks suggest.
 
International Consortium of Investigative Journalism (ICIJ) obtained the top-secret Suspicious Activity Reports or SARs, worth more than $2 trillion globally. These transactions are not outright evidence of frauds or proof of nefarious activities, but are red-flagged by the US authority as suspicious. READ MORE
 

Rupee Closing

Rupee ends 73.39 per US dollar vs Friday's close of 73.45/$

Hindustan Unilever hits over 3-month low; stock falls 12% in 2 months

In the past two months, HUL has underperformed the market by falling 12 per cent after it reported a mixed set of numbers for the quarter ended June 30, 2020 (Q1). In comparison, the S&P BSE Sensex has risen 2 per cent during the period. The company paid a dividend of Rs 23.50, including a special dividend of Rs 9.50 per share since June. READ MORE


MARKET CHECK


MARKET CHECK :: Nifty tests 11,400


Angel Broking IPO: Best suited for investors with high risk appetite

With a better acceptance for initial public offerings (IPOs) and a huge spurt in direct retail participation in the equity markets, the timing for Angel Broking to hit the floor is good. With over two decades of experience and a total revamp in business model, the IPO may entice believers of the ‘financialisation of savings’ theme. Angel Broking holds a unique positioning in the broking space that isn’t very crowded among listed players but for some reasons hasn’t garnered much interest from investors. READ MORE  

MARKET CHECK | Top losers on the BSE at this hour


BROKERAGE VIEW | ICICI Securities on HCL Tech

RATING: HOLD | TARGET PRICE: Rs 885

We believe the acquisition of DWS will boost the company’s revenue and geographic presence. Further, the acquisition also has scope for margin expansion led by higher offshoring. In addition, the company’s recent upward revision in Q2FY21E revenues & margins, coupled with improving organic growth keeps us positive on the stock from a long term perspective. 

Google Pay adds tap-to-pay feature for Axis, SBI card users

Google Pay on Monday announced the rollout of tokenisation across its platform, enabling users with debit and credit cards to transact at NFC-enabled point-of-sale (POS) terminals and online merchants through its tap-to-pay feature. The feature is currently available for Axis and SBI card users on Visa payments network, and more banks, including Kotak are expected to follow soon. READ MORE

MARKET CHECK


NEWS ALERT :: SpiceJet announces six new flights


Brokerage industry's revenues expected to reach Rs 23,000 cr in FY21: Icra

According to investment information firm ICRA, the domestic capital markets have witnessed an unexpected surge lately in stark contrast to the overall economic outlook.
 
And while broking yields continue to be under pressure, given the competitive dynamics as well as product mix (increase in non-delivery volumes as well as the rising share of index options), the healthy growth in turnover more than offset the impact on broking income. READ MORE

MARKET CHECK


Birla Corp slips 9% after HC bars Harsh Lodha from MP Birla group companies

Shares of Birla Corporation (Birla Corp) dipped 9 per cent to Rs 662 on the BSE in the intra-day trade on Monday after the Calcutta High Court (HC) on Friday restrained Harsh Vardhan Lodha from holding any office in M P Birla group entities. The stock of cement & cement products company recorded its sharpest intra-day fall since March 23, 2020, when it had tanked 20 per cent on the BSE. READ MORE  


Most global investors cautious of equities after sharp rally: Raychaudhuri

The market rally since March 2020 lows has been led mostly by foreign institutional investors. MANISHI RAYCHAUDHURI, head of Asia Pacific equity research, BNP Paribas, tells Puneet Wadhwa the reason for India being such an FII favourite is the breadth of stocks and sectors that the market offers. READ MORE

Deepak Fertilisers, GSFC: Will Farm Bills' passage boost fertiliser stocks?

Most fertiliser stocks were trading in the negative territory on Monday, a day after Rajya Sabha passed two key farm bills amid ruckus by opposition members and farmer protests. The Upper House passed by voice vote the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. The bills have already been passed by Lok Sabha and will now go to the President for his assent before they are notified as laws. READ MORE

Nucleus Software hits record high, stock zooms 132% in 2 months

Shares of Nucleus Software Exports were locked in the 10 per cent upper circuit band at Rs 664.70, also its record high, on the BSE on Monday in an otherwise subdued market. In the past two months, the stock of the IT software products-company has zoomed 132 per cent after it reported strong earnings for the quarter ended June 2020 (Q1FY21). In comparison, the S&P BSE Sensex was up 3.8 per cent during the period. READ MORE

MARKET UPDATE:: Sensex continues to trade flat


BROKERAGE VIEW | HDFC Securities on ITD Cementation

RATING: BUY  | TARGET PRICE: Rs 68

ITD numbers were better than expectation on account of execution beat and cost controls. Labour availability has improved to 70-80% of pre-COVID level. Order backlog is robust at Rs 126bn (4.4x FY20 revenue) aided by FYTD21 order wins of Rs 13.5bn. Besides, ITD is L1 in orders worth Rs 15bn (total order book at Rs 141bn). Although, NWC days and consolidated net debt (Rs 3bn vs Rs 1.8bn at FY20-end) have increased QoQ, balance sheet remains robust. We maintain BUY on ITD with an unchanged target price of Rs 68/sh, (1) given large order book (~4.4x FY20 revenue), (2) strong balance sheet and (3) bottom valuation (6.8x 2 yr fwd EPS). 

Top gainers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
KPIT TECHNOLOGI. 114.40 6.12
CAPRI GLOBAL 241.10 4.51
SOMANY CERAMICS 193.50 4.37
SUZLON ENERGY 3.24 4.18
HCL TECHNOLOGIES 842.80 3.91
» More on Top Gainers

IPO UPDATE | Chemcon Speciality offer gets fully subscribed on Day 1

(Source: NSE)

Large-cap concentration much higher in India than US, shows data

The concentration of large-cap stocks is starker in India than in the US. The top 100 stocks account for 71.2 per cent of market capitalisation of the S&P 500 index, a gauge to track the performance of 500 most-valuable US companies.
 
The top 100 stocks in India account for 77.3 per cent of the Nifty 500 index. The next 150 stocks — categorised as mid-caps in India —account for 18.2 per cent in the S&P 500 and 16.1 per cent in the NSE 500, respectively.  READ MORE

Chemcon IPO: How momentum in the pharma sector is positive for the company

On September 18, the company raised Rs 95.4 crore through allotment of 2.806 million shares to anchor investors at Rs 340 per share, according to an exchange notification.
 
IDFC Emerging Business Fund, IDFC Dynamic Equity Fund, ICICI Prudential Child Care Plan Gift Plan, IIFL Special Opportunities Fund Series 7, HSBC Global Investment Funds, Mirae Asset funds, Canara HSBC Oriental Bank of Commerce Life Insurance Company, Ashmore India Opportunities Fund, Kuber India Fund, Tata Multi Asset Opportunities Fund, Reliance Equity Opportunities AIF Scheme 1, and Abakkus Emerging Opportunities Fund-1 were among the anchor investors. READ MORE

Bharti Airtel slips nearly 3%


Mukand hits upper circuit for 14th straight day, rallies 87% in September

Shares of Mukand were locked in upper circuit for the 14th straight trading day, up 5 per cent at its 52-week high of Rs 51.50 on the BSE on Monday. The company is engaged in iron & steel/intermediates products. Thus far in the month of September, the stock has rallied 87 per cent after its board, on August 31, approved the proposal for divestment of upto 51 per cent equity stake/investment held in Mukand Sumi Special Steel (MSSL) to promoter group entities for total consideration of Rs 1,212.95 crore. In comparison, the S&P BSE Sensex gained 0.45 per cent during the period. READ MORE

BROKERAGE VIEW | ICICI Securities on Allcargo Logistics

RATING: HOLD | TARGET PRICE: Rs 115

AGLL has received Rs 2.37bn till date from Blackstone, along with Rs 590mn in LRD for the assets transferred to Blackstone. Management guided for Rs 2-3bn investment in the warehousing assets for FY21. Logistics parks reported revenue trajectory (at Rs 88mn for Q1FY21, up ~ 5x YoY on a low base) continue to impress.

GOCL Corp leaps 12% on divestment of partial stake in Quaker Houghton

Shares of GOCL Corporation surged as high as 12.5 per cent to Rs 207 on the NSE on Monday after the company said its UK subsidiary, HGHL Holdings, has decided to divest 2 lakh shares of Quaker Houghton at a price of Rs 175 per share. HGHL Holdings has beneficial interest in 4.27 lakh shares of common stock of Quaker Chemical Corporation/Quaker Houghton, USA, GOCL Corporation said in an exchange filing. READ MORE

Route Mobile makes bumper debut, lists at 105% premium against issue price

Route Mobile (RML) made a strong debut at the bourses with its shares listing at Rs 717, a 105 per cent higher against its issue price of Rs 350 per share, on the National Stock Exchange (NSE). A minute after listing, the stock moved up to Rs 735, 110 per cent higher against issue price. READ MORE

Deal wins, margin surprises likely to power more gains for Infosys

Recent acquisitions, strong deal pipeline, and rising digital spends should help Infosys, the country’s second-largest software company, maintain its growth outperformance. Higher growth and steady margins should also help it bridge the valuation gap with larger peer TCS. READ MORE 


Rupee opening

Rupee opens little changed at 73.44/$ vs Friday's close of 73.45 against the US dollar

NEW LISTING :: Route Mobile lists at 105% premium vs issue price


CAMS IPO opens today: Four reasons why analysts suggest subscribing to it

The initial public offer (IPO) of Computer Age Management Services (CAMS), a technology-driven financial infrastructure and services provider to mutual funds (MFs) and other financial institutions, is set to open today. On Friday, the company raised Rs 666.56 crore from anchor investors. READ MORE

Route One Mobile settles at Rs 708 in pre-open


HCL Tech shares hit a fresh record high as Co to acquire IT firm DWS Ltd

Shares of HCL Technologies hit a fresh record high of Rs 835, up 3 per cent on the BSE in the early morning deals on Monday after the company announced its intent to acquire IT company DWS Limited, a leading Australian IT, business, and management consulting group, for $158.2 million (approximately Rs 1,162 crore). The acquisition is expected to be completed by December 2020. The stock surpassed its previous high of Rs 824 touched on Friday, September 18, 2020. READ MORE  


Speciality Chemicals surge ahead of opening of Chemcon IPO

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%) VALUE
(rs CR)
GANESH BENZOPL. 59.75 59.90 56.50 2.65 4.64 0.59
VIKAS WSP 4.88 4.88 4.88 -0.54 -9.96 0.04
VALIANT ORGANICS 2945.00 2945.00 2800.00 180.20 6.52 16.33
SADHANA NITRO 29.70 29.90 28.20 2.50 9.19 0.16
THIRUMALAI CHEM. 75.95 76.75 72.45 5.40 7.65 0.27
NOCIL 135.50 135.90 132.90 3.55 2.69 0.48

Tata Metaliks down 2% on plant shutdown

>> Tata Metaliks on Friday announced that one of the company's blast furnaces and its associated facilities in Kharagpur plant is undergoing a planned shutdown, in phases, for repair & maintenance including hearth profiling.


Repco Home Finance slides 3%

>> CARE Ratings has revised Rs 8,645 crore long-term bank facilities of the company to CARE AA negative with negative outlook.


IRCTC trades over 1% higher

>>  As per reports, Railways is rolling out 40 clone trains from Monday. With this, the waitlisted passengers on high traffic routes can hope to reach their destinations two-three hours before the corresponding parent train, a senior official said on Sunday. 


RITES dips 0.5% on profit booking

>> The board of directors at government-owned RITES Ltd has approved buy-back of 96.98 lakh equity shares with a face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore.


HCL Tech up over 3%

>> The IT major on Monday announced its intent to acquire DWS Limited, a leading Australian IT, business and management consulting group.


Sectoral trends at Open


Top gainers and losers on S&P BSE Sensex at Open


Opening Bell


Opening Bell


Commodity Heatmap


Top gainers and losers on S&P BSE Sensex at Pre-Open


Markets at Pre-Open


Markets at Pre-Open


BROKERAGE VIEW :: MOFSL on Birla Corp

CMP: Rs 721 | TP: Rs 790 (+10%) | Reco: Buy

>> BCORP would increase its capacity by 25% over the next 12 months. The 3.9mtpa greenfield plant at Yavatmal, Mukutban (capex of INR24.5b, implying EV/t of USD85), is guided to come on stream by 2QFY22. The clinker capacity expansion of 0.4mtpa at Chanderia (capex of INR1.5b) is guided to come on stream by Mar’21. The company also plans to expand its Kundanganj grinding unit by 1.2mt (capex of INR2.5b), but this has been put on hold to conserve cash in the wake of the COVID-19 crisis. These capacities would support volume growth for the company beyond FY22E.

>> 55% of BCORP’s capacity is in central India (a preferred market) and should aid longer term pricing and margins. It is also working toward reducing inbound and outbound logistics cost.

>> The valuation is attractive at 6x FY22E EV/EBITDA (~15% discount to its 10-year average) and ~USD60/t of capacity (>30% discount to replacement cost). We value BCORP at 7x FY22E EV/EBITDA to arrive at TP of INR790. Maintain Buy.

BROKERAGE VIEW :: MOFSL on Lupin

CMP: Rs 1,086 | TP: Rs 1,130 (+4%) | Reco: Buy

>> Perrigo has recently announced that it is recalling its g-ProAir (Albuterol) MDI inhalers from the US market due to a potential defect. Perrigo’s g-Proair sales stood at USD73m in 2QCY20.

>> Lupin (LPC) had received approval for g-ProAir in Aug’20 and is believed to have launched the product in Sep’20. According to initial estimates, LPC should record USD80-90m annualized sales from g-ProAir. Thus, the disruption to Perrigo’s Albuterol has improved business opportunity for LPC.

>> We remain positive on LPC as it is at an inflection growth point in the developed markets, led by its niche launches. It remains on track to (a) outperform in the Domestic Formulations (DF) segment, and (b) complete remediation measures at sites under regulatory issues.

>> For LPC, we have maintained our FY21/22E EPS estimates and TP of INR1,130. Maintain Buy.

BROKERAGE VIEW :: MOFSL on Cipla

CMP: Rs 807 | Target: Rs 790 | Reco: Neutral

>> Perrigo announced recently that it would recall its gProAir (Albuterol) MDI inhaler from the US market due to a potential defect in the inhalers. Perrigo’s gProAir
sales were USD73m in 2QCY20.

>> Cipla had acquired approval for its gProventil (Albuterol) product in April 2020. Per our initial estimates, we had expected Cipla to record USD50–60m annual sales for gProventil. With the disruption to Perrigo’s sales, we estimate an additional USD15–20m in Albuterol sales for Cipla in the US.

>> We maintain our EPS estimates for FY21/FY22 and TP of INR790. We maintain Neutral on Cipla as we are yet to see meaningful expansion in return ratios.

BROKERAGE VIEW :: MOFSL on Agri sector

The proposed Central Bill allowing farmers to sell to anyone outside the APMC yard should (a) bring in greater competition amongst buyers, (b) lower mandi fees and commission for Arhatiyas (commission agents), and (c) reduce other cess that many State governments have imposed on APMC markets. The Bill would also help India to have a single common market for agri-produce. These reforms have the potential of opening up many private mandis that are far more efficient,
automated and mechanized, thus, replacing age-old practices in the Statesponsored mandis.

Contract farming would provide farmers access to modern technology, ready markets for its agri produce and better inputs. As private sector participation increases over the years, the Indian agriculture sector’s supply chain and infrastructure would improve. As the reforms promote direct marketing and eliminates intermediaries, it would result in farmers getting better price realization. Overall, the reforms should benefit farmers and encourage contract farming, which in turn, is expected to prove advantageous for the agrochemical/fertilizer sectors. 

Stocks to watch: HCL Tech, RITES, Route Mobile, Amber Enterprises, ITC

HCL Tech: The IT major on Monday announced its intent to acquire DWS Limited, a leading Australian IT, business and management consulting group.
 
RITES: The board of directors at government-owned RITES Ltd has approved buy-back of 96.98 lakh equity shares with a face value of Rs 10 each at Rs 265 per share, translating into the total buyback amount not exceeding Rs 257 crore. READ MORE

Two bank stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

BUY AXIS BANK | CMP: Rs 443.35 | TARGET: Rs 490-520 | STOP LOSS: Rs 420
 
The stock has witnessed a decent correction recently and has bottomed out near 425 levels. Besides, it has improved the bias to anticipate further upward move in the coming days. The RSI indicator has shown signs of bottoming out and has improved the bias with a trend reversal to signal a buy. READ MORE

Bulk deals on BSE as on Friday

Bulk deals on NSE as on Friday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Bloomberg


Oil check


SGX Nifty update

>> At 8:32 am, the index was at 11,481level, down 38.50 points or 0.33%

Asian market check

Source: Reuters


Wall Street on Friday :: Indices posts third week of declines as tech slide drags on

Source: Reuters


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