Auto Sector

Tata Steel has announced a joint agreement with the UK govt to invest GBP1.25bn for a 3mtpa EAF facility.

Analysts of IIFL Capital Services cut their EPS estimates by 2% for FY25/FY26 to factor in the slower-than-expected margin recovery, as the company intends to increase its brand investments to 8-10% range in medium term

Spot gold was dormant at $1,924.29 per ounce. At $1,946.10, U.S. gold futures were stable.

Analysts of IIFL Capital Services also highlight runaway growth in Personal loans (27% 4yr Cagr and 36% YoY in FY23) as an area of concern.

Brent crude futures had increased by 5 cents, or 0.1%, to $93.98 per barrel, while U.S. West Texas Intermediate crude had increased by 15 cents, or 0.2%, to $90.92 per barrel.

The euro increased by 0.11% to $1.0667 while the dollar index was slightly lower at 105.23. Sterling last traded at $1.2397, up 0.06% for the day.

During the IPO subscription period, which ran from September 6-8, the offering garnered significant interest from investors, with an overall subscription rate of 63.72 times.

Investors with very high risk appetite and want to invest for 5 to 7 years to diversify the portfolio in pharma sector should invest in HDFC Pharma and Healthcare Fund.

It looks like the enthusiasm on the start-up lane is building momentum; and it is building really fast.

In the latest weekly coverage on mutual fund NFOs, we cover the Bandhan Retirement Fund..