Wed Sep 18 01:14:14 UTC 2024: ## Indian Stock Market Sees Profit Booking, IT Stocks Lead Decline

**Mumbai, India (September 18, 2024):** The Indian stock market ended lower on Wednesday, despite hitting record highs during the morning session. Profit booking by investors, particularly in IT stocks, led to the decline ahead of the US Federal Reserve’s anticipated interest rate decision later in the day.

The benchmark Sensex index shed 131.43 points, closing at 82,948.23, representing a 0.16% drop. The Nifty index also followed suit, declining by 41 points to settle at 25,377.55, a 0.16% decrease.

IT giants like Tata Consultancy Services (TCS) and HCL Technologies bore the brunt of the decline, both plummeting over 3%. Other major laggards included Infosys, Tech Mahindra, Sun Pharma, and Tata Motors.

On the other hand, Bajaj Finance, Bajaj Finserv, Nestle, HDFC Bank, ICICI Bank, and State Bank of India led the gainers.

**Key Developments:**

* **Aurobindo Pharma** acquired a 49% stake in GLS Pharma for ₹22.5 crore.
* **Torrent Power** surged after receiving a Letter of Intent (LOI) from the Maharashtra State Electricity Distribution Co. Ltd for a 1,500 MW Pumped Hydro Storage Project.
* **State Bank of India (SBI)** raised ₹7,500 crore through a Tier 2 bond issuance.
* **Jupiter Wagons** declared an interim dividend of ₹10 per share.
* **Bharti Airtel** completed the deployment of additional spectrum acquired in July 2024.
* **Heritage Foods** approved the construction of a new ice cream manufacturing facility in Telangana.
* **Indian Hume Pipe Company** announced plans to increase production capacity at its factories in Maharashtra.
* **TCS** secured a two-year contract with Golden Arches Development Corporation (GADC), the master franchise holder of McDonald’s in the Philippines.
* **Lupin** entered into a patent licensing agreement with Takeda for commercializing Vonoprazan, a gastrointestinal drug, in India.
* **Western Carriers India IPO** was subscribed 11.65 times as of 12.45 pm.
* **ICICI Bank** saw its market cap reach ₹9,08,906.06 crore.
* **Tata Power Renewable Energy Limited (TPREL)** secured a Letter of Award (LoA) for a 400 MW Wind-Solar Hybrid project in Maharashtra.
* **Shelter Pharma Limited** received an order worth $17,700 from Al-Saqr Agro.
* **Zee Entertainment Enterprises** refuted claims made by Star India Private Limited in an arbitration case.
* **Suven Life Sciences** announced positive results from a Phase-2a study of its Ropanicant drug for treating Major Depressive Disorder (MDD).
* **Awfis** launched a new center in GIFT City, Gandhinagar.
* **S.J.S. Enterprises** clarified that a worker protest has no material impact on its operations.
* **Bhageria Industries** incorporated a wholly owned subsidiary, Rahuri Cleantech Pvt Ltd.
* **Alok Industries** appointed Biji Chacko as its Chief Operating Officer.
* **G R Infraprojects** completed the sale of its wholly-owned subsidiary, GR Aligarh Kanpur Highway Private Limited (GAKHPL), to Bharat Highways InvIT.
* **IntellectAI**, the AI-focused business unit of Intellect Design Arena, launched its WealthForce.AI platform for the Middle East market.
* **APL Apollo Tubes** appointed Pankaj Sharma as its Chief Human Resource Officer.
* **Aurobindo Pharma** received an Establishment Inspection Report (EIR) from the USFDA for its new injectable facility.
* **MOIL** is exploring joint ventures for manganese ore mining.
* **REC Limited** signed non-binding MoUs with renewable energy developers for projects worth approximately ₹1.12 lakh crore.
* **Garden Reach Shipbuilders & Engineers Limited (GRSE)** was upgraded from ‘Schedule S’ to ‘Schedule A’ CPSE.
* **Zydus Wellness** received an order alleging short payment of tax for FY 2019-20.
* **Adani Energy Solutions** settled disputes with Reliance Infrastructure.
* **Inox Green Energy Services** raised Rs 300 crore equity capital.
* **Inox Wind Limited (IWL)** received a Letter of Intent (LoI) from IGREL Renewables Ltd for a 550 MW wind capacity project.
* **Vaibhav Global Limited (VGL)** had its long-term bank facilities rating upgraded.
* **G R Infraprojects** received consideration from Bharat Highways InvIT for its subsidiary transfer.
* **Vidarbha Industries Power Limited (VIPL)** ceased to be a subsidiary of Reliance Power.
* **Reliance Infrastructure** settled its obligations with Edelweiss Asset Reconstruction Company Limited.
* **Honasa Consumer’s Mamaearth** announced its presence in Canteen Stores Department (CSD).
* **Hindalco Industries** is evaluating plans to start solar module manufacturing in Gujarat.
* **Tilaknagar Industries** received a partial subsidy from the government of Maharashtra.
* **NIBE Ltd** was conferred the status of “Mega Project” by the Government of Maharashtra.
* **Doms Industries** acquired a majority stake in Uniclan Healthcare.
* **Avantel** received an order worth Rs 93.9 million from Newspace India.
* **KCP** received a favorable order from the Madras High Court.
* **Kernex/Railtel** deployed the Kavach system on the Kota-Sawai Madhopur section.
* **Rattan India** launched two electric motorcycles.
* **DCM Shriram Industries** received a BSE observation letter for a scheme of arrangement.
* **Tata Motors** saw TML SecuritiesTrust sell 1.15 crore shares.
* **Biocon** saw LIC raise its stake to 5.023%.
* **TVS Holdings** is acquiring additional securities in Emerald Haven Town and Country.
* **Hindustan National Glass** appointed Amal Chandra Saha as Non-Executive Independent Director.
* **Dhanuka Agritrch** had its rating withdrawn by ICRA Limited.
* **Utkarsh Small Finance Bank** received RBI approval for variable remuneration for its MD & CEO.
* **Mankind Pharma** scheduled a board meeting to consider fund raising.
* **Satin Creditcare** plans to raise funds via NCDs on a private placement basis.
* **Mphasis** appointed Ajay Arya as Head of Mergers & Acquisitions.
* **Zydus Life** is acquiring Sterling Biotech’s fermentation-based API business.
* **VST Ind** saw Ace investor Radhakishan Damani cut his stake.

**Market Outlook:**

Market pundits remain cautious about the impending US Federal Reserve rate cuts, with a 25-basis point cut already priced in and potentially not impacting the market significantly. A larger 50-basis point cut might be more impactful but is likely to be temporary.

The Reserve Bank of India’s crackdown on unsecured lending has led to a surge in gold loans, with outstanding gold loans growing 20-30% in the last year.

**Other Notable News:**

* The Competition Commission of India (CCI) announced comprehensive amendments to its General Regulations.
* Wholesale inflation declined to a four-month low in August.
* India’s trade deficit widened to nearly $30 billion in August.
* NTPC received government approval for a joint venture with NPCIL for nuclear power generation.
* SKF India initiated a separation of its automotive business.
* Mirza International launched a new subsidiary for footwear retail and e-commerce.
* Vakrangee partnered with Star Health Insurance.
* Infosys partnered with Metro Bank.
* Indo Count acquired a majority stake in Fluvitex USA.
* The government scrapped the windfall tax on petroleum crude.
* Reliance Power settled its obligations with Edelweiss Asset Reconstruction Company Limited.

This news article provides a concise overview of the Indian stock market performance and key developments on September 18, 2024.

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