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Daily Money Show #768: Stock Market News
Original: # 768 Daily Money Show | Money Purse Stock Market News
Takeaway
Don't trade on speculative news (Tata Chemicals lesson); Jio's payments push will disrupt Paytm/PhonePe in soundbox.
Summary
- Market wrap: Sensex -616 pts to 73,502; Nifty -160 pts to 22,332; midcap -0.41%, smallcap -1.84%, Bank Nifty -1.6%; financial services dragged 73 pts, Reliance 23 pts.
- Tata Chemicals -10% today after weekend media reports that Tata Group plans to restructure Tata Sons' balance sheet to avoid mandatory IPO by Sept 2025 per RBI rules — earlier 30% rally was on speculative IPO news.
- Jio Payments to enter Paytm-style soundbox business — initial pilot in Reliance Retail stores, full launch in 8-9 months; expected to disrupt Paytm and PhonePe as Jio did to telecom.
- Gensol Engineering won 70 MW battery energy storage project tender from Gujarat Urja Vikas Nigam (lowest bidder), expected ₹450 cr revenue over contract period; Sigachi Industries JV with Saudi National Projects (75/25) targets $180M revenue in FY24-25.
- ED froze 13 FBI accounts linked to Mahadev online betting (Harishankar Tibrewal) including Zenith Multi Trading DMCC which holds stakes in Gensol Engineering and Sigachi — caused pressure on both stocks despite positive business updates.
daily-markettata-chemicalsjio-payments
Original description
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