Top News on Oct 15: Sensex, Nifty 50 back in red, Maharashtra-Jharkhand poll dates; India-Canada ties hit new low; more

In today top news, we have: Losses in shares of select heavyweights, including Reliance Industries, Bajaj Finance, and Bajaj Auto, dragged Indian stock market benchmarks; the Centre plans to offload 5 percent stake in Cochin Shipyard through OFS at ₹1,540 per share; Hyundai Motor India IPO saw an 18% subscription on Day 1; the Elections Commission announced schedule for the Maharashtra and Jharkhand Assembly elections; India-Canada ties hit a new low; and Tamil Nadu braces for heavy rainfall.

Here are Top News on October 15:

1. Sensex, Nifty 50 back in the red

Indian stock market benchmarks, the Sensex and the Nifty 50, fell on October 15 due to losses in major shares and weak global cues. Concerns over inflation and unimpressive Q2 earnings contributed to the decline, although falling crude oil prices provided some relief.

Losses in shares of select heavyweights, including Reliance Industries, Bajaj Finance, and Bajaj Auto, dragged Indian stock market benchmarks— the Sensex and the Nifty 50—into negative territory on Tuesday, October 15, even as mid and small-cap segments of the market ended with gains. Tap here to read full report

2. Hyundai Motor IPO: Issue booked 18% on Day 1

Today marked a significant milestone for the country with the launch of the Hyundai Motor India IPO. Hyundai Motor India IPO saw an 18% subscription on the first day, according to BSE data. Retail investors subscribed to 26% of the portion, while non-institutional investors subscribed to 13%. Qualified institutional buyers (QIBs) accounted for 5% of the subscription, and the employee portion received an 80% subscription. Tap here to read full report

3. Centre to offload 5% stake in Cochin Shipyard

The Narendra Modi administration announced plans to divest a 5% stake in Cochin Shipyard Ltd through an Offer for Sale (OFS), with the minimum share price set at ₹1,540. The OFS is scheduled to open on October 16, 2024, for non-retail investors and on October 17 for retail investors. Tap here to read full report

4. SEBI increases position limits for trading members in index F&O contracts

Securities and Exchange Board of India (SEBI), in a release, said the position limits for trading members, cumulatively for client and proprietary trades, in index F&O contracts are now set at ₹7,500 crore or 15 per cent of the total open interest (OI) in the market, whichever is higher. Earlier it was ₹500 crore or 15 per cent of the total OI in the market. Tap here to read full report

5. Maharashtra, Jharkhand assembly elections dates announced

The Election Commission of India (ECI) on Tuesday announced the schedule for the Maharashtra and Jharkhand Assembly elections. The Maharashtra elections will be held in a single phase. The voting will take place on November 20, and the votes will be counted on November 23.

Meanwhile, Jharkhand assembly elections are scheduled to be held in two phases. Phase 1 of voting will be held on November 13 and second phase on November 20, along with Maharashtra. Tap here to read full report

6. India-Canada ties hit new low

Canadian Prime Minister Justin Trudeau issued a statement, citing evidence from the Royal Canadian Mounted Police (RCMP) to claim that India government officials were involved in activities that pose threat to public safety. The Prime Minister said, “The evidence brought to light by the RCMP cannot be ignored. It leads to one conclusion: it is necessary to disrupt the criminal activities that continue to pose a threat to public safety in Canada. That is why we acted. Because we will always – first and foremost – stand for the right of Canadians to feel safe and secure in their own country.”

According to news agency ANI, top Indian sources rejected claims made by Justin Trudeau and other officials about presenting “credible evidence” to India regarding the killing of Khalistani terrorist Hardeep Singh Nijjar. Sources said that Canada’s approach, since the beginning, has been to make “vague accusations” and put the burden of denial on India. Sources said, “At the RCMP press briefing, assertions were made about connections of certain individuals to India. In no case were any specifics provided. There was also talk about holding people accountable. But it was never made clear who and for what.” Tap here to read full report

7. Indigo Ventures gets SEBI approval to launch Venture Capital Fund

India’s largest airline IndiGo, on Tuesday, announced that its corporate venture capital arm, IndiGo Ventures, has received official approval from the Securities and Exchange Board of India (SEBI) to launch its Alternative Investment Fund (AIF). This development represents a major milestone in IndiGo’s efforts to foster innovation in the aviation sector and beyond. Tap here to read full report

8. Tamil Nadu Chennai Rains: Heavy rainfall alert; public holiday declared; trains, domestic flights cancelled

Widespread rains lashed Chennai and other parts of Tamil Nadu on Tuesday, bringing residential neighbourhoods and roads under knee-deep water and leading to traffic congestion besides affecting public transport services.

The India Meteorological Department has forecast more rains for the next two days in the state. A bulletin said that on October 16, “heavy to very heavy rain with extremely heavy rain at one or two places is likely to occur over Tiruvallur, Kancheepuram, Chengalpattu and Chennai districts.” Tap to read full report here