Sensex surges 258 points, Nifty reclaims 11,600

Accenture To Buy Technology Consultancy SALT Solutions AG – Quick Facts

Accenture (ACN) announced its plan to acquire SALT Solutions AG, a technology
consultancy headquartered in Wrzburg, Germany. Financial terms were not disclosed.

SALT Solutions, which will join Accenture Industry X, implements and maintains IT systems for production, operations and logistics at German automotive, manufacturing, consumer goods and chemicals companies.

Accenture expects this acquisition to be fundamental to expanding Industry X’s digital manufacturing, operations and supply chain business in Germany.

Accenture noted that completion of the acquisition is subject to customary closing conditions.

The Hut Group prepares to trade after sealing bumper $7 billion London IPO

  • The Hut Group is preparing for its first day of trading on the London Stock Exchange after securing a $7 billion IPO.
  • The Manchester-headquartered e-commerce company sells a wide range of products including clothing and consumer electronics. 

E-commerce firm The Hut Group is preparing for its first day of trading on Wednesday after batting away corporate governance concerns to seal the first major British initial public offering since the start of the Covid-19 crisis.

The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, sold 376 million shares at 500 pence each, valuing the company at 5.4 billion pounds ($6.96 billion), in the biggest London debut since 2013.

JP Morgan, Citi, Barclays and Goldman Sachs were global coordinators while HSBC, Jefferies and Numis acted as joint bookrunners.

Eli Lilly reports a reduced rate of hospitalization for coronavirus patients using its antibody treatment

LONDON — Eli Lilly announced on Wednesday it had found proof of concept data from an interim analysis of the BLAZE-1 clinical trial that showed a reduced rate of hospitalization for coronavirus patients treated with its neutralizing antibody drug.

"These interim data from the BLAZE-1 trial suggest that LY-CoV555, an antibody specifically directed against SARS-CoV-2, has a direct antiviral effect and may reduce COVID-related hospitalizations," Daniel Skovronsky, Lilly's chief scientific officer and president of Lilly Research Laboratories, said in a statement.

"The results reinforce our conviction that neutralizing antibodies can help in the fight against COVID-19," Skovronsky said.

OSRAM Raises Guidance – Quick Facts

OSRAM Licht AG (OSAGF.PK) said, for fiscal 2020, the company now projects a comparable revenue decline of approximately 14 percent (previously a decline in a range of 15 to 19 percent), an adjusted EBITDA margin of approximately 8 percent (previously: 3 to 6 percent) and a balanced free cash flow (previously: negative free cash flow in the middle double digit to lower triple digit million range).

The company said it raised the fiscal year guidance due to stronger business recovery in summer, in particular in August.

Sudan floods: Drainage problems thwart recovery efforts

More than 100,000 homes damaged or destroyed as cleanup gets underway in Sudan after weeks of flooding.

The number of people affected by floods in Sudan has risen to more than 650,000.

Tens of thousands of homes have been damaged by the unprecedented rise of the Nile river.

And as its waters recede, residents are struggling to clean up and make repairs

Al Jazeera’s Hiba Morgan reports from Khartoum.

Oil Futures Up Sharply As Inventories Drop

Crude oil prices are sharply higher Wednesday morning, extending recent gains, after data from the American Petroleum Institute a sharp weekly drop in stockpiles and on mild optimism about economic recovery.

Recent strong industrial production and retail sales data from China, and the impact of Hurricane Sally on oil production in the Gulf of Mexico region also contribute to oil’s uptick. A weaker dollar is contributing as well to oil’s rise.

The dollar index is down by about 0.22% at 92.85, ahead of the Federal Reserve’s monetary policy.

The American Petroleum Institute’s report said U.S. crude stockpiles fell 9.5 million barrels in the week ended September 11. The report also said gasoline inventories were up 3.8 million barrels in the week and distillate stockpiles dropped by 1.1 million barrels.

West Texas Intermediate Crude oil futures for October were up $0.82 or 2.14% at $39.10 a barrel, after rising to $39.42 earlier.

Brent crude futures were gaining $0.87 or 2.15% at $41.40 a barrel.

The official crude inventory data from Energy Information Administration is due out at 10:30 AM ET. The data is expected to show a drop of about 1.8 million barrels in crude inventories last week.

Sensex surges 258 points, Nifty reclaims 11,600

The 30-share BSE index ended 258.50 points or 0.66% higher at 39,302.85. The NSE Nifty rose 82.75 points or 0.72% to 11,604.55.

Domestic equity benchmark Sensex jumped 258 points on Wednesday following gains in HDFC Bank, Infosys and M&M amid sustained foreign fund inflows.

The 30-share BSE index ended 258.50 points or 0.66% higher at 39,302.85. The NSE Nifty rose 82.75 points or 0.72% to 11,604.55.

M&M was the top gainer in the Sensex pack, climbing over 4%, followed by Bajaj Auto, Sun Pharma, HDFC Bank, Infosys, L&T and UltraTech Cement.

On the other hand, IndusInd Bank, NTPC, SBI, Axis Bank, Bharti Airtel and ONGC were among the laggards.

According to traders, stock-specific action and sustained foreign fund inflows drove domestic equities higher, despite mixed cues from global markets ahead of the US Federal Reserve’s policy outcome.

Foreign institutional investors bought equities worth ₹1,170.89 crore on a net basis on Tuesday, exchange data showed.

Further, Reserve Bank Governor Shaktikanta Das’ assurance to the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth too lifted market sentiment, traders said.

Meanwhile, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo settled with gains.

Stock exchanges in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 2% higher at USD 41.34 per barrel.

In the forex market, the rupee strengthened by 12 paise to finish at 73.52 against the US dollar.