Discover the top business headlines that are trending across the world today!
Indian investors are shifting away from stocks expected to benefit from Prime Minister Narendra Modi's third term, focusing instead on defensive sectors. A CLSA index of "Modi stocks" has risen only 2% since Modi completed his first 100 days in office, while consumer and software stocks surged 20% and 34%, respectively.
Recent policy reversals have introduced uncertainty, raising concerns that stocks tied to government policies may lag behind the broader market. Sonam Srivastava, founder of Wright Research and Capital Pvt., notes a shift toward agriculture and consumer sectors, driven by global market volatility and the election outcome.
Although "Modi stocks" are poised to outperform India’s main indexes for the fourth consecutive year, skepticism lingers. According to Bloomberg Intelligence, domestic mutual funds have reduced exposure to capital goods since the June election, while foreign investors have sold shares in utilities, cement, metals, and financials in August.
The benchmark Sensex rose by nearly 91 points on Tuesday, reaching a new all-time high. At the same time, the Nifty closed above 25,400 for the first time in a range-bound session, supported by positive global cues ahead of the US Federal Reserve's interest rate decision. Continuing its record-setting streak for the second consecutive day, the 30-share BSE Sensex gained 91 points to close at 83,080, marking its first finish above the 83,000 mark. Earlier in the session, it had climbed 164 points to 83,152. The NSE Nifty also rose 35 points, closing at a record high of 25,419, surpassing the 25,400 level for the first time. Top gainers among the Sensex firms included Bharti Airtel, NTPC, Mahindra & Mahindra, Kotak Mahindra Bank, Titan, Larsen & Toubro, ICICI Bank, Bajaj Finance, HUL, and RIL.
Reliance Infrastructure Limited (Reliance Infra), led by Anil Ambani, announced a significant reduction in its standalone external debt on Wednesday, cutting it from Rs 3,831 crore to Rs 475 crore. Following this news, the company’s stock surged 7% to Rs 252.15 on the Bombay Stock Exchange (BSE) by 10:15 AM on September 18. Reliance Infra confirmed that it has fully settled its funded dues with key financial institutions, including Life Insurance Corporation of India (LIC), Edelweiss Asset Reconstruction Company, ICICI Bank, and Union Bank, among others. This debt reduction represents a major milestone for the company. Additionally, Reliance Infra entered a One-Time Settlement (OTS) agreement with LIC to resolve its Non-Convertible Debenture (NCD) obligations for a settlement amount of Rs 600 crore.
Tupperware, a long-time leader in food storage solutions, has struggled to remain viable since 2020. In June, the company announced the closure of its sole U.S. factory and the layoff of nearly 150 employees. After months of negotiations with its creditors, Tupperware filed for bankruptcy in Delaware, burdened by over $700 million in debt. Despite some concessions from lenders, the company’s financial situation worsened. Founded by Earl Tupper in 1946, Tupperware revolutionized food storage with its patented airtight seal. The brand became a household name through its iconic sales parties, popular in suburban American homes.
