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The Indian rupee soared to post its best one-day gain in nearly four months on Wednesday, powered by firm central bank intervention supporting the currency while traders also cited unwinding of bearish wagers on the currency.
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Specialty chemicals manufacturer Prasol Chemicals has filed preliminary papers with capital markets regulator Sebi to raise Rs 500 crore through an initial public offering (IPO).
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The Indian Rupee saw a significant recovery, gaining 75 paise against the US Dollar. This surge was driven by likely Reserve Bank of India intervention and a strong performance in domestic stock markets. Optimism surrounding India-US trade talks also boosted investor sentiment. A weaker US Dollar and falling crude oil prices further supported the Rupee’s upward movement.
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Rohit Srivastava of Strike Money Analytics says Indian markets are set for a breakout as Nifty eyes 26,300. He expects earnings growth to pick up on policy support and liquidity infusion, urging investors to avoid defensives like IT and FMCG and focus instead on financials, autos, metals, power, and real estate.
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LG Electronics India debuted at a 50% premium after a record-breaking Rs 11,607 crore IPO, sparking FOMO among investors. Despite near-term caution due to stretched valuations, brokerages like Emkay and Motilal Oswal remain positive on long-term growth prospects.
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