Stock Market Today: GIFT Nifty indicates a bearish start; Tata consultancy services, Shriram Finance in focus

Stock Market Today: Dalal Street was destined for a bad start on Tuesday, as the GIFT Nifty on the NSE IX trading lower by 83 points at nearly 22,053.50. Tuesday saw a decrease in Tokyo shares following the strong gains of the previous day, as investors watched for a potential interest rate hike by the Bank of Japan.In early trading, the benchmark Nikkei 225 index down by approximately 197.24 points and is now atto 39,543.20, while the Topix index as a whole fell 0.12 percent, or 3.38 points, to 2,718.61. Tuesday saw the yen decline close to 150 per dollar, but it managed to hold its ground ahead of a crucial policy announcement from the Bank of Japan (BOJ). Meanwhile, the U.S. dollar outperformed its peers as bets on early rate reduction were reduced.

Stock Market Today: Stocks in focus

Tata Consultancy Services

Tata Sons is preparing to raise more than $1 billion as it divests a part of its ownership in Tata Consultancy Services in order to fund its expansion into new markets like semiconductors, e-commerce, and phone assembly. The Tata Group's holding company plans to use block agreements to sell up to 23.4 million shares, or 0.65% of the firm, in TCS. The target is to raise Rs 9,362.3 crore ($1.12 billion), according to a term sheet that Mint was able to obtain. Currently, TCS is the second most valuable company in India, with Tata Sons owning about 72.4% of the company.

Tata Steel

Due to a decrease in operational stability, Tata Steel's UK business decided to stop operating the coke ovens at the Port Talbot site in Wales, the company informed to the stock exchanges on March 18. The business has previously disclosed that a number of its high-end Port Talbot assets had approached the end of their useful lives. According to a statement from the firm, Tata Steel UK intends to increase coke imports to offset the shift.

Shriram Finance

Thanks to strong investor demand for the debt sold by India's second-largest non-bank lender, Shriram Finance secured $300 million on Monday in a first-of-its-kind deal using an international transaction model that uses asset-backed securities (ABS) and offers a lower interest rate than initially projected. According to those acquainted with the situation, the money was generated by securitizing a portion of Shriram Finance's loan portfolio and then making it available to foreign investors spread throughout Asia.

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