Market Bizzz

The Indian rupee plummeted to a new low of 88.36 against the dollar on Friday, fueled by an unverified social media post about potential US tariffs on the Indian IT sector. This sparked speculative trading and increased dollar demand from importers, despite some intervention from nationalized banks.

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe.

Reliance Communications’ shares will be closely watched after Bank of Baroda declared the company’s and Anil Ambani’s loan accounts as fraudulent. This classification, made under the bank’s authority, relates to loans predating the company’s Corporate Insolvency Resolution Process. RCom is undergoing CIRP, with a resolution plan awaiting NCLT approval, while a review of avoidance transactions is underway.

Brokerages remain positive on select stocks across sectors, highlighting strong growth prospects and earnings visibility.

ITC shares face scrutiny as the GST Council maintains a 28% GST on tobacco, increasing compensation cess up to 40%. Effective September 22, 2025, taxes will be based on Retail Sale Price, potentially impacting ITC’s profits. While other FMCG sectors gain tax relief, tobacco remains highly taxed due to fiscal prudence.

Urban Company is set to launch its IPO. The price is between Rs 98 and Rs 103 per share. The company plans to raise Rs 1,900 crore. This will be through fresh equity and an offer for sale. Subscription opens on September 10 and closes on September 12. Anchor investor bidding is on September 9.

A 5-year swing high represents the highest price a stock has reached within a five-year timeframe.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources.