Wed, Nov 6, 2024 8:45 AM
Asian stocks gain as yields rise on election night
A Flip by Shubhangi Gupta
Stock Market Today: PB Fintech, the parent company of Policy Bazaar and Paisa Bazaar, witnessed a 3.4% rise in its share price to ₹1,696 apiece in early morning trade on Wednesday, November 6. This boost came after the company announced its fourth consecutive quarterly profit on Tuesday, driven by strong growth in its new health and life insurance business.
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The Indian rupee weakened to an all-time low on Wednesday as early results of the U.S. presidential election spurred a rally in the U.S. dollar, prompting the central bank to intervene. The rupee fell to 84.1950 against the dollar, down about 0.1% from its Tuesday close. The rupee's relatively muted response was due to RBI likely selling dollars, like it has done many times the last month.
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Shares of newly-listed solar panel manufacturer Waaree Energies rallied up to 7.6% on Wednesday, hitting a fresh peak of Rs 3,740.75 on the BSE, pushing its market capitalization above the Rs 1 lakh crore mark. The stock, which debuted on October 28 at Rs 2,550 on the BSE—representing a premium of 69.7% over the IPO issue price of Rs 1,503—has surged by about 49% in the past week.
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