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India Today
6 days ago
- Business
- India Today
BSE began under a banyan tree with five traders. Now it runs Dalal Street
The Bombay Stock Exchange (BSE), one of the world's oldest and Asia's first stock exchanges, quietly turned 150 this year. A towering presence on Dalal Street today, BSE began not in marble halls or digital terminals, but under the thick shade of a banyan tree in the 1850s became the meeting place for four Gujaratis and one Parsi broker who would meet daily under it near Bombay's Town were no buildings, terminals, or indices at that time, just men trading shares with chalk and their voices. Over time, more joined, and by 1875, this informal circle of brokers gave itself a name: The Native Share & Stock Brokers' Association. It was the foundation of what the world would come to know as historian Sucheta Dalal once wrote, 'India's earliest brokers weren't just stock traders, they were storytellers of risk.'That storytelling spirit -- of taking calculated risks and building from nothing, has defined the BSE's rise from colonial Bombay to modern DALAL STREET GAINED THE TRUSTDecades before the Dow Jones Index in America was born, Bombay had a buzzing trade in cotton, jute, and railways, fuelled by imperial commerce and speculation. Business people used to come to Bombay for trade from across the the British industrial capital flowed through Indian ports, native brokers found their own early 1900s saw BSE move to its iconic home on Dalal Street, and by the time the world faced the Great Depression of 1929, the markets were already deeply linked to global crash sent textile, shipping, and plantation stocks spiralling. The colonial state, as historian Dwijendra Tripathi notes, "remained distant, letting the native market fend for itself." Premchand Roychand, often regarded as India's original share king, was also famously known as the World War II brought fresh shocks, blackouts, rationing, and Japanese threat over Bombay disrupted trade, but also sparked speculation in steel and textiles supporting the war 1942, the Quit India Movement shut down the exchange temporarily, as nationalist protests spilled into the city's financial NEW STARTAfter 1947, India's newly adopted economic model leaned heavily on various sectors for growth. At that time, BSE became the main channel to raise 1957, it was formally recognised under the Securities Contracts (Regulation) Act, but the culture remained insular -- dominated by old broker families and manual would change with the economic reforms of 1991. The arrival of liberalisation opened the gates for foreign investment, and exposed flaws in the 1992, Harshad Mehta's securities scam shook the country.A single broker manipulating the banking system had sent stock prices soaring. When the fraud unravelled, so did investor market observer Gita Piramal notes in her book Business Maharajas, 'The Harshad Mehta scandal was not just a scam, it was a mirror. It showed how unprepared the system was for modern finance.'Post-2000, BSE began reinventing itself. It demutualised in 2007, separating ownership from players like Deutsche Brse and Singapore Exchange took stakes. BSE diversified into derivatives, mutual funds, debt markets, and even platforms for startups and 2017, the BSE made history by listing itself on its own exchange. The IPO was oversubscribed 51 BSE operates from the 29-storey Phiroze Jeejeebhoy Towers, but its reach extends far beyond platforms like BSE StAR MF and India INX in GIFT City, the exchange now connects investors across India and the words of Charles Dow, founder of the Dow Jones Index, 'The market is never wrong, only opinions are.'If the Indian market has a voice, BSE has been its longest echo. From banyan roots to blockchain rails, BSE's 150-year journey isn't just financial history, it's a reflection of how India thinks, invests, and evolves.- Ends
New Straits Times
08-07-2025
- Business
- New Straits Times
US tariff imposition drags Bursa Malaysia lower at opening
KUALA LUMPUR: Bursa Malaysia opened lower on Tuesday, tracking Wall Street's weaker performance following the United States' (US) imposition of a 25 per cent tariff on 14 countries, including Malaysia, beginning Aug 1 this year. At 9.11 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 10.72 points, or 0.69 per cent, to 1,526.82 from last Monday's close of 1,537.54. The benchmark index had earlier opened 7.85 points lower at 1,529.69. The market breadth was negative, with 383 decliners thumping 66 gainers. A total of 229 counters were unchanged, 1,727 untraded and nine suspended. Turnover stood at 194.24 million shares worth RM152.79 million. Malacca Securities Sdn Bhd said Wall Street fell as US President Donald Trump's sweeping tariff announcement reignited global trade war fears, with added levies on Japan, South Korea, and several other nations. The brokerage noted that the Dow Jones Index, S&P 500 and Nasdaq declined by 0.9 per cent, 0.8 per cent and 0.9 per cent, respectively. "The markets now turn to the US Federal Reserve minutes for clarity on the interest rate outlook, and we expect the local bourse to trade on a broadly negative tone. However, we believe the market may shift to more defensive and domestically driven stocks," it said in a note. Among the heavyweight counters, Maybank fell two sen to RM9.70, Public Bank was three sen lower at RM4.30, Tenaga Nasional declined 16 sen to RM13.64, CIMB shed six sen to RM6.69 and IHH Healthcare went down one sen to RM6.71. In active trade, NexG and Tanco slipped half-a-sen each to 41.5 sen and 89 sen, respectively, while Zetrix AI dropped two sen to 93 sen. Kim Hin gained eight sen to 84 sen, and Supermax added five sen to 64 sen. On the index board, the FBM Emas Index declined 85.82 points to 11,432.84, the FBMT 100 Index dropped 85.93 points to 11,207.30, and the FBM Emas Shariah Index gave up 102.24 points to 11,398.49. The FBM 70 Index sank 157.87 points to 16,465.58 while the FBM ACE Index shed 31.06 points to 4,442.56. By sector, the Financial Services Index was 81.77 points lower at 17,640.19, the Plantation Index narrowed 18.48 points to 7,426.53, and the Energy Index was down 5.57 points to 732.02. The Industrial Products and Services Index eased 1.84 points to 153.57.
Yahoo
20-05-2025
- Business
- Yahoo
Travelers price target raised to $269 from $245 at Morgan Stanley
Morgan Stanley analyst Bob Huang raised the firm's price target on Travelers (TRV) to $269 from $245 and keeps an Equal Weight rating on the shares. The firm is updating its price targets on stocks under its coverage in the P&C Insurance sector, the analyst tells investors. Results were somewhat mixed depending on the segments, but the firm sees further growth and margin expansion in personal lines, which should be durable in 2025. Heading into 2025, the firm expects broader P&C trend to remain steady, with personal lines and brokers leading on the earnings growth front. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on TRV: Disclaimer & DisclosureReport an Issue Is Coca-Cola (KO) the Best Dow Jones Index Stock? Travelers Companies Inc. Earnings Call: Resilience Amid Challenges Travelers price target raised to $290 from $274 at Keefe Bruyette Travelers Companies Reports Q1 2025 Earnings Travelers Companies: Balancing Strong EPS with CAT Losses and Future Earnings Challenges
Yahoo
30-04-2025
- Business
- Yahoo
Wells Fargo upgrades Sherwin-Williams, highlighting ‘exceptional' execution
Wells Fargo upgraded Sherwin-Williams (SHW) to Overweight from Equal Weight with a price target of $420, up from $350. The firm noted the company's 'exceptional' execution, driving earnings growth despite anemic demand thanks to share gains and positive pricing momentum. The firm added that it is encouraged by Sherwin-Williams' share gains, new account wins, and efficiency/cost improvements across its segments, and believes these actions position the company as the premier name to own for a housing recovery. Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on SHW: Disclaimer & DisclosureReport an Issue Sherwin-Williams upgraded to Overweight from Equal Weight at Wells Fargo Dow Jones Index Today: Earnings Season Boosts DIA Stock Early notable gainers among liquid option names on April 29th Sherwin-Williams reports Q1 adjusted EPS $2.25, consensus $2.16 Sherwin-Williams reaffirms FY25 adj. EPS view $11.65-$12.05, consensus $11.88
Yahoo
25-04-2025
- Business
- Yahoo
Apple price target lowered to $256 from $259 at Goldman Sachs
Goldman Sachs lowered the firm's price target on Apple (AAPL) to $256 from $259 but keeps a Buy rating on the shares ahead of its Q2 results. Apple should deliver strong fundamental results driven by new product innovation and resulting channel fill, sell-through pull-forward on tariff-related price increase concerns, rising U.S. carrier competitive intensity, and solid Services performance, the analyst tells investors in a research note. Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on AAPL: Disclaimer & DisclosureReport an Issue 'Apple Intelligence Is More Popular than Expected,' Says Morgan Stanley Dow Jones Index Today: DIA Stock Jumps on White House Silence CoreWeave initiated, eBay downgraded: Wall Street's top analyst calls Apple initiated with a Buy at Huatai Securities Apple U.S. iPhone survey 'surprisingly positive,' says Morgan Stanley
