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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.49% higher at 17,673.50, signalling that Dalal Street was headed for a positve start on Friday.
Asian shares rose on Friday as China’s technology sector gained and traders anxiously awaited comments from the Federal Reserve Chair Jerome Powell on monetary tightening later in the day. Japan’s Nikkei 225 index rose 0.94% and Topix gained 0.53%. China’s CSI 300 index advanced 0.19% and Hang Seng was up 0.51%.
The Indian rupee fell 7 paise to 79.88 against the US dollar on Thursday.
FII/DII Trading Data
Stocks in News Today
Titan: The company plans to expand its jewellery business by adding 20-30 Tanishq stores over the next two to three years in the Middle East and North America, according to C K Venkataraman, MD, Titan. He was speaking during a launch of a campaign on Thursday. Titan expects its sales to grow by 15-20 per cent this festive season compared to last year, Venkataraman said during the launch of its initiative “Titan Shaurya”.
Telecom Companies: The telcos will not require any approval for laying cables or installing mobile towers over private properties, according to new Right of Way Rules. The centre also notified rules for using infrastructure for the installation of small mobile radio antennas or laying overhead telecom cables along with charges, to ease roll out of networks, specially 5G services.
Indian Oil Corporation (IOC): The oil marketing firm will invest Rs 2 lakh crore to achieve net-zero operational carbon emissions by 2046, its chairman Shrikant Madhav Vaidhya said. The target set is in line with India’s aim to reach net-zero emissions by 2070. IOC will use a combination of energy efficiency measures, electrification of processes and fuel replacement.
HDFC Bank: The lender has entered into non-binding term sheet with Go Digit Life Insurance. The bank will make an investment in Go Digit ranging between Rs 49.9 crore to Rs 69.9 crore, in two tranches, for an equity stake of up to 9.944%
Nelco: Satellite company and broadband services firm Intelsat announced the beginning of Intelsat’s inflight connectivity services in Indian skies through an agreement with Tata Group satellite services firm Nelco. As part of the agreement, Intelsat’s airline partners and flyers will enjoy end-to-end broadband coverage on domestic and international aircraft flying to and from an Indian airport as well as the aircraft flying over the country.
Dr Reddy’s Laboratories: The company has received Establishment Inspection Report (EIR) for its Srikakulam facility. The company had informed in July about the inspection conducted by the USFDA at the formulations manufacturing facility in Srikakulam, Andhra Pradesh. Now the agency has concluded that the inspection is “closed”.
Max Financial Services: Max Life Insurance Company has announced the receipt of the Commencement of Business (COB) certificate for its wholly owned subsidiary, Max Life Pension Fund Management (Pension Fund) on August 23, from Pension Fund Regulatory and Development Authority (PFRDA). This subsidiary will manage the pension assets with investment choices under the National Pension Scheme.
Eicher Motors: The company informed stock exchanges that Kaleeswaran Arunachalam, the Chief Financial Officer (CFO) and key Managerial Personnel of the company, has tendered his resignation and his last date would be September 2, 2022. The company has also stated that the appointment of a new CFO in his place would be intimated in due course. Kaleeswaran will now join Cromptom Greaves as CFO, with effect from September 5.
Infibeam Avenues: The company has received board approval for fund raising of Rs 161.50 crore via issue of warrants on preferential basis. The funds will be deployed for domestic and international fintech and software business expansion as well as for other business purposes. The company has made strategic investment and will own 50% stake in Gurgaon-based software startup Vishko22.
Gland Pharma: The pharma company has received one observation in the form 483 from the USFDA with respect to ANDA filed for the product to be manufactured. The move comes after the USFDA inspected the company’s Dundigal facility in Hyderabad.
Torrent Pharma: Credit ratings agency ICRA has upgraded long-term credit rating of banking facilities and non-convertible debentures of the company to ‘stable’ from ‘positive’ on strong business position and scheduled repayment of debt. Besides, ICRA has reaffirmed its rating on commercial paper programme at ICRA Al+.
Syrms SGS Technology: The company will make its debut on the bourses on August 26. The issue price has been fixed at Rs 220 per share.