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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.06% higher at 19,294.50, indicating that Dalal Street was headed for marginally higher or a flat start on Friday.
Asian shares were trading lower due to concerns over worsening housing crisis in China and uncertainity over China’s economy. The Nikkei 225 index fell 0.44% and the Topix was down 0.42%. The CSI 300 index lost 0.22% and the Hang Seng tanked 0.68%.
The Indian rupee fell 14 paise to 82.84 against the US dollar on Thursday.
Concord Biotech will debut on the BSE and NSE today. The final issue price has been fixed at Rs 741 per share.
Punjab National Bank, TVS Motor Company, Shriram Finance, Trent and Zydus Lifesciences will be included in Nifty Next 50, with effect from September 29. Meanwhile, ACC, FSN E-Commerce Ventures, HDFC AMC, Indus Towers, and Page Industries will be excluded from the index. The National Stock Exchange has announced replacements on account of a semi-annual review of broad market indices.
Stocks in News Today
Adani Energy Solutions: The company has initiated arbitration proceedings against Gujarat Energy Transmission Corp. and expects to claim Rs 99.76 crore regarding work done on 400 kV D/C Mundra-Zerda transmission line. The company has three other claims aggregating Rs 1,862.5 crore in various courts. Separately, the company signed a deal with Megha Engineering & Infrastructures to acquire KPS 1 Transmission. It will buy 100% equity shares of KPS 1 at face value of Rs 10 apiece.
LTIMindtree: US-based supplemental insurance provider Aflac Incorporated has selected LTIMindtree as a digital transformation partner for application modernisation and cloud transformation. Under the partnership, the company will rearchitect Aflac’s legacy applications with a cloud-first approach in collaboration with Amazon Web Services.
Zydus Lifesciences: The company has received the final approval from the USFDA for Doxepin tablets used to treat insomnia. Doxepin tablets, 3 mg and 6 mg had annual sales of $43.4 million in the U.S.
NTPC: The state-owned power generation company has executed the business transfer agreement (BTA) with its subsidiary NTPC Mining for hiving-off coal mining business. Earlier in Jully 2023, the company had received the board approval for hiving off its coal mining business, consisting of six coal mines, to NTPC Mining through BTA.
Tata Steel: The company will hold a meeting of its equity shareholders on September 18. They will consider the TRF merger with Tata Steel, and if thought fit, with or without modifications, approve the Scheme of Amalgamation.
Jain Irrigation Systems: The company has received board approval for raising funds worth Rs 76.12 crore via promoter allotment. Further, Alpha Alternatives Structured Credit Opportunities Fund an SPV of Alpha Alternatives Holdings and its associates will subscribe to share warrants worth Rs 123.43 crore. Both warrants will be converted into equity shares in 18 months from the allotment date.
Adani Green Energy: The company said Mundra Solar Energy has received approval for its solar photovoltaic manufacturing plant at Mundra, Gujarat from the Solar Energy Corp. of India. The plant has capacity of 2.0 GW per annum.
Astral: The company’s UK unit, Seal IT Services, has incorporated one new step-down subsidiary to distribute, transmit and sell building chemicals from UK into Ireland as an EU-entity for importer responsibilities covering REACH, CPL packaging regulations and related safety responsibilities.
Gujarat Mineral Development Corp: The board has decided to increase the dividend for FY23 to Rs 11.45 per share having face value of Rs 2 each, as against dividend of Rs 9.10 recommended earlier in May 2023.
South Indian Bank: The Reserve Bank of India (RBI) has approved the appointment of PR Seshadri as MD & CEO of South Indian Bank, with effect from October 1. The bank said Seshadri will serve for a period of three years, according to its regulatory filing.
Jain Irrigation Systems: The board has approved preferential allotment of 1.6 crore equity share warrants to promoters’ corporate entity. The board has also approved preferential allotment of 2.64 crore equity share warrants to non-promoter entities belonging to Alpha Alternatives Structured Credit Opportunities Fund associates.
Tribhovandas Bhimji Zaveri: Subhasis Sinha has resigned as head of the company’s HR department and also as senior management personnel of the jewellery company with effect from August 16 due to personal reasons.
IFGL Refractories: Krosaki Harima Corporation, Japan, has sold 55.90 lakh equity shares or 15.51% of total paid-up equity through off-market transaction for Rs 111.8 crore. to Bajoria Financial Services. With this transaction, Krosaki Harima has exited the company.
NLC India: The state-owned enterprise has signed a long term power usage agreement with Rajasthan Urja Vikas Nigam for supplying 300 MW solar power under CPSU scheme at Rajasthan.