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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 2.05% lower at 17,297, signalling that Dalal Street was headed for a gap-down start on Monday.
Asian shares fell as investors were worried over risk of more aggressive rate hikes by global central banks. Japan’s Nikkei tanked 2.76% and Topix slumped 1.99%. China’s Hang Seng was down 0.74% and CSI 300 index declined 0.53%.
The Indian rupee rose 2 paise to 79.86 against the US dollar on Friday.
FII/DII Trading Data
Stocks in News Today
Reliance Industries (RIL): The 45th Annual General Meeting will start at 2 p.m. on August 29, with addresses and presentations expected to be made by Chairman Mukesh Ambani and other members of the company’s board and subsidiaries. Investors and shareholders are expecting the focus would be on the consumer retail business once again.
Axis Bank: The private sector lender is likely to raise its stake in Max Life Insurance to about 20% over the next 6-9 months, the insurance company’s CEO Prashant Tripathy said. Currently, Axis Bank and its two subsidiaries Axis Capital and Axis Securities collectively own 12.99% of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to 7% in Max Life, in one or more tranches, subject to regulatory approvals.
Adani Enterprises: AdaniConneX, a JV between Adani Enterprises and US-based EdgeConneX, is planning to build 1,000 megawatt data centres over a period of 10 years, a senior company official said. AdaniConneX Senior Vice President and Head of Data Centre Business, Sanjay Bhutani said the the first seven data centres of the company will come up in Mumbai, Chennai, Hyderabad, Delhi, Bengaluru and Pune.
NDTV: the news media company has deferred its Annual General Meeting (AGM) by a week to September 27 in view of the open offer from the Adani group to acquire a 26% stake in the media company, according to a regulatory filing. Its AGM was originally scheduled to be held on September 20. Last week, the Adani group announced to indirectly acquire 29.18% shareholding in NDTV, and launch an open offer to buy an additional 26% stake.
InterGlobe Aviation: Shareholders of the company have approved the appointment of three directors and re-appointment of Anil Parashar as a director. At the annual general meeting of the company, it has announced the appointment of Air Chief Marshal (Retd) Birender Singh Dhanoa and former Shell India chairman Vikram Singh Mehta as independent directors. Former Sebi chief Meleveetil Damodaran has been appointed as a non-independent and non-executive director, while Anil Parashar has been re-appointed as a director, according to a regulatory filing.
UltraTech Cement: As part of its ongoing expansion plan, the company has commissioned cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh, which resulted in increase in the unit’s capacity to 1.8 mtpa. This is the first phase of capacity expansion announced in December 2020. With this commissioning, the company’s total cement manufacturing capacity in India now stands at 115.85 mtpa.
NHPC: The state-owned hydro power giant has inked a pact with the Himachal Pradesh government for the implementation of 500 MW Dugar Hydroelectric Project in Chamba district. NHPC had carried out detailed survey and investigations, techno-economic studies and submitted a detailed project report for an enhanced capacity of 500 MW to Central Electricity Authority (CEA).
RITES: The company has secured a new order with JV partner for the redevelopment of the Kollam railway station for Rs 361.18 crore from Southern Railways. The share of RITES in the order is 51%.
Zomato: The food delivery company has started a pilot test of delivering groceries via Blinkit on its main app in Delhi-NCR, as the online food aggregator aims to “accelerate” the 10-minute delivery platform’s Blinkit journey to profitability. The pilot test is currently being organised at select circles in Delhi-NCR, and after analysing the response, it will be expanded to other cities as well, according to company sources.
Cipla: The company has now received six observations, with some referencing to the observations made during the September 2019 inspection, for its Goa plant. There are no data integrity (DI) observations. The USFDA inspected company’s Goa plant during August 16-26. The US health regulator inspected the facility in September 2019 and issued a warning letter in February 2020.
Syngene International: The company has entered into an agreement for the acquisition of renewable power by acquiring up to 26 percent equity stake in O2 Renewable Energy II Private Limited. O2 Renewable Energy II Private Limited is the special purpose vehicle formed by O2 Energy SG Pte Ltd for the generation and the supply of renewable power.
Jubilant Pharmova: The company’s subsidiary, Jubilant Draximage, has received the Establishment Inspection Report (EIR) with voluntary action indicated (VAI) status from the USFDA for its radiopharmaceuticals manufacturing facility in Montreal, Canada. The USFDA had conducted an inspection from June 6 to June 10. With the receipt of the EIR, the inspection stands successfully closed.
Future Lifestyle Fashions: The company said that its consolidated net loss narrowed to Rs 135.96 crore in the April-June quarter of FY23. The company had posted a net loss of Rs 348.08 crore in the corresponding quarter a year ago. Its revenue from operations was down 8.42 per cent to Rs 272.88 crore during the period under review as against Rs 297.99 crore in the corresponding period last fiscal, the company said.