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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.64% higher at 18,056, signalling that Dalal Street was headed for a positive start on Tuesday.
Asian stocks were trading higher as investors were cautiously optimistic ahead of the US inflation data due later in the day. Japan’s Nikkei 225 index rose 0.13% and Topix was up 0.21%. China’s Hang Seng advanced 0.38% and CSI 300 index was 0.57% higher.
The Indian rupee appreciated 6 paise to 79.52 against the US dollar on Monday.
India’s headline retail inflation rate, which is measured by the Consumer Price Index (CPI), rose to 7% in August from a five-month low of 6.71% in July, according to data released on Monday by the country’s statistical agency. Food inflation also rose to 7.62% in August, up from 6.69% in July.
FII/DII Trading Data (12-9-2022)
Stocks in News Today
Reliance Jio Infocomm: The company’s satellite unit has received a letter of intent (LoI) from the Telecom Department for satellite communication services, according to industry sources. The LoI was issued to Jio Satellite Communications Ltd (JSCL) on Monday for global mobile personal communication by satellite (GMPCS) services to the company, sources informed. Reliance Jio is the telcom arm of Reliance Industries Ltd.
Vedanta Ltd: The company has selected Gujarat for its semiconductor project, Reuters reported citing two sources. The project is a joint venture with Taiwan’s Foxconn worth $20 billion. Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, according to sources. The project will include display and semiconductor facilities near Ahmedabad.
Zee Entertainment: The company and a unit of Sony Group have proposed offering concessions such as pricing discounts to help ease concerns of Competition Commission of India over their merger, which will create a $10-billion TV behemoth, Reuters reported quoting two sources. Both the companies have suggested at least two so-called behavioural remedies, the sources said.
The two remedies were the companies were open to offering mandatory pricing incentives and discounts to all channel distributors, such as direct-to-home satellite operators, on fair and non-discriminatory terms for a certain period after the deal. Further, the companies proposed creating and operating “independent advertising verticals” for a certain duration, the source added.
HDFC Life Insurance Co: Abrdn Plc, a finance and insurance company, is expected to offload 43 million shares in HDFC Life Insurance Company, CNBC-TV18 reported citing sources. The sale is expected to happen in the price band of Rs 564-578.5 per share through a block deal, the report said.
Adani Transmission Ltd (ATL): The company issued a statement with respect to arbitration dispute with Reliance Infrastructure. ATL said that the claims of Reliance Infrastructure against its group companies are “afterthoughts and based on untenable positions”. Reliance Infra had earlier raised an arbitration claim on a December 2017 deal with Adani Transmission for sale of its Mumbai power transmission network.
Tata Consultancy Services (TCS): The IT company has been selected by C&S Wholesale Grocers, an industry leader in supply chain solutions and wholesale grocery supply in the United States, to build its new operations platform on Google Cloud. This will help C&S reduce its carbon footprint and enhance customer experience.
Tata Consumer Products (TCP): The company has entered the health supplements segment with the launch of the ‘Tata GoFit’ range for women. The firm’s latest launch is in line with its focus on accelerating innovation, strengthening its wellness portfolio and expanding its total addressable market, the company said. Tata GoFit is available in two pack sizes of 500 grams and one kilogram and are priced between Rs 1,599 and Rs 3,099.
NTPC: The PSU has paid a final dividend of Rs 2,908.99 crore for 2021-22 to its shareholders. The final dividend is 30 per cent of the paid-up equity share capital of the company. With this, the total dividend paid for FY22 is Rs 6,787.67 crore, which is 42 per cent of the PAT (profit after tax) for last fiscal year.
New Delhi Television (NDTV): The company said it has paid Rs 10 lakh penalty to the market regulator as directed by the Securities Appellate Tribunal (SAT). In an order dated July 20, SAT had reduced the penalty imposed by Sebi from Rs 5 crore to Rs 10 lakh in a case pertaining to alleged non-disclosure of a loan taken by NDTV’s founder-promoters.
Future Lifestyle Fashions: The company is seeking the approval of its shareholders for three special resolutions, the company said in its stock exchange filing. The voting will begin on September 14 at 9:00 a.m. and end on October 13 at 5:00 p.m.
Krishna Institute of Medical Sciences: The company acquired a 51 percent equity stake in Spanv Medisearch Lifesciences (Kingsway Hospitals).
Gujarat Apollo Industries: The company has entered into a joint venture agreement with Belgium-based PFH BV. They JV will focus on entering into the business of agricultural and farming machinery and components.
Ujjivan Small Finance Bank: The lender launched its QIP with a floor price of Rs 21.93 per share to meet the regulatory requirement ahead of the merger with its parent company.