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Market Opening - An Overview
GIFT Nifty on the NSE IX traded higher by 0.16% at 19,862.5, signalling that Dalal Street was headed for positive start on Wednesday.
Most Asian shares were trading higher, helped by gains in technology-related stocks. The Nikkei 225 index rose 0.62% and the Topix jumped 0.74%. The Hang Seng gained 0.17% and the CSI 300 index fell 0.52%.
The Indian rupee ended flat at 83.35 against the US dollar on Tuesday.
FII/DII Trading Data
Foreign institutional investors were net sellers in the cash segment for Rs 455.59 crore, while domestic institutional investors bought Rs 721.52 crore worth of stocks on November 21, according to provisional data from the National Stock Exchange.
Stocks in News Today
Reliance Industries (RIL): The company’s chairman and managing director Mukesh Ambani said that Reliance Industries plans to invest Rs 20,000 crore in West Bengal in the next three years.
Tata Consultancy Services (TCS): The United States Supreme Court has rejected TCS’ petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit with respect to the EPIC Systems Corporation matter. The court order has confirmed the punitive damages award of $140 million passed by the District Court of Wisconsin. With this, the company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item for the third quarter and nine months ending December 2023.
Adani Enterprises: The company subsidiary, Adani Defence Systems and Technologies, signed a shareholders agreement and share subscription agreement with Israel-based Elbit Systems. Pursuant to this, ESL will be subscribing to a 44% stake in Atharva Advanced Systems and Technologies which is a wholly owned subsidiary of Adani Defence Systems.
Maruti Suzuki India (MSI): The automobile major said the board of directors will be meeting on November 24 to consider the allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation (SMC) on a preferential basis.
Wipro: The IT service company announced a collaboration with NVIDIA to help healthcare companies accelerate the adoption of generative artificial intelligence (gen AI) through AI-driven strategies, products, and services. Wipro will leverage NVIDIA AI Enterprise software for the production of AI across its current portfolio of healthcare solutions in the Affordable Care Act (ACA), Medicare, and Medicaid to improve member experience, increase enrolment, and help support claims adjudication.
Bank of Baroda: Life Insurance Corporation of India has increased its stake in the public sector bank to over 5%. LIC bought 24.39 lakh shares in the bank, taking the total stake to 5.031% from 4.984% earlier.
Bharti Airtel: The Department of Telecommunications, Madhya Pradesh, imposed a penalty of Rs 1.31 lakh for an alleged violation of subscriber verification norms. Separately, the company’s OneWeb also received a regulatory approval to launch its commercial satellite broadband services in the country.
Lupin: The pharma company said it has received a tentative approval from the USFDA for its Dapagliflozin tablets which is a generic of Farxiga tablets. This product will be manufactured at Lupin’s Pithampur facility in India. Dapagliflozin Tablets had an estimated annual sales of USD 7,282 million in the US, according to IQVIA MAT September 2023.
Texmaco Rail & Engineering: The company launched its qualified institutions placement (QIP) issue on November 21. The floor price for the issue has been fixed at Rs 135.90 per share and the company’s board will meet on November 24 to consider the issue price, including a discount if any.
Aurobindo Pharma: The company said that its chief operating officer, Sanjeev I. Dani, died on November 21.
AstraZeneca Pharma: The Central Drugs Standard Control Organisation gave permission to import pharmaceutical formulations of new drugs and permission for the additional indication of Olaparib film-coated tablets.
JK Tyre: The tyre manufacturer appointed Dr. Jorg Nohl as an additional director in the category of independent director for a term of five consecutive years w.e.f. Nov. 21, 2023. Jorg Nohl, 67, has over 30 years experience with Continental AG, out of which more than 20 years as member of Senior Executive Group.
Genus Power Infrastrucutre: The company incorporated two wholly owned step-down subsidiaries, namely “Himachal Pradesh C Zone Smart Metering” and “Garhwal Smart Metering” on November 21. Both the companies are incorporated as SPV for execution of Advanced Metering Infrastructure Service Provider (AMISP) Contract.