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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.1% lower at 19,310, signalling that Dalal Street was headed for flat to negative start on Monday.
Asian markets were trading lower after investors were disappointed by lower-than-expected stimulus support to the country’s struggling economy. The CSI 300, the Hang Seng and the Shanghai Composite indices were down by 0.69%, 0.95% and 0.5%, respectively. The Nikkei 225 index was trading lower 0.55%, while the Topix rose by 0.7%.
The Indian rupee rose by 4 paise to 83.10 against the US dollar on Friday.
FII/DII Trading Data
Foreign institutional investors (FII) were net sellers for Rs 266.98 crore, whereas domestic institutional investors (DII) were net buyers for Rs 339.18 crore worth of stocks on August 18.
Stocks in News Today
Jio Financial Services: The financial arm of Reliance Industries — Jio Financial Services — will be listed on the exchanges on August 21. The exchanges in their circular said the scrip would be in Trade-for-Trade segment for 10 trading days. Further, Jio Financial Services will continue to remain in FTSE indices, and will be added to MSCI Global Standard Index on August 23.
Ashok Leyland: The truck maker would be issuing a corporate guarantee of GBP 82.10 million or Rs 870 crore to cover the lender facilities of its UK two subsidiaries – Optare and Switch Mobility.
KEC International: The company has secured new orders worth Rs 1,007 crore across its various businesses. The civil business has secured its first order for design, engineering, procurement and construction of a multi-speciality hospital in India. It transmission & distribution business has secured an order for a 380 kV overhead transmission line project in the Middle East.
Titan Company: The owners of Tanishq jewellery brand has entered into a Share Purchase Agreement to acquire additional 27.18% equity stake in CaratLane from its founder and his family members, for Rs 4,621 crore in cash. With this transaction, Titan’s stake in CaratLane would increase from 71.09% to 98.28% on a fully diluted basis.
United Spirits: The company has signed an extra-neutral alcohol manufacturing contract with Capovitez for a tenure of three years. It covers provisions such as purchase of grain and sale of ENA, delivery, storage, quality in service, material’s price and payment, confidentiality, etc.
NMDC: The Indian Government has extended the tenure of Amitava Mukherjee as Director (Finance) on the NMDC board with effect from November 20, 2023, till February 29, 2028. Mukherjee was appointed as Director (Finance) on the board for five years with effect from November 11, 2018.
Tanla Platforms: The partnership between the company and Vodafone Idea would not continue beyond the initial term, Tanla Platforms said, adding, this would have a revenue impact of Rs 17 crore and PAT impact of Rs 9 crore on a full-quarter basis post November 2023. Tanla had signed an agreement with Vodafone Idea for provision of platform and firewall services for international A2P services in November 2021, which was valid for a term of 2 years.
GMR Airports Infrastructure: The company said passenger traffic in July increased by 30% YoY to 98.6 lakh, but was flat compared to previous month. Aircraft movements rose by 17% YoY and 3% MoM to 64,809.
CreditAccess Grameen: The microfinance company said its executive borrowing & investment committee has approved the fund raising up to Rs 1,000 crore via public issue of non-convertible debentures of face value of Rs 1000 each. The fund raising of NCDs has a base issue of Rs 400 crore and a green shoe option of up to Rs 600 crore.
Spandana Sphoorty Financial: Rating agency ICRA has upgraded the ratings and revised the outlook for various instruments of the company. Long-term fund worth Rs 2,105 crore has been upgraded to [ICRA] A from [ICRA]A-, and the outlook has been revised to stable from positive.