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Market Opening - An Overview
GIFT Nifty on the NSE IX were trading 0.24% lower at 19,411, signaling that Dalal Street was headed for negative start on Monday.
Asian shares were mixed. Chinese market were trading higher, led by gains in technology-related stcoks. The CSI 300 index was up 0.82% and teh Hang Seng jumped 1.15%. Meanwhile, Japanese markets were down with the Nikkei 225 index dropping 0.66% and the Topix falling 0.48%.
Indian rupee weakened by 22 paise to 82.74 as against the US dollar on Friday.
Cyient DLM, a electronics manufacturing services and solutions company, will debut on the bourses on July 10. The final issue price has been fixed at Rs 265 a share.
FII/DII Trading Data (7-7-2023)
Foreign institutional investors (FII) were net buyers for Rs 790.40 crore, whereas domestic institutional investors (DII) were net sellers for Rs 2,964.23 crore on July 7.
Stocks in News Today
Reliance Industries (RIL): The conglomerate said that the board of directors of Reliance Retail has approved a reduction of the equity share capital to the extent held by shareholders other than its promoter and the holding company Reliance Retail Ventures. Upon reduction, the shares held by such shareholders will stand cancelled. A consideration of Rs 1,362 a share, determined on the basis of valuation obtained from two reputed independent registered valuers, will be paid towards the capital reduction, the company said.
Indian Oil Corporation (IOC): The state-owned oil marketing company has received the board’s approval for raising up to Rs 22,000 crore via a rights issue. The board has also approved a joint venture company for battery swapping business in India as a private limited company. IOC will form a 50:50 collaboration with Sun Mobility Pte Ltd Singapore (SMS) and its equity investment for the battery swapping business will be Rs 1,800 crore till FY27.
HDFC Bank: MSCI has added HDFC Bank to its global standard indexes after the merger of Housing Development Finance Corporation (HDFC). Accordingly, HDFC has been deleted from the said indexes. The will be effective July 13.
Zydus Life Sciences: The United States Food and Drug Administration (USFDA) has closed the pre-approval inspection (PAI) with nil observations for Zydus group’s manufacturing facility in Ahmedabad. The FDA inspected the facility from July 2-7.
Vedanta: The conglomerate has added semiconductors and display glass manufacturing ventures to its diversified portfolio. It has got the board’s nod for acquiring 100% in Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL) via share transfer at face value. VFSPL and VDL are wholly owned subsidiaries of Twin Star Technologies (TSTL), which is a wholly owned subsidiary of Volcan Investments, the holding company of Vedanta.
Aurobindo Pharma: The company’s subsidiary — CuraTeQ Biologics — has entered into an exclusive licence agreement with BioFactura Inc, USA, to commercialise BFI-751, a proposed biosimilar to Stelara (Ustekinumab). Ustekinumab is a recombinant monoclonal antibody used for treating Crohn’s disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis.
Samvardhana Motherson International: The company has inked a contract to acquire a 100% stake in Rollon Hydraulics. The business will be housed under the company’s precision metals and modules division.
ITC: The conglomerate has clarified a media report regarding the demerger of the hotel business. It said the company remains committed to implementing its ‘asset-right’ strategy with respect to the hotel business. It is committed to focusing on sweating existing assets, creating additional revenue streams, and pursuing alternate structures to enhance growth and value.
Suzlon Energy: The board of Suzlon Energy has approved a fund raising of Rs 2,000 crore via equity and debt instruments. Fundraising is subject to the approval of shareholders.
Tata Motors: The company said its total global wholesales, including Jaguar Land Rover, rose 5% to 3.22 lakh, global wholesales of commercial vehicles and Tata Daewoo fell 15% to 88,456.
Sula Vineyards: The company’s own brand sales went up 24% YoY, led by premiumisation and the company expects its net revenues will grow by 17%. The company sold off its lowest-priced Heritage brand, which was only available in Karnataka. The wine tourism business grew 11% to Rs 11.4 crore. There has been a 70% jump in visitor numbers to Domaine Sula winery, near Bengaluru.