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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.33% lower at 18,689 signalling that Dalal Street was headed for a negative start on Thursday.
Asian stocks fell on Thursday, tracking declines on Wall Street overnight, after the US Federal Reserve hinted at higher interest rates for a longer period and will rise more than anticipated next year. The Nikkei 225 index was 0.27% lower and the Topix fell 0.12%. The Hang Seng tanked 2.06% and the CSI 300 index was down 0.39%.
Indian rupee gained 35 paise to close at 82.46 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
State Bank of India (SBI): The lender’s board has approved raising funds by way of issuance of Basel III compliant debt instrument in INR and/or any other convertible currency, up to FY24 up to an amount of Rs 10,000 crore. This is subject to concurrence from the Government of India.
Vedanta: The mining company has emerged as a successful bidder for a mining block auctioned earlier this year. Goa’s Chief Minister Pramod Sawant told reporters that Vedanta was the highest bidder with 63.55% revenue for Bicholim Mining Block, spread over 485 hectares. The state government had started the process to auction four mining blocks in the state including the Bicholim one earlier this year.
IRCTC: The central government will sell up to 5% stake in the Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on the exchanges on Thursday and Friday. The floor price for the share sale is set at Rs 680 per share, which is 7.4% lower than the company’s closing price of Rs 734 on Wednesday. The stake sale will mop up about Rs 2,720 crore for the central government.
NTPC: The state-run power producer aims to sell 20% stake in its green energy business this fiscal year, in order to raise around $363.9 million, Reuters reported. The deal marks the first green transaction by an Indian state company, which drew interest from investors like Canada Pension Plan Investment Board (CPPIB), Malaysia’s Petronas and Brookfield, the report added.
Wipro: The company announced the launch of new financial services advisory company, Capco in the Middle East. Capco will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitisation, and business consolidation initiatives.
Power Grid Corporation of India: The company’s board has approved an investment of Rs 330.61 crore for transmission system for evacuation of power from REZ in Rajasthan.
JB Chemicals and Pharma: The company will acquire the entire Razel (Rousvastatin) franchise from Glenmark Pharmaceuticals for India and Nepal region for Rs 314 crore. The acquisition marks JB Pharma’s entry into the ‘Statin’ segment which is the largest group in cardiac therapy. Razel ranks among the top 10 brands in the Rousvastatin molecule category in the country. The transaction is expected to be closed within the next two weeks.
Dilip Buildcon: The company has executed a contract agreement through its RBL-DBL JV with Gujarat Metro Rail for Rs 1,061 crore for Surat Metro Rail Project Phase 1 (Package CS 5). The length of the project is 10.6 km and will take 26 months to complete.
Torrent Pharmaceuticals: The company has entered into a co-marketing partnership with Boehringer Ingelheim India to co-market Cospiaq (Empagliflozin), Cospiaq MetTM (Empagliflozin+ Metformin) and Xilingio (Empagliflozin+ Linagliptin) in India. Empagliflozin is a novel sodium glucose co-transporter-2 (SGLT-2) inhibitor, which is useful for improving glycaemic control in adults with type-2 diabetes mellitus. Empagliflozin is also indicated to reduce the risk of cardiovascular death, in adults with type 2 diabetes mellitus and established cardiovascular disease.
Poonawalla Fincorp: The company announces the sale of its housing subsidiary to TPG (Perseus SG Pte. Ltd., an entity affiliated with TPG Global, LLC) for Rs 3,900 crore. In an exchange filing, the company said that the transaction will maximise the shareholders’ value in the long term as Poonawalla Fincorp focuses on building a tech-led and digital-first financial services company, with leadership in consumer and MSME financing.
Kamat Hotels: The company will be issuing up to 58.96 lakh warrants, each convertible into one equity share within the period of 18 months at a price of Rs 97 each aggregating up to Rs 57.19 crore on a preferential basis to the promoters and members of the promoter group.
Dunseri Tea & Industries: The company has signed an MOU to sell the Khagorijan tea estate for an amount of Rs 15 crore subject to adjustment of current assets and current liabilities to Sahdev Singh Kushwah, Sanwar Mal More and Nikhil Agarwalla. The tea estate contributed Rs 23.34 crore (11.11 percent) to the total turnover.
Shriram Properties: The company acquires “Golden Ira”, a plotted development project of Golden Gates Group in North Bangalore. The project was a stressed asset with lending entities part of the IIFL Group. The transaction involves capital commitments of up to Rs 125 crore towards the acquisition and development of the project and has an aggregate saleable area of about 10 lakh square feet.
AstraZeneca Pharma: The company announced that Gagandeep Singh Bedi has resigned from his position as managing director. Sanjeev Panchal has taken his position as managing director for a period of three years with effect from January 1, 2023.
J&K Bank: The lender’s board has announced the appointment of Sudhir Gupta as Executive Director of the bank. Sudhir Gupta joined the services of the Bank as Probationary Officer in the year 1989 and has served the Bank in different capacities across the operational topography of the bank.
Gulshan Polyols: The company will supply over 22,000 kiloliters of ethanol from its Boregaon manufacturing plant to oil marketing companies for Rs 137 crore. Moreover, it has also secured an order to supply 9,300 kiloliters of ethanol from new Boregaon plant to Nayara Energy for Rs 54 crore.