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Market Opening - An Overview
GIFT Nifty Futures on the NSE IX was trading 0.03% higher at 20,345, signalling that Dalal Street was headed for a flat start on Friday.
Most Asian shares were trading lower as investors remained cautious about the economic recovery in China. Japan’s Nikkei 225 index slipped 0.08% and the Topix rose 0.35%. China’s CSI 300 index dropped 0.72% and the Hang Seng fell 0.33%.
The Indian rupee fell 6 paise to 83.39 against the US dollar on Thursday.
India’s July-September 2023 GDP growth stood at 7.6% compared with 6.2% in July-September 2022. The latest GDP growth reading is higher than the Reserve Bank of India (RBI) prediction of 6.5%. The surprise growth is expected to be on the back of strong domestic consumption and robust growth in the services sector, which contributes more than 50% to India’s economy.
FII/DII Trading Data
Foreign institutional investors were net buyers of shares worth Rs 8,147.85 crore, while domestic institutional investors sold Rs 780.32 crore worth of stocks on November 30, according to the National Stock Exchange’s provisional data.
Stocks in News Today
Infosys: The IT major and Shell collaborate on immersion cooling services to enable sustainability-first data centers. Through this strategic engagement, Infosys and Shell will bring together their capabilities in Digital and Energy, respectively, and an eco-system of partners, to create an integrated offering for green data centers.
Larsen and Toubro (L&T): The company has incorporated a new wholly-owned subsidiary, L&T Semiconductor Technologies on November 29, 2023. The new company is formed for the purpose of engaging in the business of fabless semiconductor chip design and product ownership.
Hindustan Aeronautics (HAL): The state-owned aerospace and defence company has received the approval from the Defence Acquisition Council for the procurement of light combat helicopters for the Indian Air Force and Indian Army and light combat aircraft Mk 1A for the Indian Air Force.
Whirlpool of India: The company’s promoter, Whirlpool Corporation, plans to sell up to 24% stake in the company in 2024 through one or more transactions. It expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.
Wipro: The IT services company announced that it is working with Amazon Web Services to redefine the future of lab processes in the life sciences industry. By introducing the Lab of the Future, Wipro and AWS aim to empower the life sciences industry with a modern, efficient, and collaborative laboratory solution that has the potential to significantly reduce costs and accelerate the development of life-saving drugs and products.
Dixon: Padget Electronics Private Limited, wholly owned subsidiary of Dixon Technologies (India), inaugurated a new state of the art smartphone manufacturing plant in the Noida district, Uttar Pradesh. The latest manufacturing facility by Padget Electronics has commenced the production of smartphones for global technology giant – Xiaomi India in Q3 of 2023, the company said in an exchange filing.
LTIMindtree: The IT consulting company has been selected as a strategic partner by Metasphere, a wastewater application specialist, to scale their smart sewer management platform. The company will transform Metasphere’s next-generation wastewater monitoring solution portfolio and enable scalable delivery and platform to their customers.
Biocon: The company’s subsidiary, Biocon Biologics, has completed the integration of the Viatris’ biosimilars business in 31 European countries. The subsidiary has acquired all the global biosimilar business of Viatris in November 2022.
Power Grid Corporation of India: The state-owned company has been declared as the successful bidder to establish two inter-state transmission system projects under the build, own operate and transfer (BOOT) basis, in Rajasthan.
ITD Cementation India: The engineering and construction company has secured a contract for civil & hydromechanical works of 500 MW hydel power, pumped storage project worth Rs 1,001 crore in Andhra Pradesh.
Kesoram Industries: The company’s board has approved a composite scheme of arrangement amongst the company, and UltraTech Cement and their respective shareholders and creditors for demerger of its cement division into UltraTech. The proposed transaction will unlock value of the cement business for the shareholders of the company and also substantially deleverage the balance sheet including reduction of debt and outflow of interest. Under the demerger agreement, UltraTech will issue 1 equity share for every 52 equity shares of Kesoram.
Mahindra and Mahindra (M&M): The company announced that Kyros Hybren (“Kyros”) has been incorporated in Mumbai, Maharashtra, on November 30, 2023, as a wholly owned subsidiary of Mahindra Susten Private Limited (“MSPL”), which is a subsidiary of Mahindra Holdings Limited (“MHL”), which in turn is a wholly owned subsidiary of the company. The new company has been incorporated for production and sale of power and generating electricity, independent power producer (IPP), distributed energy including rooftop solar installation for commercial, industrial, institutional and residential segment, through various renewable energy sources and energy storage systems, etc., according to the company’s exchange filing.
H.G. Infra Engineering: The company said it subsidiary, H.G. Varanasi-Kolkata PKG-10 highway, has received an order from the National Highways Authority of India for the construction of the Greenfield Varanasi-Ranchi-Kolkata highway for Rs 1,303.11 crore.
Sonata Software: The company has decide to fix December 12 as the record date to determine the eligibility of shareholders for the issuance of bonus equity shares of the company in the proportion of 1:1.