Market Opening - An Overview
GIFT Nifty Futures on the NSE IX were trading 0.02% higher at 19660, signalling that Dalal Street was headed for a flat opening on Friday.
Most Asian markets were trading lower as concerns over higher interest rates for a longer period dampened investors’ sentiments. The Nikkei 225 index fell 0.11% and the Topix index was down by 0.69%. The Hang Seng index climbed 2.37% and markets in mainland China were closed on account of the country’s Golden Week holiday.
The Indian rupee rose 5 paise to 83.19 against the US dollar on Thursday.
FII/DII Trading Data
Foreign institutional investors (FII) were net seller for Rs 3,364.22 crore, while domestic institutional investors (DII) bought Rs 2,711.48 crore worth of stocks on September 28, according to provisional data from the NSE.
Stocks in News Today
Adani Green Energy, Adani Energy Solutions: Abu Dhabhi-based International Holding Company have entered into a definitive agreement with a buyer to offload their investments in Adani Green Energy and Adani Energy Solutions (formerly known as Adani Transmission).
Infosys: The IT major said that it has received IGST demand order notice for Rs 26.5 lakh as well as interest and penalty of over Rs 11 lakh, due to non-receipt of foreign inward remittance of export proceeds for the period between October 2021 – November 2021 within stipulated timelines. The company further said that there will be no material impact on financials, operations or other activities of the company.
Sun Pharmaceuticals: The pharma major said one of its subsidiary companies has signed an agreement to acquire remaining 25% outstanding shares of Sun Pharma de México, SA de CV for MXN $161.85 million. Post the acquisition, Sun Pharma de México will become a wholly-owned subsidiary of the company.
NLC India: The company and GRIDCO Limited have signed a Power Purchase Agreement (PPA) in GRIDCO Limited in Bhubaneswar for 400MW in Stage-1 and 400 MW in Stage-2 of NLCIL’s proposed Neyveli Talabira Super Critical Thermal Power Station (NTTPP) in Odisha. With this agreement, NLCIL has tied up its full capacity of 2400 MW of Neyveli Talabira Super Critical Thermal Power Station Stage-1.
SBI: The lender sold its stake in MSP Steel & Power and with this latest sell-off, the lender’ stake declined to 2.47% from 4.83% earlier, according to its regulatory filing.
Dr. Reddy’s Laboratories: The company’s subsidiary, Dr Reddy’s Laboratories SA, in Switzerland, has incorporated a wholly-owned subsidiary in Jamaica – Dr Reddy’s Laboratories Jamaica. The Jamaican subsidiary will be engaged in importation, warehousing, distribution and exportation of pharmaceuticals.
Emami: The personal care and healthcare company has announced its foray into the juice category with AloFrut through strategic investment in Axiom Ayurveda and its subsidiaries/associates by acquiring a 26 percent equity stake for an undisclosed amount. Axiom markets beverage products under the brand AloFrut, a proprietary fusion of aloe vera pulp with fruit blend.
YES Bank: The private sector lender said that it has further acquired 1,79,37,200 equity shares of Rs 10 each of its subsidiary, YES Securities (India), at a premium of Rs 45.75 per share. The lender further said that it has acquired the shares for about Rs 100 crore under rights issue.
Pidilite Industries: The company’s subsidiary, Pidilite Ventures, has acquired up to a 20% stake in toymaker Imagimake Play Solutions for Rs 20 crore.
Saregama India: The company will acquire 51.8% shares in digital entertainment company Pocket Aces Pictures for Rs 174 crore that owns direct relationship with more than 95 million younger digital-first customers across Instagram, YouTube etc. The company plans to further acquire another 41% stake in the next 15 months at pre-agreed multiples. The transaction is an all-cash deal.
Bajaj Finserv: The financial services company has appointed Ramaswamy Subramaniam as president of private equity.
SBI Life Insurance Company: The life insurance company has received board approval for the appointment of Amit Jhingran as the Managing Director & CEO with effect from October 1, 2023. Present Managing Director & CEO of the life insurance company, Mahesh Kumar Sharma, has been appointed as Deputy Managing Director in SBI, Corporate Centre.
KIOCL: The company suspended its operations at the Mangalore pellet plant due to the non-availability of iron-ore fines and other maintenance activities.
Piramal Pharma: The USFDA has conducted a good manufacturing practices (GMP) inspection at the company’s Bethlehem facility during September 18-27, 2023. The USFDA issued a Form-483 with 2 observations, which is related to system improvement, and none are related to data integrity.
Godrej Agrovet: The company has inked a pact with Sime Darby Plantation Berhad (SDP), which is the largest producer of Certified Sustainable Palm Oil (CSPO). SDP will supply high-quality oil palm seeds to Godrej Agrovet’s oil palm business units and also set up a seed production plant in India.
Navin Fluorine International: The company announced that Radhesh R Welling has resigned as the Managing Director and a Director of the company due to personal reasons, with effect from December 15, 2023. Further, the board has approved the appointment of Sudhir R Deo as an additional director of the company with effect from September 28.
Uno Minda: The auto ancillary company’s board has approved a proposal to increase the company’s stake in Minda Westport Technologies (MWTL) to 76% from 50% by acquiring additional 26% stake from its joint venture partner Westport Fuel Systems Italia. The cost of acquisition for 26% stake is Rs 14.81 crore. The acquisition is expected to be completed by end of March 2024.
Paisalo Digital: The company’s board has approved the appointment of Manendra Singh as the Chief Compliance Officer with effect from October 1, 2023. Singh is currently the Company Secretary.
Genus Power Infrastructures: Shareholders of the company have approved the reappointment of Ishwar Chand Agarwal as Executive Chairman of the company for five years with effect from January 24, 2024, Rajendra Kumar Agarwal as MD & CEO for five years with effect from May 29, 2024, and Jitendra Kumar Agarwal as Joint MD for five years with effect from September 20, 2024.
Tamilnad Mercantile Bank: S Krishnan has resigned as Managing Director and CEO of the bank, citing personal reasons. S Krishnan will continue to be the MD & CEO, till the guidance/advice is received from RBI.