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Market Opening - An Overview
Nifty futures on the Singapore Exchange were trading 0.41% lower at 18,063, signaling that Dalal Street was headed for a negative start on Thursday.
Most Asian equities were trading lower as investors were concerned over inflation amid China taking further measures to reopen their economy which was affected by Covid-19.US stocks dropped on recession fears, Nasdaq closes at a new bear market low. Japan’s Nikkei 225 index fell 1.32% and Topix was down 1.04%. The Hang Seng was down 0.87% and the KOSPI index fell 1.38%.
The Indian rupee rose 1 paise to 82.85 against the US dollar on Wednesday.
FII/DII Trading Data
Stocks in News Today
Tata Power Company: Subsidiary Tata Power Renewable Energy has received a ‘letter of award’ to set up a 255MW hybrid power project (wind and solar) for Tata Power Delhi Distribution, in Karnataka. Tata Power Delhi Distribution is a joint venture of Tata Power and the Government of NCT of Delhi. The project will be commissioned within 24 months from the PPA execution date.
Bank of India: The public sector lender infused capital of Rs 1.13 crore in PSB Alliance as a part of strategic investment. With this, the bank raised its stake in PSB Alliance to 8.33 percent, from 7.14 percent earlier.
Spandana Sphoorty Financial: The company has approved the transfer of the stressed loan portfolio including written-off loans of Rs 323.08 crore outstanding as on September 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for Rs 95 crore.
JSW Energy: The power company has completed the acquisition of Ind-Barath Energy (Utkal) via the corporate insolvency resolution process (CIRP) after the NCLT approved its resolution plan. Ind-Barath Energy (Utkal) is implementing a 700 MW (2 x 350 MW) thermal power plant at Jharsuguda, in Odisha.
Wipro: The IT services company has raised its stake in Encore Theme Technologies to 100 percent after completing the acquisition of the remaining 3.3 percent stake. Now Encore Theme has become a wholly-owned subsidiary of Wipro.
Ashoka Buildcon: The company has received three projects worth Rs 754.57 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company.
Garware Technical Fibres: The company closed its share buyback issue after buying 2.4 lakh shares at a price of Rs 3,750 per share through the tender offer process.
Tata Steel: The Tata Group company has acquired 1.15 crore equity shares of subsidiary Tata Steel Advanced Materials at an issue price of Rs 12.81 per share, with the aim to grow the business of new materials business under Tata Steel Advanced Materials. The total buying price is Rs 14.80 crore and on completion of the said acquisition, Tata Steel Advanced Materials will continue to be a wholly-owned subsidiary of Tata Steel.
KFin Technologies: The financial services platform will make its debut on the BSE and NSE on December 29. The issue price has been fixed at Rs 366 per share.