After Monday’s sell-off, Indian equity markets may see some rebound today. Entering Tuesday’s session, SHX Nifty was marginally in green hinting at a flat to positive start for BSE Sensex and NSE Nifty 50.
After Monday’s sell-off, Indian equity markets may see some rebound today. Entering Tuesday’s session, SHX Nifty was marginally in green hinting at a flat to positive start for BSE Sensex and NSE Nifty 50. “Near term weakness might continue in Nifty given weak global economic cues, crude hovering around $100/bbl and rupee depreciating above 80 levels. Broader market which has been showing strength could also see some pressure going ahead, if overall weakness persists. Given the global uncertainty, India’s Q1FY23 GDP data this week could provide some relief in an otherwise lacklustre market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 30 August, Tuesday
RIL: Mukesh Ambani, chairman and managing director of Reliance Industries on Monday laid out a comprehensive roadmap of the conglomerate’s investments in the new age businesses, which would go on to double the company’s value by the end of 2027. Speaking at the company’s 45th annual general meeting, Ambani also identified the businesses his three children will lead, thus putting in place a succession plan.
Public Sector Banks: Ahead of the crucial festive season, the finance ministry will hold a meeting with chiefs of state-run banks on Tuesday to review the lenders’ credit disbursement and broader financial performance. The meeting, convened by the Department of Financial Services, will also take stock of the lenders’ asset quality, with focus on large bad loans, their implementation of various government schemes and capital-raising plans.
Grasim Industries: Grasim Industries, the flagship company of Aditya Birla Group, has a capex outlay of Rs 3,117 crore for its existing lines of business for this financial year, chairman Kumar Mangalam Birla said on Monday. “For FY23, your company has earmarked Rs 3,117 crore for the existing lines of businesses, excluding the paints and B2B e-commerce business,” Birla said at the company’s annual general meeting (AGM). Grasim is also “sharpening” its focus on its renewables business, Birla said.
Adani Enterprises, NDTV: Adani group and NDTV’s promoter entity RRPR Holding Ltd have approached Sebi, seeking clarity on the applicability of the regulator’s earlier order regarding the conversion of warrants into shares, a decisive factor in the hostile takeover battle for the media group. Days after Adani group on August 23 announced acquiring a 29.18% stake in NDTV through the acquisition of VCPL, which holds a 99.99% stake in RRPR Holding, the media group’s promoters have asserted that the deal cannot go ahead without Sebi’s nod.
Lupin: The drug maker said it has received a tentative approval from the USFDA to market Dasatinib tablets, used to treat certain types of cancer, in America in strengths of 20 mg, 50 mg, 70 mg, 80 mg, 100 mg, and 140 mg. The product is a generic version of Bristol-Myers Squibb Company’s Sprycel tablets.
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Thyrocare Technologies: Fundsmith Emerging Equities Trust Plc sold 2,68,707 equity shares in the company at an average price of Rs 614.79 per share, and 3.2 lakh shares at average price of Rs 615.14 per share.
ICRA: ICRA received board approval for the appointment of Venkatesh Viswanathan as a Group Chief Financial Officer and key managerial personnel. His appointment is effective from August 30, 2022 and the company also designated him as Chief Investor Relations Officer. Amit Kumar Gupta has stepped down as Chief Financial Officer.
