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Reliance/Oil Companies: The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and on jet fuel exports to Rs 9 a litre, besides raising the levy on domestically-produced crude oil in line with the hardening of global prices. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7 per litre. The tax on Aviation Turbine Fuel (ATF) exports too has been hiked to Rs 9 from Rs 2 per litre with effect from September 1, according to a finance ministry notification issued late Wednesday night. Alongside, the tax on domestically-produced crude oil too has been hiked to Rs 13,300 per tonne from Rs 13,000

Tata Steel: Tata Steel on Tuesday said it will invest more than 65 million euros for hydrogen-based steel manufacturing in the Netherlands. Hydrogen has the potential to decarbonise steel manufacturing. Tata Steel has inked pacts with three firms -- McDermott, Danieli and Hatch -- for the further technical preparations for hydrogen-based steel manufacturing in the Dutch city of Ijmuiden

 NDTV: Adani Group will launch its open offer on October 17 for acquiring an additional 26% stake in media firm NDTV. The open offer for acquiring 1.67 crore equity shares, for which a price of Rs.294 per share has been fixed, will tentatively close on November 1, said an advertisement by JM Financial, which is managing the offer. If fully subscribed at a price of Rs.294 per share, the open offer will amount to Rs.492.81 crore

Tata Motors: The auto major on Tuesday said it has completed the acquisition of the entire stake in Tata Marcopolo Motors Ltd (TMML) from its joint venture partner Marcopolo S.A. for about Rs 99.96 crore. Prior to the acquisition, the company held a 51 percent stake in TMML while the remaining 49 percent was held by Marcopolo S.A

Infosys: India's second-largest IT services company on Tuesday said it has divested its stake in data preparation software company Trifacta Inc for $12 million. The transaction was completed on August 29, 2022, the company said in a regulatory filing. The company had invested $4 million in Trifacta in 2016 and has a minority holding not exceeding 20 percent of the outstanding share capital of the San Francisco-based company

State Bank of India: The country's largest lender will sell non-performing loan account of Anamika Conductors through an e-bidding to recover dues of Rs 102 crore. SBI has put the reserve price for the e-auction, scheduled to be held on September 28, 2022, at Rs 22.13 crore.

Zee Entertainment Enterprises: The entertainment company and Disney Star have signed a strategic licensing agreement for exclusive TV rights of the International Cricket Council's (ICC) Men's events for four years. Zee will be the one-stop TV destination to broadcast ICC Men's tournaments in India while Disney+ Hotstar will exclusively retain all digital rights to stream all ICC tournaments.

Maruti Suzuki India: Chairman RC Bhargava hinted at organisational changes during his address at the automaker's Annual General Meeting (AGM) on Wednesday. The changes are hinted at the backdrop of Maruti's increased contribution to parent Suzuki Motor Corporation's overall global business

SpiceJet: The airline reported a net loss of Rs 783.7 crore, against a loss of Rs 731.1 crore in the year ago period. The revenue stood at Rs 2,457.2 crore and EBITDA loss at Rs 390.3 crore. The airline announced that CFO Sanjeev Taneja has resigned with effect from August 31

NTPC: The company has received shareholders' approval to raise up to Rs 12,000 crore through issuance of non-convertible debentures on private placement basis. The resolution was passed with requisite majority in the annual general meeting held on Tuesday.

Inox Wind: Inox Wind gets board nod for raising Rs 800 crore.

Global Market Update

U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist. The Dow Jones Industrial Average (.DJI) fell 280.44 points, or 0.88%, to 31,510.43; the S&P 500 (.SPX) lost 31.16 points, or 0.78%, to 3,955; and the Nasdaq Composite (.IXIC) dropped 66.93 points, or 0.56%, to 11,816.20..

Crude Oil 

Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China. Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel by 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel.

SGX Nifty

Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 37.50 points. The Nifty futures were trading around 17,472.50 levels on the Singaporean exchange

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap up on Tuesday at 17415, made a high of 17778, made a low of 17401, and closed on a positive note at 17759 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17800 and 17900 levels. Nifty opened gap up on Tuesday at 17415, made a high of 17778, made a low of 17401, and closed on a positive note at 17759 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17800

Bank Nifty Outlook: Bank Nifty opened gap up on Tuesday at 38517 made a high of 39607 made a low of 38473, and closed on a positive note at 39537 levels. For the day, support for Bank Nifty exists at 39000 and 38500 levels, whereas resistance for Bank Nifty stands at 39700 and 40000 levels.

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