IGI Logo

CORPORATE AND ECONOMY NEWS

* Vedanta: The Company said it is fully committed to semiconductor fab project. It has lined up other partners to set up a foundry. The company already has licence for production-grade technology for 40 nm from a prominent Integrated Device Manufacturer. It plans to acquire a licence for production-grade 28 nm as well.

* Tata Communications: The Company’s unit Tata Communications International has inked a share purchase agreement to acquire remaining stake in Oasis Smart Sim Europe SAS for $12 million (Rs 99.30 crore) in cash. Tata International currently holds a 58.1% stake in Oasis. The acquisition will be concluded within one month.

* State Bank of India: The lender will divest 2% stake or 40 lakh equity shares at Rs 2 apiece held in National Securities Depositories in its initial public offering.

* TCS: Tata Consultancy Service (TCS) has been postponing the onboarding of several lateral hires by at least three to four months, according to a media report. The IT giant has been making lateral hires with 1.8 to 15 years of experience. All these hires had been initially facing a one-month delay in onboarding, however, according to the media report, these people are now facing at least a three-month delay in onboarding. Over 200 lateral recruits across cities including Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore have been impacted.

* L&T: Spain's Navantia and Larsen & Toubro on Monday signed a Teaming Agreement (TA) on the premises of the Spanish Embassy here, with the purpose of submission of a techno-commercial bid for the Indian Navy's prestigious P75 (India) submarine program. The agreement was signed in the presence of SN Subrahmanyan, L&T CEO & MD and Augustin Alvarez Blanco, Naval Construction Vice President, and Member of the Board- Navantia.

* Gravita India: The Company expects a loss of Rs 2.50 crore at its manufacturing unit at Mundra in Gujarat due to Cyclone Biparjoy which will be covered by insurance. The company is facing a partial production loss of about 20 days which includes reworking on finished goods.

* CarTrade Tech: The Company has inked share purchase agreement to buy 100% stake in Sobek Auto India from its holding company, OLX India B.V., in a deal worth Rs 537 crore.

* LIC: Total premium collected in June up 21 percent at Rs 24,971 crore, compared to 13 percent collected by private life insurers. Individual premium collections flat at Rs 4,295 crore, while June quarter individual premium collection down 4.4 percent at Rs 10,439.2 crore.

* Mazagon Dock Shipbuilders: Defence Procurement Board has given initial approval to the proposal to acquire three scorpene submaries. The three additional submarines will be built at Mazagon Docks Ltd., where other submarines of the class have been built.

* APL Apollo Tubes: Structural steel tube maker on Monday said its wholly-owned subsidiary APL Apollo Building Products Private Ltd. was granted incentives worth Rs 500 crore by the State Investment Promotion Board (SIPB) of the government of Chhattisgarh. The incentives provided by Chhattisgarh include relaxation of stamp duty, 75 percent net SGST for 15 years, electricity duty exemption for a period of 15 years limited, and transport subsidy towards exports for 15 years.

* Sanghvi Movers: Crane leasing firm on Monday said it has received work orders worth Rs 150 crore from eminent independent power producers (IPPs) in the renewable energy sector. It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, and installation and precommissioning of WTGs, and development of wind farm and storage yard, the company said in an exchange filing.

* Vadilal: US private investment firm Bain Capital is in talks to buy ice cream maker Vadilal and also considering taking control of Vadilal Industries and Vadilal Enterprises, which make and market the ice cream

GLOBAL MARKETS

Global Market Update :

US stocks ended higher on Monday following last week's losses, while Federal Reserve officials' comments bolstered the view that the U.S. central bank may be near the end of its tightening cycle. The S&P 500 added to slight gains before the close, with caution prevailing for much of the session ahead of Wednesday's consumer prices report and the start of second-quarter earnings later this week. Investors are anxious to see if price pressures are continuing to moderate. That could shed light on the interest rate outlook, with many traders expecting the Fed to raise interest rates by 25 basis points this month. The Dow Jones Industrial Average rose 209.52 points, or 0.62%, to 33,944.4, the S&P 500 gained 10.58 points, or 0.24%, at 4,409.53 and the Nasdaq Composite added 24.77 points, or 0.18%, at 13,685.48.

Crude Oil

Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the worlds biggest oil exporters Saudi Arabia and Russia and awaited data that could help ascertain demand. Brent crude futures rose 33 cents, or 0.4%, to $78 a barrel by 0050 GMT, and U.S. West Texas Intermediate crude was up 35 cents, or 0.5%, at $73.34. Prices had eased 1% on Monday on higher expectations that further U.S. interest rate hikes are coming and as investors took profit after last week's 4.5% rise.

GIFT Nifty

The GIFT Nifty indicates a positive start for the broader index with a gain of 24 points on Tuesday. The futures stood at 19,480.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Monday at 19400, made a high of 19436, made a low of 19327, and closed on a positive note at 19356 levels. For the day, support for the Nifty exists at 19300 and 19200 levels, whereas resistance for the Nifty stands at 19440 and 19500 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Monday at 44959, made a high of 45184, made a low of 44722, and closed on a negative note at 44861 levels. For the day, support for Bank Nifty exists at 44500 and 44200 levels, whereas resistance for Bank Nifty stands at 45000 and 45200 levels.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at www.investmentz.com/disclaimer
SEBI Registration number is INZ000186336

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer