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CORPORATE AND ECONOMY NEWS

* Adani Enterprises: The company raised Rs 1,250 crore via bonds. It allotted 125,000 secured, unrated, unlisted, redeemable, non-convertible debentures of a face value of Rs 1,00,000 each on private placement.

* Happiest Minds Technologies: The company fixed Rs 972.16 as the floor price for the issue under qualified institutional placements. The company had, in October 2022, planned to raise Rs 1400 crore through various means.

* Lupin: The drugmaker received an Establishment Inspection Report from the U.S. FDA for its Pithampur Unit-2 manufacturing unit. This unit makes oral solids and ophthalmic dosage forms. The U.S. drug regulator issued the EIR after inspecting the facility from March 21 to March 29, 2023. The inspection classification, according to the U.S. FDA, is voluntary action indicated.

* Delta Corp., Nazara Technologies, and online gaming stocks: The GST Council has levied a 28% tax on online gaming, casinos, and horse racing. The goods and services tax is likely to be levied on the full face value, which is the total value of bets placed on a platform.

* Greaves Electric Mobility Private Limited (GEMPL): The e-mobility division of Greaves Cotton Limited achieved a cumulative secondary sales milestone of 200,000 units for its Ampere brand electric 2-wheelers till the first quarter of the fiscal year 2024. In April, the Company announced surpassing the 100,000 sales milestone of its Ampere brand electric 2-wheelers in the fiscal year 2023.

* PVR-Inox, cinema stocks: The GST Council agreed to reduce GST on food and beverages at cinema halls to 5% from the previous 18%.

* J&K Bank: The bank's Board of Directors in their meeting scheduled for July 15, 2023 shall consider the raising of capital (Tier I/Tier II) during the financial year 2023-24.

* Sterlite: The company has partnered with communications and software company Windstream to support the latter's large-scale fibre expansion projects.

* Tatva Chintam Pharma Chem: The company has agreed to raise more capital, not exceeding Rs 200 crore, by issuing equity shares and/or equity-linked instruments through a public or private offering, qualified institutional placement, or any mix thereof.

* Bhansali Engineering Polymers: The company approved the allotment of 8.29 crore equity shares as fully paid-up bonus shares in the ratio of 1:2. Post the bonus issue, the paid-up equity share capital will stand at Rs 24.88 crore.

* Prataap Snacks: The company has informed that July 27, 2023 shall be the record date for the purpose of determining the name of members of the Company eligible for payment of dividend and holding the 14th Annual General Meeting of the Company on Thursday, 3rd August, 2023.

* Credent Global Finance: The company said that the Rights Issue Committee of the Board at its meeting held on 11th July 2023, have inter alia considered and approved rights issue size of 34,68,750 shares. It also approved the price at Rs 140 per share. Rights Entitlement Ratio will be 1 share for every 2 fully shares held by the eligible equity shareholders. Record date is July 17.

* Plastiblends India: The company's Q1 profit was down 24 percent YoY at Rs 7.6 crore vs Rs 10 crore. Revenue fell 4.2% to Rs 195.7 crore YoY. EBITDA margin was at 6.8% Vs 8% in the same quarter last year.

* Indoco Remedies: Drug firm on Tuesday said the company received EU GMP certification from the German Health Authority for its Goa manufacturing unit (plant III) situated at Verna Industrial Estate. The European Agency conducted an inspection at Indoco's manufacturing facility for solid oral dosage form in Goa (plant -III) from April 20-25, 2023, it said in an exchange filing.

* M&M: Mahindra and Mahindra reported total sales of Rs 59,924 units for the month of June. This compares with 51,319 units sold in the same month last year.

GLOBAL MARKETS

Global Market Update:

US stocks gained on Tuesday, helped by optimism ahead of key inflation reports and as JPMorgan and other financial shares gained before earnings later this week. Investors are looking for further clues on whether price pressures are abating and if the Federal Reserve is nearing the end of its interest rate hiking cycle. JPMorgan Chase & Co shares advanced 1.6 percent after Jefferies upgraded the stock to a 'buy' ahead of the bank's quarterly results due on Friday. Reports from JPMorgan and other big banks later this week are expected to unofficially kick off the start of the second-quarter reporting period. The S&P banking index rose 1.5 percent. Energy shares also jumped along with sharply higher oil prices. The Dow Jones Industrial Average rose 317.02 points, or 0.93 percent, to 34,261.42, the S&P 500 gained 29.73 points, or 0.67 percent, to 4,439.26 and the Nasdaq Composite added 75.22 points, or 0.55 percent, to 13,760.70.

Crude Oil

Oil prices were largely unchanged in early Asian trade on Wednesday as hopes for higher demand in the developing world and supply cuts by the world's biggest oil exporters offset fears of an economic downturn driving up US crude stockpiles. Brent futures slipped 4 cents, to $79.36 a barrel by 0015 GMT while U.S. West Texas Intermediate (WTI) crude fell 1 cent to settle at $74.82.

Gift Nifty

The GIFT Nifty indicates a flat start for the broader index with a loss of 8 points on Wednesday. The futures stood at 19,529.

Nifty Outlook:

Nifty opened gap up on Tuesday at 19427, made a high of 19515, made a low of 19406, and closed on a positive note at 19439 levels. For the day, support for the Nifty exists at 19300 and 19200 levels, whereas resistance for the Nifty stands at 19515 and 19600 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 44998, made a high of 45140, made a low of 44663, and closed on a negative note at 44745 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.

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