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* Tata Consultancy Services: The company has been chosen by US based C&S Wholesale Grocers, Inc to build a new operations platform on Google Cloud to reduce the company’s carbon footprint and enhance the customer experience. TCS will lead the company-wide project and help C&S establish a new cloud-based architecture that will unify its current systems. TCS will help carbon footprint by migrating its data center workloads to the carbon-neutral infrastructure of Google Cloud.

* Vedanta: Vedanta Ltd has selected Indian Prime Minister Narendra Modi's home state of Gujarat for its semiconductor project, two sources told Reuters, the first major step in its $20 billion joint venture with Taiwan's Foxconn. Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, the first source with knowledge of the matter said.

* HDFC Life Insurance Company: According to sources, Abrdn Plc is likely to sell 4.3 crore shares of the company through block deal. Abrdn Plc is likely to sell 4.3 crore shares or 2 percent equity in HDFC Life via block deal. Abrdn may raise up to $313 million via share sale. Abrdn currently holds 3.72 percent equity in the company.

* Pidilite Industries: Seed stage CAT 1 VC Fund 100X.VC on Monday announced its partnership with the company's venture arm called Pidilite Ventures. As a part of the partnership, 100X.VC will collaborate with Pidilite Ventures to identify strategic investment opportunities for them.

* SIS: SIS Australia Group, a subsidary of the company, has acquired 85 percent shareholding in Safety Direct Solutions Pty Ltd. The group has also signed Shareholders’ Agreement to acquire an additional 15 percent shareholding in SDS. On completion of the above acquisition, the shareholding of SIS Australia Group in SDS would increase from 85 percent to 100 percent.

* The New India Assurance Company: Neerja Kapur has been appointed as the Chairman cum Managing Director on the board of the company. The company had also said that General Manager Madhulika Bhaskar has been given an Interim Charge for the position of CMD.

* SH Kelkar and Co: The company’s entire stake held in Keva U.K. has been purchased by Keva Europe B.V. for a consideration of 4.42 million pounds (over Rs 41 crore). Both entities are wholly owned subsidiaries of SH Kelkar and Co. and are related to each other. The transaction has been done at arm’s length based on the valuation report, the company said.

* NDTV: The Income Tax Department has clarified that there is no restriction on conversion of warrants into shares by RRPR Holdings in favor of Vishvapradhan Commercial Pvt., the company told stock exchanges. This clears the way for the acquisition of the company by Adani group. In other news, NDTV founderpromoters. The appellate tribunal had reduced the penalty from Rs 5 crore to Rs 10 lakh considering shareholders’ interest.

* JSW Steel: JSW Steel on Monday reported a 22% jump in crude steel production in August this year to 16.76 lakh tonne. The private steel major had produced 13.77 lakh tonne in the year-ago month. The production of flat products at 12.01 lakh tonne in the last month was higher than 8.99 lakh tonne in August 2021. Long product volume grew by 25 per cent to 3.75 lakh tonne in the month under review.

* Adani Transmission: Reliance Infra has raised an arbitration claim on a December 2017 deal with Adani Transmission for sale of its Mumbai power transmission network. In response, Adani Transmission called the claim “afterthoughts”, based on untenable positions.

* Future Enterprises: The company has appointed M/s. JC Kabra & Associates., Chartered Accountants to carry out forensic audit of the accounts of the company, in compliance with the extant RBI guidelines.

Global Market Update

Wall Street equity indexes closed higher on Monday as some investors bet that August data would show easing US inflation while others were encouraged by news that Ukraine had made progress against Russia in a war that has hurt the global economy. The Dow Jones Industrial Average rose 229.63 points, or 0.71%, to 32,381.34, the S&P 500 gained 43.05 points, or 1.06 percent, to 4,110.41 and the Nasdaq Composite added 154.10 points, or 1.27 percent, to 12,266.41.

Crude Oil

Oil prices edged up early on Tuesday, extending gains from the previous session as investors worried about tight supply ahead of the winter heating season in the Northern Hemisphere. Brent crude rose 5 cents to $94.05 a barrel by 0006 GMT, while WTI crude rose 7 cents to $87.85 a barrel.

SGX Nifty:

Trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 114 points. The Nifty futures were trading around 18,055 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Monday at 17891, made a high of 17981, made a low of 17889, and closed on a positive note at 17936 levels. For the day, support for the Nifty exists at 17850 and 17700 levels, whereas resistance for the Nifty stands at 18000 and 18050 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Monday at 40540 made a high of 40685 made a low of 40378, and closed on a positive note at 40574 levels. For the day, support for Bank Nifty exists at 40200 and 40000 levels, whereas resistance for Bank Nifty stands at 40700 and 41000 levels.

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