IGI Logo

CORPORATE AND ECONOMY NEWS

* State Bank of India: Country's largest state run lender said its board has approved Rs 10,000 crore capital raising plan through Tier I bonds. The fund raising through Additional Tier 1 (AT1) capital up to an amount of Rs 10,000 crore is subject to Government of India concurrence.

* Wipro: Wipro announced the launch of new financial services advisory company, Capco in the Middle East. Capco will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitisation, and business consolidation initiatives.

* Tata Motors: The homegrown auto major said it has inked a pact with Everest Fleet Pvt Ltd to supply 5,000 units of XPRES-T EVs. As part of the deal, the company handed over 100 units to Mumbai-based Everest Fleet.

* IRCTC: The government will sell up to 5 per cent stake in IRCTC through an offer for sale (OFS) at a floor price of Rs 680 a share to fetch up to Rs 2,700 crore. The OFS includes base issue size of 2 crore shares or 2.5 per cent stake, with an option to retain over-subscription of another 2.5 per cent, taking the total issue size to 4 crore shares or 5 per cent.

* Poonawalla Fincorp: The non-banking arm of the vaccine major Cyrus Poonawalla Group announced sale of its housing subsidiary Poonawalla Housing Finance to private equity major TPG for Rs 3,900 crore. The transaction, subject to regulatory approvals, is being carried out by TPG global arm Perseus SG.

* Dilip Buildcon: The contruction and EPC firm has executed a contract agreement through its RBL-DBL JV with Gujarat Metro Rail for Rs 1,061 crore for Surat Metro Rail Project Phase 1 (Package CS 5). The length of the project is 10.6 km and will take 26 months to complete.

* Sapphire Foods: Promoters Sapphire Foods Mauritius and Sagista Realty Advisors are mulling to sell 40 lakh shares (6.3%) and 1.5 lakh (0.24%) stake, respectively in the company. Shareholder WWD Ruby will sell 31.77 lakh shares, representing nearly 5% stake.

* Torrent Pharmaceuticals: The company will co-market its anti-diabetic drug and its fixed dose combinations in partnership with Boehringer Ingelheim India across the country.

* Glenmark Pharmaceuticals: The company will sell its cardiac brand Razel (Rousvastatin) and combinations in India and Nepal markets at Rs 313.7 crore to J.B. Chemicals & Pharmaceuticals. ? Biocon: The company initiated clinical study of Itolizumab in patients with ulcerative colitis in India, in collaboration with Equillium Inc.

* Thermax: The Mumbai bench of Customs, Excise and Service Tax Appellate Tribunal set aside the excise duty demand notices from earlier years for Rs 1,381.55 crore on goods sold by the company.

* NTPC: The company commissioned and started commercial operations at the second part capacity of 67.73 MW, out of 230 MW Ettayapuram solar PV project.

* Power Grid Corporation: A committee of directors of state-owned have approved a proposal to invest Rs 330.61 crore in a transmission project. It said a decision in this regard was taken by the company's 'committee of directors on investment on projects.

* Thermax: The Mumbai bench of Customs, Excise and Service Tax Appellate Tribunal set aside the excise duty demand notices from earlier years for Rs 1,381.55 crore on goods sold by the company.

* Tamilnad Mercantile Bank: The bank executed the agreement for marketing the general insurance products under the tie-up arrangement with Kotak Mahindra General Insurance Company. ? Shriram Properties: The company acquired Golden Ira, a plotted development project in North Bengaluru, for Rs 125 crore through its wholly owned subsidiary SPL Housing Projects.

GLOBAL MARKETS

Global Market Update

US stocks closed lower in volatile trading on Wednesday following a policy announcement by the Federal Reserve that raised interest rates by an expected 50 basis points, but its economic projections see higher rates for a longer period. The Dow Jones Industrial Average fell 142.29 points, or 0.42%, to 33,966.35, the S&P 500 lost 24.33 points, or 0.61%, to 3,995.32 and the Nasdaq Composite dropped 85.93 points, or 0.76%, to 11,170.89.

Crude Oil

Oil prices rose more than $2 on Wednesday after OPEC and the International Energy Agency (IEA) both forecast a rebound in demand over the course of next year and as U.S. rate hikes are expected to ease alongside slowing inflation. Brent Crude futures rose $1.88, or 2.3%, to $82.56 per barrel by 11:55 a.m. EDT (1655 GMT), while US West Texas Intermediate (WTI) crude futures were up $1.82 at $77.21. Both contracts rose by more than $2 earlier in the session.

SGX Nifty:

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 38 points. The Nifty futures were trading around 18,712 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Wednesday at 18671, made a high of 18696, made a low of 18633, and closed on a positive note at 18660 levels. For the day, support for the Nifty exists at 18490 and 18400 levels, whereas resistance for the Nifty stands at 18800 and 19000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Wednesday at 44079 made a high of 44152, made a low of 43988, and closed on a positive note at 44049 levels. For the day, support for Bank Nifty exists at 43700 and 43400 levels, whereas resistance for Bank Nifty stands at 44500 and 45000 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