IGI Logo

* Reliance Industries: Reliance Retail Ltd has sought shareholders' approval for doubling its borrowing limit to Rs.1 lakh crore. The proposal will be put up before the shareholders during the company's Annual General Meeting (AGM) to be held on September 30. In September last year, the shareholders had approved borrowing a sum not exceeding Rs.50,000 crore. During its meeting on May 5, 2022, the company's board proposed to increase the borrowing limit "by a sum not exceeding Rs.1,00,000 crore".

* State Bank of India: The bank has clarified that it has not been identified as a nodal bank for handling Russia-related transactions. SBI noted that RBI has authorised all the banks in India to open Special Rupee Vostro account to promote invoicing in Indian Rupee. Accordingly, the bank is making necessary arrangements and processing requests received from various banks, including Russian banks, as per RBI guidelines and its own policies and procedures.

* MindTree: The global technology services and digital transformation company announced it has designed and implemented a digital command and control solution for Larsen & Toubro for the company’s recently commissioned Green Hydrogen Plant in Hazira, Gujarat.

* Tata Power Company: The power distribution company has announced that Tata Power Solar Systems Ltd has received a letter of award of Rs 612 crore to set up 100 MW ground-mounted project for SJVN Ltd in Gujarat.

* PVR: Three investors offloaded their holding in the multiplexes operator PVR on Thursday in the open market. Gray Birch Investment exited the company, while Plenty PE firms sold a certain portion of their stake in PVR. Together, the three investors sold 40,45,501 equity shares in PVR amounting to Rs.759.14 crore. The company's market cap is around Rs.11,267.30 crore.

* Adani Ports & SEZ: The company has signed a concession agreement with Syama Prasad Mookerjee Port to develop berth no. 2 at Haldia Dock Complex in West Bengal for an estimated cost of Rs 298 crore. It will design, build, finance, operate, maintain, and manage the bulk terminal with capacity of 3.74 million tons per annum for a concession period of 30 years.

* Escorts Kubota: The company’s board has approved the scheme of amalgamation for merging Escorts Kubota India and Kubota Agricultural Machinery India into and with Escorts Kubota. The board has also granted in-principal approval for purchase of rough terrain crane business, and sale of shares of Tadano Escorts India to Japanbased Tadano.

* Amara Raja Batteries: High Court of Andhra Pradesh has extended the interim suspension order of closure orders by Andhra Pradesh Pollution Control Board for the company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli in Andhra Pradesh until further orders.

* Ester Industries: The company has completed the sale of its engineering plastics business to Radici Plastics India in an all-cash slump sales transaction worth Rs 289.33 crore. The sale proceeds will be used to support growth initiatives in Ester’s core film and specialty polymer businesses.

* UPL: The company has acquired 26% stake in Clean Max Kratos Pvt Ltd. that will develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project. UPL will further invest Rs 39.6 crore in Clean Max Kratos.

* REC: The company announced the incorporation of a project-specific special purpose vehicle as wholly owned subsidiary of REC Power Development & Consultancy Ltd for the transmission project – Construction of Meerut (765) - Shamli 400 kV DIC line.

* MTAR Technologies: The company has received orders worth Rs 540 crores in clean energy segment including civil nuclear power.

* Vedanta: The company clarified that the proposed semiconductors business will be undertaken by its ultimate holding company - Volcan Investments.

Global Market Update

Wall Street indices were firmly in the red after a choppy start to Thursday's session while bond yields rose as investors digested economic data that provided the Federal Reserve little reason to ease its aggressive interest rate hiking cycle. The Dow Jones Industrial Average fell 173.07 points, or 0.56 percent, to 30,962.02; the S&P 500 lost 44.69 points, or 1.13 percent, to 3,901.32 and the Nasdaq Composite dropped 167.32 points, or 1.43 percent, to 11,552.36.

Crude Oil

Oil fell more than 2 percent on Thursday as expectations of weaker demand and a strong US dollar ahead of a potentially large interest rate increase outweighed supply concerns. The International Energy Agency said this week oil demand growth would grind to a halt in the fourth quarter. The dollar held near recent peaks, supported by expectations the US Federal Reserve will continue to tighten policy. Brent crude ended at $90.84, for a loss of 3.46 percent. US West Texas Intermediate crude settled $3.38, or 3.8 percent, lower at $85.10 per barrel.

SGX Nifty:

Trends in the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 99 points. The Nifty futures were trading around 17,779 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Thursday at 18046, made a high of 18096, made a low of 17861, and closed on a negative note at 17877 levels. For the day, support for the Nifty exists at 17770 and 17500 levels, whereas resistance for the Nifty stands at 18000 and 18100 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Thursday at 41534 made a high of 41840 made a low of 41153, and closed on a negative note at 41209 levels. For the day, support for Bank Nifty exists at 41000 and 40500 levels, whereas resistance for Bank Nifty stands at 41600 and 41850 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