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* ACC/Adani Enterprises/Ambuja Cements: Adani Enterprises has completed the acquisition of ACC and Ambuja Cements Ltd. and reconstituted their boards, with billionaire Gautam Adani's son -- Karan Adani -- at the helm. Ambuja Cements also plans to raise Rs 20,000 crore via convertible debentures.

* Hero MotoCorp: The country's largest two-wheeler maker Hero MotoCorp is all set to foray into the electric segment next month with the launch of its first model in the domestic market. In a regulatory filing, the company said that "a new era in mobility is about to begin" alluding to an event under its Vida brand on October 7, 2022. The two-wheeler major has issued invites to its dealers, investors and global distributors for the event to be held in Jaipur, Rajasthan.

* ONGC/Reliance Industries/Vedanta: The government has reduced windfall tax on locally produced crude oil to Rs 10,500 from Rs 13,000 a tonne, according to a circular issued by Ministry of Finance on September 16. Additionally, it has also reduced tax export of diesel and ATF. The decision came at the fifth fortnightly review after the Centre was "satisfied that it is necessary in the public interest to do so." The notification will come into force from tomorrow September 17 . The cess on the export of diesel was reduced to Rs 6.50 per litre from Rs 13.5, while the tax on Aviation Turbine Fuel (ATF) exports was cut to Rs 8.5 a litre, from Rs 9 per litre, according to the circular.

* Maruti Suzuki: Maruti Suzuki India on Friday said it will recall 5,002 units of its light commercial vehicle Super Carry to inspect and fix a faulty co-driver seat. The affected lot has been manufactured between May 4 and July 30, 2022, the country's largest carmaker said in a regulatory filing. "The recall is being undertaken for inspection and torquing of a bolt attached to seat belt buckle bracket of co-driver seat," it said.

* Welspun Corp: The company has bagged an order for supply of 785 miles (1,256 KM) or 100,000 MT (approximately) of High Frequency Induction Welding (HFIW) pipes for a Carbon Capture Pipeline project in the United States.

* Mahindra & Mahindra: The company has announced about the partial divestment of the stake held by Mahindra Holdings Ltd, a wholly-owned subsidiary of the company, in Mahindra Susten Private Ltd, wholly owned subsidiary of MHL.

* Adani Power: The company has withdrawn its delisting offer. Additionally, Singapore-based Resurgent Power Ventures Pte Ltd, held 26 percent by the company through its subsidiary, has completed the acquisition of South East UP Power Transmission Company Ltd. SEUPPTCL has become a wholly owned subsidiary of Resurgent Power.

* REC: Centre is considering granting the status of a development finance institution (DFI) to REC Ltd to enable the state-run company to steer global climate funding and net zero investment in the country. The estimated fund requirements for transitioning towards a net zero economy would be around $3.5 trillion till FY2050 and around $10 trillion till 2070 out of which a large share of investment will be required in the power sector.

* Mishra Dhatu Nigam Limited: The company has secured an order of Rs. 185 CrWith this, the order booking position for FY 2022-23 (as on date) is around Rs. 470 Cr. The open order position of MIDHANI as on date is around Rs. 1,535 Cr.

* HDFC Life Insurance: National Company Law Tribunal has sanctioned the scheme of amalgamation between Exide Life Insurance and HDFC Life Insurance.

* Shree Renuka Sugars: The company expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD and is expected to go on stream by December 2022.

* India's forex reserves: The country's foreign exchange reserves declined by $2.234 billion to stand at $550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by $7.941 billion to $553.105 billion.

Global Market Update

US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors' flight to safety at the conclusion of a tumultuous week. All three major US stock indexes slid to levels not touched since mid-July, with the S&P 500 closing below 3,900, a closely watched support level. The Dow Jones Industrial Average fell 139.4 points, or 0.45 percent, to 30,822.42, the S&P 500 lost 28.02 points, or 0.72 percent, to 3,873.33 and the Nasdaq Composite dropped 103.95 points, or 0.9 percent, to 11,448.40.

Crude Oil

Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5 percent on Friday. US West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2 percent.

SGX Nifty:

Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 43 points. The Nifty futures were trading around 17,606 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap down on Friday at 17797, made a high of 17820, made a low of 17497, and closed on a negative note at 17531 levels. For the day, support for the Nifty exists at 17480 and 17400 levels, whereas resistance for the Nifty stands at 17600 and 17800 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Friday at 40977 made a high of 41162 made a low of 40502, and closed on a negative note at 40777 levels. For the day, support for Bank Nifty exists at 40500 and 40000 levels, whereas resistance for Bank Nifty stands at 41000 and 41200 levels.

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