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CORPORATE AND ECONOMY NEWS

* Adani Ports And Special Economic Zone: The company has won a Rs 25,000 crore project to the Tajpur deep sea port in West Bengal. The greenfield project will see Rs 15,000 crore utilised toward port development and the rest toward building related infrastructure.Meanwhile, Avantika Singh Aulakh, VC and CEO, Gujarat Maritime Board, has resigned from Adani Port’s board.

* State Bank of India: The largest public sector lender said it has raised Rs 4,000 crore by issuing bonds at a coupon rate of 7.57 per cent. The fund has been raised by issuing Basel III compliant tier II bonds. The issue attracted bids worth Rs 9,647 crore, which was oversubscribed by about 5 times against the base issue size of Rs 2,000 crore. ? Punjab National Bank: The public sector lender has raised Rs 658 crore by issuing Basel III compliant additional Tier-1 bonds at a coupon rate of 8.3 percent per annum, on private placement basis.

* SpiceJet: Aviation regulator DGCA has extended the 50% limit on SpiceJet’s number of flight departures until Oct. 29 as a matter of ‘abundant caution’. The airline will be subjected to "enhanced surveillance" during this period, DGCA said.

* Vedanta: The Union Cabinet has approved tweaks in the scheme for semiconductors and display manufacturing ecosystem. Under the modified program an uniform fiscal support of 50% of project cost shall be provided for semiconductor fabs across all technology nodes. The reformed scheme will also provide fiscal support of 50% of capital expenditure for setting up of compound semiconductors/silicon photonics/sensors/discrete semiconductors fabs.

* Reliance Industries/Adani Enterprises/Tata Power: The Union Cabinet approved a Rs 19,500-crore production linked incentive scheme on 'national programme on high efficiency solar PV modules' with an aim to attract Rs 94,000 crore investment in the sector.

* Kirloskar Oil Engines: The company will acquire balance stake in Ahmedabad-based La-Gajjar Machineries, making the latter a 100% subsidiary. It had acquired 76% stake in LGM in 2017 with an agreement that the balance holding will be acquired over a 5-year period.Kirloskar Oil Engines has also appointed Anurag Bhagania as chief financial officer, with effect from Sept. 22.

* Ashoka Buildcon: The company has won a project worth Rs 258.12 crore from South Western Railway for construction of new BG line, including electrical and telecommunication works, on engineering, procurement and construction mode. The project is to be completed within 24 months.

* PB Fintech: The company has invested around Rs 650 crore in its wholly owned subsidiary Policybazaar Insurance Brokers, and another Rs 250 crore in wholly owned subsidiary Paisabazaar Marketing and Consulting. ? KPI Green Energy: The company has a new received a new order from Greenlab Diamonds, Surat for executing wind-solar hybrid power project of 5.40 MW capacity under the 'captive power producer business segment.

* DLF: DLF Cyber City Developers, a material subsidiary unit of DLF, has allotted 5,000 NCDs to raise Rs 500 crore. ? Triveni Engineering & Industries: The company has divested its entire stake in Triveni Turbine, representing 21.85% of the entire shareholding of the latter. The company sold 10% stake to Rati Sawhney, an existing promoter, and the remaining 11.85% stake to various global and domestic investors through block trading window.

* HDFC Bank: Country's larger private lender has entered into a long-term partnership with London Stock Exchange group's Refinitiv for digital transformation, new customer acquisition and reduce costs. Refinitiv is one of the world's largest providers of financial markets data and infrastructure.

* Jindal Steel & Power: The company has appointed Rohit Kumar as additional director in the category of independent director.

GLOBAL MARKETS

Global Market Update

Wall Street's main indexes see-sawed before slumping in the final 30 minutes of trading to end Wednesday lower, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation. The Dow Jones Industrial Average fell 522.45 points, or 1.7 percent, to 30,183.78, the S&P 500 lost 66 points, or 1.71 percent, to 3,789.93 and the Nasdaq Composite dropped 204.86 points, or 1.79 percent, to 11,220.19.

Crude Oil

Oil prices edged lower in early Asian trade on Thursday after the U.S. Federal Reserve raised interest rates significantly to curb inflation, with fears for the global economy casting a shadow over future fuel demand. Brent crude futures fell 16 cents, or 0.2 percent, to $89.67 per barrel by 0013 GMT, while US West Texas Intermediate (WTI) crude dropped 15 cents to $82.79 per barrel.

SGX Nifty:

Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 121 points. The Nifty futures were trading around 17,594 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap down on Wednesday at 17766, made a high of 17839, made a low of 17664, and closed on a negative note at 17718 levels. For the day, support for the Nifty exists at 17500 and 17400 levels, whereas resistance for the Nifty stands at 17900 and 18000 levels.

Bank Nifty Outlook:

Bank Nifty opened gap down on Wednesday at 41283 made a high of 41502 made a low of 40889, and closed on a negative note at 41203 levels. For the day, support for Bank Nifty exists at 40880 and 40500 levels, whereas resistance for Bank Nifty stands at 41700 and 42000 levels.

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