IGI Logo

* Indian Oil: State-run Indian Oil Corporation (IOC) aims to achieve a net zero carbon emission target by 2046 and will invest ?2 trillion in phases towards meeting the target. Speaking to reporters here after the 63rd annual general meeting of the company, the Chairman and Managing Director Shrikant Madhav Vaidya also indicated that with crude oil prices easing, the retail fuel prices may also ease going ahead.

* Titan: Tata group firm Titan is looking to have around 20-30 stores of its jewellery brand Tanishq in the Gulf and North American markets in the next 2-3 years, its Managing Director C K Venkataraman said on Thursday. The company is targetting the widely spread Indian diaspora in the region and is going to open its first Tanishq store in the US in September. It plans more stores in the North American market and the West Asia region.

* HDFC Bank: The country's largest private sector lender HDFC Bank on Thursday said it will pick up a 9.94% stake in Go Digit Life Insurance Ltd. HDFC Bank on August 24, 2022, has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, by HDFC Bank in the company, of an amount between ?49.9 crore to ?69.9 crore, in two tranches, by subscribing to equity shares, the bank said in a regulatory filing

* HDFC: The company’s three subsidiaries HDFC Property Ventures, HDFC Venture Capital and HDFC Capital Advisors approved amalgamation of HPVL and, HVCL with HCAL. The combined platform shall advise/ manage approximately $4.1 billion of assets.

* Eicher Motors: The chief financial officer of the company Kaleeswaran Arunachalam has resigned effective from September 2.

* Dr. Reddy’s Laboratories: The U.S. FDA has concluded that the inspection is “closed” at the company’s formulations manufacturing facility (FTO 11) in Srikakulam, Andhra Pradesh.

* Nelco: Intelsat Commercial Aviation signs agreement with Nelco to offer inflight connectivity in India's airspace. Intelsat, the leading provider of inflight connectivity (IFC), announced the beginning of Intelsat's inflight connectivity services in Indian skies through an agreement with Nelco, India's leading satellite communication service provider. Nelco has been offering the Aero IFC services for more than two years with plans to introduce these services to more airlines in collaboration with its global partners.

* Max Financial Services: The company’s subsidiary Max Life Insurance announced that receipt of the Commencement of Business certificate for its wholly owned subsidiary, Max Life Pension Fund Management. This subsidiary will manage the pension assets with investment choices under the National Pension Scheme.

* Gland Pharma: The company received one observation on Form 483 from the U.S. FDA that conducted pre-market inspection at Dundigal Facility at Hyderabad.

* Lupin: Entered into an exclusive licensing deal with Japanese drugmaker I'rom Group to conduct clinical trials, register, distribute and market biosimilar Denosumab in Japan. Denosumab has a market size of $500 million in Japan and is available under two brands - Pralia and Ranmark.

* Bharti Airtel: In a major move which will aid in faster 5G rollouts, the telecom department amended right of way rules where a cap has been fixed for deploying telecom infrastructure while a central government portal GatiShakti Sanchar will provide approvals required by any department or state government. This move will help Airtel roll out its 5G services faster.

* Goa Carbon: Goa Carbon resumes operations at Bilaspur unit. The company announced resumption of operations at Bilaspur unit.

* Syrma SGS Technology: The company will make its debut on the bourses today, August 26. The issue price has been fixed at ?220 per share

Global Market Update

The Wall Street ended sharply higher on Thursday, lifted by gains in Nvidia and other technology-related stocks as investors focused on the Federal Reserve's Jackson Hole conference for clues about the central bank's policy outlook. The S&P 500 climbed 1.41% to end the session at 4,199.12 points. The Nasdaq gained 1.67% to 12,639.27 points, while the Dow Jones Industrial Average rose 0.98% to 33,291.78 points.

Crude Oil

Oil prices rose in early trade on Friday on signs of improving fuel demand, though gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day. Brent crude futures climbed 46 cents, or 0.5%, to $99.80 a barrel at 0051 GMT. U.S. West Texas Intermediate (WTI) crude futures also rose 48 cents, or 0.5%, to $93.00 a barrel. Both slumped about $2 on Thursday.

SGX Nifty:

Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 74 points. The Nifty futures were trading around 17,662 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Thursday at 17679, made a high of 17726, made a low of 17487, and closed on a negative note at 17522 levels. For the day, support for the Nifty exists at 17400 and 17300 levels, whereas resistance for the Nifty stands at 17600 and 17700 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Thursday at 39190 made a high of 39472 made a low of 38804, and closed on a negative note at 38951 levels. For the day, support for Bank Nifty exists at 38500 and 38000 levels, whereas resistance for Bank Nifty stands at 39200 and 39500 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