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CORPORATE AND ECONOMY NEWS

* Reliance Industries: Country's largest retailer Reliance Retail on Tuesday announced the launch of its fashion and lifestyle departmental store format -- Reliance Centro -- targeting the mid-premium segment customer. The company has opened its first Centro store in Vasant Kunj, Delhi. Through Reliance Centro format, the company is focusing at democratising fashion in India, said a company statement.

* Torrent Pharmaceuticals: The company has entered into definitive agreements to acquire 100% of Curatio Healthcare for Rs 2,000 crore. The consideration includes Rs 115 crore of cash on the date of signing and cash equivalents in the acquired business indicating an enterprise value of Rs 1,885 crore.

* Axis Bank: The bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance for a proposed investment of an amount between Rs 49.90 crore to Rs 69.90 crore, in two tranches, by subscribing to equity shares. The bank is looking to acquire an equity stake of up to 9.94%.

* PVR: Film exhibition company PVR Cinemas will invest up to ?350 crore to open 100 new screens in FY23, a top official has said. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR's chief executive Gautam Dutta told PTI over the phone.

* Birla Corporation: The country's fifth largest cement maker Birla Corporation Ltd will invest USD 1 billion over the next eight years to ramp up its capacity to 30 million tonne from the present 20 million tonne, a top company official has said. The plan entails the installation of a four-million tonne per annum each capacity in a greenfield project and brownfield expansion. While a two million tonne output increase will come from the de-bottlenecking of existing facilities.

* IGL: Indraprastha Gas Ltd on Tuesday said it provided record 3.75 lakh new connections for piped cooking gas to households during the financial year 2021-22. The gas retailer in the national capital region said it had set up 99 new CNG stations during April 2019 and March 2020, taking the total number of CNG stations set to 711. IGL chairman Arun Kumar Singh said despite the challenges such as the pandemic and the high input gas cost, IGL achieved gross turnover of ?8443 crore and PAT was Rs.1315 crore in FY2021-22.

* Mahindra & Mahindra: The company acquired 21.14 lakh shares, constituting 17.41% of the paid up equity share capital of Swaraj Engines from Kirloskar Industries.

* NDTV: SEBI has reportedly filed civil appeals before the Supreme Court against NDTV, its founder-promoters Prannoy Roy, Radhika Roy, and the promoter-group vehicle, RRPR Holding. These appeals reportedly are against an order of the Securities Appellate Tribunal, dated July 20, 2022, which found that there was no indirect transfer of control of NDTV by the founder-promoters via loan arrangements in 2009-10.

* Bharat Heavy Electricals: The company has received an order for setting up 2x660 MW Talcher Thermal Power Project Stage-III on engineering, procurement and construction basis from NTPC.

* Supriya Lifesciences: CEO Dr. Shireesh Ambhaikar has resigned from the position due to his personal reasons. He has agreed to extend his services on a retainership basis for two years effective Oct. 1, 2022, where he will be designated as Technical Head for certain projects. He will be succeeded by Rajeev Kumar Jain.

* Motherson Sumi Wiring India: The board of the company will met on Sept. 30, 2022, to consider and approve the proposal for issuance of bonus shares to the equity shareholders.

* Power Grid Corporation of India: The company will invest Rs 327.71 crore to build a transmission project connecting Reliance Industries’ Jamnagar Refinery with Jamkhambhaliya ISTS PS.

GLOBAL MARKETS

Global Market Update

The S&P 500 fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing. The S&P 500 touched a session low of 3,623.29, its lowest point on an intraday basis since November 30, 2020. A late rally helped push the index off its worst level of the day, but the index still closed lower for a sixth straight session as it lost 7.75 points, or 0.21%, to 3,647.29.

Crude Oil

Oil prices were mixed in early Asian trade on Wednesday as support from US production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar. Brent crude futures fell 4 cents, or 0.1 percent, to $86.23 per barrel by 0022 GMT, while US West Texas Intermediate (WTI) crude futures were up 22 cents at $78.03 per barrel.

SGX Nifty:

Trends in SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 101 points. The Nifty futures were trading around 16,937 levels on the Singaporean exchange.

TECHNICAL VIEW

Nifty Outlook:

Nifty opened gap up on Tuesday at 17111, made a high of 17176, made a low of 16942, and closed on a negative note at 17007 levels. For the day, support for the Nifty exists at 16900 and 16800 levels, whereas resistance for the Nifty stands at 17200 and 17350 levels

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 38812 made a high of 39050 made a low of 38185, and closed on a negative note at 38359 levels. For the day, support for Bank Nifty exists at 38200 and 38000 levels, whereas resistance for Bank Nifty stands at 38600 and 39050 levels

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