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CORPORATE AND ECONOMY NEWS

* Lupin: The company has entered into a deed of assignment Boehringer Ingelheim International GmbH for the acquisition of brands Ondero and Ondero – Met, including trademark rights associated with the brands, which will enable it to provide comprehensive treatment options for diabetes management. The cost of acquisition is Euro 26 million (Rs 207.43 crore)

* NDTV/Adani Enterprises: The company’s promoters Pranoy Roy and Radhika Roy require SEBI’s approval for dealing in securities. SEBI’s approval, it said, is precursor to Vishvapradhan Commercial's entitlement to convert warrants into equity shares. RRPR Holding has instructed bankers to return Rs 1.99 crore deposited by VCPL.

* Maruti Suzuki: Maruti Suzuki India on Wednesday said it is recalling 166 Dzire Tour S units to replace faulty airbag components. The affected lot of the compact sedan has been manufactured between August 6 and August 16 this year, the country's largest carmaker said in a regulatory filing. "The recall is being undertaken to replace Airbag Control Unit, free of cost, in these vehicles," it added. ? Wipro: IT company Wipro Limited on Wednesday announced the appointment of Wagner Jesus as country head and managing director for operations in Brazil. Wagner joined Wipro three years ago, taking the lead in the non-financial business cluster. Wagner holds a management certification from Harvard Business School, a Master's in Business Administration (MBA) by FIAP, Brazil and a bachelor's degree in Computer Science from Vale do Paraiba University, also in Brazil.

* NHPC: The company's subsidiary NHPC Renewable Energy signed memorandum of understanding with the government of Rajasthan for setting up of 10 GW RE parks/projects at sites identified inside Rajasthan. ? Omaxe: The realty firm has bagged a project from Delhi Development Authority (DDA) to develop a sports complex and retail project at Dwarka in the national capital at a cost of Rs 2,100 crore. The total investment is estimated at about Rs 2,100 crore, of which Rs 1,300 -1,400 crore will be on sports complex and the rest on retail area.

* Tata Power: A Tata Power arm has raised USD 320 million through Sustainability Linked Loans (SLL) to refinance its debt. The SLLs are typically available up to 0.25% cheaper than conventional loans, finance industry watchers said. The loan raised by Tata Power's overseas arm is a three-year tenor loan meant for general corporate purposes. The company has committed to certain Key Performance Indicators (KPI) in order to get the loan recognised as SLL.

* PB Fintech: The company approved investment of Rs 250 crore and Rs 650 crore in Paisabazaar Marketing and Consulting and Policybazaar Insurance Brokers respectively during the financial year 2022-23. It also incorporated a step-down subsidiary in Abu Dhabi with the objective of extending group’s technology hub in UAE and providing end to end tech solutions. It will also acquire 45% to 51% stake in UAE based YKNP Marketing Management via its Dubai unit for $4 million.

* IDFC: The private lender announced it has appointed Mahendra Shah as managing director and chief executive officer (CEO) with effect from October 1, 2022, till September 30, 2023, subject to the approval of the shareholders.

* REC: The company has sold entire shareholding in Neemuch Transmission to Power Grid Corporation. ? TVS Motor Company: TVS announced an investment in Narain Karthikeyan’s startup “DriveX” (NKars Mobility Millennial Solutions Private Limited), a pre-owned twowheeler platform, on Wednesday. DriveX, founded by India's first Formula 1 ace racing driver Narain Karthikeyan, is a fully integrated model present across the preowned two-wheeler vehicle value chain. This comprises all core areas such as acquisition, refurbishing, and selling of multi-brand pre-owned two-wheelers.

* PSP Projects: The company has received contract worth Rs 257.35 crore taking its total order flow for FY23 till date to Rs 1,344.24 crore.

Global Market Update

Wall Street ended higher on Wednesday, lifted by gains in energy stocks and Intuit while investors awaited the US Federal Reserve's Jackson Hole conference this week. Boosting the tech-heavy Nasdaq, Intuit Inc rallied almost 4 percent after the accounting software maker forecast upbeat fiscal 2023 revenue. The S&P 500 climbed 0.29% to end the session at 4,140.77 points. The Nasdaq gained 0.41% to 12,431.53 points, while Dow Jones Industrial Average rose 0.18% to 32,969.23 points.

Crude Oil

Oil prices rose in early Asian trade on Wednesday after Saudi Arabia suggested the Organization of the Petroleum Exporting Countries could consider cutting output, though bearish economic signals from central bankers and falling equities weighed. US crude futures rose 34 cents to $95.23 a barrel by 0016 GMT, while Brent crude futures rose 51 cents or $101.73 a barrel.

SGX Nifty:

Trends in SGX Nifty indicate a positive opening for the broader index in India with a gain of 58 points. The Nifty futures were trading around 17,674 levels on the Singaporean exchange

TECHNICAL VIEW

Nifty Outlook: Nifty opened gap down on Wednesday at 17525, made a high of 17624, made a low of 17499, and closed on a positive note at 17605 levels. For the day, support for the Nifty exists at 17400 and 17300 levels, whereas resistance for the Nifty stands at 17650 and 17800 levels.

Bank Nifty Outlook: Bank Nifty opened gap down on Wednesday at 38553 made a high of 39121 made a low of 38552, and closed on a positive note at 39038 levels. For the day, support for Bank Nifty exists at 38800 and 38500 levels, whereas resistance for Bank Nifty stands at 39200 and 39500 levels.

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