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Market Updates

The Markets are expected to open higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 97 points higher at 19,778 on wednesday.

Rail Vikas Nigam:

Government to sell up to 5.36% stake in Rail Vikas Nigam via offer for sale route. This includes a green shoe option of selling 1.96% stake. The offer opens Thursday for non-retail investors. The floor price for the OFS will be Rs 119 per share

Marico:

The company has acquired 32.75% stake in Satiya Nutraceuticals on a fully diluted basis and majority control overboard. It will buy the remaining 25.25% stake in tranches by May 2025

Reliance Industries:

Jio Financial Services, BlackRock have signed joint venture pact to foray into asset management sector. The 50:50 joint venture, Jio BlackRock, will deliver tech-enable access to affordable investment solutions. Both parties will initially invest $150 million (Rs 1230.19 crore) each in the joint venture

IDFC First Bank:

The lender will discuss and consider a proposal to raise funds in the next one year by issuing equity shares or other equity-linked securities.

Poonawala Fincorp:

The company completed the sale of 24.9 crore equity shares held in unit Poonawalla Housing Finance, an entity affiliated with TPG Global. Poonawalla Fincorp has received a post-tax amount of Rs 3,004 crore for the stake sale.

Mahindra and Mahindra:

The company acquired a 3.53% stake in RBL Bank. The stake was valued at Rs 417 crore. Mahindra may consider further investment subject to pricing, regulatory approvals and required procedures. The circumstance will the company's stake in RBL Bank exceed 9.9%.

Result Update Q1FY24:

Axis Bank Q1 FY24 Standalone Net Profit stood at Rs 5,797 crore vs. Rs 4,125 crore YoY. NII was at Rs 11,959 crore vs. Rs 9,384 crore last year. GNPA stood at 1.96% vs. 2.02% last quarter.. NNPA stood at 0.41% vs. 0.39% last quarter. CASA ratio as of June 30 was 46%. Net advances were up 22% year-on-year to Rs 8.58 lakh crore. Domestic net interest margin dipped 15 bps QoQ to 4.2%.

Earnings Today:

Godawari Power & Ispat, Greenlam Industries, Accelya Solutions, Ajanta Pharma, Arvind, Astec Lifescience, Bajaj Finserv, Bajaj Holdings & Investment, Bharat Electronics, Blue Dart Express, Birlasoft, Coromandel International, Foseco India, RailTel Corporation of India,NDTV, Nippon Life India Asset Management, etc.

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