Share Market Highlights 30 August 2023: Indices end flat amid weak global cues; Sensex inches up 0.02%, Nifty ends at 19,347

Benchmark equity indices ​Sensex and Nifty closed on a flat note​ on Wednesday amid weak global cues.

Shedding most of the gains made during the day, the BSE ​Sensex​ ended 0.02 per cent or 11.43 points higher at 65,087.25 points.

Similar trends were witnessed on the NSE too where the ​Nifty​ inched up 0.02 per cent or 4.80 points to settle at 19,347.45 points.

The rupee recovered 6 paise to settle at 82.74 (provisional) against the US currency on Wednesday following weakness in the US dollar in global markets.

FII inflows into the capital market and firm equity markets supported the local unit while gains in crude oil prices restricted the rupee upside, according to analysts.

At the interbank foreign exchange, the domestic unit opened higher at 82.67 amid overnight losses in the US dollar against major global rivals. It moved between a high of 82.66 and a low of 82.81 in intra-day trade.

The rupee finally closed at 82.74 against the dollar, a gain of 6 paise compared to the closing level of 82.80 on Tuesday.

Asit C Mehta Investment Interrmediates Ltd (ACMIIL), a leading brokerage house and subsidiary of Asit C Mehta Financial Services Ltd, announced the launch of all-new version of trading and investments platform & app - investmentz.com.

​BHEL​ has received an order from ​NTPC Ltd​ for setting up the 2x800 MW Supercritical Thermal Power Project Stage-II at Lara in Chhattisgarh through International Competitive Bidding.

NTPC has accorded investment approval for Lara Super Thermal Power Project, Stage-II (2x800 MW) at an appraised current estimated cost of ₹15,530 crore.

Major gainers on the NSE at 3 pm:

Jio Financial (4.99%); Tata Steel (2.34%); Maruti (1.44%); Eicher Motors (1.44%); M&M (1.35%)

Major losers:

Power Grid (-1.63%); BPCL (-1.30%); SBI (-1.09%); Dr Reddy’s (-0.99%); Hero Motocorp (-0.99%)

Open interest stood at 3,08,254 contracts worth $11.93 billion. Since the first day of full-scale operations, Gift Nifty has witnessed a total cumulative volume of over 2.94 million contracts with total cumulative turnover of $113.73 billion.

Stocks advanced on BSE at 3 pm on August 30 were 2,282 against 1,316 stocks that declined. Total stocks traded were 3,749. The number of stocks that recorded a 52-week high was 239, and those that hit a 52-week low was 35.

Finkurve Financial Services Limited has entered into a collaboration agreement with Indian Bank, under normal course of business, a significant strategic partnership aimed for offering Gold Loan for a superior customer experience using its digital lending platform.

The stock gained 0.6% to trade at Rs 82 on BSE.

Here are the highlights of Anand Rathi Research’s report

August two-wheeler wholesales are likely to have declined due to the impending festival period and slow inventory ramp-up. On a year-on-year basis, passenger vehicle volumes are likely to have grown only slightly.

Commercial vehicles are likely to have grown in mid-single digits, supported by healthy freight activity/infra and a production ramp-up.

Tractors are likely to have been flattish. We are positive on the auto sector.

Our preferred OEM picks are: Hero MotoCorp, Bajaj Auto, Tata Motors and Ashok Leyland.

The stock lost 0.82% to trade at Rs 388.55 on NSE.

BSS in a circular on Wednesday said, “Based on feedback received from diversified set of Market Participants, the expiry day of S&P BSE BANKEX derivatives contracts in equity derivatives segment will be revised to Monday expiry effective October 16. Currently the expiry is on Friday.”

All the existing contracts of S&P BSE BANKEX with expiry day as Friday will expire on October 13,2023 end of day and will not be available for trading w.e.f October 16.

New contracts of S&P BSE BANKEX with Monday expiry will be generated on October 13,2023 end of day and will be available for trading w.e.f October 16,2023.

Titagarh Rail Systems Ltd has informed the exchange about the receipt of the Letter of Acceptance for design, manufacture, supply, testing, commissioning and training of 30 nos. of Standard Gauge Cars for Ahmedabad Metro Rail Phase-II Project. The stock trades at ₹748.45, higher by 2.33% on the NSE.

MTAR Technologies Limited receives the Defence Industrial License for production of various mechanical and electronic subsystems in Defence sector.

Europe markets open flat to marginally up, with key indices across Germany, UK, France and Italy trading in the range of 0 tp 30 bps. This follows largely flattish Asian markets as well with China’s SSE composite up by 4 bps for the day and Japan’s Nikkey 225 up by 33 bps. India an outperformer today so far.

Raw sugar prices surged to a one-month high on concerns over Indian sugar production due to El Nino affecting monsoon and the country receiving one of its lowest rainfall in decades. Raw sugar on ICE was last quoted at 25.45 US cents a pound.

PhonePe enters stock broking business with launch of its app called ‘Share.Market’ (share dot market). The app will allow users to trade and invest in stocks, mutual funds, and ETFs.

RPS Consulting Pvt Ltd, an NIIT Ltd subsidiary, has won the 2023 Google Cloud Training Partner of the Year - Asia Pacific Award. The stock trades at ₹80.25, up by 0.06%.

The spices complex turned positive on Wednesday. On MCX, mentha oil October contracts were up by ₹32.30 at ₹1,062 a kg. On NCDEX, dhaniya (coriander) November contracts increased by ₹222 to ₹7,224 a quintal. Jeera (cumin) October futures were up by ₹190 to ₹54,910 a quintal. Turmeric December futures gained ₹474 at ₹15,214 a quintal.

On MCX, gold October futures were up by ₹83 to ₹59,349 per 10 gm. Silver December contracts declined by ₹218 to ₹76,222 a kg.

Mindspace Business Parks REIT creates a Bio-Sonification Zone in its Business Park at Mindspace, Airoli West. This Zone aims to offer employees at the Business Park a method for relaxation and meditation. It allows individuals to immerse themselves in the serene biorhythms of living plants, providing a tranquil escape during their midday work breaks. The bio-sonification technique has recorded the sounds of 15 different species of plants and converted them into relaxing soundscapes. This initiative fits in perfectly with Mindspace Business Park REIT’s larger purpose ‘to build sustainable ecosystems’.

Tata Consultancy Services shares were up 0.72 per cent as the company was honoured with three 2023 Google Cloud Partner of the Year Awards.

The Global Talent Development Partner of the Year acknowledges TCS’ commitment to fostering a culture of continuous learning and substantial growth in Google Cloud-skilled talent. The introduction of G-Skool, a dedicated learning academy, has seen a 60-fold increase in Google Cloud certifications since its inception. Additionally, TCS is an early adopter of generative AI learning on Google Cloud, with plans to certify 40,000 employees in this technology within the year.

The second award, the Industry Solution Services Partner of the Year — Financial Services and Insurance, highlights TCS’ extensive domain expertise and innovative solutions, spanning the entire financial services value chain. TCS BaNCSTM, a SaaS solution available on Google Cloud, was acknowledged for enhancing customer experiences, driving innovation, and establishing competitive differentiation within financial services firms.

The , Industry Solution Services Partner of the Year: Retail and Consumer Packaged Goods, recognises TCS’s experience facilitating cloud transformation within the retail domain. Digital solutions, notably TCS OptumeraTM (an AI-powered retail strategic intelligence platform) and TCS OmniStoreTM (an AI-powered unified commerce platform), enable retailers to optimise merchandising strategies, streamline supply chains, and deliver personalised customer experiences across touchpoints. The shares were up by 0.72 per cent at Rs 3,401 at 11.21 am on the BSE.

In Asian trade, gold ruled above $1,930 an ounce on Wednesday after gaining nearly 1 per cent on Tuesday. The yellow metal gained on softer-than-expected US economic data that bolstered hopes that the US Fed may finally end its rate hikes. At 12.30 hours IST, gold was quoted at $1,935.64 an ounce and silver was steady at $24.57 an ounce.

GI Engineering Solutions Limited, soon to transform into ‘Teamo Productions HQ Ltd (TPHQ), has announced their collaboration with director Kriti Kapoor for the upcoming film “Sorry Not Sorry.”

The stock lost 0.42% to trade at Rs 11.80 on NSE.

Oil Marketing Companies (OMCs) will bear the cut in cost price of LPG for all non-Ujjawala Consumers, a senior Government official clarified on Wednesday. However, it is not yet clear whether this will be compensated by the Government in due course or not.

The Cabinet on Tuesday said effective August 30, the price of a 14.2 kg LPG cylinder will be reduced by Rs 200 in markets across the country. In Delhi, for instance, the cost of a 14.2 kg cylinder will drop to Rs 903 from the existing Rs 1,103. The decision will cover all 33 crore connections, including 9.6 crore under the PM Ujjawala Yojana.

BPCL was the top losers among the Nifty50 stocks on Wednesday. Click here for our complete report.

Stocks advanced on BSE at 12 noon on August 30 were 2,400 against 1,052 stocks that declined. Total stocks traded were 3,629. The number of stocks that recorded a 52-week high was 209, and those that hit a 52-week low was 30.

The company, along with G Eng Advisory Services Private Limited, and in association with Kaius Consulting Private Limited has received the Letter of Award for providing consultancy services towards authority engineer for construction of four laning with paved shoulder from Hassan to Adihalli Village under Bharatmala Pariyojana. The contract is valued at ₹7 crore.

The company on Tuesday said the current Executive Vice Chairman R Dinesh would be taking over as its Chairman with immediate effect. He succeeds S Mahalingam who has stepped down as Chairman after completing his tenure of two terms as independent director on the closing hours of April 29.

Ramkrishna Forgings Limited’s shares were up after the company announced a breakthrough by expanding its presence into the South American market. The company has won a substantial contract valued at 8.25 Million Euros (approximately Rs. 73.65 crore) from a European OEM and Tier 1 supplier.

The shares were up by 0.77 per cent to Rs. 659 at 10.35 a.m. on the BSE. Click here to read our complete report.

Shakti Pumps (India) Ltd received its first work order under the KUSUM-3 scheme from Haryana Renewable Energy Department (HAREDA) for 7,781 pumps. The total amount of the work order is for around ₹358 crore

The company had received ANDA approval for its Prasugrel Tablets USP, 5 mg and 10 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Effient (Prasugrel) Tablets, 5 mg and 10 mg, of Cosette Pharmaceuticals, Inc.

Tata Consultancy Services has won three 2023 Google Cloud Partner of the Year Awards: Global Talent Development Partner of the Year, Industry Solution Services Partner of the Year – Financial Services & Insurance, and Industry Solution Services Partner of the Year – Retail & Consumer Packaged Goods.

The rupee rose by 7 paise to 82.73 against the US dollar on Wednesday amid positive sentiment in the equity markets.

Rising crude oil prices and a strengthening dollar, however, weighed on the Indian currency, according to forex traders.

At the interbank foreign exchange, the domestic unit opened stronger at 82.67 and hit the level of 82.74 against the greenback. Click here to read the complete report.

The stock rises by 1.49% on the NSE, trading at ₹442.50. Click here for the complete report.

The August futures contract of Nifty 50 opened today’s session higher at 19,410 compared to yesterday’s close of 19,337. It is currently hovering around 19,430.

The prevailing price action suggests that the probability of a rally from the current level is high. The nearest resistance levels can be seen at 19,500 and 19,570. Click here to know trade strategy for today.

The company is revamping its 6E Eats on-board catering service. The new quick service menu has been designed to present new options for customers, while driving greater affordability, improved service efficiency and reducing wastage.

The stock rises by 1.43% on the NSE, trading at ₹662.95.

Wipro Ltd’s shares were up by 0.45 per cent after the company partnered with Amigos do Bem to introduce ‘Wipro Cares’ in Brazil.

In their inaugural project, Wipro Cares and Amigos do Bem have provided nearly a thousand food baskets to needy communities across 95 villages in Alagoas, Ceará, and Pernambuco, benefiting around five thousand people.

The company through its wholly owned subsidiaries has entered into an agreement to acquire Atraco Group (Atraco), an apparel manufacturer with market presence and customer relationships across the US and Europe, for $55 million.

Major gainers on the NSE at 9:30 am:

Jio Financial (4.99%); Tech Mahindra (1.80%); Hindalco (1.78%); Tata Steel (1.51%); M&M (1.50%)

Major losers:

BPCL (-1.29%); Power Grid (-0.56%); Apollo Hospitals (-0.38%); Divi’s Lab (-0.32%); Hero Motocorp (-0.25%)

The stock gained 0.45% to trade at Rs 565.05 on NSE.

Indian markets opened in green on Wednesday. While BSE Sensex gained 235 pts or 0.36% to trade at 65,311, NSE Nifty gained 80 pts or 0.42% to trade at 19,423 in initial trade.

“Strong buoyancy in overnight US markets and optimism in other Asian indices could lift the domestic market mood in early trades. There are reports that the US economy could be weakening, which now raises hopes that the Fed rate hike cycle could be nearing the end. Investors can heave a sigh of relief as both FIIs and domestic funds were net buyers in yesterday’s trade, although the former have been mostly offloading shares this month. However, the intraday choppy trend may continue ahead of tomorrow’s monthly F&O expiry. Technically, Nifty’s upside is capped at 19437-19589 zone.” - Prashanth Tapse, Senior VP (Research), Mehta Equities

Maruti Suzuki looking to invest around Rs 45,000 crore to double production capacity

Speaking at the company’s annual general meeting on Tuesday, Maruti Suzuki chairman RC Bhargava said the company will utilise its cash reserves to double production capacity by 2031. The company will also take up suggestions by shareholders for a stock split to its board for consideration, said Bhargava.

Directorate General of Trade Remedies recommends Anti-dumping Duty (ADD) on imports of toughened glass, duty for 5 years on toughened glass imports from China , says Commerce Ministry Glass manufacturers such as Asahi Glass, Borosil will be in focus

Ex-Dividend 31 August 2023 (Tomorrow)

Last date for Cum-Dividend Today

Baid Finserv Ltd

Dividend Per Share Rs.0.1

Previous day Closing Price – Rs. 38.02

B&A Packaging India Limited

Dividend Per Share Rs.1.5

Previous day Closing Price – Rs. 189

Eclerx Services Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 1631.9

Geecee Ventures Limited

Dividend Per Share Rs.2

Previous day Closing Price – Rs. 182.15

Kama Holdings Limited

Dividend Per Share Rs.82

Previous day Closing Price – Rs. 14386.8

NMDC Ltd.

Dividend Per Share Rs.2.85

Previous day Closing Price – Rs. 122.9

Sigachi Industries Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 372.7

Uno Minda Ltd

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 606.45

Swastik Safe Deposit & Investments Ltd.

Dividend Per Share Rs.1

Previous day Closing Price – Rs. 5.08

Revathi Equipment has appointed Harivansh Dalmia as the Whole Time Director of the Company subject to the approval of shareholders in the upcoming Annual General Meeting

Suzlon Energy Ltd, which bagged various order including that of 285 MW wind power project under SECI 4 bid located in Kutch, Gujarat from Avikiran Solar India Private Limited, has informed the exchanges that due to devastating impact of the Covid- 19 global pandemic and the resultant disruption of the global supply chain, the parties have decided to downsize the project limiting to 168 MW.

Securities Appellate Tribunal to hear Punit Goenka’s APPEAL AGAINST SEBI’S CONFIRMATORY ORDER ON WEDNESDAY: Market sources

ICRA : Indian IT services sector’s revenue growth will slow down to 3 per cent in the current fiscal from 9.2 per cent in the previous financial year

Aeroflex Industries IPO received more than 27 lakh applications; the highest number fetched in any IPO during 2023, according to Pantomath Capital. The 351 crore Initial Public Offering of Aeroflex Industries was subscribed 97 times, receiving a response worth INR 24,500 Crores.

Shares of Bondada Engineering will be listed at the BSE-SME on Wednesday. The IPO price is Rs 75.

The SME IPO of Bondada Engineering Limited, which provides engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services to the telecom and solar energy industry, was subscribed by 106.65 times.

The issue received bids for 60.74 crore shares against 56.96 lakh equity shares that were on offer. The qualified institutional buyer segment recorded a subscription of 2.45 crore shares, with foreign institutional investors (FIIs) accounting for 40.62 lakh shares and domestic financial institutions contributing the remaining shares.

TPG-backed RR Kabel Ltd has received approval from the Securities and Exchange Board of India to raise up to ₹225 crore through an initial public offering (IPO).

BNP Paribas, an European Bank, is looking to completely exit from the Mumbai-based full service retail brokerage firm Sharekhan, market sources said. Three homegrown financial services’ biggies and a Japanese as well as a Korean firm are understood to have evinced interest to buy the 100 percent stake of BNP Paribas in Sharekhan, they added. There are atleast five players in the fray, it is learnt.

UBS on Hero Moto

Sell Rating

Target Rs 2,650

Citi on Hero Moto

Buy Rating

Target Rs 3,600

HSBC on Zomato

Buy Rating

Target Raised To Rs 120 From 102

Citi on Piramal Ent

Downgrade To Sell Rating

Target Cut To Rs 1,010

MS on SBI Cards

Overweight Rating

Target Rs 1,125

Elara on HAL

Buy Rating

Target Raised To Rs 4,620 From 3,780

MOSL on ZEE Ent

Buy, TP Rs 320

The Rs 75-crore Nido Home Finance, formerly known as Edelweiss Housing Finance public issue of non-convertible debentures opens today.

The company issue comes with a greenshoe option of up to Rs 75 crore. The face value of these debentures is Rs 1,000 each.

The issue will close on September 12.

The funds raised through this Issue will be used for onward lending, financing and repayment, and prepayment of interest and principal of existing borrowings of the company.

Price Band Revised From 20% To 10%: Texmaco Rail & Engineering

Ex-date Dividend: CMS Info Systems, Tanla Platforms, SKM Egg Products Export (India), Ion Exchange

Ex-date AGM: Tanla Platforms, SKM Egg Products Export (India), Ion Exchange

Record-date Dividend: CMS Info Systems, Tanla Platforms

Move Into Short-Term ASM framework: Atul Auto, Gabriel India, Himadri Speciality Chemical, and Jaiprakash Associates.

Move Out Of Short-Term ASM Framework: 63 Moons Technologies, Hindustan Oil Exploration, Technocraft Industries (India), Dr. Agarwal’s Eye Hospital.

Emami: Promoter Suraj Finvest released a pledge of eight lakh shares on Aug. 23.

Capacite Infraproject: Goldman Sachs Investments (Mauritius) sold 3.75 lakh shares (0.5%) at Rs 203.19 apiece.

RattanIndia Power: ABARC-AST-002-TRUST sold 5.4 crore shares (1%) at Rs 5.84 apiece.

Reliance Power: Citadel Securities bought 2.2 crore shares (0.6%) at Rs 18.22 apiece.

APL Apollo Tubes: Rahul Gupta sold 15 lakh shares (0.5%) at Rs 1,621.46 apiece.

Ami Organics: Girishkumar Limbabhai Chovatia sold 6.2 lakh shares (1.7%) at Rs 1,250.39 apiece, and Morgan Stanley Asia bought 6.2 lakh shares (1.7%) at Rs 1,250 apiece.

Rishabh Instruments: The energy-efficiency solutions provider will launch its initial public offering on Aug. 30 to raise Rs 490.8 crore. The fresh issue will consist of 17 lakh equity shares aggregating to Rs 75 crore, and the OFS includes 94,28,178 shares aggregating to Rs 415.8 crore. The price band is fixed in the range of Rs 418–441 per share. The issue closes on Sept. 1. The company has raised Rs 147.2 crore from anchor investors.

State Bank Of India: The bank received approval to set up a wholly-owned subsidiary, ‘SBI Funds Management,’ at IFSC Gift City.

Jupiter Wagons: The company will consider fundraising through any means in a board meeting on Sept. 5.

Central Bank of India: The bank has entered into a strategic co-lending partnership with Samunnati Financial Intermediation & Services to offer agriculture and MSME loans at competitive rates. It will also tie up with IKF Home Finance to offer MSME and home loans at competitive rates.

IndiaMart: The company submitted a Letter of Offer for the buyback of 12.5 lakh shares of face value of Rs 10 each not exceeding Rs 500 crore by way of tender offer on a proportionate basis.

SBFC Finance: The company reported a standalone net profit of Rs 47 crore for the quarter ended June. Net interest income stood at Rs 141 crore.

GR Infraprojects: Two wholly-owned subsidiaries have executed a concession agreement with the National Highways Authority of India for two projects in Karnataka worth a total of Rs 1,457 crore.

Lupin: The drugmaker’s Canada unit launched Propranolol LA (long-acting) capsules in 60 mg, 80 mg, 120 mg, and 160 mg.

ONGC: Company will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. It will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, the remaining would be used to achieve Scope-1 and 2 net zero carbon emissions.

MPS: Its subsidiary MPS Interactive Systems will acquire a 65% stake in Australia-based Liberate Group entities for AUD 9.32 million. The entities include Liberate Learning, Liberate eLearning, App-eLearn, and Liberate Learning (New Zealand). The remaining 35% shareholding will be acquired by MPSi in subsequent tranches.

Indian shares are set to open marginally higher on Wednesday, tracking Asian and U.S. peers on easing interest rate concerns after data signalled a slowdown in the world’s largest economy.

India’s GIFT Nifty on the NSE International Exchange was up 0.12% at 19,534 at 8:00 a.m. IST.

The benchmark Nifty 50 settled marginally higher on Tuesday, aided by metals on hopes of a demand recovery in China, although Reliance Industries extended decline following its annual general meeting on Monday and capped gains.

Wall Street closed higher overnight after data showed dampening consumer confidence and fall in job openings, easing rate concerns as they signalled that the U.S. Federal Reserve’s policy tightening has resulted in cooling the economy.

Further data scheduled to be released later this week including August non-farm payrolls, and July personal consumption expenditure (PCE) could influence the Fed’s rate decision. Asian markets rose.

Investors also await domestic GDP data for the April-June quarter, scheduled to be released post-market hours on Thursday.

India’s economic growth likely accelerated to 7.7% in the June quarter, the fastest in a year on strong demand, robust service sector growth and increased government expenditure, according to a Reuters poll.

Foreign institutional investors bought shares worth 615.1 million rupees on a net basis on Tuesday, while domestic institutional investors bought shares worth 3.05 billion rupees ($36.9 million), according to stock exchange data. - Reuters

Apollo Hospitals Enterprise Ltd Annual Shareholders Meeting 30-Aug-2023 10:30

NTPC Ltd Annual Shareholders Meeting 30-Aug-2023 11:00

Power Grid Corporation of India Ltd India Ltd Annual Shareholders Meeting 30-Aug-2023 14:00

ICICI Bank Ltd Annual Shareholders Meeting 30-Aug-2023 16:30

Zomato Ltd Annual Shareholders Meeting - Reuters

Trigyn Technologies Limited has received Letter of Award from Digital India Corporation, (A Section 8 Company) Ministry of Electronics and Information Technology, Govt. of India for Award of Work, for providing Technical Manpower for LokOS project. The project duration will be three years from award of work i.e. upto 23.08.2026 and further extendable based on performance. The project value is approx. Rs. 35 crore (3 Years) and Rs 65 Crore (5 Years).

Buzzing stocks: Zomato, Reliance Infrastructure, Lupin, TVS Supply Chain, Tata Motors, M&M, HCL Tech, Trigyn Tech, MPS, Indigo, Central Bank of India, BigBloc, Dalmia Cement Bharat

Dalmia Cement (Bharat) on Tuesday said Puneet Dalmia will take over as its Managing Director and Chief Executive Officer after Mahendra Singhi’s decade-long tenure comes to an end on December 8. The Board of Dalmia Cement (Bharat) also decided to retain the services of Singhi as Director and Strategic Advisor to the MD and CEO to ensure a smooth transition and harness his talent in the transformational phase, the company said in a statement on Tuesday.

Unichem Laboratories Limited has received ANDA approval for its Prasugrel Tablets USP, 5 mg and 10 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Effient (Prasugrel) Tablets, 5 mg and 10 mg, of Cosette Pharmaceuticals, Inc.

ESCORTS

GMRINFRA

HINDCOPPER

IBULHSGFIN

MANAPPURAM

RBLBANK

SUNTV

TVS Supply Chain Solutions Ltd on Tuesday said the current Executive Vice Chairman R Dinesh would be taking over as its Chairman with immediate effect. He succeeds S Mahalingam who has stepped down as Chairman after completing his tenure of two terms as independent director on the closing hours of April 29.

Zomato to be in spotlight on media reports indicating a stake sale. SoftBank Vision Fund (SVF Global) is likely to offload 1.17 per cent stake (10 crore shares) in Zomato for Rs 940 crore via a block deal at Rs 94 a share, according to media buzz.

Standalone health insurer Star Health & Allied Insurance Company Ltd is devising a new growth strategy under which it seeks to grow at a CAGR of 20 per cent during this decade to deepen its focus on Bharat (rural and semi-urban locations) and strengthen schemes and coverage for out-patient department expenses.

Kalyani Forge, a forging company engaged in high-precision metal forming, has devised its Vision 2027 — Vriddhi 2027 — programme, under which it seeks to double revenues with an EBITDA of 15 per cent over the next five years as also significantly increase the share of machined components in sales and exports in total revenue.

Amid macroeconomic headwinds affecting the US and Europe, hiring in the IT services sector was down 25-30 per cent, according to Quess Corp ‘The Skills Report.’

However, the situation has opened up new opportunities, with global capability centres (GCCs) ramping up talent acquisition and projecting an employee strength of 1.4 million. The hiring is likely to increase by 10 per cent, the report noted.

In a bid to push research and innovation across pharma and medtech sector, the Health Ministry is planning to allocate ₹700 crore fund to set up seven Centres of Excellence across various National Institutes of Pharmaceutical, Education & Research (NIPER). Another ₹4,250 crore will be allocated to push research in private sector though milestone-based support, said Union Minister, Mansukh Mandaviya.

National Curriculam Framework (NCF) implementation likely to result in significant volume growth, as 2nd hand book market would turn redundant and new SKUs will be launched.

We interacted with the management of Mahindra Lifespace Developers Limited (MLDL). The company focuses on achieving profitable growth and not just building scale, underscored by recently joined CEO & MD, Amit Sinha. It would focus on mid-premium and premium segments along with a selective assessment of projects in Happinest (value/affordable category).

The Securities and Exchange Board of India has set up separate working groups for brokers and mutual funds to facilitate ease of doing business, in what is part of a broader initiative being driven by the Union government.

Maruti Suzuki India (MSIL) on Tuesday announced a dividend of ₹90 per share, the highest-ever in the history of its operations in the last 40 years, and said that the company will add two million units in the next eight years, while also more than doubling the turnover as part of its third phase of journey.

August rainfall may prove worse than India Meteorological Department’s ‘below normal’ monsoon forecast, as the pan-India deficit was recorded at 32 per cent until Monday, with the southern peninsula receiving 62 per cent less rains than normal during August 1-28.

Funds raised by mutual funds through new fund offers (NFO) plunged 34 per cent in the first half of this year to ₹25,712 crore against ₹38,929 crore in the second half of last year on back of uncertainty in both equity and debt markets.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

The short-term outlook is bullish for Laxmi Organic Industries. The stock has surged about 12 per cent this week. This has taken the stock well above the key ₹270-275 resistance zone. There is resistance near current levels. Read more

Asian stocks made gains on Wednesday as there are reports indicating that China’s major banks are preparing to decrease interest rates. Additionally, investors are speculating that the Federal Reserve is approaching the conclusion of its campaign to tighten monetary policy.

On Wednesday, Tokyo shares initiated the day with higher opening prices, taking cues from the positive performance on Wall Street. This optimism was sparked by data that raised expectations for a temporary halt in the escalation of US interest rates.

During the initial trading session, the Nikkei 225 index, a key benchmark, advanced by 0.47 percent, equivalent to a rise of 151.09 points, bringing the index to 32,378.06. Simultaneously, the broader Topix index also saw an increase of 0.56 percent, corresponding to a gain of 12.82 points, leading to a level of 2,316.23.

The stock market on Wall Street concluded with higher values, influenced by two economic reports that suggest a moderation in economic activity sufficient for the Federal Reserve to consider pausing its pattern of interest rate hikes.

The Dow Jones Industrial Average experienced a notable increase of 0.9 per cent.

The S&P 500, a diversified index, surged by 1.5 per cent, while the Nasdaq Composite Index, which is skewed towards technology companies, saw a substantial rise of 1.7 per cent.