Stocks in Focus: GIFT Nifty traded up 23 points, or 0.12%, at 19,659.5 during Friday’s early trading session, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Thursdays, the market witnessed a sharp sell-off and benchmark domestic indices settled in red. The NSE Nifty 50 tumbled 192.90 points, or 0.98%, to settle at 19,523.55, while the BSE Sensex tanked 610.37 points to 65,508.32.
“After a firm opening, markets lost ground immediately and plunged deep into the red in the second half, as IT, metals, FMCG and automobile stocks led the slump in key benchmark indices. Markets were range bound in last few sessions and one was anticipating a sharp fall, and the weak global factors have been already weighing on investors’ minds for quite some time. If US dollar and bond yields maintain their ascend, the downward trend may continue for some more time,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
Adani Green Energy, Adani Energy Solutions
Abu Dhabi conglomerate International Holding Company (IHC) said on Thursday it would sell its stake in India’s Adani Green Energy and Adani Energy Solutions as part of its portfolio rebalancing strategy, according to Reuters.
Last year, Adani group had announced a $2 billion investment from IHC as primary capital in three Adani group companies, which included investments of 38.50 billion rupees ($463 million) each in Adani Green and Adani Energy Solutions.
Coforge
IT services firm Coforge on Thursday said that it has received income tax demand of Rs 83 crore for the financial year 2019-20. “This is to inform that the Company has received income tax assessment order/ demand order for financial year 2019-20 (assessment year 2020-21) with tax demand along with interest,” the company said in a regulatory filing.
SBI Life Insurance Company
The company has appointed Mahesh Kumar Sharma as Managing Director & CEO. “The present Managing Director & CEO of our Company, Mr Mahesh Kumar Sharma, has been posted as Deputy Managing Director in SBI, Corporate Centre and accordingly will be relieved of his duties as Managing Director & CEO of our Company from the close of business hours on September 30, 2023,” the company said in a regulatory filing.
Emami
The Company has entered into definitive agreements today to acquire 26% of shareholding of Axiom Ayurveda Private (“Axiom”) on a fully diluted basis, which owns the brand “Alofrut” – a proprietary fusion of aloevera pulp with fruit blend, according to the information available on NSE.
Piramal Pharma
The US Food & Drug Administration (FDA) has conducted a Good Manufacturing Practices (GMP) Inspection of Piramal Pharma ‘s Bethlehem facility from 18th September 2023 to 27th September 2023. “On conclusion of the inspection, a Form-483 was issued with 2 observations. Both observations relate to system improvement only, and none are related to data integrity. The Company is preparing a detailed response to said observations, which will be submitted to the US FDA within stipulated timelines,” the company said in a regulatory filing.