Stocks in focus: The GIFT Nifty was flat during Wednesday’s early trading session, down by 0.5 points at 19,474, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. On Tuesday, the equity benchmarks were closed on account of Independence Day. Prior to that, on Monday, Nifty 50 and Sensex closed flat. Nifty 50 gained 0.03% to close at 19,434.55, while Sensex settled at 65,401.92, clocking a gain of 0.12%.
“Following weak performances in Asian markets, the domestic indices commenced the day with a negative bias, prompted by discouraging domestic industrial data along with concerns over demand from China. However, the indices managed to recover from their initial losses, ending the day on a relatively neutral note. India’s wholesale inflation persisted in negative territory, albeit moderating to -1.36%, as the decline in fuel prices was counterbalanced by higher food costs. India’s CPI inflation, due to be released today, is anticipated to exceed the RBI’s tolerance level of 6% due to mounting pressure from elevated food prices,” said Vinod Nair, Head of Research at Geojit Financial Services.
Vodafone Idea
VI reported a net loss of Rs 7,840 crore, which is higher than Rs 6,419 crore in the preceding quarter. The losses widened owing to increase in finance cost, which includes interest and charges on borrowings.
Hero MotoCorp
Sunil Kant Munjal has resigned as the Joint Managing Director following the family settlement deal from the promoter group. Munjal is set to exit the company. Pawan Munjal, Santosh Munjal, Renu Munjal and Suman Kant Munjal will control and manage the company going forward.
TCS
Tata Consultancy Services signed a strategic deal with global imaging and internet of things (IoT) solutions provider, Lexmark, to transform its enterprise applications, accelerate its Cloud journey, and scale up its innovation program.
Adani Enterprises, Quint Digital Media
Adani Group is set to acquire the remaining 51% stake in Quintillion Business Media and will take full control in the platform. Adani Enterprises said it has “approved to enter into a binding memorandum of undertaking (MoU) with Quintillion Media Ltd for the acquisition of remaining 51% stake.”
Ashok Leyland
Ashok Leyland’s board has approved the acquisition of 100% of Ohm Global Mobility (OHM) from OHM International Mobility, The total consideration was Rs 1 lakh.
(With agency inputs.)