Stocks in focus: The GIFT Nifty was 0.34% lower during Friday’s early trading session at 19,317, indicating an opening in the red for domestic indices NSE Nifty 50 and BSE Sensex. On Thursday, domestic benchmarks NSE Nifty 50 and BSE Sensex ended in negative territory. The Sensex closed down by 0.6% at 65,151.02, while the Nifty 50 shed 100 points to finish at 19,365.25.
“The mounting influence of weak global cues hindered the domestic market’s ability to recoup, resulting in sustained selling pressure. The release of Fed minutes unveiled a divided stance among its members regarding the necessity of additional rate hikes, contrasting the previously anticipated rate pause. Concurrently, the Indian rupee experienced a decline due to the dollar index surpassing 103.5; however, likely intervention from the RBI offered a degree of support. Moreover, the escalation of US bond yields is expected to limit the influx of foreign investments into the Indian market, further impacting market dynamics,” said Vinod Nair, Head of Research at Geojit Financial Services.
Adani Energy Solutions
Adani Energy Solutions initiated arbitration proceedings against Gujarat Energy Transmission Corporation (GETCO) claiming certain receivables in respect of work performed for supply and erection of 400kV D/C MundraZerda transmission line. The total expected claim receivable of Rs 99.76 crore.
Additionally, Adani Energy Solutions signed a definitive agreement with Megha Engineering & Infrastructures to acquire a special purpose vehicle (SPV) KPS 1 Transmission.
Bata India
Footwear maker Bata India is in talks with Adidas for a strategic partnership, according to sources. The discussions are said to be in an advanced stage with the two majors working on the final contours of a deal which will likely be a revenue share arrangement.
LTIMindtree
US insurance firm Aflac selected IT services firm LTIMindree to digitally transform the organisation. Using Amazon Web Services’ cloud-native offerings, LTIMindtree will rebuild Aflac’s digital architecture.
NTPC
NTPC inked a business transfer agreement (BTA) to hive off its mining business, comprising six coalfields, to its arm NTPC Mining Ltd. The coal mining business, comprising 6 coal mines, and all related assets and liabilities are being hived-off from NTPC books to NML.
ACC, Nykaa, HDFC AMC, TVS Motor, PNB, more
ACC, Nykaa, HDFC Asset Management, Indus Towers, and Page Industries will be removed from the Nifty Next 50 and Nifty 100 indices starting Sept. 29. Conversely, Punjab National Bank, TVS Motor Company, Shriram Finance, Trent, and Zydus Lifesciences will be added.
Piramal Pharma
Piramal Pharma’s rights issue closed on Thursday, seeing an oversubscription of 1.27 times. The pharma player attempted to raise Rs 1,050 crore at Rs 81 per share, with 13 crore shares being issued to shareholders.
(With agency inputs.)