Stocks in focus: GIFT Nifty was 0.06% lower during Monday’s early trading session at 19,318.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, domestic benchmarks NSE Nifty 50 and BSE Sensex ended in negative territory. The Sensex closed down by 0.31% at 64,948.66, while the Nifty 50 shed 55 points to finish at 19,310.15.
“Concerns regarding inflation and shifts in investor preferences towards safer assets dampened overall market sentiment for domestic equities. Fears of a Fed rate hike, coupled with a decline in global equities, exerted additional downward pressure, specifically on IT stocks. Higher US bond yields and default risk in China are poised to prompt FIIs to adopt a more prudent stance when considering investments in emerging markets,” said Vinod Nair, Head of Research at Geojit Financial Services.
Adani Ports and SEZ
Global investor GQG Partners has acquired an additional 0.10% stake in Adani Ports and Special Economic Zone (APSEZ), taking its total stake to 5.03% through an open market purchase. Based on Thursday’s closing price of Rs 810.50, the deal is valued at about Rs 183 crore. The additional shares were bought on August 17, according to a regulatory disclosure by the US investment firm.
Vedanta
Vedanta Aluminium has announced that it has signed long-term power delivery agreements in order to source 1335 MW of renewable energy to power its operations. Vedanta Aluminium will use a mix of both solar and wind energy, which will together contribute to its operations across Odisha and Chhattisgarh.
Titan
Titan Company announced that it has signed a share purchase agreement with the founder of CaratLane and his family members representing 27.18% of the total paid-up equity share capital (on a fully diluted basis) of CaratLane for a total consideration of Rs 4,621 crore.
KEC International
KEC International bagged orders amounting to Rs 1,007 crore across verticals, such as construction of a multispeciality hospital in India, 380 kV overhead transmission line in the Middle East and supply of cables in India and overseas.
EID Parry, TII, Wendt (India) Cholamandalam Finance, Carborundum Universal, more
The Murugappa family settled its internal disputes and differences between the family branch of late Mr. M V Murugappan and the rest of the family members. All legal proceedings between the family groups will be withdrawn as per the terms of the family arrangement. No listed company forming part of the Murugappa Group is a party to the family arrangement, and nothing in the family arrangement relates to the management of any such companies.
The listed companies are: Carborundum Universal, Cholamandalam Investment and Finance Company, Cholamandalam Financial Holdings, Coromandel Engineering Company, Coromandel International, E.I.D.-Parry (India), Tube Investments of India, Kartik Investments Trust, CG Power and Industrial Solutions, Shanthi Gears, Wendt (India).
(With agency inputs.)