Stocks in focus: GIFT Nifty traded 0.10% up during Friday’s early trading session at19,787.5, indicating a higher opening for domestic indices NSE Nifty 50 and BSE Sensex. Nifty 50 and Sensex closed in the green on Thursday after a volatile session, extending gains for the fifth session. Nifty 50 ended at 19,727, adding 116 points while Sensex rose to close above 66,000.
“The domestic market initially opened with a lackluster performance, influenced by weak global cues. However, as the day progressed, a decline in U.S. bond yields and crude oil prices injected some positivity into the market. This optimism was most prominent in banking stocks. Interestingly, mid- and small-cap stocks managed to retain investor interest even though their valuations are relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market’s outlook,” said Vinod Nair, Head of Research at Geojit Financial Services.
TCS
Tata Consultancy Services (TCS) said that it has entered into a strategic partnership with the digital unit of JLR to transform, simplify, and help manage its digital estate, and build a new future-ready, strategic technology architecture. The new partnership is valued at £800 million over the next five years.
Adani Green Energy
Adani Green Energy appointed Neera Saggi and Dr. Anup Shah as additional directors (non-executive, independent) of the company, for an initial term of 3 years i.e upto September 6, 2026, subject to approval of the shareholders.
Tata Steel
AVAADA Group on Thursday said it has signed an agreement with Tata Steel Special Economic Zone to set up a green hydrogen and ammonia manufacturing unit in Odisha.
ONGC
State-owned Oil and Natural Gas Corporation (ONGC) will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm. ONGC currently holds 49.36% stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.
Nazara Technologies
SBI Mutual Funds acquired an 8% stake in Nazara Technologies on Thursday for a total consideration of Rs 410 crore. This news comes the surprise by Nikhil and Nithin Kamath to the tune of Rs 100 crore on 4 September.
Vedanta
Vedanta Resources is planning to meet bondholders in Singapore and Hong Kong, people familiar with the matter said, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year, according to Bloomberg.
(With agency inputs.)