Stocks in focus: GIFT Nifty traded 0.03% higher during Monday’s early trading session at 19,553, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, the Sensex closed above the 65,300 mark, while the Nifty topped 19,400 by close. Sectors like metals, energy, automotive, and banking all saw gains, whereas healthcare and pharmaceutical stocks faced some downward pressure.
“Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data. This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks. The positive opening in global markets provided additional momentum for investor sentiment, particularly as US PCE inflation aligned with expectations,” said Vinod Nair, Head of Research at Geojit Financial Services.
IDFC First Bank
GQG Partners acquired a 2.6% stake in IDFC First Bank for Rs 1527 crore, according to bulk deals data from BSE. Cloverdell Investment, the primary public shareholder of the private bank, sold approximately 4.2% stocks at Rs 89 each.
Infosys
India’s second largest IT company Infosys announced that it has completed the acquisition of Danske Bank’s IT centre in India.
Mindspace REIT
Mindspace Business Park REIT has acquired 0.24 million square feet (MSF) of leasable area at Commerzone in Porur, Chennai for a consideration of Rs 181.6 crore, including the transaction cost. The company said that the acquisition will help it to consolidate its ownership in the project
ITC
Diversified group ITC on Sunday said it will invest around Rs 1,500 crore to set up an integrated food manufacturing and logistics facility and a sustainable packaging products manufacturing facility at Sehore in Madhya Pradesh. The two projects spread over an area of nearly 57 acres will give a boost to agricultural and manufacturing sectors in Madhya Pradesh
Hindalco
Hindalco Industries has signed a shareholder’s agreement and power purchase deal with Seven Renewable Power, aiming to acquire a 26% share in SRPPL at a cost of Rs 32.5 lakh. Their objective is to create and manage a captive power facility that will consistently supply 100 MW of renewable energy to its smelter based in Odisha.
Maruti Suzuki, Hero MotoCorp, Eicher Motors
Auto manufacturers are releasing their sales figures for August. Traders will keep an eye on the following scrips.
(With agency inputs.)