Stocks in focus: GIFT Nifty traded 0.01% higher during Thursday’s early trading session at 19,626, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Indian equity indices NSE Nifty 50 and BSE Sensex closed in the green on Wednesday after trading in the red, extending gains for the fourth session. Nifty 50 ended at 19,611.05, adding 0.16% while Sensex rose 100 points to close at 65,880.52.
“A spike in crude oil reverberated across the globe, reviving concerns about inflation and sparking fears of a Fed rate hike. This led to a surge in U.S. bond yields, causing investors to shift towards the safety of bonds and reversing the buying trend of foreign investors in the domestic market. Nevertheless, the resilience of the domestic markets shone through as investors placed their bets on an improved outlook, ultimately helping the market recover from the initial shock,” 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.
Reliance Industries
Reliance Retail has signed a joint ventwith pact with Alia Bhatt’s conscious clothing brand of kids and maternity-wear, Ed-a-Mamma for a 51% majority stake. Reliance Retail will be closely collaborating with founder Alia Bhatt and leveraging the management strength of its subsidiary Reliance Brands to spearhead the business.
Tata Consumer Products
Tata Group, on Wednesday, denied reports stating that Tata Group’s consumer unit is in talks with Haldiram’s to buy at least 51% of its shares. In a regulatory filing, Tata Consumer Products said that the company is not in negotiations as reported by Reuters earlier.
Biocon
Biocon’s subsidiary Biocon Biologics completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada). The agreement was closed last year, in November 2022 and the employee count is expected to grow to over 150 people in North America.
Lupin
Lupin is set to join forces with Mark Cuban Cost Plus Drug Co and the COPD Foundation to enhance healthcare access, aiming to broaden the accessibility of Tiotropium Bromide Inhalation Powder, 18 mcg/capsule, for patients suffering from chronic obstructive pulmonary disease in the United States.
REC
REC is committed to increase its present loan portfolio of Green Projects to the extent of more than ten times by the year 2030 amounting to Rs 3 lakh crore. REC will be known for its Renewable Energy (RE) focused initiatives including solar, wind, hybrid and e-mobility projects. During FY23, the board proposed a final dividend of Rs 4.35 per share for the approval of shareholders in this AGM and the same has been approved by the shareholders.
(With agency inputs.)