Stock Market Highlights, Aug 27: Sensex, Nifty end flat; Smallcap shares shine; ZEE soars 11.5%

Stock Market highlights on Tuesday, August 27: 31 out of 50 listed stocks of Nifty50 ended lower, dragged by Titan Company, Hindustan Unilever, JSW Steel, Coal India, and Grasim

1:54 PM

Stock Market LIVE Updates: Maruti's dealer stock to reduce to just 10 days by 2024-end: Bhargava

Stock Market LIVE Updates: Maruti Suzuki India (MSIL) dealers hold about 38 days of inventory in anticipation of the festival season, but this is expected to reduce to 10 days by the end of the year, said company chairman R C Bhargava on Thursday.

Bhargava, while speaking at the company's annual general meeting, said the demand for small cars – hatchbacks and sedans –is likely to revive by March 2026. READ MORE

1:46 PM

Stock Market LIVE Updates: Vadiraj Kulkarni to lead Cellulosic Fibres at Grasim Industries from October 1

Stock Market LIVE Updates:  Grasim Industries today announced that it has appointed Vadiraj Kulkarni as the business head of Cellulosic Fibres at the company, effective from October 1, 2024. 

The company, in an exchange filing, said, "We wish to inform the appointment of Vadiraj Kulkarni as the Business Head (Designate) Cellulosic Fibres, Senior Management Personnel of the Company with effect from 1st October 2024." 

The company added that Harikrishna Agarwal will continue as managing director of the company and business director of Cellulosic Fibres. He will also oversee a planned and phased leadership transition over the coming months, with Kulkarni expected to gradually take the charge. 

1:36 PM

Stock Market LIVE Updates: Brokerages bet BIG on Premier Energies IPO; should you bid? Details inside

Stock Market LIVE Updates: Brokerages, including Reliance Securities, Deven Choksey, Anand Rathi Research, Choice, Geojit, Canara Bank Securities, and Swastika Investmart, remain broadly optimistic on the much-awaited initial public offering (IPO) of GEF Capital-backed solar photovoltaic (PV) cell manufacturer Premier Energies, which opens for public subscription today. READ MORE

 

1:32 PM

Stock Market LIVE Updates: Adroit Infotech subsidiary bags Rs 3.8 crore order for SAP BRIM project in Angola

Stock Market LIVE Updates: Adroit Infotech today announced that its subsidiary Adroit Infotech LLC FZ has bagged an order worth Rs 3.7 crore from Empresa Nacional De Bilhetica Integrada, Angola, through its associate Adroit Infotech LDA.
 

The company, in an exchange filing, said the order involves SAP BRIM implementation, migration, training and transition support services. 

1:23 PM

Stock Market LIVE Updates: Lupin market capitalisation nears Rs 1-trillion mark; shares rise 2%

Stock Market LIVE Updates: Lupin share price hit a new high of Rs 2,156.75, up 2 per cent on the BSE in Tuesday's intraday trade. The stock surpassed its previous high of Rs 2,130.85, touched on August 13.

Thus far in calendar year 2024, Lupin share price has outperformed the market by surging 63 per cent as compared to 13 per cent rise in the BSE Sensex. READ MORE

 

1:16 PM

Stock Market LIVE Updates: CDSL, Allcargo, Minda Corp: These 5 overbought stocks can fall up to 13%

Stock Market LIVE Updates: The NSE Nifty 50 index and the BSE Sensex have rallied over 4 per cent their August month lows in the last three weeks. Similarly, the Nifty MidCap, SmallCap and the broader Nifty 500 indices have gained in the range of 4.3 - 6.2 per cent from their respective lows this month.
 

Similarly, as we near the end of August month, several stocks have delivered double-digit returns thus far. PCBL with a gain of 49 per cent is the top mover followed by Godfrey Phillips (up 35 per cent). READ MORE

 

1:13 PM

Stock Market LIVE Updates: Rekha Jhunjhunwala set to pocket Rs 106 cr from Baazar Style Retail IPO

Stock Market LIVE Updates: Rekha Rakesh Jhunjhunwala, wife of the late Rakesh Jhunjhunwala, a legendary investor often referred to as 'India's Warren Buffett,' is expected to earn approximately Rs 106 crore by offloading her stake in fashion retailer Baazar Style Retail through the Initial Public Offering (IPO). READ MORE

1:10 PM

Stock Market LIVE Updates: 11 companies buyback Rs 5,388-crore shares in August, highest in 14 months

Stock Market LIVE Updates: It's raining share buybacks on the bourses as 11 companies have collectively repurchased shares worth Rs 5,388 crore thus far in August 2024. The amount of shares (in rupee terms) bought back is the highest in 14 months, as per data from Prime Database.

In June 2023, two companies, including Wipro (Rs 12,000 crore), had repurchased shares amounting to Rs 12,005 crore. READ MORE

1:05 PM

Stock Market LIVE Updates: Sensex 120 points ahead at 81,786, Nifty above 25,000

Stock Market LIVE Updates: The benchmarks BSE Sensex and Nifty 50 were trading slightly higher at 1:00 PM. 

The BSE Sensex was up 0.15 per cent at 81,822, while the Nifty 50 was trading 0.14 per cent higher at 25,046 levels. 

12:55 PM

Stock Market LIVE Updates: RailTel bags Rs 70.9 crore order from Eastern Railway for IT work

Stock Market LIVE Updates: RailTel today announced that it has received a work order worth Rs 70.9 crore from Eastern Railway.

The company, in an exchange filing, said, "This is to inform that RailTel Corporation of India Ltd. has received the work order from Eastern Railway for works amounting to Rs 70,93,58,570 (Including Tax)".

The company added that the work order involves implementing unified communication infrastructure, comprising LANInfra, IP exchange, VOlP based control communications and IP-MPLS-based network, over Eastern Railway.

12:44 PM

Stock Market LIVE Updates: Global Health debunks reports of acquiring Paramount TPA; shares up

Stock Market LIVE Updates: Global Health today clarified that it is not looking to acquire Paramount TPA, following some reports that said the company will acquire Medanta's nit for Rs 312 crore. 

The company, in an exchange filing, stated, "With reference to recent media report published in electronic media, Re. [regarding] Medanta Unit to acquire 100% equity stake in Paramount TPA for Rs. 312 crore EV, we hereby would like to clarify that the said news has nothing to relate with Medanta or the company and in all likelihood seems to be misinformed". 

The company further added that the "said information is factually incorrect and the company is not planning to acquire any stake in Paramount TPA".

12:34 PM

Stock Market LIVE Updates: HUL receives Rs 962.75 crore tax demand related to India Food Drink deal with GSK

Stock Market LIVE Updates: Hindustan Unilever today announced that it has received a tax demand of Rs 962.75 crore, related to its acquisition of the India food drink business from GlaxoSmithKline earlier. 
 

The company, in an exchange filing, said, "Demand of INR 962.75 Crores (including interest of INR 329.33 Crores) has been raised on the Company on account of non-deduction of TDS as per provisions of Income Tax Act, 1961 while making remittance of INR 3,045 Crores (EUR 375.6 million) for payment towards acquisition of India HFD IPR from GlaxoSmithKline ‘GSK’ Group entities".

The company added that it will appeal against the tax demand order, while also informing that it has an indemnification right to recoved the demand raised by the tax authorities. 

 

12:24 PM

Stock Market LIVE Updates: Adani Power sets up subsidiary in UAE to invest in power and infrastructure sectors

Stock Market LIVE Updates: Adani Power today announced that it has set up a wholly owned subsidiary in the form of an investment holding company called Adani Power Middle East Limited, in Abu Dhabi, UAE, to invest in the power and infrastructure sectors. 

The company, in an exchange filing, said, "We would like to inform that a wholly owned subsidiary with the name “Adani Power Middle East Ltd” has been incorporated in Abu Dhabi on August 26, 2024".

The company added that the object of the subsidiary is "to invest in power, infrastructure, and related fields."

 

12:17 PM

Stock Market LIVE Updates: Airtel ties with Apple to bring Apple TV+ and Apple Music to customers in India

Stock Market LIVE Updates: Bharti Airtel owned Airtel and Apple today announced a strategic partnership to bring exclusive Apple TV+ content and Apple Music service to customers in India.
 

The partnership will allow Airtel Xstream customers to access Apple TV+ content, which will be bundled with premium Airtel WiFi and Postpaid plans.

That apart, Airtel users will also have access to Apple Music. Wynk Premium users will also receive exclusive offers from Airtel for Apple Music, the company said in an exchange filing.

12:10 PM

Stock Market LIVE Updates: RVNL secures Rs 111 crore project from Southern Railway; shares gain 2%

Shares of Rail Vikas Nigam Limited (RVNL) rose as much as 1.78 per cent to hit an intraday high of Rs 586.80 per share on Tuesday, August 27, 2024.  The uptick in the RVNL share price rose after the company said that it has emerged as the lowest bidder (L-1) for a project worth Rs 1,11,38,95,411.60 ( approximately Rs 111.39 crore) READ MORE