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Benchmark Sensex and Nifty indices are staring at a a positive start on firm global cues. At 7:10 am, the Gift Nifty Futures rose 82-odd points to 19,512 levels versus Nifty Futures' Wednesday close.
Globally, the US markets ended on a strong note overnight as upbeat earnings from Nvidia and fall in treasury yields aided sentiment. Dow Jones, the S&P 500, and NASDAQ Composite gained up to 1 per cent.
The optimism spread to markets in Asia-Pacific as well this morning. Nikkei 225, Topix, Kospi, S&P 200 indices surged up to 1 per cent.
Meanwhile, here are some stocks to watch out in trade today:
RIL: Qatar Investment Authority (QIA) will invest Rs 8,278 crore ($1 billion) in Reliance Retail Ventures Ltd (RRVL), the retail arm of Mukesh Ambani-led Reliance Industries, for a 0.99 per cent stake on a fully diluted basis. The investment, through a wholly owned subsidiary of QIA, will be made at a valuation of Rs 8.28 trillion ($100 billion), according to a release by RRVL.
In 2020, RRVL had raised Rs 47,265 crore from top global investors, including Silver Lake, GIC, PIF, KKR, Mubadala, General Atlantic, Abu Dhabi Investment Authority, TPG, and L Catterton, for a 10.09 per cent stake at a pre-money equity value of Rs 4.21 trillion, the company said. READ
Coforge: Promoter Hulst BV is looking to offload its entire 26.63 per cent stake in the firm via a block deal, reported CNBC Awaaz. The floor price has been fixed at Rs 4,550 per share, which is at a 7.4 per cent discount to Wednesday's closing price of Rs 4,913. The Netherlands-registered Hulst BV is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia). Hulst BV will sell 1.62 crore shares, taking the deal size to around Rs 7,400 crore.
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GAIL: State-owned Gail India plans a capital expenditure of Rs 30,000 crore, mainly in pipelines, petrochemical projects and city gas distribution, over the next three years. The company's total capital expenditure for FY23 was Rs 10,000 crore. We are targeting to incur a capex Rs 30,000 crore in the next 3 years, mainly on pipelines, ongoing petrochemical projects, CGD projects, operational capex, equity contribution in group companies etc.," Gail CMD Sandeep Kumar Gupta told shareholders at the AGM.
Shree Renuka/EID Parry/Balrampur Chini: As per a Reuters report, India is expected to ban mills from exporting sugar in the next season beginning October, halting shipments for the first time in seven years, as a lack of rain has cut cane yields. India's absence from the world market would be likely to increase benchmark prices in New York and London that are already trading around multi-year highs, triggering fears of further inflation on global food markets.
NHPC: The state-owned entity has signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation (APGENCO) for implementation of pumped storage hydro power projects and renewable energy projects in Andhra Pradesh.
Vascon Engineers: The construction company has received Letter of Acceptance worth Rs 605.65 crore from Bihar Medical Services & Infrastructure Corporation, for construction of Lohia Medical College & Hospital including hospital and residential building, Supaul. The EPC work order has to be completed within 36 months from the date of receipt of Letter of Acceptance.
Bandhan Bank: Bandhan Bank on Wednesday announced it will enter the co-lending business, for which it will tie up with a couple of NBFCs. Announcing this at the bank's foundation day programme, its MD and CEO Chandra Shekhar Ghosh said the co-lending business will cover all verticals in which loans are given. "We have selected a couple of NBFCs, and will soon tie up with them," he said. Ghosh said the bank, which started its journey eight years ago, has 6,100 banking outlets across 35 states and Union Territories at present.
Muthoot Finance: Muthoot Fincorp Ltd (MFL), the flagship company of Muthoot Pappachan Group, on Wednesday said its new digital financial platform Muthoot Fincorp One will introduce insurance, personal loans, two-wheeler, and housing loans in six months. Muthoot Fincorp One has reported over 20,000 daily transactions, and over 200,000 app downloads. In six months, it plans to introduce these new products to reach 80,000 daily transactions, and a million app downloads.
Procter & Gamble Health: The FMCG company has reported a 28 per cent on year fall in its net profit to Rs 29.8 crore for quarter ended June (Q1FY23), due to higher material cost and one-time employee cost. Revenue from operations grew by 1.8 per cent year-on-year to Rs 301.2 crore during the quarter. The company announced a final dividend of Rs 50 per share for financial year ended June 2023.
TVS Motors: TVS Motor Co., maker of the iQube electric scooter is expanding its play in the e-two-wheeler market with the launch of its first born-electric two-wheeler, a crossover between a motorcycle and a scooter which is aimed at young customers in the premium-end of the Indian and international electric two-wheeler markets. The launch of TVS X will be followed by the introduction of the latest generation of iQube EV, as well as more products in electric three-wheeler cargo and even electric bicycle space, Sudarshan Venu, managing director, TVS Motor, said.
Oriana Power: Oriana Power has won a contract worth Rs 138 crore from Bharat Coking Coal Limited (BCCL) to set up a 20MW AC ground-mounted solar photovoltaic power plant at Dugdha washery area, Dhanbad, Jharkhand. The EPC phase of this project is slated for completion within 12 months. This comprehensive contract encompasses a spectrum of activities ranging from design and procurement of solar equipment to construction, meticulous testing, seamless commissioning, integration with the transmission network, and a steadfast five-year operation and maintenance commitment.
Torrent Pharmaceuticals: The US FDA has granted Voluntary Action Indicated classification to Torrent Pharma's manufacturing site in Dahej, Gujarat. The Dahej site was earlier placed under 'Official Action Indicated (OAI)' classification based on a March 2019 inspection outcome. The site was re-inspected by the USFDA between May 17 and May 25, 2023 and the officials had issued Form 483 with two observations.
Avantel: The company has received a purchase order worth of Rs 13.30 crore from Bharat Electronics for supply of PA modules.
Paramount Communications: The board has approved to acquire a 100 per cent stake in Valens Technologies for Rs 1.97 crore. The deal gives PCL a strong position in the telecom business while also adding market and product diversity in terms of water pipeline business.
PNB Housing Finance: ICRA revised rating outlook on NCDs and Tier II bonds to 'Positive' from 'Stable'.
