Gift Nifty indicates a negative start today.
Dow Jones slid nearly half percent and Nasdaq and S&P 500 ended flat after a services activity survey eased concerns about an economic slowdown. The Institute for Supply Management reported that services sector activity increased to 51.5 in August, surpassing expectations.
Yesterday, Indian benchmark indices closed lower in a lackluster session, reversing early gains, as weakness in heavyweight Reliance Industries weighed on the market. The decline comes ahead of the release of crucial US non-farm payroll and unemployment data due on Friday, which will provide clarity on the Federal Reserve’s upcoming interest rate decisions.
Stocks in News
VEDL:
The company has received a long-term rating upgrade from ICRA Rating. The fresh ratings come on the expectation of improvement in the company’s credit metrics, following the successful fund-raising worth $1 billion via a qualified institutional placement (QIP) in July 2024 and an additional $400 million generated from the offer for sale (OFS) of Hindustan Zinc Limited (HZL) in August 2024. Positive.
Indigo Paints:
Peak XV Partners Investments (formerly Sequoia India) is likely to sell a Rs 750-crore stake in Indigo Paints through a block deal, according to reports.
Adani Enterprises:
The company has announced early closure of its public issue on Friday, September 6 against the earlier schedule of September 17.
Angel One:
Brokerage firm Angel One has warned its users against a website and an Instagram page that it found to be “falsely” representing themselves as affiliates of the company while soliciting investments by promising unrealistic returns.
Pidilite Industries:
Leading adhesive and construction chemicals manufacturer Pidilite Industries said it has entered into an exclusive distribution agreement with CollTech Group.
Prestige Estates:
The south-based real estate company has raised Rs 5,000 crore via Qualified Institutions Placement (QIP) at an issue price of Rs 1,674 per share. ICICI Prudential Mutual Fund, HDFC Life Insurance Company, Aditya Birla Sun Life Trustee, New World Fund Inc, NPS Trust, Max Life Insurance Company, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund were the largest investors among participants.
Aptus Value Housing Finance India: The board has approved the allotment of 10,000 non-convertible debentures (NCDs) of Rs 1 lakh each, amounting to Rs 100 crore, through private placement.
Udayshivakumar Infra
The company has entered into three joint ventures with KMC Construction (KMCCL) for bidding on national highway project works under the EPC mode in Karnataka. All three joint ventures have won the bidding and become the lowest bidders for projects worth Rs 1,057.3 crore.
KEC International
The RPG Group company has secured new orders worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia. With these orders, its year-to-date order intake stands at over Rs 11,300 crore.
Ashoka Buildcon
The company’s subsidiary, Viva Highways, has monetized its land under its real estate portfolio in Hinjewadi, Pune, for Rs 453 crore.
NLC India
The Coal Ministry has allocated the Machhakata Coal mine to NLC India. This coal mine has reserves of 1.4 billion tonnes, with an average grade of G10 – G11, and a capacity of 30 MTPA. It is NLC’s second commercial coal mine.
Gujarat Mineral Development Corporation
The Coal Ministry has allocated the Kudanali Lubri Coal mine to the company.
Pidilite Industries
The company has entered into an exclusive distribution agreement with CollTech Group, which manufactures adhesives and thermal management solutions. Pidilite will serve as the exclusive distributor of CollTech’s products in India.
Camlin Fine Sciences
The board will meet on September 10 to consider raising funds via a rights issue of equity shares.
Shreyas Shipping and Logistics
The Ministry of Corporate Affairs has approved the incorporation of the company’s wholly-owned subsidiary, Transworld Sea-Connect IFSC Private Limited.
PDS
The company will further invest Rs 84 crore ($9.9 million) in its subsidiary, Multinational Textile Group, which is incorporated under the laws of Mauritius, in one or more tranches.
Sundaram-Clayton
The company has commissioned the commercial production of aluminum die castings effective September 5. The new facility, located in the industrial area of the State Industries Promotion Corporation of Tamil Nadu (SIPCOT), has an initial annual capacity of 7,750 MT of aluminum die castings.
Venus Pipes
The Directorate of Revenue Intelligence searched the registered and corporate offices of Venus Pipes & Tubes on September 5, for alleged evasion of customs duty on imported goods. The company had deposited Rs 5 crore as a duty under protest. The action is not expected to have any material impact on the company’s financial operations or other activities.
Finolex Cables
Nikhil Naik has stepped down as Chairman of the board of the company. The Board appointed Ratnakar Barve as Chairman.
Godfrey Phillips
Amid the ongoing promoter dispute at Godfrey Phillips, the Delhi High Court denied Ruchir Modi’s plea to block his grandmother, Bina Modi, from voting at the 87th annual general meeting (AGM) on September 6. The court refused to restrain Bina Modi from voting on behalf of KK Modi’s Family Trust for her reappointment. The court’s decision comes as a relief for Bina Modi, who holds a pivotal role in the company’s leadership and controls 48% of the shareholding through the trust. Additionally, Justice Naveen Chawla directed Bina Modi to provide semi-annual disclosures regarding the remuneration and benefits she receives as MD of the company, as reported by CNBC-TV18.
Bulk Deals
Ecos India Mobility & Hospitality
Plutus Wealth Management LLP bought a 0.7% stake in Ecos at an average price of Rs 473.1 per share, valued at Rs 20.3 crore.
Max Financial Services
Promoter entity Max Ventures Investment Holdings sold a 3.18% stake in the company at an average price of Rs 1,107.37 per share, amounting to Rs 1,218.1 crore.
Hilton Metal Forging
Investor Nexia International sold a 1.2% stake in the company at an average price of Rs 86 per share, valued at Rs 2.18 crore.
Forbes & Company
Foreign portfolio investor India Discovery Fund sold over a 1% stake in the company at an average price of Rs 631.09 per share, amounting to Rs 8.3 crore.
Gokak Textiles
India Discovery Fund exited Gokak Textiles by selling its entire shareholding of 3.09% to Bridge India Fund at an average price of Rs 199 per share, valued at Rs 3.99 crore.
Forbes Precision Tools and Machine Parts
Foreign portfolio investor Antara India Evergreen Fund bought a 1.12% stake in Forbes Precision at an average price of Rs 340.5 per share, valued at Rs 19.7 crore. However, India Discovery Fund sold 1.62% of its shares at an average price of Rs 340.88 per share, amounting to Rs 28.5 crore.
