Indian equity benchmarks are expected to open lower as indicated by Nifty futures traded at Gift City in Gandhinagar amid mixed signals from Asian markets. Nifty futures on Gift City fell 45 points or 0.2 per cent to 26,309.
Asian markets were trading with mixed results, as Japan’s Nikkei fell more than 4 percent in reaction to a markedly stronger yen after Shigeru Ishiba, perceived as a hawk on monetary policy, won the race to become the country’s prime minister.
Ishiba, a well-known critic of the Bank of Japan’s extraordinary stimulus of the previous decade, defeated monetary policy dove Sanae Takaichi in a close race on Friday that was decided after stock markets had already closed. He is due to take over as prime minister on Tuesday.
Elsewhere, China shares rose after its central bank said on Sunday it would ask banks to cut mortgage rates for existing home loans by Oct. 31, as part of sweeping policies to support the beleaguered housing market. of the country as the economy slows.
China’s CSI 300 index rose 3.45 percent, the Shanghai Composite rose 3 percent, the SZSE Component index advanced 5 percent and Hong Kong’s Hang Seng gained 4.5 percent.
At home, foreign institutional investors sold shares worth Rs 1,209 crore on Friday, while domestic institutional investors bought shares worth Rs 6,886.65 crore.
So far this month, FIIs have bought shares worth Rs 57,359 crore, making it the best month for FII buying this year, NSDL data showed.
Actions to take into account
Apollo Hospitals: It reduces stake in Apollo Healthco from 94.91 per cent to 78.879 per cent by issuing preference shares worth Rs 2,475 crore to Rasmeli, a subsidiary of Advent, for a 16.9 per cent stake.
Adani Companies: It acquires a 74 per cent stake in Cococart Ventures for Rs 200 crore through April Moon Retail, a joint venture of Adani Airport Holdings.
Industrial Bank: Renews Sumant Kathpalia as MD & CEO for another 3-year term starting March 24, 2025, pending driven and shareholder approval.
Tata Motors: Launches a greenfield Rs 9,000-crore manufacturing facility in Tamil Nadu, aiming to have an annual capacity of 2.5 lakh vehicles over 5-7 years.
Dependency infrastructure: Wins ruling from Calcutta High Court, securing Rs 780 crore arbitration award against Damodar Valley Corporation. The bank guarantee of Rs 600 crore will be released.
Welspun Companies: BMC contract worth Rs 1,989.9 crore to construct 8.48 km water conveyance tunnel from Dharavi to Ghatkopar, with a completion time of 93 months.
First IDFC Bank: Approves the merger of IDFC Financial Holding with IDFC, effective September 30, and of IDFC with IDFC First Bank effective October 1. V Vaidyanathan was re-appointed MD & CEO for a period of 3 years effective December 19, 2024.
Dr. Reddy’s Labs: Invests 620 million dollars in the subsidiary Dr Reddy’s Laboratories SA, Switzerland, acquiring 6.2 million preferred shares.
Zomato : Co-founder and Chief People Officer Akriti Chopra resigns after 13 years with the company.
Punjab National Bank: It is raising Rs 5,000 crore through qualified institution placement (QIP) at Rs 103.75 per share, with investors including Citigroup and Goldman Sachs.
ICICI Prudential Life Insurance: It faces a tax demand of Rs 361.23 crore for the financial year 2022-23 and plans to appeal the order.
BSE: Revises transaction charges for Sensex and Bankex options to Rs 3,250 per crore premium turnover, effective October 1.
(With contributions from Reuters)
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.