The Dalal Street indices are poised to continue their upward trajectory on Tuesday, buoyed by the strength seen across global peers and positive cues from the Asian markets. As of 7:50 AM, the Gift Nifty was trading at 19,331 levels, registering a slight dip from its previous close, yet maintaining a 15-point lead over Nifty Futures’ closing value on Monday.
Asian markets set a positive tone for the day, with Japan’s Nikkei 225 climbing 0.28 percent and Australia’s S&P/ASX 200 advancing by 0.11 percent. South Korea’s Kospi also joined the trend, gaining 0.27 percent. Hong Kong’s Hang Seng index extended its gains, surging by an impressive 0.74 percent.
In the United States, the previous trading session saw robust gains. The Dow Jones Industrial Average surged by 0.62 percent, the S&P 500 added 0.63 percent, and the Nasdaq Composite saw an impressive uptick of 0.84 percent.
Investor sentiment remains positive as global markets display resilience, likely to encourage further gains on the Indian stock market today.
Stocks that will remain in focus today:
- Reliance Industries, Jio Financial Services: Reliance Industries Ltd. (RIL) made a significant announcement during its annual general meeting, with the induction of the third generation of the Ambani family as directors on the company’s board. Mukesh Ambani, Chairman and Managing Director, assured shareholders of his continued leadership for another five years. The company also revealed its growth roadmap, including plans for newly listed Jio Financial Services, Jio AirFiber launch, and strategic investments in the retail unit.
- Adani Group: The Adani Group is facing scrutiny by the market regulator for alleged violations of disclosure rules and offshore fund holding limits by listed entities. The Supreme Court is scheduled to hear the case on Tuesday, potentially adding volatility to Adani Group’s stock performance.
- APL Apollo Tubes: Reports suggest that the promoter is considering selling up to 0.85 percent equity stake, with a floor price set at Rs 1,595 per share. This move, if executed, could result in a 4.3 percent discount to the current market price.
- Gokaldas Exports: Gokaldas Exports has made a strategic move by agreeing to acquire Atraco Group for $55 million. Atraco, a prominent apparel manufacturer with a strong market presence in the US and Europe, is expected to boost Gokaldas Exports’ position in these regions.
- HCLTech: HCLTech has entered into a ‘preferred professional services’ agreement with Cloud Software Group to enhance its service offerings related to TIBCO products for global enterprise customers.
- GRM Overseas: Addressing concerns related to the government’s Basmati rice export ban, GRM Overseas expects limited impact as its primary exports fall above the $1,200 per tonne threshold. The company anticipates potential exports of certain Basmati rice varieties after evaluation by a committee.
- SJVN: SJVN Green Energy, a subsidiary of SJVN, secured Letter of Awards for three solar power projects totaling 320 MW from Assam Power Development Corporation Limited (APDCL).
- Indiabulls Housing Finance: Indiabulls Housing Finance has successfully repaid bonds worth Rs 1,112.5 crore availed in August 2013.
- Schaeffler India: The company’s Board of Directors approved the acquisition of KRSV Innovative Auto Solutions Private Limited for Rs 142.39 crore, slated for completion in Q3 2023.
- HFCL: HFCL initiated a fund-raising program through qualified institutional placement (QIP) with a floor price set at Rs 68.61 per equity share. The issue price will be finalized in the upcoming board meeting.
- Bayer CropScience: Duraiswami Narain, Vice Chairman, Managing Director, and CEO of Bayer CropScience, announced his planned resignation, effective October 31, 2023, aligning with his repatriation to Bayer’s operations in the United States.
- LTIMindtree: LTIMindtree has entered a strategic collaboration with CAST AI to optimize costs for cloud-native applications on Google Cloud, AWS, and Amazon Azure.
- Indiabulls Real Estate: Atul Chandra, currently Senior Vice President, has been appointed as the Chief Operating Officer (COO) of Indiabulls Real Estate, effective August 28, 2023.
- NBCC: NBCC secured a contract worth Rs 66.3 crore from the Indian Medical Association (IMA).
- Jet Airways: The National Company Law Appellate Tribunal (NCLAT) extended the payment deadline for the Jalan-Kalrock Consortium to September 30 for the payment of Rs 350 crore to the lenders of Jet Airways, adding another chapter to the ongoing saga of the grounded airline.