At 08:01 AM on August 29, 2024, GIFT Nifty futures indicated a modest rise of 26.50 points, or 0.11%, trading at 25,004.50. However, this suggests that the Nifty50 index is likely to open 44 points lower today. Market participants are advised to keep an eye on several key stocks that may influence trading today.
Reliance Industries (RIL) is expected to be in the spotlight as it holds its forty-seventh Annual General Meeting (AGM) today through video conferencing. This meeting comes on the heels of the Competition Commission of India’s approval for the merger of Reliance’s media assets with those of Walt Disney Co., creating a media giant valued at over ₹70,000 crore.
Titan Company is also making headlines as diamond miner De Beers has partnered with its jewellery brand, Tanishq, to promote natural diamonds in India. This long-term collaboration aims to educate consumers and enhance confidence in the use of natural diamonds.
In corporate governance news, Vedanta has announced a board meeting scheduled for September 2, 2024, to discuss the potential approval of a third interim dividend for the financial year 2024-25.
Paytm, under its parent company One97 Communications, has received government approval for downstream investment in its subsidiary, Paytm Payments Services Ltd. The company is set to reapply for a payment aggregator license.
IndiGo is facing a significant shift as its promoter, Rakesh Gangwal, plans to sell up to $850 million of his stake through block deals, with an indicative price set at ₹4,593 per share, reflecting a discount to the last traded price.
Lemon Tree Hotels has signed a license agreement for a new hotel in Ujjain, Madhya Pradesh, expected to open in FY 2027, featuring 72 rooms and various amenities.
Tata Steel has completed a significant acquisition, infusing an additional USD 280 million into its Singapore-based subsidiary, bringing the total investment to USD 1,337 million.
Lastly, PB Fintech and Welspun Living are also in focus, with Tencent Cloud Europe planning to sell a 2.1% stake in PB Fintech and the promoter of Welspun Living likely to offload a 4.6% stake, both through block deals today.
