GIFT Nifty traded up by 51.50 points or 0.21% at 24,660, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday. Previously, on Monday, the NSE Nifty 50 ended up by 31.50 points or 0.13% to settle at 24,572.65 while the BSE Sensex dropped 12.16 points or 0.02% to 80,424.68.
“The Indian market failed to catch up the initial gains as there is a degree of profit booking witnessed in auto stocks due to a slowdown in demand. However, oil stocks gained momentum with the reduction in windfall tax on crude oil,” said Vinod Nair, Head of Research, Geojit Financial Services.
These developments underscore the dynamic nature of the Indian markets and the ongoing evolution of the corporate landscape. As investors and analysts closely monitor these events, the markets are expected to react accordingly, potentially shaping the investment landscape in the days to come.
The Indian markets are abuzz with a flurry of significant corporate transactions and developments across various sectors. From block deals and share buybacks to qualified institutional placements and new plant commissions, the day promises to be eventful for investors and industry watchers alike.
Zomato: Antfin Singapore to Sell 1.54% Stake
A major transaction is expected in Zomato today as Antfin Singapore plans to offload 13.6 crore shares, representing 1.54% of the company’s total equity. The shares will likely be sold through a block deal at a floor price of ₹251.68 per share, marginally below Monday’s closing price of ₹262.17. The total value of the transaction is estimated at around ₹3,420 crore.
Bajaj Auto: Provision for Deferred Tax Increased
Bajaj Auto has announced plans to increase its accounting provision for deferred tax by ₹211 crore due to recent regulatory changes introduced under the Finance Act, 2024. This adjustment comes in response to the withdrawal of the indexation benefit on long-term capital gains from debt mutual funds purchased before April 1, 2023, and the reduction in the applicable tax rate.
Nucleus Software: Share Buyback on the Cards
The board of Nucleus Software is scheduled to meet on August 22 to discuss a potential share buyback, which would mark the company’s third such initiative following previous buybacks in 2017 and 2021. The buyback could be executed through either the tender offer route or the open market route, depending on the board’s decision.
Poly Medicure: ₹1,000 Crore QIP Issue Opens
Poly Medicure has opened its Qualified Institutional Placement (QIP) issue on August 19, setting a floor price of ₹1,880.69 per share. According to media reports, the issue size is expected to be around ₹1,000 crore. The funds raised from this QIP are likely to be allocated towards setting up new manufacturing facilities, pursuing inorganic growth initiatives, and for general corporate purposes.
DCM Shriram: New Hydrogen Peroxide Plant Commissioned
DCM Shriram has successfully commissioned a new Hydrogen Peroxide (H₂O₂) plant at its chemical complex in Jhagadia, located in the Bharuch District of Gujarat. The plant boasts a capacity of 52,500 tonnes per annum and will utilize hydrogen produced on-site.
HCL Tech: New CFO Appointed
The board of HCLTech has appointed Shiv Walia as the company’s new Chief Financial Officer, effective September 6. This appointment follows the resignation of Prateek Aggarwal, who has stepped down from the CFO position to pursue opportunities outside the company.
