The Indian stock market is anticipated to begin in the red as trends in the SGX Nifty indicate to a 215 point loss for the main indexes BSE Sensex and NSE Nifty 50.
Stocks in focus today
Reliance: On August 29 at 2 p.m., Reliance Industries will convene its 45th Annual General Meeting (AGM). In addition to five social media sites, RIL will simultaneously broadcast it on a virtual reality platform. Mukesh Ambani, the chairman and managing director of RIL, is expected to make statements regarding the company’s 5G deployment, how he intends to divide his retail and telecom businesses to maximise value, and when and how his children will take over the reins.
NHPC: The Himachal Pradesh government and the state-owned hydropower juggernaut NHPC have signed an agreement to develop the 500 MW Dugar Hydroelectric Project in the Chamba district. “Implementation agreement for 500 MW Dugar Hydro Electric Project located in Chamba district, Himachal Pradesh, was signed between NHPC Limited and government of Himachal Pradesh on August 26, 2022, at Shimla,” a statement said. Jai Ram Thakur, the chief minister of Himachal Pradesh, and A K Singh, the chairman and managing director of NHPC Limited, witnessed the signing of the deal.
Vodafone Idea: According to cyber security research firm CyberX9, a call data breach affected almost 20 million postpaid subscribers of telecom provider Vodafone Idea. Contrary to CyberX9’s assertion, the telecom operator insisted that there had been no data breach and that the potential flaw in their billing communication had been repaired as soon as it had been discovered.
NTPC: The board of the state-run power company NTPC has authorised a ₹11,843.75 billion investment for the Stage-III of the 1,320 MW Talcher Thermal Power Project. The Talcher Thermal Power Project, Stage-III (2×660 MW), with an estimated current cost of ₹11,843.75 crore, has received investment approval from the company’s board of directors, according to a BSE filing.
IRCTC: The Indian Railways Catering and Tourism Corporation (IRCTC) has withdrawn a previous call for proposals for the hiring of a consultant to monetize passenger data. On August 26, 2022, a top IRCTC officer gave this information to the parliamentary panel headed by Congressman Shashi Tharoor. The tender was published by the train ticketing app earlier this month, and it sparked controversy due to worries about data privacy and the monetization of customer and passenger data.
Max Financial Services: According to Prashant Tripathy, CEO of the insurance company, Axis Bank is likely to increase its investment in Max Life Insurance over the next six to nine months to roughly 20%. In an interview with PTI, Tripathy said, “The bank currently holds about 13 per cent and we are hopeful that over the next 2-3 quarters they would be able to take it to 20 per cent.” According to the agreement, the Axis businesses also have the option to purchase an additional investment in Max Life of up to 7% in a single or multiple tranches, subject to regulatory approval.
Future Lifestyle: Future Lifestyle Fashions Ltd (FLFL) said on Saturday that its consolidated net loss for the April–June quarter of FY23 decreased to 135.96 crore. According to FLFL, the Future group’s fashion and apparel retailer, the business reported a net loss of 348.08 crore in the same quarter a year prior in a BSE filing. According to the corporation, its operating revenue decreased 8.42% to 272.88 crore during the review period from 297.99 crore during the same time last year.
InterGlobe Aviation: The appointment of three directors and the reappointment of Anil Parashar as a director have been approved by InterGlobe Aviation shareholders. Air Chief Marshal (Retd) Birender Singh Dhanoa and former Shell India Chairman Vikram Singh Mehta were approved for the position of independent directors at the company’s annual general meeting. Meleveetil Damodaran, a former head of the Sebi, has been named a non-independent non-executive director, while Anil Parashar has been re-appointed as a director.
Tata Motors: A top corporate executive has stated that Tata Motors expects to introduce new products and expand the model ranges of existing products as it strives to maintain its leadership position in the SUV market in the face of escalating competition from other brands. In order to meet changing client needs, the car major, which now sells models including the Punch, Nexon, Harrier, and Safari, also wants to introduce new trims and variants with feature upgrades.
Berger Paints: According to a senior business executive on Friday, Berger Paints Ltd plans to formally open its fully automated paint manufacturing facility close to Lucknow in November. In contrast to an earlier estimate of Rs 800 crore, the plant will require a total expenditure of about 1,000 crore. The inclusion of a few additional product lines and increased building material costs are to blame for the cost overrun.
