Amidst conflicting global indications, the market closed a choppy and consolidative session on a flat note. In contrast to some auto, IT, and pharma sectors that were under pressure, certain banking and financial services, FMCG, and metal equities rose. The benchmark indices really continued to trade within the August 30th trading range. The Nifty dropped 3 points to 17,540 while the BSE Sensex increased 37 points to 58,803.
Stocks to Watch:
SpiceJet: A three-month delay has been granted to the firm to convene its annual general meeting (AGM). A news report states that the company will likely receive Rs 225 crore next week as part of the government’s credit guarantee programme.
Vodafone Idea: A short-term loan to State Bank of India in the amount of about Rs 2,700 crore has reportedly been repaid by the telecom business, according to an ET report. In order to secure equipment supply agreements for 5G networks and settle part of its almost Rs 15,000 crore trade payables, which include debts to tower firms, network gear vendors, and other suppliers, the company has taken these steps to bolster the trust of its lenders.
HFCL: The board of directors of HFCL approved funding up to Rs 650 crore, which would be used to upgrade R&D facilities and build new production facilities to increase capacity under the production linked incentive (PLI) programme and design linked incentive (DLI) plan.
Olectra Greentech: The Assam State Transport Corporation has placed an order with the business for 100 electric buses costing Rs 151 crore. This is the business’s first order from northeastern states that was given in whole. The buses will be delivered over the course of nine months, and Olectra will handle maintenance for the following five years.
GMR Infrastructure: GMR Infrastructure allowed issuing foreign currency convertible bonds and/or any other security to raise up to Rs 6,000 crore. The money will be put to use for the group’s current infrastructure initiatives.
Hinduja Global Solutions: The merger of NxtDdigital Ltd. with Hinduja Global Solutions Ltd. has been approved by the company’s shareholders. The provider of digital television services announced in a statement that “99.99% of non-promoter shareholders voted in favour of the plan of arrangement between Nxtdigital Ltd. and Hinduja Global Solutions Ltd. 75.25 lakh votes were cast, of which 75.24 lakh were in favour of the scheme and 1,022 were against it, according to regulatory updates.
Paytm: Paytm, a leader in digital financial services, denied on Sunday that it had any connection to the businesses being investigated by the Enforcement Directorate in connection with the Chinese loan app case.
ICICI Bank: For project financing and affordable housing, the private sector lender intends to raise up to Rs 10,000 crore through infrastructure bonds. ICRA, a ratings agency, has given the lender’s proposed infrastructure bond issuance a “AAA” grade.
TCS: With effect from April 1, 2022, the IT giant will no longer offer anniversary raises to lateral workers who stay at the business for a full year. The business will now adhere to the industry standard of annual compensation increases. As usual, freshmen will receive the anniversary salary increase, according to knowledgeable sources.