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Indian equity markets are likely to open in the red amid, hinted SGX Nifty. Nifty futures traded 49.5 pts, or 0.28% lower at 17,440.50 on the Singapore Exchange, signalling that Dalal Street was headed for a negative start. In the previous session, BSE Sensex tanked 872 points or 1.46%, to end below the 59,000, while Nifty 50 fell 267.8 points to end at 17,490.70. “The fear of aggressive rate hikes by apex banks has started haunting the participants again. Though the Nifty has re-entered the declining broadening pattern, we expect the index to respect 17,300 levels. Meanwhile, we recommend maintaining positions on both sides and giving preference to defensive especially FMCG for long trades while others are reeling under pressure,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 23 August, Tuesday
TCS: Tata Consultancy Services announced that Absa Corporate and Investment Bank has selected the TCS BaNCS™ Global Securities Platform to transform and modernize its investor services offerings and enrich customer experience across the trade and corporate actions lifecycle in South Africa. The TCS BaNCS solution will be deployed as an integrated front-to-mid-office platform supporting trade management, clearing and settlement, and hosted on the AWS cloud.
Also Read: Will bulls stage a comeback or bears to drag Nifty below 17300? 5 things to know before market opening bell
NTPC: NTPC Ltd has commissioned the first part of 20 MW Gandhar Solar PV Project at Gandhar in Gujarat. The company announced in a regulatory filing to the stock exchanges on Monday. NTPC stated, “Consequent upon successful commissioning, first part capacity of 10 MW out of 20 MW Gandhar Solar PV Project at Gandhar, Gujarat, is declared on Commercial Operation w.e.f. 00:00 Hrs. of 23.08.2022. With this, standalone installed and commercial capacity of NTPC will become 55,099 MW, while group installed and commercial capacity of NTPC will become 69,464 MW.” Gandhar Solar PV project is one of the 21 solar projects of NTPC.
IIFL Finance: The Company said that the board of directors of its subsidiary IIFL Home Finance approved the allotment of its 53,76,457 equity shares to the subsidiary of Abu Dhabi Investment Authority (ADIA). After the said transaction, the investor will hold 20 per cent shareholding in IIFL Home Finance. The company received Rs 2,200 crore from investor against the said transaction.
RBL Bank: RBL Bank on Monday said it has appointed Gopal Jain, managing partner at Gaja Capital, and technology researcher Sivakumar Gopalan to its board. With the new appointments, the bank’s board now has 14 members. The board of directors on Monday approved fundraising of up to Rs 3,000 crore through the issuance of debt securities on private placement. In another development, the company further offloaded additional shares in Kilburn Engineering Ltd. (“Kilburn”). The company’s shareholding in Kilburn has now reduced to 1.02%.
Tata Power: Small Industries Development Bank of India (SIDBI) has collaborated with TP Renewable Microgrid (TPRMG), a subsidiary of Tata Power, to launch 1,000 green energy enterprises across the country. The initiative is aimed at promoting sustainable entrepreneurship models and empowering rural entrepreneurs, said SIDBI in its statement. The entrepreneurs shortlisted under the initiative will have to complete a capacity-building activity organised by TPRMG to receive an impetus called Go REsponsive, ENterprise incentive (GREENi) from SIDBI.
Bank of Baroda: Bank of Baroda on Monday said it will raise debt capital of Rs 2,500 crore through Additional Tier 1 bonds or AT1 bonds in single or multiple tranches. “Capital Raising Committee of our Bank in its meeting held on today i.e. 22.08.2022 has approved issuance of Basel III Compliant Additional Tier 1 (AT 1) Bonds for aggregate total issue size of Rs.2500 crore in single or multiple tranches,” the lender said in a regulatory filing.
Also Read: Crude oil gains after Saudi Arabia says OPEC+ may cut production to stabilise market, arrest price slide
Lemon Tree Hotels: The company has signed a licence agreement for a 65-room hotel at Hubli, Karnataka, under its brand ‘Lemon Tree Hotel’. The hotel is expected to be operational by May, 2023. Its hotel management subsidiary Carnation Hotels will be operating this hotel.
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