18 Aug , 2022 By : Monika Singh
Indian equity markets are likely to open lower on Thursday. Ahead of the weekly futures & options expiry session, SGX Nifty was down with marginal losses suggesting a flat to a negative start for benchmark indices BSE Sensex and NSE Nifty 50. Global cues were weak after Wall Street ended in red and Asian markets mirrored the fall. “The buoyancy in the global markets, especially the US, combined with favorable domestic factors viz. improving macros, consistent foreign flows, etc. are helping the markets to maintain the prevailing trend. We thus reiterate our bullish view and suggest using any intermediate dip or pause to create fresh longs. The scheduled weekly expiry may result in some whipsaws,” ...
Sona BLW Precision Forgings: Blackstone Inc. is seeking to raise as much as Rs 31.8 billion ($400 million) through the sale of shares in automotive component maker Sona Comstar, according to terms of the deal seen by Bloomberg News. An affiliate of the US firm is offering the shares in Sona BLW Precision Forgings Ltd., as it is formally known, at Rs 500 each, the terms show. That’s a 7.2% discount to Wednesday’s closing price. If there’s enough investor demand, Blackstone could increase the deal size to 39.7 billion rupees, according to the terms.
Avenue Supermarts: Radhakishan Damani’s discount supermarket chain, DMart, plans to boost its store count fivefold as it seeks to grow market share and hold its own against aggressive expansion from the likes of Mukesh Ambani’s Reliance Retail Ltd. Avenue Supermarts Ltd., which currently runs the fourth-largest number of convenience stores in India, could scale up the chain known for its knockdown prices on everything from lentils to laundry powder to 1,500 supermarkets from 284, Chief Executive Officer Neville Noronha said in an interview.
Telecom stocks: The Department of Telecom (DoT) has received upfront payment of around Rs 17,876 crore from Bharti Airtel, Reliance Jio, Adani Data Networks and Vodafone Idea for spectrum they won in a recent auction. While all telecom operators have opted to make payments in 20 annual instalments, Bharti Airtel has paid Rs 8,312.4 crore equivalent to four annual instalments. Reliance Jio has made payment of Rs 7,864.78 crore, Vodafone Idea Rs 1,679.98 crore and Adani Data Networks Rs 18.94 crore.
Oil and Natural Gas Corporation: ONGC has signed a Heads of Agreement (HoA) with global petroleum giant ExxonMobil for deepwater exploration on the East and West coasts of India. The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore.
Natco Pharma: The company has received tentative approval for its abbreviated new drug application (ANDA) for Trabectedin for injection for the 1mg/vial. Trabectedin is a generic drug for Yondelis, Natco Pharma said in its BSE filing. According to industry sales data, Yondelis generated annual sales of $49.7 million for 12 months ending June 2022 in the US market.
GAIL (India): The company received the board approval for additional fundraising of $3.125 billion via external commercial borrowing and up to Rs 25,000 crore via non-convertible debentures. This is on top of Rs 25,000 crore already borrowed by the company.
Bank of Baroda: The state owned lender said it has raised Rs 1,000 crore through issuance of bonds for financing infrastructure and affordable housing projects. The bonds, with a tenure of seven years, will offer a coupon rate of 7.39 per cent.
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