Indian share market is likely to open in the red on Wednesday amid weak global cues. SGX Nifty hinted at a negative start for benchmark indices BSE Sensex and NSE Nifty 50 as Nifty futures traded 23 points, or 0.13% lower at 17,585 on the Singapore Exchange. “Markets witnessed a swift rebound and gained half a percent, taking a breather after the recent dip. The recovery indicates that bulls are not in the mood to surrender easily and we expect the rebound to extend further till the Nifty upholds 17,300. However, mixed global cues combined with scheduled monthly expiry of August month contracts would continue to keep the participants on the edge. We thus recommend staying light and waiting for some stability,”

Stocks in focus on 24 August, Wednesday

Adani Enterprises, NDTV: Adani Enterprises has made a move to acquire a controlling stake in news network NDTV Ltd in a hostile takeover. Adani’s media unit AMG Media Networks Ltd has exercised the rights to convert the outstanding loan to NDTV’s holding company, resulting in acquisition of a 29.18% stake in NDTV. Thereafter, Adani unit will launch an open offer to buy another 26% stake from shareholders at Rs 294 per share, the company said in stock exchange filings.

Spicejet: The board of private carrier SpiceJet will be meeting on August 31 to consider and approve the financial results of Q4 FY22 and Q1 FY23. “This is to inform you that meeting of the board of directors of the company will be held on Wednesday, the 31st day of August, 2022, inter-alia, to consider and approve: The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2022; and the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2022,” SpiceJet informed the stock exchanges in a filing.

TCS: Tata Consultancy Services (TCS) clarified on June 23 that it has not delayed variable pay to employees for Q1 and that it was normal to give it in the first or second month. “We have come across completely incorrect reports on our compensation. Variable pay is either paid in month one or month 2 as per the normal process and there is no delay in this process. 100% VA is being paid for Q1,” the IT major said in statement. An email sent to employees in specific grades stated that the performance bonus was yet to be finalised for these grades of employees.

Yes Bank: Yes Bank is scheduled to hold an extraordinary general meeting (EGM) on Wednesday to seek the approval of shareholders for a proposal to raise Rs 8,900 crore from private equity investors Carlyle Group and Advent International. On July 29, the board of directors of Yes Bank had approved the fundraising exercise, along with a proposal to increase its authorised share capital to Rs 8,200 crore from Rs 6,200 crore. The EGM will also have on the agenda seeking of shareholders’ nod for the increase in the authorised share capital and the appointment of Prashant Kumar as interim MD & CEO, among others.

Tata Motors: The homegrown auto major has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 Mwp onsite solar project at its commercial vehicle manufacturing facility here. The project will be a significant move to increase the renewable energy portfolio at its manufacturing facility.

NTPC: The state-owned power giant will raise Rs 2,000 crore through issuance of non-convertible debentures on a private placement basis on Thursday. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes. The debentures are proposed to be listed on NSE.

Chennai Petroleum Corporation: Chennai Petroleum has decided to form a joint venture company along with Indian Oil Corporation and other seed equity investors (Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at estimated cost of Rs 31,580 crore. Chennai Petroleum received board approval for equity investment of upto Rs 2,570 crore in the joint venture, towards its contribution of 25 per cent.

Hindustan Petroleum: As part of its move towards increasing the green energy mix, state-run oil marketer HPCL has announced a cow dung-to-compressed biogas project at Sanchore in Rajasthan. This is the oil major’s first project under the waste-to-energy portfolio and the plant is proposed to utilize 100 tonnes per day of cowdung to produce biogas

Future Retail: Future Retail (FRL) has received claims totalling Rs 21,057 crore from a total of 33 financial creditors including Bank of New York Mellon and Seoul-headquartered Shinhan Bank. Of the total, about Rs 17,511.69 crore has been verified by the Resolution Professional (RP), while the remaining Rs 3,546.2 crore is yet to be verified. Bank of New York Mellon claims to stand at Rs 4,669 crore, of which nearly Rs 560 crore has not been verified, according to data released by Future Retail.