Automobile stocks will remain in focus, as Tata Motors, Maruti Suzuki, Ashok Leyland, Eicher Motors, Escorts, M&M, Bajaj Auto, TVS Motor, Hero MotoCorp and others will start declaring their August month sales figures. Expectation from the Street is muted sales growth.
Aditya Birla Fashion and Retail said that it has completed the acquisition of 1.87 crore shares being 29 per cnet of the Expanded Share Capital (as defined in the letter of offer for the open offer) of TCNS Clothing Co Ltd.
GlaxoSmithKline Pharmaceuticals said that the Assistant Commissioner of State Tax Maharashtra, Mumbai, has today initiated search at certain premises of the company. The business operations of the company continue as usual, it said. The search has started today (Thursday) and hence the impact of this search is not ascertainable at this time, it further clarified.
Market buzz is that PE investors Matrix Partners, TPG Asia & Northwest Ventures, are likely to sell stake up to 8.8 per cent via block deals In Five Star Finance. The floor price has been fixed as ₹724 and deal size is expected to be ₹1,860 crore.
Godrej Properties said that Amandeep Singh, Zonal CEO - East & West, a Senior Management personnel, has tendered his resignation effective from the closure of business hours of August 31. Subhasish Pattanaik has been appointed with effect from September 1.
Crisil Ratings has upgraded long term rating of Kirloskar Brothers Ltd (KBL) to ‘Crisil AA/Stable’ from ‘Crisil AA-/Positive‘. The short-term rating has been reaffirmed at ‘Crisil A1+’
India Pesticides Limited said that the Uttar Pradesh Industrial Development Authority (UPSIDA) has allotted 11,461 square meters of land adjacent to its existing Sandila Plant for setting up a manufacturing unit of “Pesticides”.
The Central Government has appointed Sanjay Swarup as the Chairman & Managing Director Container Corporation of India. Sanjay Swarup is currently Director (International Marketing & Operations) at the PSU company.
Genus Power Systems informed the exchanges that its step-down wholly owned subsidiary has received a letter of award (LOA) of Rs 2,247.37 crore for the appointment of advanced metering infrastructure service providers (AMISPs). The order includes the design of an advanced metering infrastructure (AMI) system with supply, installation and commissioning with FMS of 24.18 lakh smart prepaid meters, system meters including OT meters with corresponding energy accounting under DBFOOT model (hybrid model, capex plus operating expenses). The total order book now stands at around Rs 11,000 crore.
The board of Navneet Education has approved a composite scheme of arrangement, comprising the amalgamation of Genext Students and the demerging of Edtech business of Navneet Futuretech into Navneet Education. This scheme is aimed at rationalising the group structure and cost rationalisation by utilising the existing Navneet Education workforce and resources to serve both product lines - publication and edtech businesses.
MSCI rejig takes effect
The global index provider MSCI Global latest rejig will take effect from today. Ashok Leyland, Astral, Cummins India, HDFC Asset Management Company, IDFC First Bank, Power Finance Corporation, REC and Supreme Industries were added while Adani-owned ACC has been excluded from its MSCI Global Standard India Index. MSCI India SmallCap index saw 41 additions and exit to NIIT and BEML Land. .The 41 additions are ACC, Aether Industries, Ami Organics, Anand Rathi Wealth, Avalon Tech, Chennai Petroleum, Dreamfolks Services, Five-Star Business, GE T&D, Genus Power, Glenmark Life Sciences, Gravita India, HBL Power Systems, Hindware Home, ICRA, Jupiter Wagons, Kalyan Jewellers, Kirloskar Brothers, Kirloskar Pneumatic, Marksans Pharma, MIDANI, MRS Bectors Food, Nava, Neuland Lab, Newegen Software, Nexus Select Trust, Patel Engineering, PTC Industries, Schneider Electric Infra, Shivalik Bimetal Controls, Star Health & Allied,Sula Vineyards, Tamilnad Mercantile Bank, TD Power Systems, Tega Industries, Titagarh Rail, Ujjivan Financials, Vesuvius India. Voltamp Transformers and Zen Technologies. Similarly, HDFC Asset Management Company has been added in MSCI India Index and ACC has been excluded.