Indian equity markets are likely to start week’s last trading session on a positive note. SGX Nifty was up in green hinting that Indian benchmark indices NSE Nifty 50, BSE Sensex may open in green. “Nifty has again reached the upper band of the prevailing consolidation range (17,300-17,800) and a decisive breakout would fuel the next leg of the up move towards the 18,100+ zone. Importantly, the rotational buying across sectors combined with steady foreign flows has strengthened the possibility of a breakout. Participants should align their positions accordingly and avoid contrarian trades,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on September 9, Friday
IndiGo: Passenger airline IndiGo operator InterGlobe Aviation co-founder Gangwal family sold 2.74% stake in the company through open market transactions. Rakesh Gangwal offloaded 27.98 lakh shares at an average price of Rs 1,886.47 each, and 26.02 lakh shares at Rs 1,890.75 each, while his wife Shobha Gangwal sold 21.65 lakh shares at an average price of Rs 1,895.46 apiece, and 30.22 lakh shares at an average price of Rs 1,901.34 per share.
Vodafone Idea: The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above. Vodafone Idea (VIL) board has offered a stake to the government at a par value of Rs 10 per share, reported PTI. “There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at Rs 10 or above,” an official told the agency. The finance ministry had cleared the proposal to acquire a stake in VIL in July.
Adani Group: CreditSights, a Fitch Group unit, has revisited its numbers for Adani Group firms and admitted to some calculation errors relating to the debt of two group companies. The unit revised profit and debt figures for Adani Transmission and Adani Power, respectively. The move follows an interaction with the Adani Group management. In an earlier report, CreditSights had described the group, which has interests across areas such as ports, power generation & transmission, airports, cement and green energy, as being “deeply over-leveraged”.
Future Lifestyle: Kishore Biyani-led Future Lifestyle Fashions Ltd (FLFL) on Thursday said it has received a three-month extension from the Registrar of Companies for holding its Annual General Meeting. The Future group firm has received a letter from the Registrar of Companies on Thursday, granting an extension for a period of three months for holding the AGM till December 31, 2022. FLFL was part of 19 group companies which were supposed to be transferred by Future Group to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. The deal was called off by Mukesh Ambani-led Reliance Industries in April after it failed to get the support from lenders’ of the respective companies.
Jet Airways: Four Jet Airways staff members, including three director-level executives and the Vice President of Sales, Distribution, and Customer Engagement have reportedly resigned from their positions. Vishesh Khanna, VP of Sales and Distribution, has quit. Along with him, Capt Neeraj Chandan, Director of Flight Safety; Capt Vishesh Oberoi, Director of Flight Operations; and Capt Sorab Variava, Director, Training resigned within the last month-and-a-half, according to news reports.
PNC Infratech: The company has signed a concession agreement for a HAM project with National Highways Authority of India (NHAI) for bid project cost of Rs 1,458 crore. This road project proposed in Uttar Pradesh is to be constructed in 24 months, upon declaration of appointed date and operated for 15 years, post construction.