Indian equity markets are expected to open in the red on Wednesday as trends in the SGX Nifty indicated a gap-down opening benchmark indices BSE Sensex, NSE Nifty 50 with a loss of 329 points. In the previous session, Sensex rose 456 points to 60,571, while the Nifty climbed 134 points to 18,070 and formed a small-bodied bullish candle on the daily charts. “The biggest catalyst and next direction for Nifty depends on the US CPI inflation print for August. For Wednesday’s session, Nifty’s major hurdle is seen at an all-time high of 18,605 mark, with an immediate hurdle at 18301,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.
Stocks in focus on 14 September, Wednesday
Vedanta: Vedanta Group, which has formed a joint venture with Taiwan’s Foxconn for setting up a semiconductor manufacturing unit in India, will invest Rs 1.54 trillion in the project and expects to break-even in five years. The JV firm’s fab unit will come up in Gujarat and the company on Tuesday signed a memorandum of understanding (MoU) with the state government to this effect. The 60:40 joint venture will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit on a 1000-acre land in the Ahmedabad district.
JSW Steel: The flagship company of the $22-billion JSW Group, on Tuesday signed a memorandum of understanding (MoU) with Germany-based SMS group to explore multiple cutting-edge solutions and research & development (R&D) projects, to reduce carbon emission in its iron and steelmaking operations in India. The company will invest Rs 10,000 crore to reduce carbon emission in steel making. The SMS group will provide its technology experts’ design, engineering consultancy and commissioning for executing various projects.
Infosys: Infosys has shot off a missive to its employees, asserting that dual employment or ‘moonlighting’ is not permitted, and has warned that any violation of contract clauses will trigger disciplinary action “which could even lead to termination of employment”. “No two timing – no moonlighting!” India’s second largest IT services company said in a strong and firm message to employees. Moonlighting refers to employees taking up side gigs to work on more than one job at a time. Infosys’ internal communication titled “no double lives” makes it clear that “dual employment is not permitted as per…Employee Handbook and Code of Conduct”. It also cites the relevant clause in the offer letter to drive home the point.
Jet Airways: Jet Airways CEO Sanjiv Kapoor said that the company is “tracking close to target” of getting the troubled carrier airborne, amid resignations of three senior executives that has upset the airline’s first flight operations. However, plans for Jet’s first flight have been plagued by multiple appeals filed before the NCLAT (National Company Law Appellate Tribunal) against the National Company Law Tribunal-cleared resolution plan of JKC, leading to the delay. Kapoor tweeted, “There is no ‘deadline’. Our internal goal that we are working towards is to open for sale by October. We are tracking close to the target.”
Future Lifestyle: Debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the NCLT from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Tuesday. Three creditors – two financial and one operational – have filed claims totaling around Rs 1,100 crore before the National Company Law Tribunal (NCLT), said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. All the claims “are being defended by the company before the NCLT,” said FLFL adding “none of them has been admitted till date by NCLT”.
KEC International: Infrastructure EPC (engineering, procurement and construction) major KEC International has secured new orders of Rs 1,108 crore across its various businesses including transmission & distribution and railways. The transmission & distribution business has secured orders for T&D and cabling projects in India, Middle East and Africa.
Bharat Forge: Bharat Forge subsidiary Kalyani Powertrain and commercial electric vehicle company Harbinger Motors Inc announced a joint venture to develop electrified drivetrains for the commercial trucking industry. The new JV named ElectroForge will leverage the strengths of both the partners to offer best in-class drivetrains developed for Class 3 through eight markets.