Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open on a muted note amid weak global cues. SGX Nifty hinted at a flat to negative start for domestic equities as Nifty futures traded lower at 18665 level on the Singapore Exchange. “Markets have been gradually drifting lower however rotational buying in index majors across sectors is capping the damage. Feeble global cues might continue to put pressure but we expect Nifty to hold the 18,300-18,400 zone. In the current scenario, traders should focus on trade management and prefer sectors that are showing resilience for fresh buying,” said Ajit Mishra, VP – Technical Research, Religare Broking.
Stocks in focus on 8 December, Thursday
ONGC: Arun Kumar Singh, former chairman of oil refining and marketing company BPCL, was on Wednesday appointed chairman and managing director of ONGC — the first instance of a retired person being appointed the head of a Maharatna PSU. A search-cum-selection committee, constituted by the oil ministry, zeroed in on Singh after interviewing six candidates on 27 August.
Inox Wind: The company allotted 0.01% non-convertible, non-cumulative, participating, redeemable preference shares of Rs 10 each on a private placement basis to Inox Leasing and Finance Ltd, the ultimate holding company, for a cash consideration of Rs 600 crore. The company repaid Gujarat Fluorochemicals Rs 623 crore against advances.
Infosys: The IT services company commenced its fourth share buyback amounting to Rs 9,300 crore. The buyback will be at a price not more than Rs 1,850 per equity share having face value of Rs 5 each through the open market route. The company will be utilising at least 50% of the maximum sum fixed for the buyback i.e. Rs 4,650 crore.
Eveready Industries: Eveready Industries has appointed Bibek Agarwala as the new CFO with effect from 14 February 2023. He is replacing Indranil Roy Chowdhury and Bibhu Ranjan Saha, who had earlier been designated as Joint Chief Financial Officers of the company.
Metro Brands: The company completes 100% acquisition of Cravatex Brands. Cravatex is engaged in the business of importing, trading, selling marketing, advertising, retailing, and distribution of footwear, apparel, and accessories under various brands including FILA and Proline.
Mahindra Logistics: The company incorporated MLL Global Logistics as a wholly-owned subsidiary in the UK on 6 December for carrying on the business of logistics, and supply chain management including freight forwarding and air charter business across geographies.
HCL Technologies: The company has teamed up with Intel and Mavenir to deliver critical 5G enterprise technology solutions. Through this new collaboration, the companies will work closely on a wide and comprehensive range of projects and activities across enablement, go-to-market and sales acceleration, with the goal of delivering more 5G solutions to CSPs, IoT and enterprise verticals.
Lumax Industries: The company will set up a new project at Chakan, Pune involving a capex of Rs 175 crore for phase 1. The project will service the orders received from OEMs for advanced lighting solutions. The project is expected to be commissioned by Q2FY24 and will be financed by a mix of debt and internal accruals. The company may also avail long-term credit facilities for this project.