Indian equity markets are likely to start the week on a muted note. Ahead of Monday’s session, SGX Nifty was in the red, signalling flat to negative start for benchmark indices Nifty 50 and Sensex. “Markets have been showing tremendous resilience amid tough global conditions however it would be hard to hold if the situation deteriorates further. We’re eyeing 17,000 as a major support in Nifty while 17,800 would continue to act as a hurdle. We recommend restricting positions to select sectors and stocks which are outperforming the benchmark,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 5 September, Monday
SpiceJet: Low-cost airline SpiceJet has obtained an extension of up to three months from the Registrar of Companies for conducting its annual general meeting (AGM) for the financial year ended March 31, 2022. Accordingly, the AGM “will be held on or before December 31, 2022”, the company informed the stock exchanges. The extension of holding the AGM was received on the grounds of delay in the publication of financial results for the year ended March 31, 2022, on account of a “ransomware attack on IT system(s) which affected the completion of the audit process within the stipulated time,” the airline said in a regulatory filing.
HFCL: HFCL’s board has inter-alia approved raising up to Rs 650 crores which will be invested in enhancing R&D facilities, setting up new production facilities to enhance capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme. The board of directors has inter-alia approved “raising of funds up to Rs 650 crores by way of private placement or preferential issue or public issue or rights issue or qualified institutions placement or through any other permissible mode and/or combination thereof, including by way of issue of equity shares/ preference shares/ bonds/ debentures/ non-convertible debt instruments/ any other securities”, HFCL said in a regulatory filing on Friday.
Hinduja Global Solutions: Shareholders of NxtDdigital Ltd. have voted in favour of the company’s merger with Hinduja Global Solutions Ltd. “99.99% non-promoter shareholders voted in favour of the scheme of arrangement between Nxtdigital Ltd. and Hinduja Global Solutions Ltd.,” the digital television services provider said in a statement. According to the regulatory updates, 75.25 lakh votes were polled in which 75.24 lakh were in favour of the scheme and 1,022 against it.
Paytm: One97 Communications, which operates under the Paytm brand, on Sunday denied any link with the merchants that are under the Enforcement Directorate scanner in the Chinese loan app case. Paytm said that none of the funds frozen by the Enforcement Directorate (ED) belongs to it or any of its group firms. “As a part of ongoing investigations on a specific set of merchants, the ED has sought information regarding such merchants to whom we provide payment processing solutions. We wish to clarify that these merchants are independent entities, and none of them are our group entities,” Paytm said in a regulatory filing.
Reliance: Reliance Retail was the largest customer of Future Consumer Ltd (FCL) in FY22, contributing 63.06 per cent of its sales, according to the annual report of the Kishore Biyani-led Future group’s FMCG arm. FCL is engaged in the business of sourcing, manufacturing, branding, marketing and distributing food and processed food items and health and personal care products. In the annual report, the list of top customers who individually contribute more than 10 per cent of FCL’s total revenue mentions only two companies — Reliance Retail and FRL — which together contributed Rs 854.22 crore of its total revenue of Rs 970.08 crore, or nearly 88 per cent.
ACC: Morgan Stanley Asia has bought 9.4 lakh shares of ACC Ltd for over Rs 215 crore through an open market transaction. According to bulk deal data available with NSE, Morgan Stanley Asia bought shares at an average price of Rs 2,290 a share.
Hindustan Zinc: Hindustan has acquired 26 per cent stake in newly-incorporated Serentica Renewables for Rs 350 crore, as part of its endeavour to meet ESG goals. The completion of the deal is subject to requisite regulatory approvals. The companies have entered into a long-term renewable power delivery agreement of up to 200 MW. The company will invest Rs 350 crore for a 26 per cent stake in the special purpose vehicle (SPV) that was created on February 18 for the implementation of RE power projects, catering to the long-term power requirements of Hindustan Zinc under PDA.
GMR Infrastructure: GMR Infrastructure has approved raising funds of up to Rs 6,000 crore via foreign currency convertible bonds and/or any other security. Another GMR group company, GMR Power and Urban Infra, on Thursday had approved raising funds of up to Rs 3,000 crore. The funds will be used for various infrastructure projects currently undertaken by the group. Group firm GMR Airports is developing airport cities on commercial land available around its airports in Delhi, Hyderabad, and Goa.