Indian equity markets are is expected to open in the red as trends in the SGX Nifty hinted at a negative start for benchmark indices NSE Nifty 50, BSE Sensex with a loss of 140 points. “ECB policy meet is scheduled where members are expected to take up front-loading of rate hikes. Markets participants will also be keeping an eye on the EU energy ministers meeting that is scheduled later this week to discuss measures to tame spiraling natural gas prices. US Service PMI data for month of August will be released on Tuesday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Stocks in focus on 7 September, Wednesday
Wipro: The IT services major has entered an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like SASE (Secure Access Service Edge), cloud security and next-generation SOC (Security Operations Center) solutions based on Zero Trust principles for global enterprises. “Wipro services and offerings, bolstered by Palo Alto Networks Next-Generation Security Platform, will help protect critical data assets by offering comprehensive and-easy to-manage security solutions,” the company said in a statement.
IndiGo: InterGlobe Aviation (IndiGo) said on Tuesday Pieter Elbers has joined as the new chief executive officer (CEO) with effect from September 6. He succeeds Ronojoy Dutta, who retired last week. IndiGo had announced the appointment of Elbers as the CEO on May 18. The joining was initially supposed to happen on October 1 as Dutta was set to vacate his office on September 30. Elbers has served as the president and CEO of KLM Royal Dutch Airlines since 2014. He is a member of the executive committee of the Air France-KLM Group as well.
Reliance: Reliance Industries has entered into definitive agreements with SenseHawk Inc. for acquiring 79.4% stake in the company, through primary infusion and secondary purchase, for a total consideration of $32 million, the company said on Tuesday. Founded in 2018, SenseHawk is an early-stage California-based developer of software-based management tools for the solar energy generation industry.
Adani Power: Gautam Adani plans to start exporting electricity from a coal-fired plant in eastern India to Bangladesh before the end of the year. Adani Power Ltd. will commission a 1.6 gigawatt facility in Jharkhand state and a dedicated transmission line for the exports by 16 December, Adani said in a Twitter post after meeting Bangladesh’s Prime Minister Sheikh Hasina in New Delhi. Jharkhand is one of India’s biggest coal-mining regions, but the plant will mainly use fuel imported from overseas, according to a 2017 approval document from the environment ministry.
Dreamfolks Services: The airport service aggregator company reported a consolidated net profit of Rs 13.4 crore as compared to reporting a loss of Rs 1.4 crore in the year-ago quarter. Meanwhile, its revenue from operations during Q1 FY23 rose to Rs 160 crore from Rs 24.5 crore YoY. Its EBITDA rose to Rs 19 crore as compared to EBITDA loss of Rs 1 crore in the same quarter last year. Shares of DreamFolks Services made a strong market market debut on Tuesday with a premium of 56% over its IPO issue price of Rs 326.
Paras Defence and Space Technologies: The company has entered into an exclusive teaming agreement with ‘ELDIS Pardubice’ s.r.o., Czech Republic. They are intended to provide turnkey anti-drone systems for civilian airports in India.