Market-Report-August 28

      Global

• NIFTY METAL: Under scrutiny, as Chinese property sales volume has remained subdued in the month of August up to the current date.

• Fed Chair Powell’s Address at #Jackson Hole2023:

  • No significant policy pronouncements were made.

  • Seemed aimed at preventing the loosening of financial conditions, maintaining pricing for a potential further rate hike, and sustaining higher-for-longer policy rates.

  • Raised concerns about persistently tight labour markets and highlighted the need for adaptable policy. certainty.

• The inclusion of new members has elevated BRICS’ cumulative share of global GDP to 31.5%.

• Saudi Arabia, constituting 1.3% of the global GDP and being the largest oil exporter, will exert substantial trade influence across the bloc.

• BRICS leaders have tasked officials to explore the utilization of local currencies.

• Payment instruments and platforms will also undergo consideration, with a report to be presented at the next bloc summit.

    India

• Vodafone Idea & ATC: Agreed to Extend Optionally Convertible Debenture (OCD) Redemption Period.\

• Reliance 46th AGM:

  • Reliance has invested over $150 billion in the last 10 years.

  • Reliance’s FY23 consolidated revenue at Rs 9.74 lakh crore.

  • Reliance’s FY23 EBITDA at Rs 1.53 lakh crore & profit at Rs 73,670 crore.

• Patel Engineering: Company Wins Order Worth Rs 1818 crore.

• Tata Motors: In focus, Finance Minister Nirmala Sitharaman on Friday said that there is no proposal before the ministry to lower import duty on electric vehicles.

• Vodafone Idea and ATC: Agreed to extend the period of redemption of 8000 OCDs from 6 months, from the date of allotment of the first tranche to 18 months from the date of allotment, subject to certain mutually agreed conditions.

• Manappuram Fin: Says Kerala High Court quashes enforcement case registered against VP Nandakumar.

• India Primary Mills: Increased rebar prices for the third time in August by Rs 500/tonne. The following hike in trade level prices aided some re-stocking and increased offers in sponge iron. JSW Steel rebar prices now stand at Rs 52,250/tonne (Ex-Mumbai).

• Orient Green Power: The Company says its board approves a 1GW renewable energy capacity boost based on Nomura Research Institute’s recommendations.

• LT Foods: The Company clarifies the notification issued by the Government of India. The company states that the limit does not have any impact on the exports for the company as it mostly exports premium and aged rice under its own trusted brands.

• Reliance Industries: The Company has appointed Isha M. Ambani to the board

• Mr Baldevbhai Gopalbhai Patel, a promoter of Gopal Iron & Steels Co (Gujarat) Ltd., executed a disposal of 2,607 equity shares. This amounted to 4.82% of the company’s total shares, equivalent to 236,888 shares. The sale resulted in a slight decrease of 0.05% in the overall ownership. The shares were sold at a rate of 10.3 INR per share.

• Kumar N Sivarajan, a designated person, conducted a disposal of 12,603 equity shares of Tejas Networks Ltd., representing 0.67% of the company’s total shares, amounting to 1,131,658 shares. This action accounted for a marginal decrease of 0.01% in the overall ownership. The shares were sold at a rate of 855.3 INR per share.

• Star Health: In a significant trading occurrence, a total of 1.9 crore shares, amounting to 3.7% of the equity, were exchanged during a block deal window.

• Zomato: Witnessed a change of hands in equity, accounting for 2.14% through eight separate block transactions.

• TV 18 Broadcast: Recorded an NSE Block Trade worth Rs 66.14 crore for approximately 13,77,977 shares, at an average price of Rs 48 across multiple blocks.

• Minda Corp: Experienced an NSE Block Trade valued at Rs 18.04 crore for around 5,55,034 shares, at a price of Rs 325.

• Graviton Research Capital LLP made a bulk purchase of 133,673 shares of Alpa Laboratories Ltd. on the NSE at a price of 81.39 INR per share. This acquisition constituted 0.64% of the company’s holdings.

• Graviton Research Capital LLP conducted a bulk purchase of 89,917 shares of Aries Agro Ltd. on the NSE at a price of 193.17 INR per share, amounting to 0.69% of the company’s ownership.