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Nifty View:
The last day was as expected and well within our range, hope you all made profits.
Global cues are Negative, all the major Indices underwent a good correction last day. SGX Nifty shows a negative start to Nifty.
Bank Nifty is still underperforming which may continue for few days too. Watch for reversal after profit booking. 16,580 is the major resistance to watch for. Breaking 16,430 may trigger more falls towards 16,230.
FIIs and DIIs were net sellers last day. If today too they are selling it may account for more negativity in Nifty.
Stocks in News:
Reliance Industries: The company has shut down its manufacturing units at Nagothane in Maharashtra. The company said that the product supplies to customers will continue through available stocks and diverting from other manufacturing sites. The units are expected to resume normal operations from August 25.
HDFC Bank: Private sector lender HDFC Bank fixed the coupon rate of its $1 billion additional tier-I (AT-1) bonds at 3.70 per cent per annum. The notes will be listed on the India International Exchange (IFSC) Limited, HDFC Bank said in a regulatory filing.
Zomato: Completed the acquisition of 9.16% shareholding on a fully diluted basis in Grofers India for Rs 518 crore and 8.94% shareholding on a fully diluted basis in Hands on Trades for Rs 222 crore.
Advanced Enzyme Technologies: Completed the acquisition of an additional stake of 15% in its subsidiary, JC Biotech. The company bought 31.06 lakh equity shares of JCB for Rs 21.12 crore. Consequently, the company’s stake in JCB has increased to 85% from 70%.
Ujjivan Small Finance Bank: Nitin Chugh has resigned as Managing Director and CEO of the bank. Chugh's resignation is to be effective from September 30.
CarTrade Tech shares to start trading today.
NLC India: Raised Rs 750 crore through allotment of 15,000 Commercial Papers of the face value of Rs 5 lakh each.
Indostar Capital Finance: Promoter Indostar Capital to sell 61.89 lakh equity shares, representing 4.56% of the total equity share capital on a fully diluted basis, through an Offer for Sale. T
CG Power and Industrial Solutions: Approved the proposal for voluntary winding up of CG Middle East FZE, a non-operating step-down subsidiary, and CG International (Holdings) Singapore Pte., a wholly-owned subsidiary of the company, subject to receipt of statutory and regulatory approvals.
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