Nifty futures on the Singapore Exchange traded 89 points, or 0.51 per cent, higher at 17,428, signaling that Dalal Street was headed for a positive start on Thursday.
On October 4, the market recouped all its previous day’s losses and climbed more than 2 percent, tracking positive global cues. The rally across sectors also boosted northward journey of the market. The BSE Sensex surged 1,277 points, or 2.25 percent, to 58,065, while the Nifty50 jumped 387 points to 17,274.
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Subsidiary JSW Neo Energy has entered into a Memorandum of Understanding with the Government of Maharashtra for setting up a 960 MW capacity of Hydro Pumped Storage Project in Maharashtra. With this MoU, the company has secured resources for ~6 GW hydro PSPs with various states governments.
The company said the board of directors will meet on October 8 to consider the proposal for raising of funds via rights issue, or preferential issue including a qualified institutions placement.
The company has completed its divestment of stake in IDS UK. In September 2022, it had entered into definitive documents to sell its stake (through its wholly-owned subsidiary) in Impact Data Solutions, UK (IDS UK) to Hexatronic Group AB.
The company through subsidiary T S Global Holdings Pte Ltd has completed the divestment of its 19% equity stake in AI Rimal to Tanmia. With this, its shareholding in Al Rimal reduced from 70% to 51%. For the said stake sale, Tata Steel subsidiary had entered into an agreement with Oman National Investments Development Company (Tanmia) and the existing shareholders of Al Rimal.
Godrej Consumer Products
The FMCG company, at a consolidated level, expects to deliver higher than mid single-digit sales growth. It expects close to double digit sales growth ex-Indonesia’s Hygiene comparator. On the profitability front, it expect a mid-teen decline in EBITDA due to consumption of high cost materials, significant upfront marketing investments to drive category development, and a weak performance in Indonesia. However, with significant correction in commodities like palm oil derivatives and crude oil, we expect recovery in consumption, gross margins expansion and upfront marketing investments in upcoming quarters.
Subsidiary Jubilant Foodworks Netherlands B.V. acquired additional stake in Netherlands-based DP Eurasia N.V. As on October 3, subsidiary is holding 49.04% stake in DP Eurasia, the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia.
The private sector lender said it has registered a 23.5 per cent rise in loans to Rs 14.80 lakh crore in the second quarter of this fiscal. The credit book was Rs 11.98 lakh crore as of September 30 last year. The bank’s advances grew by around 25.8 per cent over September 30, 2021.
The Competition Commission (CCI) gave its conditional approval to the mega-merger deal between Sony and Zee that will create one of the largest media groups in the country. The deal, announced in September last year, has received the CCI’s nod after the regulator accepted ‘voluntary remedies’ proposed by the parties.
The IT company plans to hire 1,000 people in Brazil in the next two years and will also open a new technology centre in Campinas. HCL Tech is scaling up its operations to serve its growing local and global client base across industries.
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