Technically, Nifty is now inching towards the 25,500 mark, aided by renewed strength in banking and rotational buying across sectors. “We recommend continuing with a buy on dips approach, with support placed around the 25,050–25,150 zone, while keeping position sizes moderate given the likelihood of higher volatility due to global events,” said Ajit Mishra – SVP, Research, Religare Broking.
In today’s trade, shares of ZEE, Apollo Tyres, Hyundai India, LTIMindtree, Biocon among others will be in focus due to various news developments.
Ambuja Cement
A Delhi Court asked leading cement manufacturers Adani-owned Ambuja Cements and JSW Cement to resolve their trademark infringement dispute over “kawach” trademark amicably through mediation. Ambuja Cements was seeking to restrain JSW firms from infringing its trademark, alleging that the latter copied Kawach brand in its Jal Kavach cement launched recently.
ZEE
Media and entertainment company ZEE has appointed long-serving executive Siju Prabhakaran as Chief Business Officer (CBO) of its digital entertainment platform, ZEE5. In his new role, Prabhakaran will oversee ZEE5’s business strategy across India and international markets, with a clear focus on consumer experience, monetisation and profitability.
Apollo Tyres
Apollo Tyres said it will reduce product prices ranging between Rs 300 and Rs 2,000 to pass on the GST rate cut benefit to customers effective from September 22. Under the new pricing, the passenger vehicle tyres will see a reduction between Rs 300 and Rs 1,500, while the prices for truck/bus radial tyres will be slashed by Rs 2,000.
YES Bank
Bandhan Bank and SBI divested shares of YES Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC). The Japanese company will buy an additional 4.2% stake in the lender from a Carlyle Group affiliate for Rs 2,850 crore. The deal is expected to close once conditions precedent are met, after which SMBC’s holding in Yes Bank will rise to 24.2%.
Hyundai India
Hyundai India has reached a three year wage agreement with workers at its manufacturing facility near Chennai. The package – which will be effective from April 1, 2024 through March 31, 2027 – includes an industry-best salary increase of Rs 31,000 per month, structured in the ratio of 55%, 25%, and 20% over the three-year period.
TVS Motor
TVS Motor Company launched the TVS King Deluxe Plus CNG 3-wheeler in Tanzania, the company said in a press release. The vehicle was unveiled at the Gymkhana Sports Club in Dar Es Salaam in the presence of dealers, finance partners and fleet owners.
Cochin Shipyard
Cochin Shipyard signed an agreement with upstream player ONGC for major lay-up repairs of Jack Up Rig. The estimated contract value for the pact was at Rs 200 crore.
Biocon
Biocon Biologics, a subsidiary of Biocon, announced that the US Food and Drug Administration (FDA) has approved Bosaya. This is used for the treatment of postmenopausal women with osteoporosis at high risk for fracture, to increase bone mass in men with osteoporosis at high risk for fracture and other uses.
LTIMindtree
LTIMindtree has announced a partnership with Shopify, an AI powered commerce platform for enterprises that empowers businesses to launch, manage, and grow their online stores. Leveraging the Shopify platform, LTIMindtree will set up an AI enabled Center of Excellence (CoE) for Digital Commerce that will help global enterprises to transform at the speed of AI and innovate at scale.
Airfloa Rail Technology
Shares of Airfloa Rail Technology will be in focus in today’s trade as the company will make its debut on the BSE SME exchange. The GMP is robust at 120% ahead of the listing, making it one of the most-anticipated debuts of the year.
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