Despite rising consumer prices, benchmark domestic indices are looking to start higher on Tuesday amid strong global cues.
At 7:40 am, SGX Nifty futures were quoting at 18,045, up about 80 points from the previous close.
Retail inflation in India rose to 7 percent in August from 6.71 percent in July, mainly due to higher food prices. Meanwhile, India’s industrial production rose 2.4 percent in July, against an IIP growth of 11.5 percent in July 2021.
Globally, US markets rose for the 4th session on Monday, while Asian markets were also in the green this morning. Later in the day, US CPI data will be closely watched ahead of the US Fed meeting on September 20-21.
That said, here are some stocks that are likely to see some market action today:
HDFC Life: Abrdn, formerly Standard Life, is looking to sell its 2 percent stake in the private sector insurer via block trades on Tuesday. According to the term sheet, Abrdn (Mauritius Holdings) has placed 43 million HDFC Life shares on the block at Rs 564.1-578.55 per share. Read more
ZEE Entertainment: A unit of Sony Group and Zee Entertainment has proposed offering concessions such as price cuts to help ease the country’s antitrust regulator’s concerns over their merger, which will create a $10 billion television giant, it said. a report from Reuters. Read more
Tata Consumer Products: The company has entered the health supplement segment with the launch of the ‘Tata GoFit’ range for women. The firm’s latest launch is in line with its focus on accelerating innovation, strengthening the wellness portfolio and expanding the total addressable market. Read more
Vedanta: Vedanta Ltd has chosen Prime Minister Narendra Modi’s state of Gujarat for its semiconductor project, two sources told Reuters, the first major step in its $20 billion joint venture with Taiwan’s Foxconn. Read here
OMCs: India plans to pay about 200 billion rupees ($2.5 billion) to state fuel sellers such as Indian Oil Corp. to partially offset losses and keep a check on cooking gas prices, according to people familiar with the matter. this matter. The oil ministry has sought compensation of 280 billion rupees, but the finance ministry is agreeing to only a payment of 200 billion rupees, the people said. Read here
Coal India: The e-auction of 10 commercial coal mines will begin on Tuesday, the coal ministry said.
Tata Consultancy Services: C&S Wholesale Grocers, Inc, an industry leader in supply chain solutions and grocery wholesale in the United States, has selected Tata Consulting Services to build its new operations platform on Google Cloud. This will help C&S reduce its carbon footprint and improve the customer experience.
IRB Infra: The company’s tax collection in August rose 35 percent year-on-year to 336 cr.
Gujarat Apollo Industries: The company has entered into a joint venture agreement with Belgium-based PFH BV. They will enter the business of agricultural and agricultural machinery and components.
Ujjivan Small Finance Bank: The bank has opened its qualified institutional placement issue for subscription. The base price has been fixed at Rs 21.93 per share.
Stocks under F&O ban: Ambuja Cements, Delta Corp, IndiaBulls Housing Finance