SGX Nifty was signaling a flat to negative start for domestic equities. Sensex and Nifty have already corrected for two consecutive days, but still, remain close to their all-time highs. On the monthly futures & options expiry session, the indices are expected to trade in a range. “Nifty expiry likely to be in the range of 17600-17700 whereas Bank Nifty data is suggesting a flat expiry,” said Rahul Sharma, Director & Head – Research, JM Financial. Although indices may remain range-bound, stock-specific action could continue on Dalal Street.
Zee Entertainment Enterprises: Zee continues to remain in focus as Invesco Developing Markets Fund and OFI Global China Fund LLC filed a petition against the company in the NCLT urging the tribunal to order an EGM of the company. Both Invesco and OFI Global have been calling for the ouster of Punit Goenka the MD of the company.
HDFC Asset Management Company: Standard Life Investment, the foreign promoter of the company sold 1.06 crore shares of the company at Rs 2,873 per share, according to the bulk deals data. Further, T. Rower Price Emerging Markets Stock Fund purchased 15.19 lakh shares of the company.
Indian Overseas Bank: The Reserve Bank of India announced that it is removing Indian Overseas Bank from its Prompt Corrective Action framework. India Overseas Bank was under the PCA framework since 2015.
Persistent Systems: The company announced the acquisition of Software Corporation International (SCI) and its affiliate Fusion360. Persistent Systems has also acquired New Jersey-based Shree Partners and its India subsidiary Shree Infosoft. Persistent will be acquiring 100% in both these companies for a cash payment of $53 million for SCI and $6.87 million for Shree’s US and Indian business.
Coal India: The PSU form said that from October the company aims to ramp up coal supply to power plants at 1.5 MT per day and will reach 1.6 MT per day by the end of the month. Earlier this week, Coal India has supplied 1.4 million tonnes of fuel per day.
NTPC: India’s largest power producer, NTPC said that its shareholders have approved raising Rs 18,000 crore via private placement of non-convertible debentures (NCDs) to meet the company’s capital expenditure and working capital requirements.
IndusInd Bank: The private sector lender said that it has acquired 4.79% or 50 lakh equity shares of McLeod Russel India Limited. IndusInd Bank said that the acquisition was made by invoking pledged shares.
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(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
