Syngene International to buy 26% stake in O2 Renewable Energy II for renewable power

Opening Bell:

The market is expected to open in the red as trends in the SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 381 points.

Asian indices slid on Monday as the risks of more aggressive rate hikes by the US Federal Reserve and Europe pushed bond yields higher and impacted equity valuations. Japan’s Nikkei dropped 2.3 percent, South Korea shed 2.3 percent and MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7 percent.

Wall Street extended its decline as US Fed Chairman Jerome Powell reiterated hawkish stance on interest rate hike. In Friday session on Wall Street, Dow Jones tumbled little over 3 per cent, tech heavy Nasdaq crashed 3.94 per cent and S&P 500 dipped 3.3 percent.

Americans are headed for a difficult period of slowed economic growth and possibly rising joblessness as the Federal Reserve raises interest rates to fight high inflation, US central bank chief Jerome Powell warned on Friday in his bluntest language yet about what is in store for the world’s biggest economy.

Stocks News:

?RIL to hold 45th Annual General Meeting. The meeting will start at 02:00 PM IST on August 29, with addresses and presentations expected from Chairman Mukesh Ambani and other members of the company’s board and subsidiaries. Analysts think this year, the focus may be on the consumer retail business once again.

?Syngene International to buy 26% stake in O2 Renewable Energy II for renewable power. The company has entered into an agreement for acquisition of renewable power by acquiring equity stake up to 26% in O2 Renewable Energy II Private Limited. O2 Renewable Energy II Private Limited is the special purpose vehicle formed by O2 Energy SG Pte Ltd for generation and supply of renewable power.

?Canara Bank raises Rs 2,000 crore through Basel III Compliant Tier II Bonds, Series I. The bank has successfully raised Rs 2,000 crore through Basel III Compliant Tier II Bonds, Series I. It came out with issuance of Rs 2,000 crore of Tier II Bonds on August 25, and received a total bid amount of Rs 8,932 crore, out of which full issuance of Rs 2,000 crore was accepted at 7.48%.

?UltraTech Cement announces commissioning of cement capacity of 1.3 mtpa in Uttar Pradesh. As part of its ongoing expansion plan, the company has commissioned cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh, which resulted into increase in unit’s capacity to 1.8 mtpa. This is part of 1st phase of capacity expansion announced in December, 2020. With this commissioning, the company’s total cement manufacturing capacity in India now stands at 115.85 mtpa.

?Cipla receives 6 observations from USFDA for Goa plant. The company has now received 6 observations with some referencing to the observations made during the September 2019 inspection, for its Goa plant. There are no data integrity (DI) observations. The USFDA inspected company’s Goa plant during August 16-26. Earlier the USFDA had inspected the said facility in September 2019 and the issued warning letter in February 2020.

?Foreign institutional investors (FIIs) net sold shares worth Rs 51.12 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 453.59 crore on August 26, as per the provisional data available on the NSE.

Domestic and International Events

• Markets regulator SEBI on Friday said portfolio managers can invest a maximum of 30 percent of clients’ assets in the securities of their “associates” or related parties.
• Profits at China’s industrial firms sank in July, reversing previous gains as fresh Covid-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production.
• India’s foreign exchange reserves fell $6.687 billion to $564.053 billion in the week ended August 19, according to the Reserve Bank of India (RBI) data. In the previous week ended August 12, the reserves declined $2.238 billion to $570.74 billion.
• Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth “for some time”.

Key Equity Indices