HDFC Bank to pick up 9.94% stake in Go Digit Life Insurance

Opening Bell:

SGX Nifty was trading in the positive zone on Friday early morning. The index was up by nearly 95 points or +0.54% (8:03 am India time) indicating a positive opening for Indian markets.

Within early morning trades in Asia, Japanese Nikkei is up 0.98 percent, Hong Kong Hang Seng is down 3.63 percent where as China’s Shanghai is down 0.02 percent.

Wall Street indices closed on a higher note on Thursday amid Jackson Hole Symposium. Dow Jones surged 0.98 percent higher, Nasdaq 100 went up by 1.67 percent where as S&P 500 gained 1.41 percent.

Jackson Hold Symposium: For Indian investors, the key things to watch out would be whether the Fed would sound more hawkish. Investors will keenly follow any hints of a slowdown in the pace of rate upcycle.

Stocks News:

?Eicher Motors CFO resigns. Kaleeswaran Arunachalam has tendered his resignation from the Chief Financial Officer and Key Managerial Personnel position.

?Intelsat Commercial Aviation signs agreement with Nelco to offer inflight connectivity in India’s airspace. Intelsat, the leading provider of inflight connectivity (IFC), announced the beginning of Intelsat’s inflight connectivity services in Indian skies through an agreement with Nelco, India’s leading satellite communication service provider.

?HDFC Bank to pick up 9.94% stake in Go Digit Life Insurance. HDFC Bank has entered into non-binding term sheet with Go Digit Life Insurance. The bank will make an investment in the company between Rs 49.9 crore and Rs 69.9 crore in two tranches for an equity stake of up to 9.944%.

?Syrma SGS Technology to make market debut on August 26. The company will make its debut on the bourses on August 26. The issue price has been fixed at Rs 220 per share.

?Inox Wind Energy to consider fundraising on August 30. The company said its board of directors on August 30 will consider fundraising. The fundraising will be through a preferential issue or on private placement basis.

?Foreign institutional investors (FIIs) have net bought ₹369.06 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold ₹334.31 crore worth of shares on August 25, as per provisional data available on the NSE.

Domestic and International Events

• The US economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation, dispelling fears that a recession was underway.
• Bank credit growth accelerated to 14.2 percent in the quarter ended June 2022 from 6 percent in the same period of the previous year, RBI data showed on Thursday. In the quarter ended March 2022, bank credit had expanded by 10.8 percent.
• St. Louis Federal Reserve President James Bullard on Thursday said he expects high inflation to be more persistent than many have been expecting and interest rates now are not yet high enough to begin curtailing price pressures.
• Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday came out with a disclosure framework for asset management companies (AMCs), mandating a scheme-wise disclosure of investments in securities of entities that are excluded from the definition of “associate”.

Key Equity Indices