Tata Group’s TP Parivart Acquisition, NTPC Solar Milestone, Tax Demands on Shipping Corporation and LIC.

Opening Bell:             

Gift Nifty is down by 7 points in the early morning trade, indicating a mixed opening for Indian stock market .

Asian markets were trading higher in the early part on Friday after economic data from the US calmed recessionary fears, while investors also assessed a slew of data from Japan. Japanese Nikkei was up 0.39 percent along with Taiwan and Kospi index that were up by 0.36 and 0.74 percent respectively.

The Dow notched a record high close on Thursday in mixed trading following robust U.S. economic data, while artificial intelligence chipmaker Nvidia dropped after its largely in-line forecast failed to impress investors. The U.S. economy grew faster than initial estimates due to strong consumer spending, the Commerce Department reported, supporting expectations the U.S. is likely to avoid a recession. The Dow Jones Industrial Average rose 0.59% to 41,335.05 points, an all-time closing high. The S&P 500 index ended barely changed at 5,591.96 points, just below its July record high close as expectations for a September interest rate cut remained robus.

Stocks News:

👉 The Tata Group company has acquired 13,000 equity shares (i.e., a 26% equity stake) in TP Parivart for Rs 1.3 lakh. TP Parivart is a subsidiary of Tata Power Renewable Energy.

👉 NTPC Ltd Step-down subsidiary NTPC REL has commenced commercial operations for the first part capacity of 160 MW out of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan. With this, the total installed and commercial capacity of the NTPC group has now reached 76,294 MW.

👉 Shipping Corporation of India has received an order from the Department of Goods and Services Tax, Maharashtra, demanding tax and a penalty of Rs 160.37 crore after conducting the GST audit for FY20. The company is in the process of filing an appeal before the Joint Commissioner of State Tax.

👉 LIC has received a demand order for Goods & Services Tax, interest, and a penalty amounting to Rs 605.6 crore for Maharashtra state for FY20, due to wrong availment and short reversal of ITC and interest on late payments.

👉 The foreign institutional investors (FIIs) bought equities worth Rs 3259 crore on August 29, while domestic institutional investors extended their buying as they bought equities worth Rs 2690 crore on the same day.

Domestic and International Events

• India’s MSCI August rejig will take place on August 30, expected to receive net passive FII inflow of over $4-4.5 billion. Around 7 stocks will be included in the MSCI India index, namely Dixon Tech, Vodafone Idea, Oil India among others.

• Reliance Industries Ltd on August 29 said it will consider and recommend issuing bonus shares at a ratio of 1:1 to its shareholders at a board meeting on September 5. India’s most valuable company, in terms of market capitalisation, informed the shareholders about the decision minutes before the 47th annual general meeting of the conglomerate. In his address to the shareholders, Mukesh Ambani spoke about rewarding shareholders amid strong financial performance and expansion of business.

• Gold prices were down marginally at USD 2517.68, while Silver prices were up marginally at USD 29.49 in the early trade on Friday.

• Oil prices were steady in early trading on Friday as investors weighed supply concerns in the Middle East against signs of weakened demand.

EMERGING	LATEST	% 1D
Hang Seng	17,786	0.5 %
Shanghai Composite	2,823	(0.5) %

DEVELOPED	LATEST	% 1D
Dow Jones	41,091	(0.4) %
DAX	18,782	0.7 %
FTSE 100	8,344	(0.0) %
Nikkei	38,357	(0.0) %
Straits Times	3,411	0.6 %