Zomato Ventures into Entertainment, IREDA Boosts Green Financing, Alkem Laboratories Stake Sale, and BEML Partners with Indian Navy

Opening Bell:             

Gift Nifty is up by 38.5 points in the early morning trade, indicating a positive opening for Indian stock market                            

Asian markets traded higher on Thursday, buoyed by regional economic data and overnight gains from Wall Street. Japan’s Nikkei 225 climbed 0.79%, with the Topix up 0.29%. South Korea’s Kospi saw a modest increase of 0.23%, though the Kosdaq slipped by 0.25%. Meanwhile, Hong Kong’s Hang Seng index futures pointed to a positive opening.

The U.S. stock market ended higher on Wednesday after the minutes from the Federal Reserve’s most recent meeting reinforced expectations for a rate cut in September. The Dow Jones Industrial Average increased by 55.52 points, or 0.14%, closing at 40,890.49. The S&P 500 rose by 23.73 points, or 0.42%, to finish at 5,620.85, while the Nasdaq Composite climbed 102.05 points, or 0.57%, ending at 17,918.99.

Stocks News:

👉 Zomato has made a significant move into the entertainment sector by acquiring Paytm’s ticketing business for ₹2,048.4 crore ($244 million). The acquisition includes Paytm’s ‘TicketNew’ and ‘Insider’ platforms, which specialize in movie and live event ticketing. This deal enables Zomato to diversify and enhance its presence in the “going-out” sector, while Paytm shifts its focus back to core financial services.

👉 The Indian Renewable Energy Development Agency (IREDA) plans to raise up to ₹4,500 crore through Qualified Institutional Placement (QIP), rights issues, or other methods. These funds will support IREDA’s green financing initiatives, aimed at accelerating the growth of renewable energy in India. The board is set to finalize the fundraising proposal on August 29, positioning IREDA to expand its impact in the sustainable energy sector.

👉 The promoter of Alkem Laboratories is set to sell a 0.7% stake, equivalent to 8.5 lakh shares, through block deals. The floor price for these shares is set at ₹5,616, representing a 3% discount to the current market price. This sale may influence the stock’s short-term performance as the market adjusts to the increased supply of shares.

👉 BEML has formed a strategic partnership with the Indian Navy to develop advanced marine applications for defense purposes. This collaboration aims to enhance BEML’s capabilities in marine technologies, emphasizing the indigenous design and development of critical marine equipment and systems. The partnership is expected to strengthen India’s defense infrastructure and promote self-reliance in key technology sectors.

👉 The foreign institutional investors (FIIs) sold equities worth Rs 799 crore on August 21, while domestic institutional investors bought equities worth Rs 3097 crore on the same day.

Domestic and International Events

• Foreign direct inflows increased by 26.4% to $22.4 billion during April-June, marking significant growth. Sectors like manufacturing and financial services saw major investment, with countries such as Singapore and the US contributing. This uptick is promising for India’s goal to attract more overseas investors diversifying beyond China.

• Japan’s factory activity contracted in August due to subdued demand. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) edged up to 49.5 in August, compared to 49.1 in July.

• Gold prices traded near a record high after the U.S. Federal Reserve’s meeting minutes and a downward revision of U.S. payrolls reinforced expectations for a rate cut in September. Spot gold remained steady at $2,512 per ounce, just below the record high of $2,531.60 reached on Tuesday. Meanwhile, U.S. gold futures inched up by 0.05% to $2,548.80.

• Crude oil prices traded lower, with benchmark Brent crude falling below the $80 level. Brent crude oil declined by 0.13% to $75.95 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dropped 0.22% to $71.77 per barrel.

EMERGING	LATEST	% 1D
Hang Seng	17,391	(0.7) %
Shanghai Composite	2,857	(0.4) %

DEVELOPED	LATEST	% 1D
Dow Jones	40,890	0.1 %
DAX	18,449	0.5 %
FTSE 100	8,283	0.1 %
Nikkei	37,952	(0.3) %
Straits Times	3,374	0.1 %