Tata Motors acquired the entire shareholding of Marcopolo S A

Opening Bell:

SGX Nifty is down 55.5 points that signals a weak to flat opening for the Indian stock market.

In early morning trade deals on Thursday Japanese Nikkei is down 1.61 percent, Hong Kong’s Hang Seng is trading flat with 0.03 percent higher whereas Chinese Shanghai is down by 0.17 percent.

Indian markets were closed yesterday for Ganesh Chaturthi Festival. On Wall Street, Dow Jones shed 0.80 per cent, Nasdaq went off 0.56 per cent, S&P 500 lost 0.78 per cent.

U.S. stocks ended the month with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist.

Stocks News:

?Tata Motors acquired the entire shareholding of Marcopolo S A in the joint venture entity Tata Marcopolo Motors. With this, Tata Marcopolo Motors has become a wholly owned subsidiary of Tata Motors.

?Inox Wind company has received the board approval to raise up to Rs 800 crore through the issuance of non-convertible preference shares to promoters on a private placement basis. The funds raised through the issuance of NCPRPS will be used for repayment of the debt.

?Zee Entertainment Enterprises company has signed a strategic licensing agreement with Star India (Disney Star). With this agreement, Disney Star will lease the television broadcasting rights of the International Cricket Council’s (ICC) Men’s and Under 19 (U-19) global events for a period of four years, to the company.

?Cipla and Kemwell India have entered into an “amendment cum assignment agreement”. As per the agreement, the joint venture entity will now be incorporated in the United States of America. There is no other material change in the agreement.

?Infosys sells stake in Trifacta Inc. The Indian IT company has divested its entire holding in US-based Trifacta Inc for $12 million. The transaction was completed on August 29. Infosys had made a minority investment of $10 million during 2016-2019, in Trifacta Inc, a data engineering software company headquartered in San Francisco, USA.

?Foreign institutional investors (FIIs) have net bought ₹4,165.86 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold ₹656.72 crore worth of shares on August 30, as per provisional data available on the NSE.

Domestic and International Events

• India’s economy grew below expectations at 13.5 per cent in April-June 2022-23 (Q1 FY23), despite the low base of the equivalent period of 2021-22, when economic activity was severely impacted by the Delta wave of the pandemic.
• Central Government arrested its gross fiscal deficit (GFD) at 20.5 per cent of the annual budgeted target during the first four months of 2022-23. At the same time last year, the government had exhausted 21.3 per cent of its annual deficit target. In absolute terms, the deficit during April-July 2022 amounted to Rs.3.4 trillion, higher than the last year’s Rs.3.2 trillion.
• The index of eight core industries rose by 4.5 per cent on a year-on-year basis in July 2022.The growth was the lowest registered in the last six months. Of the eight core industries, six reported a rise in production, while two reported a fall in July 2022. Electricity generation rose by 2.2 per cent, but output of coal, which is a key input for thermal power generation, increased at much faster pace of 11.4 per cent.
• Gold languished near a one-month low on Wednesday and was set for a fifth consecutive monthly drop, as solid US data and hawkish Federal Reserve comments pointing to higher interest rates dented the non-yielding metal’s appeal.

Key Equity Indices