Indian equity benchmark indices closed higher for second consecutive day on Tuesday as metal, power, and select financial shares rallied. Losses in index majors Reliance Industries, ICICI Bank and Airtel, and foreign fund outflows restricted gains, according to analysts.
The BSE Sensex surged 79.22 points or 0.12 per cent to settle at 65,075.82. The NSE Nifty gained 36.60 points or 0.19 per cent to end at 19,342.65.
"The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides. For instance, the chemical sector emerged as a clear winner due to improvements in product prices stemming from stability in the demand and supply scenario,” said Vinod Nair, Head of Research at Geojit Financial Services.
Meanwhile, the metals sector rallied in anticipation of further green shoots from the Chinese government and central banks, aimed at improving the local economy. The benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate, he added.
SoftBank’s Svf Growth (Singapore) Pte Ltd is likely to sell a 1.17 per cent stake in Zomato on 30 August. The deal could fetch around Rs 940 crore for the Japanese investor. Currently, Svf Growth owns a 3.42 per cent stake in Zomato. The floor price of the block deal has been fixed at Rs 94, a 0.7 per cent discount from Tuesday’s closing price.
The company is looking to invest around Rs 45,000 crore to double its production capacity to 40 lakh units annually in the next eight years, said chairman RC Bhargava on Tuesday. During the annual general meeting (AGM), Bhargava said the company will take up shareholders’ suggestions for a stock split to its board for consideration.
State-owned oil marketing company plans to invest around Rs 3 trillion for its energy transition efforts until 2038, said chairman and CEO Arun Kumar Singh. Addressing the press following its AGM, Singh said the company is focusing on several aspects of energy transition, including green hydrogen, offshore endeavors and solar initiatives.
The public sectors bank has collaborated with IKF Home Finance for a co-lending partnership to offer MSME and home loans. IKF Home Finance manages total assets worth Rs 696.10 crore through operations in six states. Central Bank of India has also partnered with Samunnati Financial Intermediation & Services to offer agriculture and MSME loans.
Netherlands-based Minda Europe BV, a non-operative wholly-owned subsidiary company, has been shut voluntarily. The company said it will not impact consolidated financials of Minda Corporation Limited.