Stocks to Focus: Reliance, Tata Steel, LIC, NTPC, ITI, SpiceJet
Indian benchmark indices, the BSE Sensex and Nifty 50, were expected to open positively following the release of strong US GDP figures that eased recession concerns among investors. The GIFT Nifty, trading at 25,286, indicated a higher start, surpassing Nifty futures which were at 25,265. Meanwhile, Asia-Pacific markets showed gains on Friday as the US economic data alleviated recession fears. In Japan, the Nikkei 225 saw a slight increase, and the Topix rose by 0.23 percent. South Korea's Kospi advanced by 0.55 percent in early trading, with the Kosdaq up by 0.74 percent.
Reliance Industries: Reliance Industries held its 47th annual general meeting (AGM) on August 29. During the meeting, the company outlined its ambitious growth strategy and emphasis on emerging technologies like AI. Chairman Mukesh Ambani stated that Reliance Group is on course to more than double its size by the end of this decade and accelerate its growth in the years to come.
Tata Steel: On August 29, Tata Steel announced the acquisition of a 26 percent equity stake in TP Parivart Ltd, a subsidiary of Tata Power Renewable Energy, by purchasing 13,000 equity shares for Rs 1.3 lakh.
LIC: LIC said it has received a demand order for GST, interest, and a penalty of nearly Rs 606 crore for FY20 for Maharashtra due to wrong availment and short reversal of ITC and interest on late payments.
Shipping Corporation of India: The Shipping Corporation of India has reported receiving a GST demand and a penalty totaling Rs 160.37 crore for FY20, according to an exchange filing. The company is currently preparing to file an appeal with the Joint Commissioner of State Tax and anticipates a favorable resolution.
NTPC: NTPC announced that the initial 160 MW segment of its 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan, managed by NTPC REL, a subsidiary of NTPC, commenced commercial operations on August 28.
ITI: In an exchmage filing on August 29, the company has secured its first electronic voting machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines.
SpiceJet: On Thursday, the Directorate General of Civil Aviation (DGCA) imposed immediate enhanced surveillance on SpiceJet after a special audit by the aviation regulator uncovered several deficiencies within the airline.
Jai Corp: Jai Corp's board of directors has authorized a share buyback of up to 29,44,415 shares, representing 1.65% of the total equity, with a maximum expenditure of Rs 117.78 crore. The buyback will occur at a price of Rs 400 per share, and the record date has been set for September 10.
Lemon Tree Hotels: Lemon Tree Hotels has announced in its exchange filing that it has entered into a licensing agreement for Lemon Tree Hotels in Ayodhya, Uttar Pradesh. The property will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited, and is projected to open in FY26.
Rail Vikas Nigam: Rail Vikas Nigam has signed a Memorandum of Understanding (MoU) with Patel Engineering Limited to collaborate on developing a framework that fosters synergies in hydro and other infrastructure projects, both within India and internationally.
