Indian benchmark indices started the week on a high note on Monday as the S&P BSE Sensex and the Nifty 50 ended their respective sessions higher amid sell-offs in heavyweights such as Reliance Industries (RIL), Nestle India, and ITC. At close, the S&P BSE Sensex stood at 64,996.60, up 110 points, or 0.17 per cent, while the headline Nifty50 index settled at 19,306.05, up 40 points, or 0.21 per cent from the previous close.
As the market ended the day on a higher note, the day’s most buzzing event was the annual general meeting (AGM) of Reliance Industries Limited (RIL), where chairman Mukesh Ambani announced that he would remain chairman and MD of the company for the next five years.
During the same AGM, Isha, Akash, and Anant Ambani were appointed to the Reliance board, while Nita Ambani stepped down from the board. Mukesh said that Jio Platforms were keen to lead efforts in developing India-specific AI models and AI-powered solutions.
Among other developments of the day, Vedanta shares rise after mining giant wins big in arbitration against the government; JK Lakshmi Cement shareholders reject proposal to increase inter corporate transaction limit to Rs 10,000 crore; the National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium to pay Rs 350 crore to the lenders of Jet Airways; Shell India announced the appointment of Mansi Madan Tripathy as the new country chair of the company; and real estate portal Housing.Com on Monday said it had tied up with global insurtech player BOXX to offer a cyber security plan for protecting its customers from digital fraud.
ZeeBiz takes you through a list of stocks that can be in the limelight on Tuesday, August 28, 2023.
RIL
The AGMs of RIL are famous for big-ticket announcements, and its meeting on Monday lived up to its reputation.
Mukesh announced that he would remain chairman and MD of RIL for the next five years.
While his wife Nita resigned from the board, his children Isha, Akash, and Anant Ambani were appointed to the board.
Among other developments in the AGM, Mukesh announced Jio Financials Services, which got listed recently, would enter the insurance sector; the introduction of affordable Jio Bharat smartphone at Rs 999; he said that Jio AirFiber would be launched on Ganesh Chaturthi (September 19, 2023); and JioHome, a smart mobile app to navigate one’s television connected to Jio Set-top Box.
Jio Financial Services
The fall in the share of Jio Financial Services was the lowest on Monday since its launch last week. The share fell 0.28 per cent to close at Rs 211.65. It came on a day when Mukesh announced that the company would enter the insurance sector.
Jet Airways
The NCLAT on Monday extended the time till September 30 for Jalan-Kalrock Consortium for a payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.
A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for an adjustment of Rs 150 crore from the performance bank guarantee (PBG) towards a payment of Rs 350 crore.
Apollo Hospitals
Apollo Group said on Monday it would expand its connected care programme across the country.
Apollo Connect aims to create the largest connected healthcare ecosystem in the country, empowering hospitals and nursing homes across metros and non-metros to offer holistic and superior patient care, the healthcare major said in a statement.
Through this programme, Apollo’s partner hospitals will be able to enhance the services they offer patients, achieve superior clinical outcomes, improve patient retention, save costs, and strengthen business performance.
Auto Stocks
India’s automotive industry is poised to rank third in the world by 2030, with various schemes like the Rs 25,938 crore PLI for Automobile and Auto Components supporting the sector’s growth, the government said on Monday.
The Ministry of Heavy Industries (MHI) is organising a conference on Tuesday to review the performance of the Production Linked Incentive -Auto Scheme.
The meeting with stakeholders will be chaired by Heavy Industries Minister Mahendra Nath Pandey.
Prominent auto stocks such as Tata Motors, Hero MotoCorp, Bajaj Auto, and Eicher Motors are expected to be in focus on Tuesday.
LT Foods
LT Foods Ltd on Monday that the government’s decision to impose a minimum export price on basmati rice at USD 1,200 per tonne will not impact the company’s outward shipments.
On Sunday, the commerce ministry said it had directed trade promotion body APEDA not to register contracts below USD 1,200 per tonne.
(With inputs from PTI)