Stock Market Today: Nifty Snaps Three-Day Decline As ICICI Bank, ITC Shares Lead

India's benchmark indices reversed over three day losses on Monday, buoyed by financial stocks. Shares of ITC Ltd. and Hindustan Unilever Ltd. also contributed to the gains, primarily led by ICICI Bank and other banks including HDFC Bank and Kotak Mahindra Bank.

The NSE Nifty 50 closed 84.25 points or 0.34% higher, at 24,936.40 to snap a three-day fall. The S&P BSE Sensex closed 375.61 points or 0.46%, up at 81,559.54, reversing a four-day decline.

Shares of ONGC Ltd. and Tech Mahindra Ltd. contributed the most losses to the Nifty.

Most sectoral indices declined, with Nifty Oil & Gas contributing to the most losses.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.28% and 0.65% lower, respectively.

On BSE, 14 sectors ended lower, and six advanced out of 20. The BSE Oil & Gas declined the most, and the BSE FMCG emerged as the top performing sector.

Market breadth was skewed in favour of sellers. Around 2,371 stocks declined, 1,667 stocks declined, and 143 stocks remained unchanged on BSE.

• Rupee closed flat at 83.95 against the US dollar.

• It closed at 83.95 on Friday.

Source: Bloomberg

• The NSE Nifty 50 snapped three-day losing streak.

• The BSE Sensex reversed four-day of losing streak.

• ICICI Bank Ltd., ITC Ltd., and Hindustan Unilever Ltd. were top gainers.

• Oil and Natural Gas Corp, Tech Mahindra Ltd., NTPC Ltd. were top losers.

• The NSE Nifty FMCG rose to record high tracking gains in Hindustan Unilever Ltd. 

• Bajaj Housing Finance Ltd.'s initial public offer was subscribed fully on first day. 

• Ola Electric Mobility Ltd. fell over three-week low as anchor investors sold stakes.

• JSW Infrastructure Ltd. approved investment in Bhoke Railway Project on Konkan Route worth Rs 125 crore.

• Approves capacity expansion at Jaigarh Port and Dharamtar Port for Rs 2,234 crore.

Source: Exchange filing

• The IPO has been subscribed 100%, as of 2:00 p.m. on Monday.

• Institutional investors: 0.02 times, or 2%

• Non-institutional investors: 2.28 times.

• Retail investors: 0.97 times.

• Employee reserved: 0.21 times.

• Reservation portion shareholder: 1.48 times

Source: BSE

• ADNOC is in non-binding pact with IOC for 1 million ton per annum LNG for 15 years

Source: Press statement

• Total premium up 22% YoY at Rs 32,644 crore

• Aditya Birla Sun Life total premium up 9% YoY at Rs 650 crore

• Bajaj Allianz Life total premium up 3% YoY at Rs 953 crore

• GoDigit Life total premium up 177% YoY at 69 crore

• HDFC Life total premium up 4% YoY at 2,797 crore

• ICICI Prudential total premium up 12% YoY at Rs 1,509 crore

• Max Life total premium up 17% YoY at Rs 956 crore

• SBI Life total premium down 13% YoY at Rs 2,704 crore

Source: Life Insurance Council

India's benchmark stock indices recovered from early losses to trade higher by midday on Monday, brushing aside global risk-off sentiment, buoyed by financial and consumer stocks. The recovery comes after the stocks recorded their worst week in over three months. 

At 11:40 a.m., the 50-stock NSE Nifty was trading 22 points, or 0.09%, higher at 24,874, and the 30-stock Sensex was up 108 points, or 0.13%, at 81,296. The Nifty 50 and the Sensex fell as much as 0.4% and 0.36%, respectively, before paring losses to trade higher.

Domestic inflows that have been powering India's stock market may see a short-term pause after having pumped up valuations, according to Jefferies. However, the brokerage expects foreign flows to provide a cushion to domestic flows that may have taken a breather.

During the session, shares of Gala Precision Engineering Ltd. listed on the BSE on Monday at Rs 750 apiece, a premium of 41.8% over its issue price of Rs 529 per share.

The market is likely to turn volatile in the coming days as US presidential elections and Fed rate decisions will continue to weigh, according to VK Vijayakumar, chief investment strategist at Geojit Financial Services.

The market's weakness can be used to gradually accumulate high-quality largecaps and defensives, such as pharmaceuticals, he said.

Stocks in the Asia-Pacific region plunged on Monday as the risk-off mood intensified on concerns that the Federal Reserve may have waited too long to cut interest rates. The Japanese benchmark equity gauge led the declines on Monday, while the MSCI Asia Pacific index, excluding Japan, declined by 1.25% to 679.56 during the day.

Shares of ICICI Bank Ltd., Infosys Ltd., ITC Ltd., HDFC Bank Ltd., and Hindustan Unilever Ltd. were contributing to the gain to the Nifty 50.

While those of Oil and Gas Corp. Ltd., Tata Motors Ltd., NTPC Ltd., State Bank of India, and Hindalco Industries Ltd. were weighing on the index.

On NSE, seven of the 12 sectors declined, with Nifty Oil and Gas and PSU Bank slipping the most during the session. The Nifty FMCG and Bank rose the most on Monday.

Broader markets underperformed the benchmark indices. The BSE Midcap and Smallcap were trading 0.59% and 0.76% lower, respectively, through midday on Monday.

On BSE, 15 of the 20 sectors declined, with BSE Oil and Gas and Energy leading the fall.

Market breadth was skewed in favour of the buyers. Around 1,467 stocks rose, 2,389 stocks declined, and 153 stocks remained unchanged on the BSE.

The NSE Nifty FMCG rose as much as 1.45% to 64,090.15, the highest level since its incorporation as Hindustan Unilever Ltd., and ITC Ltd. led gains. It was trading 1.40% higher at 64,075.05 as of 12:49 p.m. as compared to 0.02% advance in the NSE Nifty 50 index.

• Ather Energy filed DRHP for initial public offer with fresh issue of share worth Rs 3,100 crore.

• Founders, investors will also sell 2.2 crore shares in IPO.

Source: Bloomberg

• Suzlon Energy Ltd. expects to complete the project by fourth quarter of financial year 2025-26.

• This is our first contract with NTPC Ltd. Suzlon Energy expects the public sector share to keep growing going forward.

• Beyond 600 megawatt, Ebitda margins will keep increasing, the CEO said.

• In India, Suzlon Energy Ltd. is number 1 in market share and expects to continue that.

• Margins will significantly improve with increase in quantity, according to CEO

Source: JP Chalasani, chief executive officer, Suzlon Energy in an interview to NDTV Profit

• Minda Corp Ltd. is likely to consider fund raising via QIP, rights issue & other modes on September 12.

Source: Exchange filing

• Finance Minister Nirmala Sitharaman started GST Council meet on Monday.

• The council will consider to reduce tax rate on health and life insurance premiums, which is 18% at present.

Shares of Divi's Laboratories Ltd. rose as much as 1.10% to Rs 5,194.30, the highest level since Nov 4, 2021. It was trading 0.66% higher at Rs 5,172.55 as of 11:09 a.m., as compared to 0.07% decline in the NSE Nifty 50 index.

The scrip fell as much as 3.14% to Rs 2,186 apiece, the lowest level since Aug. 29, 2024. It pared losses to trade 1.38% lower at Rs 2,226 apiece, as of 10:15 a.m. This compares to a 0.06 decline in the NSE Nifty 50 Index.

It has risen 68.56% on a year-to-date basis. Total traded volume so far in the day stood at 0.38 times its 30-day average. The relative strength index was at 67.8.

Out of 35 analysts tracking the company, 16 maintain a 'buy' rating, 10 recommend a 'hold,' and nine suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 10%

• Suzlon Energy Ltd. has secured India's largest wind energy order of 1,166 megawatt from NTPC Green Energy.

Source: Exchange filing

Hindustan Unilever Ltd. rose to the highest level since its listing as the board considered prospects of its ice cream business. The board has decided to form an committee of independent directors to evaluate the prospects of ice cream business in details.

This development came after the parent company, Unilever Plc. announced to separate ice cream business earlier this calendar year.

Shares of Mazagon Dock Shipbuilders rose by more than 3% on Monday following the announcement of a substantial Rs 1,486.40-crore order from Oil and Natural Gas Corp, awarded on Friday.

• Mahindra & Mahindra Ltd.'s Mahindra Last Mile Mobility to launch electric four-wheeler 'e-ZEO' on October 3.

Source: Exchange filing

• Gala Precision Engineering Ltd. listed at Rs 721.1 on NSE vs issue price of Rs 529.

• The company listed at a premium of 36.3% on NSE.

• It listed at Rs 750 on BSE vs issue price of Rs 529.

• The company listed at a premium of 41.8% on BSE.

Shares of Ola Electric Mobility Ltd. fell as much as 4.03% to Rs 105.15, the lowest level since Aug 14. It was trading 3.44% lower at Rs 105.80 as of 09:44 a.m. The decline came as anchor investors offtake stakes in the company.

India's benchmark indices opened lower on Monday to start the week on a negative note as Reliance Industries Ltd., and NTPC Ltd. dragged. Asian shares declined on concerns that the Federal Reserve might have taken too much time to loosen monetary conditions after new jobs grew less than expected in the US, which also pressured Indian equities.

As of 09:27 a.m., the NSE Nifty 50 was 66.15 points or 0.27% lower at 24,786.00, and the BSE Sensex was 190.01 points or 0.23% down at 80,993.92.

"Weak job  data and cautious statements from US central bankers have made investors wary about US economic growth," said Vikas Jain, head, research, Reliance Securities.

Traders are expected to remain cautious and avoid aggressive buying until a clear trend emerges. This week will see the release of inflation data from China, the US, and India. Although global equity corrections may negatively impact the domestic market, they could also provide attractive buying opportunities at lower levels.

Tata Consultancy Services Ltd., Hindustan Unilever Ltd., ITC Ltd., Infosys Ltd., and Shriram Finance Ltd. added to the benchmark indices.

Reliance Industries Ltd., NTPC Ltd., Axis Bank Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. weighed on the index.

On NSE, 10 sectors declined, and two advanced out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty FMCG rose the most.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.87% and 1.43% lower, respectively.

On BSE, 19 sectors declined and one advance out of 20. The BSE Oil & Gas declined the most, and the BSE Fast Moving Consumer Goods emerged as the best performing sector.

Market breadth was skewed in favour of sellers. Around 2,224 stocks declined, 1,064 stocks advanced, and 142 stocks remained unchanged on BSE.

At pre-open, the NSE Nifty 50 was trading 0.09% lower at 24,829.30, and the BSE Sensex was trading 0.24% lower at 80,989.41.

• The yield on the 10-year bond opened flat at 6.86%.

• It closed at 6.85% on Friday.

Source: Bloomberg

• Rupee opened flat at 83.96 against the US dollar.

• It closed at 83.95 on Friday.

Source: Bloomberg

• Oriana Power Ltd. received order worth Rs 520 crore from Dalmia Cement

• Contract is for development of solar power plant with 128 megawatt capacity

Alert: Dalmia Cement is a subsidiary of Dalmia Bharat

Source: Exchange filing

• Adani Green Energy Ltd. redeemed $750 million or 4.4% Holdco Notes due September 8, 2024.

Source: Exchange filing

• Domestic steel prices remain range-bound, brokerage expects continued downward pressure

• Morgan Stanley believes lower imports prices will continue to pressure domestic prices

• Domestic inventory de-stocking to be slow in near term

• The brokerage believes underperformance in steel stocks will continue supported by unfavorable valuations

• Steel companies see no material improvement in inventory levels and spreads

• India is at inflection point of growth and policy giving immense opportunities.

• The target of 42 million ton per annum by Sept 2027 and 50 mtpa by financial year 2030-31.

• Energy business has grown from 4.6GW in financial year 2019-20 to 7.3 gigawatt in FY24 with 2.6 gigawatt under construction.

• Thermal continues to be important for India while hydrogen technology is still evolving.

• India's macro story remains strong

• Growth uptick is led by a capex cycle which has headroom to expand

• Strong performance of Indian markets is due to domestic flows

• Domestic investor flows has legs but toppish in near term

• Expect foreign flows to provide cushion to Indian markets

• Cautious on Indian equities in the near term

• Overweight: telecom, banks, staples, 2W and power

• Long term also like Industrials and Real Estate

• Motilal Oswal Financial Services maintained a 'Buy' on Persistent Systems with a target price Rs 6,300, which implied a 21% upside.

• Targeting a revenue of $2 billion by financial year 2026-27.

• The company is implementing strict cost management strategies

• Persistent Suystems is benefitting from vendor consolidation and high demand areas

• Aims to increase European share from 7-8% to 12%

• Expect 18% dollar revenue growth upto financial year 206-27 and 21% EPS CAGR

• Citi Research maintained 'Sell' on Lupin Ltd. with a target price Rs 1,700

• The company’s generic launch in April 2025 may now be an “At Risk” launch

• Generic share generally remains low in "At Risk" launch vs a normal launch

• Lupin may also decide to delay the launch of generic

• gJynarque contributes c30% of our FY26E EPS

• U.S. Dollar Index at 101.26

• U.S. 10-year bond yield at 3.74%

• Brent crude up 1.35% at $72.02 per barrel

• Bitcoin was up 1.02% at $54,930.31

• The GIFT Nifty was trading 0.29% or 72.50 points higher at 24,846.50 as of 07:52 a.m.

The Indian rupee closed stronger against the US dollar on Friday after nearly touching the psychologically key level of Rs 84 in the previous session. The domestic currency strengthened amid a marginal decline in the dollar index.

The rupee appreciated 3 paise to close at Rs 83.95 after opening at Rs 83.96 against the US dollar, according to Bloomberg data. The domestic currency had closed at Rs 83.98 on Thursday.

• Nifty September futures fell by 1.3% to 24,906 at a premium of 47.85 points.

• Nifty September futures open interest fell by 4.11%.

• Nifty Bank September futures rose by 0.2% to 50,781.40, at a premium of 204.55 points.

• Nifty Bank September futures open interest grew by 6.24%.

• Nifty Options Sept. 12 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 22,350.

• Bank Nifty Options Sept. 11 Expiry: Maximum call open interest at 53,000 and maximum put open interest at 46,000.

• Securities in ban period: Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Biocon, Chambal Fertilisers, Hindustan Copper, RBL Bank.

• Indigo Paints: Peak XV Partners Investments V sold 54.48 lakh shares (11.44%) at Rs 1,489.35 apiece and 50.51 lakh shares (10.61%) at Rs 1,475.96 apiece. Arisaig Asia Fund Ltd. bought 8.06 lakh shares (1.69%) at Rs 1,475.51 apiece and HDFC Mutual Fund bought 10.04 lakh shares (2.11%) at Rs 1,470 apiece. Mercer QIF Fund Plc-Mercer Investment Fund bought 3.18 lakh shares (0.66%) at Rs 1,475.51 apiece, while Morgan Stanley Asia (Singapore) Pte.-Odi bought 3.08 lakh shares (0.64%) at Rs 1,491.88 apiece.

• Shriram Pistons & Rings: Theleme India Master Fund Ltd. bought 4.84 lakh shares (1.10%) at Rs 2,176 apiece and DSP Mutual Fund bought 4.40 lakh shares (1%) at Rs 2,197.6 per share. Luv D. Shriram sold 6.60 lakh shares (1.50%) at Rs 2,181.77 apiece and Meenakshi Dass sold 6.60 lakh shares (1.50%) at Rs 2,197.60 apiece.

• VST Industries: Maithan Alloys Ltd. bought 1.12 lakh shares (0.72%) at Rs 485.57 apiece, SBI Mutual Fund sold 4.46 lakh shares (2.89%) at Rs 485.35 apiece and Derive Trading & Resorts Pvt. sold 1.29 lakh shares (0.83%) at Rs 480.57 apiece.

• Max Financial Services: Promoter Max Ventures Investment Holdings Pvt. sold 1.1 crore shares on Sept. 5.

• Ambuja Cement: Promoter Anubhuti Value Fund 1 (Ameet Desai, independent director, is also partner of Anubhuti Advisors LLP, investment manager of the fund) sold 2.62 lakh shares between Sept. 2 and Sept. 3.

• Vascon Engineers: Promoter Navin Hari Singh Thakur sold 20,000 shares between Aug. 21 and Sept. 4.

• Usha Martin: Promoter Peterhouse Investments India Ltd. sold 4 lakh shares on Sept. 5.

• Shalimar Paints: Promoter Veera Gupta sold 1.95 lakh shares between Sept. 3 and Sept. 6.

• Infosys: Promoter Anand Swaminathan sold 25 lakh shares on Sept. 3.

• Apollo Micro Systems: Promoter Karunakar Reddy Baddam created a pledge for 13 lakh shares on Sept. 4

• Price band change from 10% to 20%: Balu Forge Industries.

• Price band change from 20% to 10%: Nectar Lifesciences, Rama Steel Tubes, Refex Industries.

• Price band change from 10% to 5%: Kitex Garments, Pondy Oxides & Chemicals.

• Ex dividend: Harsha Engineers International, Jindal Worldwide, Lumax Industries, Nitin Spinners, Waaree Renewable Technologies.

• Ex/record dividend: Capri Global Capital, Gujarat State Fertilizers & Chemicals, Gujarat Gas, Lumax Auto Technologies, Strides Pharma Science.

• Moved in short-term ASM Framework: Nectar Lifesciences, Rama Steel Tubes, SEPC, Swelect Energy Systems.

• Endurance Technologies: To meet analysts and investors on Sept. 10.

• Coforge: To meet analysts and investors on Sept. 24.

• Mahanagar Gas: To meet analysts and investors on Sept. 18.

• JSW Infrastructure: To meet analysts and investors from Sept. 11 to Sept 24.

• Gala Precision Engineering: Shares of the company will list on stock exchange today. The issue price for the listing has been set at Rs 529 per share.

• Shree Tirupati Balajee Agro: The IPO has been subscribed 18.17 times on the second day. The bids were led by non-institutional investors (28.56 times), institutional investors (4.69 times), and retail investors (21.42 times).

• Bajaj Housing Finance: The IPO will open for its first day of subscription today. The total issue size of the initial public offering stands at Rs 6,560 crore shares. The IPO consists of a fresh issue of equity shares worth Rs 3,560 crore and an offer for sale worth Rs 3,000 crore. The price band set for the IPO is in the range of Rs 66–70 per share. The company raised Rs 1,757 crore from anchor investors on Friday, ahead of its initial public offering.

• Kross: The IPO will open for its first day of subscription today. The total issue size of the initial public offering stands at Rs 500 crore. The IPO consists of a combination of a fresh issue of equity shares worth Rs 250 crore and an offer for sale of equity shares worth another Rs 250 crore. The price band set for the IPO is in the range of Rs 228–240 per share. The company raised Rs 149 crore from anchor investors on Friday, ahead of its initial public offering.

• Tolins Tyres: The IPO will open for its first day of subscription today. The total issue size of the initial public offering stands at Rs 230 crore. The IPO consists of a fresh issue of shares worth Rs 200 crore as well as an offer for sale of shares worth Rs 30 crore. The price band set for the IPO is in the range of Rs 215–226 per share. The company raised Rs 68 crore from anchor investors on Friday, ahead of its initial public offering.

• Shanti Educational Initiatives: Legends Global Opportunities (Singapore) Pte bought 17 lakh shares (1.05%) at Rs 122.1 apiece, while New Leaina Investments Ltd. sold 17 lakh shares (1.05%) at Rs 122.1 apiece.

• Metro Brands: Kotak Mahindra Mutual Fund bought 39.74 lakh shares (1.46%) at Rs 1,260 apiece. Kotak Infinity Fund bought 13.49 lakh shares (0.49%) at Rs 1,260 apiece and Invesco Mutual Fund bought 4.67 lakh shares (0.17%) at Rs 1,260 apiece. Citigroup Global Markets Mauritius Pvt. bought 80,000 shares (0.02%) at Rs 1,260 apiece and Baroda BNP Paribas Mutual Fund bought 0.8 lakh shares (0.02%) at Rs 1,260 apiece. On the other hand, Farah Malik Bhanji, Alisha Rafique Malik, Zia Malik Lalji, Zarah Rafique Malik and Sabina Malik Hadi sold 11.9 lakh shares (0.43%) each at Rs 1,260 apiece.

• RBM Infracon: The company receives a service order worth Rs 3,498 crore from ONGC.

• Mazagon Dock: The company received notification of the award of a contract worth Rs 1,486 crore from ONGC.

• Bajaj Finserv: Bajaj Allianz General Insurance reported a gross direct premium underwritten at Rs 1,736.23 crore for June. At the same time, the total new business premium for Bajaj Allianz Life Insurance stood at Rs 952.52 crore.

• SpiceJet: The airline has entered into a term sheet agreement with Carlyle Aviation Management Ltd. to restructure its aircraft lease obligations. The airline plans to restructure its finances by issuing securities worth $30 million at Rs 100 per share, subject to the approval from the shareholders and the signing of a final agreement between both parties. Carlyle Aviation will also purchase convertible debentures for $20 million from SpiceXpress and Logistics Pvt., a subsidiary of the company, it said. Carlyle is valuing the stake at Rs 100, which is a huge premium to the current market price.

• Nazara Technologies: The company has acquired a 48.42% stake in Paperboat for Rs 300 crore. The company has paid Rs 225 crore as the first tranche. The remaining balance will be paid in the manner outlined in the agreement.

• Godfrey Phillips: The cigarette maker approved the re-appointment of Bina Modi as managing director of the company for a period of five years with effect from Nov. 14. The company also approved the appointment of her daughter Charu Modi as a director of the company, liable to retire by rotation and as ED for five years with effect from Sept. 7.

• Gujarat Gas: India Ratings and Research said the merger of the company is credit-neutral. The proposed scheme would lead to better synergies in gas procurement and improve their overall scale of operations.

• Poonawala Fincorp: Dhiraj Saxena tenders resignation as Chief Technology Officer of the company.

• Suzlon Energy: The company has completed the acquisition of 51% of the equity share capital of Renom. With the said acquisition, Renom has now become a subsidiary of the company.

• AU Small Finance Bank: The bank announced a strategic partnership to offer AU SFB’s customers a wide range of general insurance solutions. It includes motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, cyber incident insurance, and more.

• Hindustan Unilever: The company’s parent entity, Unilever PLC, had on March 19 announced its intention to separate its global ice cream business across jurisdictions. The board has decided to constitute a committee of independent directors to evaluate in detail the prospects of the company’s ice cream business and to make recommendations to the board. The Board also accorded its approval to explore potential structures and alternatives for the same.

• CreditAccess Grameen: Nilesh Dalvi was appointed as chief financial officer effective from Sept. 6.

• Swelect Energy Systems: The company approved an investment by their wholly-owned subsidiary in Singapore. The goal is to set up solar rooftop power generating plants under the energy sales model by joining as a 50:50 partner in a new joint venture called AV SW Green Energy Pte in Singapore. The board also approved an initial investment of SGD 5,000, with further investment up to SGD 2,000,000 in the joint venture.

• ION Exchange India: The company has been awarded contracts from Technimont SpA, Italy, for de-oiling, demineralisation, and condensating poly unit packages for the Hail & Ghasha Development Project of ADNOC, UAE, totalling approximately Rs 168 crore. The projects are to be completed within 61 weeks from project award dates.

• Associated Alcohols and Breweries: The company announced the launch of its premium blended malt whisky, 'Hillfort'.

• Protean eGov Technologies: A fire broke out at Times Tower, Kamala Mills Compound, Lower Parel, Mumbai. No injuries or casualties were reported among the staff of the company and business operations remain unaffected by the incident.

• Thermax: The company's wholly-owned subsidiary, First Energy Pvt., has entered into a share purchase agreement for the acquisition of 100% of the equity share capital of Onix-Two Enersol Pvt. OTEPL is acquired for the proposed power projects to be undertaken by FEPL.

• Wardwizard Innovations & Mobility: The company has received a Letter of Intent from His Royal Highness Prince Abdulaziz Bin Turki Bin Talal Bin Abdulaziz Al Saud to form a joint venture in the Kingdom of Saudi Arabia. The company plans to set up two plants to assemble electric motorbikes, three-wheelers, four-wheelers, buses, and EV cells in Saudi Arabia.

• Mangalore Chemicals & Fertilizers: The company has shut down the ammonia and urea plants for replacement reformer catalysts.

• LIC: The company received a GST demand of Rs 114 crore, including interest and penalty, for the financial year 2021 in Telangana and Rs 116 crore for the financial year 2020 in Tamil Nadu.

• Repco Home Finance: K Lakshmi tenders resignation as chief financial officer of the company effective from Sept. 6.

• Arihant Capital Markets: The company approved raising of funds up to Rs 150 crore via a rights issue.

Asia-pacific benchmarks declined on Monday due to concerns about recession in the US, following weaker than expected jobs data. Japan's Nikkei 225 declined more than 3% after its GDP grew 2.9% on the year in the second quarter, against 3.2% growth expectation.

The Nikkei 225 and Kospi were trading 2.19% and 1.44% down, respectively. The S&P ASX 200 was trading 0.79% down as of 06:46 a.m.

This week, troubling data shook Wall Street traders of riskier assets from their complacency, resulting in the worst stock performance since the 2023 regional bank crisis.

The indices closed near day's low after having a muted open. S&P 500 ended 1.73% lower at 5,408.42, extending its decline for the fourth day following weaker than expected jobs data. The Dow Jones ended 1.01% lower at 40,345.41 and the Nasdaq Composite ended 1.14% lower at 18,664.14.

Brent crude was closed 1.04% higher at $71.80 a barrel and gold was trading 0.02% lower at $2,496.79 an ounce as of 06:49 a.m.

The GIFT Nifty was trading 0.18%, or 44.50 points higher at 24,818.50 as of 06:49 a.m.

India's benchmark indices extended losses on Friday, recording its worst week in over three months, as fears griped over the health of the US economy ahead of the release of jobs data. The sell-off was broad-based, with the banking and energy sectors taking the biggest hit.

The NSE Nifty 50 closed 292.95 points, or 1.17% lower at 24,852.15 to extend the fall to the third consecutive session. The S&P BSE Sensex closed 1,017.23 points, or 1.24% down at 81,183.93, its fourth day of decline. Both indices lost nearly Rs 4 lakh crore in value.

Overseas investors stayed net sellers of Indian equities on Friday for the second consecutive day. Foreign portfolio investors offloaded stocks worth Rs 688.7 crore, while domestic institutional investors stayed net buyers for the fifth consecutive session and purchased equities worth Rs 2,121.5 crore, according to provisional data from the National Stock Exchange.

The Indian rupee closed stronger against the US dollar on Friday after nearly touching the psychologically key level of Rs 84 in the previous session.