Stock Market Today: Late Rebound Helps Sensex, Nifty Hit Record Highs After One-Day Blip

The benchmark equity indices ended at fresh closing highs as markets rose sharply in the last hour of trade led by rallies in metal, auto and banking stocks. The markets recovered from a blip from paring gains around midday by surging sharply towards the closing bell.

The NSE Nifty 50 ended 470.45 points or 1.89% higher at 25,388.90, while the S&P BSE Sensex was 1,439.55 points or 1.77% higher at 82,962.71.

"Due to a lack of fresh triggers, the Index oscillated in a thin range till the afternoon session but the second half of the trading session was dominated by Bulls as a sharp rally was seen across the board which helped the Index to register a new high of 25,433.35," Aditya Gaggar director of Progressive Shares, said.

"All the sectors advanced with metal and auto being the top performers. Mid and smallcaps also soared higher but underperformed the frontline index," Gaggar said.

On the daily chart, Index has made a strong bullish candle which defines the tight grip of bulls and now the next hurdle is placed at 25,670 while on the downside, 25,250 will be considered as support, he added.

All the sectoral indices on the NSE advanced, with Metal and Auto rising the most.

Shares of Reliance Industries Ltd., HDFC Bank Ltd. and Bharti Airtel Ltd. led the gains in the Nifty.

On BSE, 20 sectors advanced with the BSE Metal emerging as the top performing sector with over 3% gain. The BSE Realty had the least gain on Thursday.

Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 1.32% and 0.79% higher.

Market breadth was skewed in favour of buyers. Around 2,346 stocks advanced, 1,609 stocks declined, and 114 stocks remained unchanged on BSE.

• The local currency settled flat against the US dollar at 83.9650 on Thursday. 

• Intraday, it hit a record low of 83.9912 a dollar.

• It closed at 83.9775 a dollar on Wednesday.

Source: Cogencis

• Nifty, Sensex jumped sharply in the last hour of trade to close at record highs

• Both Nifty and Sensex continued uptrend after one-day drop

• All Nifty 50 stocks ended higher

• Nifty ends 1.89% or 470.45 points higher at 25388.90

• Sensex ends 1.77% or 1,439.55 points higher at 82962.71

• Intraday, Nifty rose as much as 2.07% to its lifetime high of 25,433.35 and Sensex added as much as 1.95% to hit its record high of 83,116.95

• Broader indices also ended higher; Nifty Midcap 100 ended 1.19% up while Nifty Smallcap 250 closed 0.78% higher.

• All sectoral indices ended higher; Nifty Metal was the top gainer

• Rupee weakened by 1 paise to a record low of 83.9912 against the US dollar.

The Indian markets surged in the second half of Thursday's trading session led by metal, auto and banking stocks. The Nifty 50, India's benchmark index, surged by over 193 points in 15 minutes, ahead of their weekly expiry on Thursday, after trading below their opening price for a major part of the day. Similarly, the Sensex hit a record high rallying 1,400 points from its day low.

Pankaj Murarka, CIO, Renaissance Investment Managers said that fundamentally for the last 18 months we have been into a very steep rate hikes by US fed and now cycle is reversing. He expects a 200 bps rate cut in US over next 12-15 months.

"If that is the case we are going to see significant amount of capital flowing back to emerging markets," he said. He noted that in the last rate cut cycle during COVID India's weight in MSCI emerging market was 8% now it is 20%. "India will get much higher flows than we got last year," he said.

On what will be the next leg of the rally, he said market is witnessing sectoral rotation. Valuations of defence, railway, capital goods, industrials are rich, he said adding that he expects some laggards to perform as headwinds in these are behind. These include IT, private sector banks, consumer, and discretionary.

Gets order worth Rs 144 crore for smart meters

Source: Exchange Filing

• August total production up 9.9% at 78,414

• August total sales up 8.5% at 73,695

• August total exports up 26.3% at 3,060

Kush Bohra, founder of Kushbohra.com said that the sudden spike in the last hour was because of expiry impact and buying in large caps across the board.

Signs pact with Ceres Power Holdings' arm for electrolyser manufacturing & system solutions

Source: Exchange filing

Kotak Mahindra Bank and State Bank Of India were the top gainers of the index.

Kalpataru Projects International Ltd. on Thursday said the company, along with its listed international subsidiaries, has bagged orders worth Rs 2,744 crore across various business verticals

In pact with Sparkle for Blue-Raman capacity between India and Italy

Blue Raman is a submarine cable system

Source: Exchange filing

Approves interim dividend of Rs 65 per share

Source: Exchange Filing

• Rupee weakened by 1 paise to a record low of 83.9912 against the US dollar.

• It closed at 83.98 on Wednesday.

• It had hit 83.9900 on September 5.

Source: Bloomberg

India's benchmark stock indices pared some of the morning gains by midday Thursday, led by declines in ICICI Bank Ltd. and ITC Ltd.

At 12:19 p.m., the NSE Nifty 50 was trading 86.90 points or 0.35% higher at 25,005.35, and the BSE Sensex rose 178.48 points or 0.22% to 81,701.64. The Nifty 50 rose 0.62% to touch an intraday high of 25,072.55, and the Sensex rose 0.57% to the day's high of 81,986.86.

Market participants in the country are anticipating the release of India's CPI figure after market hours on Thursday. In August, inflation is largely expected to be unchanged at a 59-month low of 3.54% from July, according to an Informist poll.

Kotak Securities believes the current market structure is weak and selling pressure will intensify if the indices (Nifty and Sensex) slip below 24,750/80,900. Below 24,750/80,900, the Nifty can fall to 24,500 or 24,400 levels, said Shrikant Chouhan, head of equity research at Kotak Securities. "On the other side, 25,150/82,200 will be the key resistance levels for the bulls. Above that, it can bounce back to 25,250-25,300/82,500-82,700. However, the real strength would emerge only above the level of 25,350; till then, it is advisable to reduce long positions," he said. 

Asian share indices rose tracking overnight gains on Wall Street after the US consumer price index for August came in line with market expectation, which sealed the view that the Federal Reserve will go for a 25 basis-point rate cut in its two-day policy meeting on Sept 17-18. However, debate over the path of rate cuts after September remains on concerns that the Fed might have taken a long time to cut rates.

Data from the US Bureau of Labour Statistics showed inflation in the world's largest economy grew 2.5% on the year in August, from 2.9% in July. The figure is in line with Bloomberg Survey's forecast.

Meanwhile, crude oil prices rose above $71 a barrel on Wednesday due to supply-side worries as Hurricane Francine made a landfall on Louisiana. This weighed on the sentiment of emerging market equities as most of these countries import substantial amounts of crude oil.

So far today, the November future contract of Brent Crude on the Intercontinental Exchange rose 1.44% to $71.63 a barrel.

HDFC Bank Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., Bajaj Auto Ltd., and Mahindra & Mahindra Ltd. were contributing to the Nifty 50.

ICICI Bank Ltd., ITC Ltd., Tata Consultancy Services Ltd., Tata Motors Ltd., and Nestle India Ltd. were weighing on the index.

On NSE, all 12 sectors were trading higher with the NSE Nifty Auto leading the gains.

Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices were trading 0.75% and 0.42% higher, respectively.

On BSE, all 20 sectors rose with the BSE Consumer Durable emerging the best performing sector.

Market breadth was skewed in favour of buyers. Around 2,216 stocks rose, 1,605 stocks declined, and 162 stocks remained unchanged on BSE.

"Kaynes is a play on the rising electronics content in B2B industrial segments such as auto, EV, and railways, with a strong orderbook driving high growth visibility," the report said.

Shares of JBM Auto Ltd. surged more than 8% on Thursday after the government unveiled a new EV subsidy scheme.

The government has approved for two years a new Rs 10,900 crore EV subsidy scheme, in yet another attempt to step up adoption of electric mobility in the world's third largest automotive industry.

The stock gained in the fourth consecutive session today to hit its all-time high of Rs 2,830.

Shares of Shriram Finance Ltd. hit record high on Thursday after its board approved to raise Rs 1,000 crore through private placement of non-convertible debentures maturing in 10 years. The issue size consists of Rs 1,000 crore NCDs coupled with a Rs 500 crore greenshoe option, the company said in an exchange filing on Wednesday.

Board approves raising funds up to Rs 1,000 cr via QIP or other means

Source: Exchange filing

Board declares interim dividend of Rs 110/share

Source: Exchange filing

Partners with Zoomcar for self-drive car sharing

Source: Exchange filing

• Supreme court sets aside NCLAT order that temporarily halted Adani Power led consortium’s Rs 3,333 crore resolution plan

• In August, the NCLT approved the resolution plan.

• Soon after, the NCLAT temporarily halted the approval.

• SC has now set aside the NCLAT order.

• NCLAT to hear the appeal for final disposal of case on Sept 18.

Source: Supreme Court Proceedings

• RBI said to have rejected 51% stake sale proposal

• RBI yet to give fit and proper approval for potential bidders

• Stake sale likely to see delays

Source: People in the know

• Introduces ScanMyTrip.com integrated on ONDC network

• ScanMyTrip.com is a marketplace designed to enable MSMEs, travel agents to list their offering

Source: Exchange filing

Launches Swift S-CNG hatchback car

Source: Exchange filing

• Challenges Delhi High Court order at Supreme Court

• Delhi HC ordered grounding of three leased engines

• Company requests urgent hearing

• Court to consider plea

  Source: Supreme Court Proceedings

Shares of steel companies from Jindal Steel & Power Ltd. to Steel Authority of India Ltd. and Tata Steel Ltd., among others, gained on Thursday after the government announced a five-year extension of the anti-subsidy duty on imports of welded steel pipes and tubes from China and Vietnam.

• Signs MoU with NBCC for 13.88 acres land

• NBCC to develop land for commercial space

Source: Exchange filing

Gets orders worth Rs 2,774 crore for various business verticals

Source: Exchange filing

Kalyan Jewellers Ltd. stock has risen by eight times in the last two years, but valuation still looks appealing if pitted against the high growth of other consumer opportunities, HSBC Global Research said. The stock hit a life high rallying 9% in Thursday morning trade.

The stock rose in the sixth consecutive session today to hit lifetime high of Rs 283.60. It has risen 16% in the rally.

Inox Wind Ltd.'s subsidiary, Resco Global Wind Services Ltd., raised Rs 350 crore via equities from marquee investors. After this, Resco Global ceases to be a wholly-owned subsidiary, the company said in an exchange filing.

Tata Steel Ltd. received 500 million pound grant from the UK Government for electrification of its arc furnace in Port Talbot, which is a positive development as it had been an overhang. However, more clarity on additional project costs, financial support to affected employees is required as it signed a new agreement with UK Steel Committee, Morgan Stanley said in a report on Wednesday.

Shares of Cholamandalam Investment and Finance Co. gained on Thursday after Jefferies raised the target price for the stock, citing its strong automobile loan franchise and a likely doubling of return-of-assets in the new business segment.

Shares of Varun Beverages extended gains for a second consecutive session on the record date for the stock split of fully paid-up shares having face value of Rs 5 into face value of Rs 2.

• Lists at Rs 90 on NSE vs issue price of Rs 83

• Lists at a premium of 8.43% on NSE

• Lists at Rs 92.9 on BSE vs issue price of Rs 83

• Lists at a premium of 11.93% on BSE

• Team has learnt a lot of lessons in the last 6 months

• We have had the opportunity to deeply look into our business and compliance processes

• We will be a compliance first company in letter and spirit

• We will apply for payment aggregator license in due course

• We have transformed our business model in to a merchant-centric one

• We have scaled this business fully

• Maintains overweight; hikes target price from Rs 1,025 to Rs 1,520

• In 3 years, could be a uniquely placed HFC with scale across retail segments

• Would ensure a good balance of loan growth, asset quality, ROE

• Good margin of safety for earnings and valuation

• Stock supply, midcap sell-off, weaker than expected earnings are key risks

• See re-rating up to 2.5x F27 P/B over 12-18 months

• Scheme prioritizes installation of EV public charging stations to reduce to range anxiety

• EVPCS to be strategically placed in cities with high EV penetration

Scheme proposes installation of

• 22,100 fast chargers for e-4Ws (cars, SUVs)

• 1800 fast chargers for e-buses

• 48,400 fast chargers for e-2W/3Ws

-Govt has allocated Rs 2,000 crore for development of EVPCS infra

Beneficiaries

• Positive for: Tata Power, NTPC, Adani Power, Adani Energy Solutions, Reliance Power, Power Grid

• Scheme to help companies involved in manufacturing, installation, and maintenance of EVPCS

• Power cos to benefit from increased revenue on additional electricity consumption

Shares of Honasa Consumer fell after 3.29 crore shares or 10% stake in the company changed hands in two large deals.

Benchmark equity indices opened higher tracking gains in their global peers after US core CPI rose slightly more than expected. Market players will now watch for India's August consumer price index due later in the day.

At pre-open, Nifty 50 was at 25059.65, up 0.57% or 141.20 points and the Sensex was at 81929.72, up by 0.50% or 406.56 points.

"Positive market sentiment is anticipated due to the potential US Fed interest rate cut, falling oil prices, and strong Foreign Institutional Investor buying interest," said Vikas Jain, head of research at Reliance Securities. "Additionally, recent government announcements of favorable schemes—such as rural road projects, an e-buses program, health insurance for those over 70 years, and investments in hydro projects—are expected to further boost market sentiment."

On Wednesday, it had closed 2% higher.

At pre-open, Nifty 50 was at 25059.65, up 0.57% or 141.20 points and the Sensex was at 81929.72, up by 0.50% or 406.56 points.

Industry

• India’s inflection point in the electronics production will be led by PLI schemes, reduced imports from China, growing domestic consumption, and initial success of global early movers.

• India's electronics production can grow at a healthy ~25% CAGR over FY24-30

• Semiconductors manufacturing and packaging to be long-term growth drivers

• Expect India IT hardware segment to see strong growth from FY26F

• This comes given government’s push for local sourcing

Dixon Technologies

• Initiates coverage with 'buy', and target of Rs 15,567 with 26% upside

• Key beneficiary of localization in mobiles and IT hardware

• Likely to cater >30% of India’s mobile industry by FY27, further upside from export

• Valuation: 60x FY27F EPS

Kaynes Technologies:

- Initiate coverage with Buy, Target: 5,969; upside: 29%

- Strong order book driving high growth visibility

- Play on the rising electronics content in B2B segment

Samvardhana Motherson:

- Maintain Buy; Target: RS 204, upside 11%

- May benefit from addressing the component ecosystem

The yield on the 10-year bond opened flat at 6.83%.

Source: Cogencis

• The local currency opened flat against the US dollar at 83.97 on Thursday. 

• It closed at 83.98 a dollar on Wednesday.

Source: Cogencis

• PM E-DRIVE Scheme Industry launched with outlay of Rs.10,900 crore for 2 years

• Per unit incentives have decreased

• Not clear on the Electric 2W incentive per unit in PM E DRIVE

• Our analysis estimate that it appears to have dropped

• E-Bus incentive benefits Ashok Leyland and Tata Motors

• Broad trend remains that as PLI incentives are ramping up, seeing demand-side incentives at the consumer level decreasing

• Like the focus on developing charging infrastructure

• Maintains 'buy' with target price Rs 140; upside 23.9%

• Recent market share loss is worrying

• Upcoming motorcycle launches next year should boost market share.

• Ola's market share dropped from 43.3% in first half to 28.9% in Sept 2024.

• Decline may be due to new low-cost models from competitors like TVS and Bajaj.

• Risks include competition from Honda and Yamaha

• Ola's motorcycle launch in early 2025 could boost volumes

• Current slowdown poses a 15-20% downside risk to FY25/26 estimates.

• Maintains 'buy' with target of Rs 1800, implying 19% upside.

• Strong auto loan franchise, building strong network in non-auto business

• NIM tailwind and beneficiary of the rate cut cycle

• Stable credit costs and provision unwind in LAP aided group credit cost

• ROA can expand 20-30bps

• Value at 4.5 times Sept 2026 price to book value

Inox Wind’s EPC Projects arm Resco Global completes 350 crore equity raise

Source: Exchange filing

• Brent Crude Prices Correct 15% Over 15 Days

• Maintains 'add' on Indian Oil at Rs 205 target with 21% upside

• Maintains BUY on BPCL/HPCL/ONGC/Oil India

• BPCL/HPCL/ONGC/Oil India targets at Rs 405/475/360/700

• Believe near-term volatility in oil prices could persist

• Brent to de-rate to $70-80/bbl range from $80-90/bbl range earlier

• Corrections in ONGC, Oil India seems excessive

• Believe OMCs could cut fuel retail prices amid upcoming state elections

• Expect Rs 2 per litre cut for petrol and diesel towards Diwali

• OMCs could earn supernormal marketing margins next 1 month, covering LPG losses

• Expect Q2FY25 marketing margins at Rs9.7/8 per liter for petrol/diesel

• Government extends anti-subsidy duty on imports of 'welded stainless steel pipes and tubes

• Duty extended for imports from China and Vietnam for additional 5 years

• Duty initially introduced in Sept 2019

• Extension comes after Indian industry claimed that Chinese goods are imported into India at very low prices

Potential Beneficiaries of Extension of Anti Subsidy

• Tata Steel, JSW Steel, Welspun Corp, Ratnamani Metals & Tubes

Imports from China and Vietnam: Jan-July 2024

• China: Up 10% YoY at $60 billion

• Vietnam: Up 17% YoY to $5.8 billion

(Source: Ministry of Commerce Data)

Difference Between Domestic Steel vs Landed Chinese Imports

• Landed cost of China steel import in Aug at $579 per million tonne

• Domestic costs at premium of Rs 2692 per million tonne vs China

• Domestic costs at premium of $ 32 per million tonne vs China

(Source: ICRA)

India: A Net Importer of Steel:

• India turned net importer of steel in FY25, first time since FY16

• FY24 steel trade deficit at 1.1 million tonnes

• April-Jul'24 trade deficit at 0.11 million tonne

(Source: Ministry of Commerce Data, Ministry of Steel)

[07:11, 9/12/2024] +91 97695 53176:

• U.S. Dollar Index at 101.79

• U.S. 10-year bond yield at 3.66%

• Brent crude 0.31% higher at $70.83 per barrel

• Nymex crude 0.21% higher at $67.45 per barrel

• GIFT Nifty flat at 25,076.50 as of 08:07 a.m.

• Nifty Septber futures fell by 0.55% to 24,938.45 at a premium of 20 points.

• Nifty September futures open interest grew by 0.19%.

• Nifty Bank September futures fell by 0.47% to 51,124 at a premium of 114 points.

• Nifty Bank September futures open interest grew by 5.03%.

• Nifty Options Sept. 12 Expiry: Maximum call open interest at 25,000 and maximum put open interest at 24,500.

• Bank Nifty Options Sept. 18 Expiry: Maximum call open interest at 51,500 and maximum put open interest at 51,000.

• Securities In Ban Period: Aarti Industries, Aditya Birla Fashion And Retail, Balrampur Chini Mills, Bandhan Bank, Chambel Fertilisers, Hindustan Copper, RBL Bank.

• Ex dividend: Bengal & Assam Company Ltd., Bharat Rasayan Ltd., V.S.T. Tillers Tractors Ltd., Skipper Ltd., SJVN Ltd,. Nirlon Ltd., Gulashan Polyols Ltd., Garware Technical Fibres Ltd., Excel Industries Ltd.

• Ex-Stock Split: Varun Beverages Ltd.

Shree Tirupati Balajee Agro Trading Company: Shares of the company will list on the stock exchange today. The IPO was subscribed 124.75 times on its third day, led by non-institutional investors. The IPO was subscribed 15.16 times on the second day and 6.36 times on the first day. The issue price for the firm has been set at Rs 83 according to date on the NSE.

• Bajaj Housing Finance: The initial public offering was subscribed to 63.61 times on its third and final day on Wednesday, led by institutional investors. The issue was subscribed 7.51 times on its second day and 2.02 times on the first day.The three-day offer entailed a fresh issue of equity shares worth Rs 3,560 crore and an offer for sale worth Rs 3,000 crore from its owner, Bajaj Finance Ltd.

• Tolins Tyres: The initial public offering has been subscribed 23.89 times on the third and final day of subscription. The IPO was subscribed 5.22 times on Tuesday and 1.8 times on the first day of bidding on Monday. The company aimed to raise Rs 230 crore via the offering, which consisted of a fresh issue of equity shares worth Rs 200 crore and an offer for sale worth Rs 30 crore.

• Kross: The initial public offering has been subscribed 16.81 times on the third and final day on Wednesday. The IPO was subscribed 2.56 times on day two and 88% times on day one.The company is looking to mop up Rs 500 crore through its maiden share sale. The offering consists of a fresh issue as well as an offer for sale, each worth Rs 250 crore.

• PN Gadgil Jewellers: The initial public offering entered its second day on Wednesday. The offering was subscribed 6.90 times on the second day, with bids led by retail investors. The offering consists of a fresh issue of 1.77 crore shares worth Rs 850 crore and an offer for sale of 52 lakh shares worth Rs 250 crore.

• Arvind Fashions: Plenty Private Equity Fund I Ltd. sold 37.55 lakh shares (2.82%) at Rs 575 apiece, while Plenty CI Fund I Ltd. sold 17.76 lakh shares (1.33%) at Rs 576.1 per share. On the other hand, Goldman Sachs Funds- Goldman Sachs India Equity Portfolio bought 13.11 lakh shares (0.98%) at Rs 574.73 apiece and ICICI Prudential Life Insurance Co. bought 43.48 lakh shares (3.27%) at Rs 574.85 per share.

• Jash Engineering: Bellwether Capital Pvt. bought 63 thousand shares (0.53%) at Rs 2,012.27 per share.

• Shaily Engineering Plastics: Motilal Oswal Mutual Fund bought 3.14 lakh shares (3.42%) at Rs 950 apiece.

• HPCL: The company approves the construction of the Visakhapatman-Raipur pipeline project worth Rs 2,212 crore. It has revised the cost of the Visakhapatnam refinery modernisation project to Rs 30,609 cr.

• NBCC: The company signs a MoU worth Rs 1,600 crore with MTNL to develop a 13.88-acre land parcel in New Delhi.

• Shriram Finance: The company approved and allotted senior, secured, rated, listed, redeemable, taxable, and non-convertible debentures on a private placement basis for an issue size of Rs 1000 crore plus a green shoe option of Rs 500 crore.

• Tata Steel: The company has signed a £500 million Grant Funding Agreement with the UK Government for a £1.25 billion green steel project in Port Talbot. The agreement is to allow the installation of an electric arc furnace at Port Talbot. The grant will help preserve 5,000 jobs.

• Adani Ports and Special Economic Zone: The company has signed a concession agreement with DPA to develop Berth No. 13 at Deendayal Port, Kandla, Gujarat. Berth No. 13 is 300 m long and offers 5.7 MMT capacity annually. It is likely to be commissioned in the financial year 2027.

• BPCL: The company's arm, Indian Oil, has received a production concession in Abu Dhabi for a 6,162 sq km area.

• Route Mobile: The company's promoter Proximus Opal will sell up to a 6.03% stake via OFS at Rs 1,635 per share. Proximus is to sell stakes on Sept. 12 and Sept. 13 to achieve minimum public shareholding.

• Lemon Tree Hotels: The hotel chain has signed a pact for a 117-room hotel in Pune, Maharashtra.

• Medplus Health: The company's arm, Optival Health, gets two drug license suspension orders for stores in Bangalore and Karnataka.

• SBI: Bank SBI Indonesia, the overseas banking subsidiary of the State Bank of India, for regulatory compliance with meeting a minimum 1% of the local shareholding requirement, has proposed to issue preference shares to PT Bank KEB Hana, Indonesia. As part of the arrangement, SBI, PT Bank KEB Hana Indonesia, and Bank SBI Indonesia signed a shareholders’ agreement on Sept. 10, which allows Bank KEB Hana Indonesia to invest in 1% shares of Bank SBI Indonesia by way of preference shares.

• Mafatlal Industries: The company has proposed incorporating a subsidiary company called Pieflowtech Solutions Pvt. Ltd. to deal in information technology. 

• Ganesh Ecosphere: The company on Sept. 10 incorporated a joint venture company in the name of Ganesha Recycling Chain Pvt. in collaboration with Race Eco Chain Ltd.

• Ramakrishna Forgings: The company has provided a corporate guarantee up to an amount of $6.65 million to Ramkrishna Forgings Mexico S.A. de C.V. Mexico, a wholly owned subsidiary company, for taking rented space on lease from Operadora Stiva S.A. de C.V., Mexico.

• Infosys: The tech giant has collaborated with Clearstream, part of Deutsche Börse, to enhance the digital issuance platform.

• Nazara Tech: The company's arms acquire a 15.86% stake in Singapore-based Getstan Technologies for Rs 18.4 crore in an all-cash secondary transaction.

• Wipro: The company has built an AI-enabled data strategy for JFK International Air Terminal.

• Castrol India: The company has expanded its auto care product range with new additions. It has introduced microfiber cloth and shiner sponges to the existing range of products.

• Brigade Enterprises: Brigade Group has announced the launch of its premium flexible and managed workspace solution, BuzzWorks, in Hyderabad. This expansion aligns with Brigade Group’s strategic vision to reach 1 million sq. ft. of flexible office space by the financial year 2026.

• Lupin: The company will acquire a 42.6% stake in Sunsure Solarpark for Rs 10.6 crore.

• Jaykay Enterprises: The company has approved the allotment of 5.84 lakh equity shares on a rights basis at an issue price of Rs. 25 per equity share.

• Gujarat Flurochem: GFCL EV Products Ltd., a wholly-owned subsidiary of the company, incorporated 'GFCL EV Products GmbH' its wholly-owned subsidiary in Hamburg, Germany, on Sept. 10.

• GMR Airports Infrastructure: The company has changed its name to GMR Airports following the merger of GMR Airports and GMR Infra Developers.

• Systematix Corporate Services: The company is scheduled to be held on Sept. 14 to approve fundraising by way of issue of equity shares on a preferential basis, subject to approval from the shareholders.

The GIFT Nifty was trading 0.06%, or 16 points lower at 25,064.00 as of 06:41 a.m.

Markets in Asia-Pacific region rose on Thursday morning, tracking overnight gains on Wall Street after data showed core US inflation rose slightly more than expectation in August.

The Nikkei 225 was trading 1,180.76 points, or 3.31% higher at 36,800.53, and the Kospi was up 32.51 points, or 1.29% at 2,54.5.88 as of 06:38 a.m.

Core US consumer price index, which excludes food and volatile energy prices rose 0.3% on sequential basis, compared to a 0.2% rise expected. CPI increased 2.5% on annualised basis during August.

On Thursday, the S&P 500 and Nasdaq Composite settled 1.07% and 2.17% higher, respectively. The Dow Jones Industrial Average advanced 0.31%.

Brent crude was trading 0.34% higher at $70.85 per barrel. Gold was trading 0.08% higher at $2,513.73.

The benchmark equity indices snapped two-day gains to close lower on Wednesday, dragged by Tata Motors Ltd. and HDFC Bank Ltd., as the markets await US inflation data set that will be released later in the day.

The NSE Nifty 50 ended 122.65 points, or 0.49% lower at 24,918.45, while the S&P BSE Sensex was 398.13 points or 0.49% down at 81,523.16.

Overseas investors remained net buyers of Indian equities for the third consecutive day on Wednesday. Foreign portfolio investors mopped up equities worth Rs 1,755 crore, while domestic institutional investors turned net buyers after a day of selling and bought equities worth Rs 230.9 crore, according to provisional data from the National Stock Exchange.

The local currency settled flat against the US dollar at 83.97 on Wednesday.