Business News Highlights: Sensex Closes In Green, Reliance Shares Slide, Mukesh Ambani Addresses RIL Shareholders
Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy and the corporate world.
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Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the Stock Market, Economy, and corporate. Here are some important events will be keeping an eye on August 28:
Reliance Industries AGM: What To Expect
The much-awaited annual general meeting (AGM) of Reliance Industries is expected to take place on August 28 at 2 pm. The Mukesh Ambani-led conglomerate is likely to come up with some major announcements during it's 46th AGM. The meeting can be watched live here.
Reliance investors are also eagerly waiting for value to be unlocked in the telecom and retail divisions. Chairman Mukesh Ambani, while responding to shareholders in the previous AGM, had said that he would update them on Jio and Retail IPOs during the next AGM.
Investors expect to hear updates on the Jio and Reliance Retail IPOs in the upcoming AGM. Reliance Retail already has investors like Qatar Investment Authority, KKR, Silver Lake Partners, and the sovereign wealth funds of Saudi Arabia and Singapore. While Jio Platforms counts Google, General Atlantic, Abu Dhabi Investment Authority, and Meta Platforms amongst its investors.
Further updates regarding RIL’s December target of pan-Indian 5G rollout are expected to be shared in the AGM. The oil-to-telecom conglomerate announced the JioAirFiber in it’s previous AGM, but the device is not yet available for purchase. Experts will be looking forward to hearing some details about the device, including it’s launch. JioAirFiber is expected to provide fibre-like 5G speed over the air without any wires.
Investors will also be keeping a keen eye on RIL’s new energy business. The company committed $10 billion worth of investment in the business over a period of three years. Therefore, an update on the progress of different projects being undertaken in the new energy business is expected. Further details like commissioning timelines and projected earning potential of these projects will also be eagerly awaited.
Investors Brace For Macroeconomic Data
As we head towards the August end, the market is gearing up for many impactful Macroeconomic Data data expected next week. India's crucial economic indicators including Q1 GDP, fiscal deficit, and infrastructure sector output for July (all releasing on August 31) will take the spotlight.
Globally, attention will turn to the US as Q2 GDP data becomes available on August 29. Manufacturing PMI data for August is anticipated from major economies such as the US, UK, Japan, China, and the Eurozone. Unemployment reports from Japan (August 28) and the US (September 1) will also be closely watched for their impact on global markets.
IPOs Ahead
Additionally, seven new IPOs are on the horizon, three on the main boards and one in the SME segment, with three main board IPOs and one SME IPO closing for subscription.
On Monday, Pharmaceutical distributor Mono Pharmacare is set to launch its IPO, with a price range of Rs 26-28 per share. The Ahmedabad-based company aims to raise Rs 14.84 crore through a fresh issue of 53 lakh shares, constituting 30 per cent of the total post-issue equity. Of this, 10 per cent is reserved for qualified institutional buyers, while high-net-worth individuals and retail investors each have a 45 per cent allocation. The funds will primarily be used for working capital and general corporate purposes. The IPO closes on August 30, with equity shares listing on the NSE SME on September 7.
UPS Launches First Tech Centre In Chennai
UPS Technologies launched it’s first technology centre in India on Monday. The centre is located in Chennai, and the company added in it’s release that 100 people have already been hired and it plans to add 350 people to the workforce for the facility by the end of the year. The facility will be headed by Vice President for UPS Technology Centres in India, Subramani Ramakrishna, reported PTI.
India’s Current Account Deficit Expected To Fall To 1% Of The GDP In Q1FY24: India Ratings
India’s current account deficit is expected to reduce to around $10 billion in the April-June quarter (Q1) of the current fiscal year (2023-24), rating agency India Ratings stated on Monday. The agency estimated that the nation’s current account deficit will narrow to about 1 per cent of the GDP in the first quarter, in comparison to the deficit of $18 billion, which was 2.1 per cent of the GDP, in the same period a year ago.
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