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.
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 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.
The National Company Law Appellate Tribunal (NCLAT) allowed an extension till September 30 for the Jalan-Kalrock Consortium to pay Rs 350 crore to the lenders of Jet Airways. The NCLAT bench accepted the consortium’s request to provide an extension on the timeline and also to adjust Rs 150 crore from the performance bank guarantee (PBG) for the total payment. In it’s undertaking, the consortium has appealed to the tribunal to allow it to pay to Rs 100 crore by August 31 and another Rs 100 crore by September 30.
The Securities and Exchange Board of India (SEBI) issued a new set of rules prohibiting listed entities, which have non-qualified institutional buyers (QIB) exceeding 200, holding non-convertible debt securities, from voluntary delisting. The new framework will mandate seeking permission from all holders of non-convertible debt securities for the listed entity. The timeline for seeking this permission will be within 15 working days from receipt of the notification of delisting.
The Securities and Exchange Board of India (SEBI) issued a new set of rules prohibiting listed entities, which have non-qualified institutional buyers (QIB) exceeding 200, holding non-convertible debt securities, from voluntary delisting. The new framework will mandate seeking permission from all holders of non-convertible debt securities for the listed entity. The timeline for seeking this permission will be within 15 working days from receipt of the notification of delisting.
The Securities and Exchange Board of India (SEBI) issued a new set of rules prohibiting listed entities, which have non-qualified institutional buyers (QIB) exceeding 200, holding non-convertible debt securities, from voluntary delisting. The new framework will mandate seeking permission from all holders of non-convertible debt securities for the listed entity. The timeline for seeking this permission will be within 15 working days from receipt of the notification of delisting.
The two key equity benchmarks, Sensex and Nifty, on Monday closed in the green after a two-day losing run. The BSE Sensex closed at 64,996, up 110 points. On the other hand, the NSE Nifty ended up 40 points to 19,306.
Among sectors, the Nifty IT and FMCG indices were the only losers, falling 0.46 per cent and 0.23 per cent, respectively. On the upside, the Nifty Bank, Auto, Pharma, and Realty indices added between 0.6 per cent and 0.9 per cent.
Shares of Reliance sank 1.4 per cent, those of Jio Financial Services fell 0.97 per cent.
We will host the 141st IOC session at NMACC (Nita Mukesh Ambani Cultural Centre) in October and this is the first step in bringing the Olympic movement back to India after 40 years. This marks the start of a glorious era for Indian sports.
Reliance’s education and sports for all programme has reached 22 million youngsters, says Nita Ambani.
Nita Ambani announces the opening of Reliance's new school, namely the Nita Mukesh Ambani Junior School, which will be led by Isha Ambani.
Mukesh Ambani says, "Our target is to establish 100 Compressed Bio Gas (CBG) plants in the next five years, consuming 5.5 million tonnes of agro residue and organic waste, thereby mitigating nearly 2 million tons of carbon emissions and producing 2.5 million tons of organic manual and this will result in a reduction of about point 0.7 million tons of imported LNG."
India is facing 3 challenges in energy, namely, affordability, sustainability, and security of energy. Reliance’s new energy and new materials business will address this dilemma. Reliance will have indigenous technology ownership and manufacturing capabilities in green energy.
Reliance has worked on accelerating plans to pursue bio-energy projects. We have become India’s largest bio-energy producer after setting up 2 demo plants at Jamnagar and now we will set up our first commercial plant to compress biogas in Uttar Pradesh.
RIL will start a battery giga factory in India by 2026, which will include a battery recycling facility.
Reliance’s Oil To Chemicals business will aim at achieving net zero carbon target by 2035, accelerating circular and consumer integration, and developing the Jamnagar refinery to operate chemical and material feedstock production engine, says Mukesh Ambani. The company will also pursue wind power generation.
Every shareholder of Reliance has received shares in Jio Financial Services on 1:1 basis. JFS has been conceptualized to democratise financial services for 1.42 billion Indians. JFS will explore blockchain platforms and CBDC. It will enter the insurance segment to offer life general and health insurance products. The digital-first architecture of JFS will help reach millions of Indians.
Reliance Retail currently employs 2.45 Lakh people in India and serves 98 per cent of the country’s pincodes, says Isha Ambani. The launch of JioMart on Whatsapp has seen consumers grow by nine times.
Ipl streamed for free for the first time on JioCinema this year. It attracted 45 crore viewers and became the most watched digital event globally.
The platform will offer access to partner solutions as well. Ambani also announced Jio True5G Lab.
We are at a pivotal moment in India’s digital transformation. We present Jio Bharat, an initiative to reimagine digital inclusion. It is a gateway to digital independence for those who can't afford smartphones. It supports UPI payments. JioBharat’s UPI integration enables citizens to receive government support directly and comes with economical tariff plans, says Akash Ambani.
Jio has seen a surge in consumption with the average user now consuming over 25 GB every month. This translates to monthly data traffic of 1100 crore GBs, representing a 45 per centYoY growth, says Ambani.
Reliance Jio was launched 7 years ago with an ambitious mission: to transform India into a Premier Digital Society. Jio has been main catalyst of New India’s spectacular digital transformation. Now our ambitions go beyond the shores of India. We began 5G rollout last October. Today, nearly 85 per cent of total 5G cells operational in India are in Jio’s network. At our current pace, we are adding one 5G cell to our network every 10 seconds, and we will have nearly 1 mn 5G cells operational by December.
Jio AirFiber will launch on the occasion of Ganesh Chaturthi on September 19 this year.
The Board of Directors of RIL on Monday on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of appointment of Isha Ambani, Akash Ambani and Anant Ambani as Non-Executive Directors of the Company.
Their appointment will take effect from the date they assume office after approval by the shareholders. The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guide and enable Reliance Foundation to make even greater impact for India. The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder Chairperson. Over the years, RF has made considerable progress in its mission of nurturing and empowering marginalised and under-resourced communities in India. They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on amission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives.
Jio 5G is present in 96 per cent of all census towns in India, says Ambani. This is the fastest ever 5G rollout anywhere in the world.
"We are on track to cover the entire country by December. At our current pace, we are adding one 5G cell to our network every 10 seconds," says Mukesh Ambani. Jio became the first company to offer commercial services on millimeter wave spectrum.
Mukesh Ambani says a new Reliance has been a forerunner of the New India.
Mukesh Ambani says a new Reliance has been a forerunner of the New India
Mukesh Ambani said the Reliance Industries invested $150 billion in the last decade, higher than any of it's peers.
Mukesh Ambani begins his address with the historic success of Chandrayaan-3 and extends his appreciation to the scientists of the Indian Space Research Organisation for the success of Chandrayaan-3.
Mukesh Ambani has started the company's 46th annual general meeting and is addressing the shareholders.
The government’s production-linked incentive (PLI) scheme for IT hardware has gained popularity, the Ministry of Electronics and IT Secretary Alkesh Kumar Sharma stated on Monday. The Rs 17,000 crore PLI has seen about 58 companies including global players register for the scheme, reported PTI. The scheme labelled PLI Scheme 2.0 for IT hardware covers laptops, tablets, all-in-one PCs, servers, and ultra-small form factor devices.
India is set to not only achieve but surpass it’s target of achieving 500 gigawatts of renewable energy capacity by the end of the decade. The Director General of the International Solar Alliance (ISA) Ajay Mathur told PTI during an interview that battery prices are projected to decline in the next 3 years and this could facilitate India in reaching it’s renewable energy target. This target is one of the five commitments made by India’s PM Narendra Modi during the Glasgow climate talks in 2021.
The Mysuru APMC Secretary M R Kumaraswamy noted on Monday that the supply in the market has improved by two to three times as compared to the previous month. This has resulted in a sharp fall in prices. He added that last month itself, tomato prices in the Mysuru APMC ranged around Rs 140 per kg, and currently, the retail price of the commodity stands around Rs 30 per kg in the state.
The much-awaited annual general meeting (AGM) of Reliance Industries is expected to take place on August 28 at 2 p.m. 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.
The indices start trading flat amid volatility. Zomato witnessed a 3 per cent rise on the back of the block deal.
On the Nifty, gainers included Adani Enterprises, Adani Ports, L&T, Cipla, and BPCL. One the other hand, Britannia Industries, Nestle India, HUL, Divis Labs, and Bajaj Finance faced losses.
Some stocks to watch today:
The stock market is trading flat tracking volatility, on Monday. However, investors should keep track of stocks of Reliance Industries, Jio Financial Services, Adani Group, L&T, and Gland Pharma.
The S&P BSE Sensex surged by more than 100 points or 0.2 per cent, reaching 65,024 on the opening bell. The Nifty50 rose over 50 points or o.2 per cent to 19,321.
This upward momentum extended to the broader indices, with the Nifty Midcap 100 and Nifty Smallcap 100 experiencing gains, climbing by up to 0.7 per cent. Sectorally, both the IT and FMCG indices saw a marginal decline of 0.03 per cent each.
Shares of Reliance Industries remained flat as investors awaited the company's 46th annual general meeting (AGM). Jio Financial Services rose over 2 per cent.
Stock Market Opening Bell: The key benchmark indices opened on a positive note on Monday. At 9.15, Sensex rose over 100 points backed by early deals. On the other hand, Nifty moved over 50 points to hold onto the 19,300 mark.
Starting the week on a positive note, the rupee gained 10 paise against the dollar, opening at 82.55 compared to Friday's closing rate of 82.65.
Following the upbeat sentiment from Wall Street, Asia-Pacific markets made significant headway on Monday. The Nikkei 225, Topix, Kospi, and S&P 200 indices all saw notable increases, with gains reaching up to 0.9 per cent.
Over in the commodities market, both Brent Crude and WTI Crude prices experienced a 0.2 per cent upswing, pushing them to $84 per barrel and $80 per barrel, respectively.
During the pre-opening session on Monday, the benchmark indices exhibited flat movement. The Sensex marginally declined 23.91 points or 0.04 per cent, to reach 64,862.60. On the other hand, the Nifty saw a slight uptick of 13.70 points or 0.07 per cent, reaching 19,279.50.
GIFT Nifty signals a promising opening for Monday's trading session, with the index rising 0.21 per cent or 40-point, reported Moneycontrol. The Nifty futures are currently in the range of the 19,277.50 mark.
Reliance Industries (RIL) is all set for the much-awaited annual general meeting (AGM) on Monday. Mukesh Ambani, chairman of the oil-to-telecom conglomerate, is expected to come up with some big announcements.
This will be Reliance's 46th AGM. According to news reports, Reliance AGM is likely to announce some updates on its on telco and retail business IPO timelines, 5G rollout, detailed road map on JioAir Fiber, and clean energy investment.
The company had informed the stock exchanges about the 46th AGM date citing, "This is to inform that the Forty-sixth Annual General Meeting (Post-lPO) ("AGM") of the Members of the Company will be held on Monday, August 28, 2023 at 2:00 p.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), in accordance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India."
Last week on August 25, India's key stock indices concluded in negative territory for the second successive session as investors awaited the speech by the US Federal Reserve chair at the annual Jackson Hole conference later in the day, hoping to glean insights into potential interest rate adjustments.
The Sensex closed the day with a loss of 365.83 points or 0.56 per cent, settling at 64,886.51. Similarly, the Nifty experienced a decline of 120.90 points, or 0.62 per cent, concluding at 19,265.80.
During the day's trading, the BSE midcap index dropped by nearly 1 per cent, while the smallcap index exhibited a more modest decrease of 0.2 per cent.
On the 30-share Sensex platform, IndusInd, JSW Steel, L&T, UltraCemco, JioFin, PowerGrid emerged as prime losers. On the flipside, Bajaj Finance, Asian Paints, Airtel, Titan, ICICI Bank, Axis Bank, and Kotak Bank were the gainers.
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Background
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.
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