On Thursday, share markets in India ended the session on a subdued note, with the Nifty holding on to 9850-mark. The Sensex was up 28 points at 31596, while the Nifty was up 5 points at 9857.
IT stocks were among the top gainers with Infosys rising as much as 2.4% after a group of institutional investors asked the company to bring former CEO Nandan Nilekani back on to its board to settle the feud with the founders.
Gains were however muted as investors booked profit in bank stocks following Union Cabinet's approval of a mechanism to oversee consolidation in public sector banks.
Lupin, through its USA subsidiary Lupin Pharmaceuticals, Inc has initiated voluntary recall of tablets Mibelas from the USA market as they are "out of sequence". According to a notification issued by the US Food and Drug Administration (USFDA), as many as 24,652 tablets are being recalled under 'class-I' classification.
IOC share price will be in the focus after it was reported that the company is expected to export 2 million tonnes (mt) of finished products to Nepal in FY18. The company has exported 0.691 mt of finished products to Nepal from April to July this year. Comparably this was at 0.578 mt in the corresponding period of the last fiscal.
Bank of India reduced interest rate on savings bank accounts by 50 basis points to 3.5% on deposits of up to Rs 5 million. However, the bank will continue to pay 4% interest on deposits of above Rs 5 million.
SREI infrastructure finance company announced IPO dates for its unit Bharat Road Network. The initial public offer will open on September 6 and close on September 8. The company has proposed to sell up to 29.3 million equity shares.
Metal stocks are likely to remain in focus as zinc and aluminium prices jumped to their highest levels in over 10 years. Copper is also hovering around its 3-year high.
Shoppers Stop is on the lookout for an immediate exit from its duty-free airport stores business, which it entered partnering with the Nuance Group AG in 2006. Shoppers Stop that previously had a 50% stake in the joint-venture, has reduced the same to 40% and is currently on the lookout to sell off its remaining stake.
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Asian stocks ended mixed on Thursday after overnight slide in US and European peers. While strong regional earnings as well as higher oil and metal prices helped spur stock-specific buying, renewed geopolitical tensions and uncertainty over US political risks served to keep underlying sentiment somewhat cautious.
Among other key events looming this week:
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Aug 28, 2017Thanks