Market View 19th September 2022

Asian markets:

ADR Watch:

Commodities & Currency:

FIIs & DIIs:

News Update:

ACC/Adani Enterprises/Ambuja Cements: Adani Enterprises has completed the acquisition of ACC and Ambuja Cements Ltd. and reconstituted their boards, with billionaire Gautam Adani’s son — Karan Adani — at the helm. Ambuja Cements also plans to raise Rs 20,000 crore via convertible debentures.

Adani Power: Announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January 2021. The company has not received in principle approval of the exchanges. And hence it is withdrawing offer for delisting on account of delay and commercial viability.

ONGC/Reliance Industries/Vedanta: India has reduced windfall tax on domestically produced crude oil as well as cut export duty on diesel and aviation turbine fuel.

HDFC Life Insurance: National Company Law Tribunal has sanctioned the scheme of amalgamation between Exide Life Insurance and HDFC Life Insurance.

GIC of India: Madhulika Bhaskar has taken charge as general manager of the insurer after Girija Subramanian was relieved from the post to assume her duties as chairman-cum-managing director of Agriculture Insurance Company of India.

Maruti Suzuki: India’s largest carmaker has recalled 5,002 units of its Super Carry LCV to fix potential issues with a bolt attached to seat belt buckle bracket of co-driver seat.

Zomato: Blinkit has partnered with Indian Apple reseller Unicorn for quick deliveries of Apple iPhones and accessories. The service will be available in Delhi and Mumbai for now.

Shree Renuka Sugars: The company expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD and is expected to go on stream by December 2022.

AIA Engineering/SAL Steels: SAL Steels has entered into supply agreement for three years with AIA Engineering for supply of Ferro Chrome to AIA on non-exclusive basis.

Mahindra & Mahindra: Ontario Teachers’, one of the world’s largest pension plans, will acquire a 30% stake in Mahindra Susten at an equity value of Rs 2,371 crore.

 Source: Moneyontrol, Livemint,, Bloomberg, Investing

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