The main market, the S&P BSE Sensex, hit an all-time high on Wednesday, and the Nifty50 came close to a new high. On Thursday, the SGX Nifty showed a quiet start.
At 7:35 a.m., it dropped 37 points to 18,871.
Overnight, the US markets fell a little bit around the world after Fed Chair Jerome Powell hinted at more rate hikes until inflation was brought under control. The Dow Jones, the NASDAQ Composite, and the S&P 500 all fell by about 1%.
Asia-Pacific markets, on the other hand, had a mixed start to Thursday. While the Nikkei 225, Topix, and Kospi all went up by up to 0.2%, the S&P 200 went down by 0.6%.
Back home, here are a few stocks to keep an eye on during trade on Thursday:
Reliance Industries: Reports say that the Reserve Bank of India (RBI) gave the oil-to-telecom giant permission to keep $2 billion on top of the $3 billion loan it got in the last financial year. The money will be used to pay for operating capital and help the company grow.
TCS, a big IT services company, signed a 10-year deal worth $1.1 billion with the British pension fund Nest. The company’s management said that the deal would help Nest change the way it does business.
NMDC: The Life Insurance Corporation (LIC) has sold a little over 2% of its shares in the iron ore maker for about Rs 649 crore, lowering its stake in the company to 9.62%. LIC sold more than 6.06 crore shares on the open market at an average price of Rs 107.59 per share.
Vedanta: The company was going to start up its copper plant in Tamil Nadu, but sources say that it is now considering selling the unit for up to Rs 4,500 crore. Last year, the company asked for expressions of interest (EOIs) for the same business but didn’t get many good answers.
Bharti Airtel: The company made a deal to buy 12.07% of the stock shares in Egan Solar Power, which is a special-purpose business that was created to own and run the Captive Power Plant.
India Ratings and Research, a credit rating agency, said that Punjab National Bank’s fixed deposits, AT-1 bonds, and long-term issues are “stable.” This is because Punjab National Bank has the third-largest share of the market for savings and the sixth-largest share of the market for net loans.
LTIMindtree: The company released Canvas.ai, an enterprise-ready creative AI tool that is meant to speed up the concept-to-value process for businesses by using AI concepts. Modernising apps would take 40–50% less time and work with the platform.
India Ratings and Research changed their rating outlook for JK Tyre from negative to stable because of the company’s strong financial and operating success. The ratings agency said that the increase shows that the company’s credit measures have gotten better.
Shyam Metalics: The company said that their industrial plant in Jamuria, West Bengal, is now ready to start making things. The power plant’s output will go from 267 megawatts (MW) to 357 MW, a rise of 90 MW.
Great Eastern Shipping: The credit rating agency CARE Ratings changed the company’s long-term or short-term bank facilities to Triple A with a stable outlook. They also changed the company’s non-convertible debentures from Double A plus to Triple A.
