Stock Market Today: Dalal Street appeared to be off to a good start on Thursday as the GIFT Nifty on the NSE IX trading higher by 74 points at 22,665. On the daily charts, Nifty formed a long bull candle with a lengthy lower shadow after closing 118 points higher. The headline index closed at a record high, surpassing the daily scale 21EMA. Early on Thursday, Tokyo equities recovered as global stocks rose on expectations of a rate cut by the US Federal Reserve. While the larger Topix index gained 0.83 percent and reached to 2,753.45, the benchmark Nikkei 225 index increased by 357.54 points to 40,448.32 on Friday.
Stock Market Today: Stocks in focus
NCL India
This week, the government intends to sell up to 7% of its ownership in NLC India, a coal mining business, through an offer for sale (OFS). According to sources cited by Reuters on Wednesday, this action may raise as much as Rs 2,200 crore ($266 million) at current pricing. Another development was that the business announced in an exchange filing that GUVNL, the state-owned electricity utility of Gujarat, has inked a 25-year contract to purchase power from its subsidiary NLC India Green Energy Ltd (NIGEL), a 600-MW solar facility, at a rate of Rs 2.705 per kWhr.
Adani Enterprises
In an exchange filing, the business stated that Ospree International FZCO, its subsidiary with headquarters in Dubai, had successfully paid 5,000 euros to acquire a 100% share in Le Marche Duty Free SAS (LMDF), a French firm. The goal of this acquisition is to improve the business’s standing and spur its expansion in the duty-free market. Adani Enterprises emphasised the significance of this transaction in a statement to the exchange, pointing out that it is consistent with Mumbai Travel Retail Private Limited’s expansion goals.
Mahindra & Mahindra
A secondary sale of the company’s shares has started, with the promoter group entity of Mahindra & Mahindra, Prudential Management and Services Pvt Ltd, citing the family’s need for cash. This was revealed by the automaker on Wednesday in a stock exchange filing. The news item regarding the promoters selling their shares prompted the filing. It said that after the late Keshub Mahindra, the previous chairman of M&M who passed away on April 12, 2023, gave his family members ownership of PMSL’s shares, the family intends to sell a modest amount of M&M shares owned by PMSL to satisfy certain financial needs.
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