Stock Market Today: In the face of largely subdued global cues, domestic markets may open flat today. In the morning trade on Singapore Exchanges (SGX), the Nifty futures were trading unchanged at 18,713. China’s Shanghai Composite Index plunged 1%, South Korea’s KOSPI climbed 0.4%, while the Hong Kong Hang Seng, Asia Dow, and Nikkei 225 all traded flat.
Stock Market Today: Stocks in focus
Asian Paints increased their stock interest in Obgenix Software by 11%, bringing its total ownership to 60%, up from 49% previously. White Teak is now a part of Asian Paints as a result. A demand letter for Rs 942 crore was sent to HDFC Life Insurance for unpaid Goods and Services Tax (GST) obligations. HDFC Life made a protest deposit of Rs 250 crore but would contest the demand letter. The ‘bribe-for-jobs’ charges were refuted by Tata Consultancy Services, which has been shaken by reports of a Rs 100 billion scam that compromised its hiring procedure. The IT major claimed that rather than a hoax, several workers and vendors had broken the law.
Asian Markets and crude oil
On Monday, stock prices in the Asia-Pacific area were fluctuating. Japan’s Nikkei 225 rose 0.05% in trade while China’s Shanghai Composite fell 1.21%. The Kospi in South Korea increased by 0.41% while the Hang Seng in Hong Kong was unchanged. Losses of 0.53% were reported by the Taiwan Weighted index. After a failed mutiny by Russian mercenaries over the weekend stoked worries about political instability in Russia and the potential impact on oil production from one of the biggest producers in the world, oil prices increased in early Asian trade on Monday.
Adani eyes Rs 90,000 crore EBITDA in 2-3 years
According to notes in an investor presentation, the troubled Adani group plans to increase pre-tax earnings by 20% annually to reach Rs 90,000 crore EBITDA in two to three years on the strength of strong development in industries like energy and airports.
The business paid back loans totaling USD 2.65 billion earlier this month to finish a prepayment scheme to reduce overall leverage in an effort to regain investor trust after a devastating report about a US short seller.
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