Stock to Watch Today: The ongoing decline in the Indian stock market for the last three days may end today. Amidst the strong signals from the global market, today at 7 am, GIFT Nifty was seen up by 0.06 percent i.e. 13 points at 21616. Asian markets fell on Thursday, led by Japan, following a sharp fall in Wall Street indices. Japan’s Nikkei 225 fell 2.26% and the Topix fell 1.25% on the first trading day of 2024. South Korea’s Kospi fell 0.64%, while the Kosdaq fell 0.69%. Hong Kong’s Hang Seng index futures showed bullish signals. Australia’s S&P/ASX 200 fell 0.5%. However, there are some small domestic triggers for the Indian market which will try to calm the market. In such a situation, investors will keep an eye on these shares.
Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said its board of directors has approved raising up to ₹5,000 crore through a public issue of non-convertible debentures. The company informed the exchange houses that these debentures, each having face value of ₹1,000, will be issued in one or more tranches. Separately, the company has promoted CEO Karan Adani to the role of managing director, a post held by Adani Group Chairman Gautam Adani.
Jio Financial Services: The joint venture arm of Jio Financial and BlackRock Financial Management has filed papers with the Securities and Exchange Board of India (SEBI) to launch mutual fund business in India. An update from Sebi on mutual fund approval status as of December 31, 2023, lists Jio Financial Services and BlackRock Financial Management among the applicants under consideration for a mutual fund license.
Bajaj Auto: has said that its board will consider share buyback at its meeting on January 8. The Pulsar motorcycle maker bought back its shares worth ₹2,500 crore at ₹4,600 per share through the open market route in July 2022. This time, however, managing director Rajiv Bajaj has indicated that the buyback is likely to be much larger. The company had cash reserves of ₹17,500 crore, with net free cash flow of ₹3,600 crore in Q2FY24.
Maruti Suzuki: Maruti Suzuki India on Wednesday said the Gujarat GST authority has upheld the tax demand of ₹173.9 crore along with a penalty of ₹17.4 crore against its arm Suzuki Motor Gujarat Pvt Ltd and the subsidiary to approach the first appellate authority to challenge it. Will go to. Order. Suzuki Motor Gujarat had received a judgment order dated December 21, 2023 from the Gujarat GST Authority, upholding a demand of ₹173.9 crore along with a penalty of ₹17.4 crore relating to tax liability on the basis of reverse charge on certain services.
Vedanta: Vedanta Limited has said that its total aluminum production in the third quarter of the current financial year increased by 6% year-on-year to 599,000 tonnes. At Zinc International, total mining production declined 40% to 41,000 tonnes in the December quarter from 69,000 tonnes in the year-ago period.
Life Insurance Corporation of India: The insurer on Wednesday said tax authorities have sent a demand notice to it for short payment of GST amounting to about ₹663.45 crore. The order demanding interest and penalty came from the office of the Commissioner of CGST and Central Excise, Chennai North Commissionerate. On Tuesday, the company received a demand order for interest and penalty of about ₹116 crore for Telangana state. On January 1, it had received a notice demanding about Rs 806 crore for short payment of GST along with interest and penalty for Maharashtra for 2017-18.
InterGlobe Aviation: The promoter of the country’s largest airline IndiGo has received a show cause notice from food safety regulator FSSAI for serving unsafe food to a passenger, days after a worm was found in a sandwich served during a flight. On Wednesday, the airline said it had received a show cause notice and would respond as per protocol. This incident happened on December 29 in flight 6E 6107 from Delhi to Mumbai.
Tech Mahindra: has appointed Richard Lobo as Chief People Officer of the company, effective January 3, 2024. Before joining Tech Mahindra, Lobo was the executive vice president and HR head of Infosys Limited. In a stock exchange filing, the company said Harshvardhan Soin, Chief People Officer, will assume the role of President – Asia Pacific and Japan with effect from January 3 and will remain designated as Senior Management Personnel.