Shrewd futures on SGX were trading 38 points higher at 17,417 around 8.45 am, indicating a firm start for benchmarks on Wednesday.
Here are the main actions to follow during today’s session:
Telecom actions: The actions of telecommunications companies could be the center of concern, as the Union cabinet is expected to discuss a bailout plan for the financially troubled telecommunications sector on Wednesday, according to government sources. As part of the package, there could be some relaxation on the payment of taxes to the government, including a one-year moratorium on the spectrum payment due in April 2022. READ MORE
DRL: Dr Reddy’s labs announced on Tuesday that it had started supplying the first dose of the Russian COVID-19 Sputnik V vaccine to partner hospitals across the country. The development came after it was announced that Panacea Biotec provided the first shipment of the second component of the Russian Sputnik V vaccine manufactured by it for sale in India. In addition, Citius purchased Dr. Reddy’s license for oncology immunotherapy.
McDowell Holdings: The Debt Recovery Tribunal (DRT) debt collector on Tuesday unloaded shares worth Rs 50 lakh from McDowell Holdings Ltd as part of a transaction on the open market. According to wholesale transaction data on the NSE, Recovery Officer, DRT, sold 1.1 lakh of McDowell Holdings shares at an average price of Rs 45.45 a piece. This resulted in a total transaction value of Rs 49.99 lakh.
Car company TVS: Chennai-based TVS Motor Company announced on Tuesday that it has appointed ETG Logistics (ETGL) as its new distributor in South Africa as part of its expansion plan in the country. ETGL will operate 30 dealerships for TVS Motor Company in South Africa under the partnership, the company said in a regulatory filing.
National fertilizers: State fertilizer company NFL announced on Tuesday that Nirlep Singh Rai had been appointed chairman and chief executive of the company. In a regulatory filing, NFL informed that Nirlep Singh Rai, director (technical), has been appointed chairman and chief executive officer, to the board of directors of the company from the date of taking office, that is to say – say September 6.
PSP projects: The company has received letters of intent for projects worth Rs 132.57 crore towards the industrial and prefab segment from various customers in Gujarat.
Vidhi Specialty Food Ingredients: The company has set up a 2 MW solar power plant at Rambhapur in Akola, Maharashtra.
Wipro: The company has partnered with Securonix to provide managed security services. Securonix’s premier SIEM, analytics-based detection and automated response tools, with Wipro’s global reach and cybersecurity intelligence capabilities, will provide organizations with enhanced governance and protection against security threats, a declared the company.
ICRA: LIC reduced its stake in the company from 7.96 percent to 5.81 percent through an open market sale.
Maruti Suzuki: August production fell 7.9% to 1.14 lakh units from 1.24 lakh units (year-on-year). The production volume in August was affected due to a shortage of electronic components.
Biocon: The company has entered into a confidential settlement agreement with Celgene on the Revlimid patent.
EID Parry India: The company has approved the establishment of a 120 KLPD distillery based on cereals / sugar syrup / molasses at the Sankili unit in Andhra Pradesh.