Nifty, Sensex Rebound: August 26 Trade Sees Corporate Shifts

The Indian stock market saw a rebound on Tuesday, August 25, as both the Nifty 50 and Sensex posted gains. This recovery occurred ahead of the August 26 trading session, following a decline recorded on the previous Monday.

• Nifty 50: Rose by 15.50 points (0.48%) to close at 24,334.55.
• Sensex: Increased by 286.98 points (0.37%) to 77,656.09.

The market’s upward movement on Tuesday coincided with the expiry of monthly futures and options contracts, providing context to the daily fluctuations observed.

Key Corporate Developments

• Cipla received 7 observations in Form 483 following a US FDA inspection of its Pithampur facility.
• Religare Enterprises’ arm, Religare Broking, allotted shares worth Rs. 100 crore via a rights issue, subscribed by the parent company.
• Unitech appointed Giridhar Aramane as CMD for a two-year term.
• Honasa called off its acquisition of a 58% stake in Fluence Pharma due to unfulfilled closing conditions.
• CEAT was cleared by the CCI in a 2019 tender bid-rigging case.
• Rainbow Children’s Medicare announced the resignation of CFO Vikas Maheshwari, effective August 31.
• Dabur India received an extension on the Delhi High Court’s stay on FSSAI’s ‘100%’ order.
• Varun Beverages plans to incorporate KIVA Spirits and Company in India and a joint venture in Tunisia. Prathmesh Mishra was appointed MD & CEO of the arm.
• Fedbank Financial Services approved fundraising of up to Rs. 2,500 crore via NCDs and increased its borrowing limit to Rs. 23,000 crore.
• CarTrade Tech’s CEO of Consumer Business, Banwari Lal Sharma, resigned.
• NITCO entered a joint venture with HoABL for Alibaug land parcels, expecting Rs. 1,500 crore in revenue.
• Max Estates’ board will consider an equity preferential issue on August 28.
• HEG’s demerger is effective from September 1, with a record date of September 7. Shareholders will receive one share for every share held.
• Riju Jhunjhunwala was elevated as Chairman, MD & CEO of HEG Advanced Materials, while Ravi Jhunjhunwala will lead HEG Graphite.

IPO Subscriptions and Upcoming Board Agendas

The IPO market saw active participation, with Gaja Alternative Asset Management’s public offering subscribed 32.98 times.

• Upcoming board meetings are scheduled for IRB InvIT Fund, Keystone Realtors Limited, Time Technoplast Limited, and Mold-Tek Packaging Limited, primarily to consider fundraising.