Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors such as promising economic growth prospects and strong earnings' potential, validating the premium valuation, said Vinod Nair, Head of Research at Geojit Financial Services. Nair mentioned that investors are adopting a defensive approach to navigate global challenges.
On the stock-specific front, Tata Power, YES Bank, Aurobindo Pharma, Dixon Technologies (India), Bombay Dyeing are some counters that will be in focus on Thursday (September 28).
Shares of Tata Power settled 0.08% lower at Rs 259.65 on Wednesday. Tata Power Renewable Energy Ltd will set up a 41 MW captive solar plant at Thoothukudi, Tamil Nadu for TP Solar Ltd (TP Solar) new greenfield 4.3 GW solar cell and module manufacturing facility located at Tirunelveli. TPREL is a subsidiary of Tata Power.
Shares of YES Bank edged 0.12% higher to close at Rs 17.38. The lender has made a change in the senior management. It has appointed Manish Jain as country head of wholesale banking, following the resignation of Ravi Thota.
Shares of Aurobindo Pharma rose 2.61% to close at Rs 880.15. Auro Vaccines Pvt Ltd said it has entered into a licence agreement with Hilleman Laboratories Singapore Pte Ltd to develop, manufacture and commercialise a pentavalent vaccine candidate used in children vaccination. Auro Vaccines is a wholly-owned subsidiary of Aurobindo Pharma.
Shares of Dixon Technologies (India) jumped 3.69% to settle at Rs 5,284.20. Dixon's wholly-owned subsidiary - Padget Electronics Pvt Ltd - entered into an agreement with Xiaomi to carry out manufacturing of smart phones and other related products for the Chinese firm. The manufacturing will take place at Padget's manufacturing facility situated at Noida.
Shares of Bombay Dyeing settled 1.97% higher at Rs 147.35. The company said, "We are hereby submitting the notice of resignation and termination of Regulation S Global Depositary Receipt Facility of Bombay Dyeing issued by Citibank NA, acting as the Depository, to the holders and beneficial owners of Global Depository Receipts (GDRs) of the company. According to the notice, the program termination date is October 26, 2023. Post the termination date, the GDRs will be delisted from Luxembourg Stock Exchange."
Shares of Power Finance Corporation surged 6.44% to close at Rs 249.65. Ananthpuram Kurnool Transmission Ltd (a wholly-owned subsidiary of PFC Consulting Ltd) has been transferred to Power Grid Corporation of India for Rs 19.99 crore. Bhadla III Transmission Ltd has also been transferred to Power Grid for Rs 20.11 crore.
Can Fin Homes shares settled with 1.43% gains at Rs 769.60. The Board of Directors has appointed Nilesh Jain as the company secretary, key managerial personnel and compliance officer. "We hereby confirm that the redemption amount of commercial paper, which is due on 27/09/2023 on the above referred CP, has been paid today by crediting the amounts to the bank accounts of the respective CP-holders, who were eligible to receive the same," it further stated.
"Nifty opened lower (on Wednesday) and came down towards 19,550 which is the strong support and 50-day EMA (Exponential Moving Average) level. The index made a low of 19,554 and bounced from the mentioned support zone to close above the initial resistance of 19,700, near day's high at 19716.45 level. Nifty has made a strong bullish hammer candle with a bullish engulfing pattern on daily charts, indicating bullish momentum," said Deven Mehata, Equity Research Analyst at Choice Broking.
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