- S&P 500 futures dipped after a surge in technology shares earlier pushed that index and the Nasdaq Composite to fresh highs for a fourth straight day.
- Next up for traders will be the closely watched Jackson Hole symposium later Thursday, when Powell will speak.
- The review is essentially the Fed’s answer to a decade-long failure to reach its 2% inflation target despite generally low rates, and Powell is expected to announce a shift to average inflation targeting regime — one in which the central bank allows inflation to overshoot its 2% target during good times to offset an undershoot of 2% in the bad times.
STOCK WISE NEWS
– Government proposes to sell a 15% stake in the company through an OFS.
– It plans to sell 3.34 crore shares (10% stake) at a floor price of Rs 1,001 per share for Rs 3,347 crore, with an oversubscription option of another 1.67 crore shares (5% stake).
– The floor price is a discount of 15% to Wednesday’s closing price.
– On full subscription of the OFS, government’s stake in the company to come down to 74.47% from 89.97%.
– OFS opens for non-retail investors today and for retail investors on August 28.
The government of Maharashtra has decided to temporarily reduce stamp duty on flats to 2% from 5% till December 31. The stamp duty will be 3% from January 1 to March 31. The move is to boost the stagnant real estate market which has been badly hit due to Covid-19.
ICICI Securities: ICICI Bank approves sale of 64.42 lakh equity shares or 2% stake in the company via open market sale. This is being done to comply with minimum public shareholding requirements. As of June 30, the bank’s stake in the company stood at 79.22%.
PTI reports that a government panel has recommended regulated FDI in the tobacco sector and establishing export-only tobacco farms to boost outward shipments.
Mahindra & Mahindra: Signed a pact with Israel’s REE Automotive for electric commercial vehicles. The partnership will support REE Automotive’s global customer need for 2 lakh – 2.5 lakh electric commercial vehicle units over a few years, including Mahindra’s potential domestic and international volumes.
Coal India: PTI reports that the company has awarded Rs 2,900 crore contract to Belarus-based mining equipment manufacturer Belaz for the supply of 96 dumpers with a capacity of 240-tonnes.
Suven Life: Suven Life Sciences announces five poster presentations including Phase-2 proof-of-concept study design for SUVN-G3031 in patients with narcolepsy at the SLEEP 2020 virtual conference.
Auto and Logistics: Maharashtra Cabinet decides to exempt tax for commercial vehicles. Road tax for 6 months to be waived in Maharashtra for all transporters and CVs.
- Revenue down 59% to Rs 638.5 crore
- Net profit down 87,5% to Rs 31.8 crore
- Ebitda down 77.8% to Rs 83.5 crore Ebitda margin at 13.1% from 24.3%
- Total volumes down 57% YoY at 2.72mmscmd
FII bought 1581