Wall Street closed higher on Thursday, with the Nasdaq having another record-setting session. The Dow Jones industrial average gained 0.54% to close at 18,392.46 points. The Nasdaq advanced 0.84% to close at 5,339.52 points.
On the political front, the GST will be rolled out on 1 April, members at the first meeting of the GST council decided by consensus on Thursday. The government expects to mobilise more than Rs8.20bn from the fifth tranche of Sovereign Gold Bond (SGB) scheme, and the next tranche will be launched with more attractive features before Diwali.
The government has named three outside experts as members of the Monetary Policy Committee (MPC) of the Reserve Bank of India, moving to a model followed in the developed world. The six-member MPC—the other three members are from the RBI—will conduct its first monetary policy review on 4 October, Urjit Patel’s first as RBI governor.
Among other stocks in focus:
L&T Technology Services will make its stock market debut on Friday after successfully completing its initial public offering recently.
Vedanta: Vedanta has signed the concession agreement for Rs11.45bn redevelopment project of the Mormugao port in Goa.
Wipro: Wipro Consumer Care and Lighting’s Singapore arm has agreed to buy Zhongshan Ma Er Daily Products Ltd, a Chinese fast-moving consumer goods (FMCG) company, for an undisclosed amount in an all-cash transaction.
InterGlobe Aviation: The parent of no-frills airline IndiGo, has received shareholders' approval to increase its borrowing limit to Rs.20,000 crore.
Majesco: Glemham underwriting and Majesco team up to create a dynamic new cloud-based bureau for the UK general insurance market.
Aurobindo Pharma: The company has received tentative approval from the US Food and Drug Administration (USFDA) to manufacture and market Dolutegravir, used for the treatment of HIV, in the US market.
Larsen & Toubro: L&T has entered into a pact, valued at USD99.7mn (around Rs6.60bn), with Vietnam Border Guard for design and construction of high speed patrol vessels.
Lincoln Pharmaceuticals: The company has launched Ondansetron oral spray, used for treatment of nausea and vomiting caused by surgery or cancer drugs, in the Indian market.
UPL: UPL has divested its entire stake in its joint venture United Phosphorus (Bangladesh) as part of the company's plan to reorganise its overseas businesses.
Fineotex Chemical Ltd: Fineotex Chemical Ltd gets members' nod to sell an investment in FCL Landmare Pvt Ltd. The subsidiary was incorporated in 2013 but did not carry any activity and had a net worth of Rs.30,297.
Goa Carbon: Goa Carbon Ltd informed BSE that the operations at the aforesaid unit have since resumed from September 21, 2016.There would not be any financial impact due to the temporary shutdown of the Company’s Goa Unit on account of sufficient inventory of finished material.
Bharat Financial Inclusion Ltd: Bharat Financial Inclusion Ltd has launched a share sale to institutions to raise up to 7.5 billion rupees ($112.7 million), the company said.
Morepen Laboratories: Morepen Laboratories is in talks with Ajay Piramal Group to sell its OTC (over-the-counter) business of market leading brands such as Burnol as it plans to monetise some of its mainstream brands when larger rivals look to expand their consumer product portfolio, as per media reports.
Bharti Airtel: The company will invest around Rs.14,667 crore ($2.2 billion) in the Indian and south Asian markets in the current financial year (FY17), as it looks to strengthen network capabilities, said a media report.
Global Data: JPY All Industry Activity Index (MoM) (Jul), EUR Gross Domestic Product (YoY) (Q2),EUR Gross Domestic Product (QoQ) (Q2),EUR Markit Services PMI (Sep)PRELIMINAR, EUR Markit Manufacturing PMI (Sep)PRELIMINAR, EUR Markit PMI Composite (Sep)PRELIMINAR, EUR Markit PMI Composite (Sep)PRELIMINAR,EUR Markit Services PMI (Sep)PRELIMINAR,EUR Markit Manufacturing PMI (Sep)PRELIMINAR, EUR Markit Manufacturing PMI (Sep)PRELIMINAR,EUR Markit Services PMI (Sep)PRELIMINAR, EUR Markit PMI Composite (Sep)PRELIMINAR, CAD Retail Sales ex Autos (MoM) (Jul).
Trends in FII flows: The DIIs were net buyers of Rs.3.10 bn in the cash segment on Thursday. The foreign institutional investors (FIIs) were net buyers of Rs.3.36 bn as per the provisional figures released by the NSE.