The BSE Sensex jumped 555.75 points or 0.86% to close at Rs 65,387.16. The NSE Nifty 50 ended 181.50 points or 0.94% higher. Seeking guidance on today's potential stocks to watch today, 4 September 2023 read the story
Stocks To Watch on 4 September: Indian equity benchmark indices opened on a positive note and settled higher on Friday, after snapped three day gaining streak on Thursday. The indices surged after snapping five weeks of losses. The BSE Sensex jumped 555.75 points or 0.86 per cent to close at Rs 65,387.16. The NSE Nifty 50 ended 181.50 points or 0.94 per cent higher.
“Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data. This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks. The positive opening in global markets provided additional momentum for investor sentiment, particularly as US PCE inflation aligned with expectations,” said Vinod Nair, Head of Research at Geojit Financial Services.
On 1 September, Uday Kotak announced to step down as managing director and chief executive officer (CEO) Kotak Mahindra Bank. He will continue to serve as a non-executive director of the bank. Joint Managing Director Dipak Gupta will carru out the duties of the MD and CEO until 31 December, subject to the approval of RBI and the members of the bank.
GQG Partners bought a 2.6 per cent stake in private sector lender for Rs 1,527 crore, as per bulk deals data from BSE. Cloverdell Investment, the primary public shareholder of the bank, sold about 4.2 per cent shares at Rs 89 apiece.
Mukesh Ambani’s Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential market listing, according to a Reuters report. The fundraising is part of a combined $3.5 billion target the company has set for itself, from which $1 billion was raised from Qatar Investment Authority (QIA) and was announced last month.
The IT services major on Friday announced that it has completed the acquisition of Danske Bank’s IT centre in India. This comes after the announcement of the collaboration made on 26 June 2023. Danske Bank has picked Infosys as a strategic partner to drive digital transformation initiatives with speed and scale.
The company has entered into a shareholder’s agreement and power purchase agreement with Seven Renewable Power to acquire 26 per cent stake in SRPPL for Rs 32.5 lakh. It plans to develop and operate captive power plant to supply 100 MW renewable energy to its smelter located in Odisha.