After a flat start on Monday, headline indices BSE Sensex and NSE Nifty 50 gained 361 points (0.61%) and 103 points (0.59%) respectively. The thirty-share index was at 59164 points while the fifty-share index was at 17642 points.
On Friday, the benchmark indices extended gains, led by IT shares. However, losses in oil & gas shares played spoilsport. The D-Street took positive cues from global markets, where stocks rose as investors digested hawkish remarks from Fed policymakers and the ECB’s biggest ever hike in its key interest rate. The Sensex closed at 59793 points, up 0.18% or 104 points, while the Nifty quoted at 17833 points, up 0.19% or 34 points from the previous close.
Market movers
Some of the top gainers this week were Vakrangee Ltd. (up 36.66%), Tube Investments of India Ltd. (up 19.76%), Angel One Ltd (up 19.25%), JK Lakshmi Cement Ltd. (up 17.93%), Bajaj Holdings & Investment Ltd. (up 17.89%), and Tanla Platforms (17.65%).
On the other hand, some of the top losers were Dhani Services Ltd. (down 11.28%), Tata Teleservices (Maharashtra) Ltd. (down 11.05%), MMTC Ltd (down 10.18%), Gland Pharma (down 6.83%), and Great Eastern Shipping Company Ltd. (down 6.71%).
The Recap
In this week’s recap, we shall take a look at Cyrus Mistry’s demise, details about Demat accounts, Infosys’ collaboration, the condition on which the government might acquire a stake in Vodafone Idea and whether the Tata Group will be joining the club of iPhone makers.
Cyrus Mistry and co-passenger killed in a car crash
● Former Tata Sons chairman Cyrus Mistry and a co-passenger were killed in the car crash on Sunday. They weren’t wearing seatbelts as per the preliminary probe, a police officer said.
● Cyrus Mistry was the younger son of patriarch Pallonji Mistry. Under his leadership, the construction company which had already delivered high-profile projects including the Reserve Bank of India took on large projects like stadiums and factories.
● Ratan Tata, being an intensely private person, might have conveyed his condolences to the Mistry family in private, but did not publicly acknowledge this tragic turn of events.
Demat accounts in India topped the 10 crore milestone
● The total number of Demat accounts in India crossed the 10-crore (100-million) mark in August, according to the latest monthly figures from depositories CDSL and NSDL. ● This number has more than doubled since March 2020 when India went into one of the strictest lockdowns globally to contain the spread of the coronavirus. Many people looked for an additional source of income and started investing.
● The total number of Demat accounts had crossed the 5-crore milestone in January 2021, while the number was about 4.1 crore in March 2020 according to the data available with the depositories.
Infosys extends its collaboration with Spirit AeroSystems
● IT major Infosys has announced a five-year agreement with Spirit AeroSystems, Inc., one of the world’s largest manufacturers of aerostructures for commercial aeroplanes, defence platforms, and business/regional jets.
● This strategic collaboration builds on 16 years of a longstanding relationship between both organizations, during which Infosys has provided innovative design solutions for some of Spirit’s aerostructure programs.
● Leveraging knowledge-based engineering and engineering automation, Infosys aims to accelerate product development across the value stream.
Govt to acquire a stake in Vodafone Idea Ltd. after share price stabilises at ₹10 or above
● Vodafone Idea Limited (VIL) has offered a stake to the government of India at a par value of ₹ 10 per share.
● The Department of Telecommunications will clear the acquisition after VIL‘s shares stabilise at ₹ 10 or above. The company’s shares are trading below ₹ 10 since April 2019.
● Debt-ridden Vodafone Idea (VIL) has decided to opt for converting about ₹ 16,000 crores of interest liability payable to the government into equity which will amount to around 33 per cent stake in the company. The promoters’ holding will come down from 74.99 per cent to 50 per cent.
The Tata Group is in talks to join the club of iPhone makers
● The Tata Group is in talks with Wistron Corp., a Taiwanese supplier to Apple Inc to establish an electronics manufacturing joint venture in India. The group seeks to assemble iPhones in India.
● The Tata Group wants to tap the Taiwanese company’s expertise in product development, supply chain and assembly, as per reports.
● Experts say that an Indian company making iPhones would be a massive boost for the country’s effort to challenge China. In fact, global electronics brands might consider assembly in India to reduce their reliance on China at a time of increasing geopolitical risks.
Written by Simran Bafna
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