Indian equity markets are indicated to open higher on Friday, based on early signals from the GIFT Nifty. On Friday morning, GIFT Nifty was trading around 90.50 points, or 0.38%, higher at 24,023.
Brent crude rose around 1.6% to nearly $97 per barrel, approaching its highest level in more than a month. Amid developments in the Middle East, global investors are monitoring movements in oil prices.
Higher crude oil prices can put pressure on inflation, corporate costs and India’s import bill.
Dhoot Transmission is scheduled to announce its quarterly financial results on Friday. The company’s sales, profit and business outlook will be monitored around the results.
Molbio Diagnostics is scheduled to announce its quarterly results on September 5.
Indian Energy Exchange reported a 20.2% increase in electricity trading volume to 13.94 billion units (BU). The volume in the real-time electricity market increased 10.6% to 5.6 BU.
Gland Pharma could see a block deal. According to the report, Fosun Pharma Industrial may sell around a 5% stake in the company. The proposed deal is valued at approximately ₹2,279.5 crore, with a floor price of ₹2,763 per share.
Power Grid Corporation of India received a Letter of Intent worth ₹1,152.49 crore related to Lakadia Renewable Energy Zone (REZ) Phase-II in Gujarat. The proposed project is aimed at connecting transmission from renewable energy projects with a capacity of 7,500 MW.
Rail Vikas Nigam Limited (RVNL) emerged as the lowest bidder (L1) for a ₹404.88 crore contract related to East Coast Railway.
The board of Max Healthcare Institute approved an additional investment of approximately ₹87.87 crore in its subsidiary Kalinga Hospital through a rights issue.
Cipla’s US subsidiary Invagen Pharmaceuticals Inc. entered into a strategic partnership with Qilu Pharmaceutical Co. The agreement relates to the exclusive licensing and supply in the US of QL2107, a biosimilar of pembrolizumab/Keytruda.
Cohance Lifesciences announced two investment proposals to strengthen its antibody-drug conjugate (ADC) strategy. The company will make an additional investment of $13 million in NJ Bio and a controlling investment of $5 million in Aruka Bio. The investments will be funded through internal resources.
The board of Welspun Investments and Commercials approved an investment of up to ₹1,285 crore in its wholly owned subsidiary Vishwakarma Realty. The investment will be made through subscription to CCDs and OCDs.
Bharat Forge’s wholly owned subsidiary Kalyani Strategic Systems (KSSL) signed a MoU with FN Herstal, a subsidiary of FN Browning Group. The MoU aims to explore opportunities for local manufacturing of small arms, integrated weapon systems and Counter-Unmanned Aircraft Systems (C-UAS).
RBL Bank received a Show Cause Notice from the Assistant Commissioner of Delhi proposing a GST demand of approximately ₹164.13 crore for financial year 2022-23. The proposed demand includes interest and potential penalty.
GIFT Nifty, crude oil prices, movements in the rupee and global market trends will remain key indicators for the Indian equity market on Friday. Developments in the Middle East will also be monitored for their impact on oil prices and risk assets.
