Japanese equities showed signs of resilience as other Asian markets opened lower, as investors prepare for comments from Jerome Powell later Friday.

Equities in Australia and South Korea fell alongside Hong Kong share futures.

US stocks fell on Thursday after the Federal Reserve's (Fed) minutes signaled an interest rate cuts set to begin. US business activities fell to a fourth-month low.

Here's a table showing how US stocks performed on Thursday:

Source: Equitymaster

At present, the BSE Sensex is trading 13 points lower and NSE Nifty is trading 10 points higher.

Bajaj Auto, Reliance Industries, and Tata Motors are among the top gainers today.

Infosys, Titan, and Grasim Industries the other hand are among the top losers today.

Broader markets are trading on positive. The BSE Midcap index is trading 0.2% higher and the BSE Smallcap index is trading 0.3% higher.

Sectoral indices are trading mixed today, with stocks in the energy sector and the power sector witnessing buying. Meanwhile, the stocks in the IT sector and media sector are trading lower.

The rupee is trading at Rs 83.90 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 71,395 per 10 grams today.
 

Adani Group to Sell Stake in Ambuja Cement

The Adani Group is likely to sell a 2.84% stake in Ambuja Cements on Friday through a block deal to raise around Rs 42 billion (bn).

According to a term sheet issued by the banker, Holderind Investments, an Adani Group entity, will sell 69.9 million (m) shares at a floor price of Rs 600 per share.

The floor price represents a 5% discount to Thursday's closing price of Rs 633.

Shares of Ambuja Cements have rallied 18% so far this year, compared to a 12% gain in the Sensex.

The Adani Group currently holds a 70.3% stake in Ambuja Cements, with Holderind Investments holding a 50.9% stake.

Since October 2023, the Adani Group has invested about Rs 200 bn in the company through subscription to warrants, increasing their total stake to 70.3%.

Of this, Rs 150 bn was invested earlier this year while Rs 50 bn was invested in October 2022.

Adani Cement, the second-largest cement producer in the country, comprises Ambuja Cements, ACC, and Sanghi Industries, with a combined production capacity of 78.9 m tonnes.
 

Infosys Tax Case

India will find ways to resolve tax disputes with major companies including Infosys Ltd. and foreign airlines, suggesting New Delhi is open to making accommodations to avoid hurting investor sentiment in the South Asian nation.

Authorities are exploring options to settle with companies including Infosys, which last month got hit by a demand for Rs 324.03 bn ($3.9 billion) in back taxes dating back to 2017.

Authorities at the time cited non-payment of taxes on expenses incurred by overseas offices of the company, which provides IT services to banks and other multinational corporations from the US to Europe.

The demand coincided with tax notices sent to 10 foreign airlines including British Airways. Analysts have warned that the unusual tax demands - issued with little warning - may hamper India's attempts to lure investment away from China while perpetuating perceptions that the country remains a difficult place to do business.

The Goods and Services Tax Council, a panel comprising federal and state finance ministers, is slated to meet on 9 September to discuss, among other things, the notices.

The aim is to amicably resolve the disputes and cut down potential litigation. Finance Minister Nirmala Sitharaman on Wednesday urged tax officials to exercise their powers judiciously and use enforcement measures as a last resort to encourage voluntary compliance.

Nykaa Promoters 1.4% Stake Sell

As many as 40.9 m shares, or 1.43% equity of Nykaa changed hands in a block deal window on Friday, 23 August 2024.

The official buyers and sellers of the transaction are not yet known.

There would be a lock-in period of 45 days on further sale of shares.

As per data available on the stock exchanges, Harindarpal Singh held a 6.4% stake in Nykaa at the end of the June quarter.

The transaction is expected to influence Nykaa's stock liquidity and market dynamics, with JPMorgan and Goldman Sachs overseeing the execution.

FSN E-commerce Ventures Ltd. (NYKAA) popularly known as "Nykaa" is a digitally native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers.

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