Asian markets opened on a mixed note on Friday even as a crucial data on US economy suggested that inflation on the wane.

The Nikkei is trading 0.4% higher while the Hang Seng index is trading 0.6% lower. The Shanghai Composite is trading 0.2% higher.

US stocks ended mixed on Thursday after inflation and weekly jobless data. Investors are keenly awaiting employment data due on Friday for clues on the Fed's monetary policy outlook.

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

Data Source: Equitymaster

Back home, Indian share markets are trading on a positive note. At present, the BSE Sensex is trading 166 points higher and NSE Nifty is trading 67 points higher.

Hindalco and Tata Steel are among the top gainers today.

NTPC and Asian paints on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading 0.2% higher and the

BSE Small Cap index is trading 0.6% higher.

Sectoral indices are trading on a mixed note with stocks in the telecom sector and metal sector are witnessing most buying.

Meanwhile stocks in the capital goods sector and healthcare sector and realty sector witness selling.

Shares of Linde India and Mastek hit their 52-week high today.

The rupee is trading at Rs 82.68 against the US dollar.

In commodity markets, gold prices are trading marginally lower at Rs 59,284 per 10 grams today.

Meanwhile, silver prices are trading flat at Rs 75,700 per 1 kg.
 

Torrent Pharma to acquire stake in Cipla

Ahmedabad-based Torrent Pharma has likely submitted a non-binding bid to acquire a stake in promoters of pharmaceutical giant Cipla.

Torrent Pharma is scheduled to decide on a binding offer in the coming weeks. According to the news report, the company is also holding talks with three to four private equity companies and foreign institutions as it considers several funding options for the offer.

A recent newspaper report said Torrent wants to take control of the Hamied family's stake in Cipla which is more than double (2.3x) its FY23 consolidated revenue, 2.3 times its profit, and 1.46 times its present market value.

More importantly, the competition for buying out the Hamied family's stake in Cipla also includes Blackstone, the largest buyout fund, and Baring PE Asia-EQT.

If the Torrent deal comes to fruition, it would eventually lead to the creation of India's second-biggest pharmaceutical company after Sun Pharma by revenue.

So far in 2023 shares of Torrent Pharma have rallied over 18%. Take a look below.

Torrent Pharma is among pharma companies in India that have solid growth in sales and profits...and a high Return on Equity (ROE).
 

Jio Financial to delist from exchanges

Jio Financial Services shares will be dropped from all the S&P BSE indices including Sensex with effect from tomorrow that is Friday, 1 September, said BSE in a circular.

Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries.

According to the guidelines, JFSL will be taken out of the S&P BSE indices today. If the JFSL stock had hit the low circuit limit today, the exchanges would have extended the date of removal of JFSL shares from indices.

The bourses twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

On Wednesday, 30 August, Jio Financial Services' share price extended gains for the second consecutive session on Wednesday. Jio Financial Services shares were locked at 5% upper circuit on the BSE.

Jio Financial Services was listed on the stock exchanges on 21 August after its demerger with the billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries.

The stock was listed at Rs 265 apiece on the BSE and Rs 262 per share on the NSE compared to its discovered price of Rs 261.85 apiece.
 

Central Bank of India to raise funds

State-run Central Bank of India on Thursday said it has raised Rs 15 bn by issuing Basel-III compliant Tier-II bonds on a private placement basis.

The base size for the bond sale was Rs 5 bn, while the greenshoe option stood at Rs 10 bn.

The issue just managed to scrape through as the bank received bids for Rs 15.2 bn from investors and it accepted bids for Rs 15 bn.

The capital will help the bank maintain a healthy capital adequacy ratio and fund its business growth.

Central Bank of India reported a 78% rise in net profit at Rs 4.2 bn for the June quarter on the back of a decline in bad loans and an increase in interest income.

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