The GIFTY Nifty futures were trading positively during the early hours before the opening of the markets on Monday. Domestic Indices are expected to open in the green, in line with the GIFT, amid firm cues from global markets. 

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex ended Friday’s trading session higher after a muted start over GDP data that showed the quickest growth in the year in the April-June quarter. The Nifty 50 rallied 181.5 points or 0.94% to 19,435.3 levels, while the Sensex jumped 0.86% or 555.75 points to close at 65,387.16.

Stocks to likely remain in focus September 4:

Hindalco Industries: The company inked a shareholder’s and power purchase agreement with Seven Renewable Power Pvt Ltd (SRPPL) to acquire a 26% stake at Rs 32.5 lakh. Hindalco plans to create and manage a captive power facility that will consistently supply 100 MW of renewable energy to its smelter in Odisha.

Kotak Mahindra Bank: Uday Kotak resigned as the managing director (MD) and chief executive officer (CEO) of Kotak Mahindra Bank, effective September 1, four months before his retirement. However, he will continue as a non-executive director of the bank. The joint MD of the bank, Dipak Gupta, will conduct the duties of MD and CEO until December 31, when a new CEO will be appointed. 

IDBI Bank: The Department of Investment and Public Asset Management has invited bids to appoint an asset valuer for a stake sale in the bank. The bids are expected to be submitted by October 9. The government and Life Insurance Company of India (LIC) will together offload a total of 60.72% stake, along with management transfer of management control.

Infosys: The IT major announced that it had completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale. 

IDFC First Bank: US-based investment firm GQG Partners acquired a 2.6% stake in IDFC First Bank at Rs 89 per share for a total consideration of Rs 1,527 crore through a bulk deal. Warburg Pincus-owned Cloverdell Investment, the largest public shareholder in the private bank, sold approximately 4.2% stake or 27.9 crore shares at Rs 89 each.

Rail Vikas Nigam Ltd (RVNL): The company received a Letter of Acceptance (LoA) from Madhya Gujarat Vij for a full turnkey contract (design, supply and installation) to develop distribution infrastructure work for loss reduction at Vadodara. The order is worth Rs 322 crore and is expected to be completed in 31 months.

Mindspace Business Parks REIT: The company has acquired an additional 0.24 million square feet (MSF) of leasable office space at Commerzone in Porur, Chennai, as part of its expansion plan for a consideration of Rs 181.6 crore. Mindspace REIT now owns 100 per cent of the project with a total leasable area of about 1.1 million square feet.