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An exchange filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution.

The shareholders of Reliance Industries (RIL) have approved the appointment of Isha Ambani, Akash Ambani and Anant Ambani to the board as non-executive directors, the firm announced in a BSE exchange filing on Friday. The resolutions were passed through postal ballot.

The filing informed that over 98 percent of the shareholders were in favour of the appointment of Isha and Akash. However, Anant's appointment saw some pushback with over 7 percent votes against the resolution but almost 93 percent were in favour.

Last year, RIL chairman Mukesh Ambani made way for his first-born Akash Ambani, to become the chairman of India's largest mobile firm, Reliance Jio Infocomm. Meanwhile, Isha was given Reliance's retail arm and Anant, the new energy business.

However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.

Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.

ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.

However, as per a Bloomberg report last week, Institutional Shareholder Services Inc., an international proxy advisory firm, had recommended that shareholders vote against the proposal to appoint Ambani’s youngest son, Anant Ambani.

“A vote against this resolution is warranted as Anant Ambani’s limited leadership/board experience of around six years, raises concerns on his potential contribution to the board," ISS had said, as per the report.

Meanwhile, it backed the board appointments of Isha and Akash Ambani in the shareholder vote, it stated.

ISS’s objections echoed the recommendations from Mumbai-based Institutional Investor Advisory Services, or IIAS, which said in an October 9 report, that “at 28 years of age," appointment of the young Ambani scion “does not align with our voting guidelines," the report added.

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Tata Consultancy Services (TCS) is set to kick-start the IT sector earnings season for the second quarter of fiscal year 2024 on October 11.

This was a crucial quarter for the IT services bellwether, given the internal restructuring of its verticals and new vertical head appointments -– the first major leadership rejig under new CEO K Krithivasan.

While there were strong deal wins, especially among the top three IT companies --- TCS, Infosys and HCL Tech -- analysts expect the quarter that ended in September 30, 2023, to remain muted amidst the uncertainty in demand and continued caution on discretionary spending.

Analysts expect EBIT margins for most IT companies, including TCS, to improve this quarter as its wage hike cycle impact was taken in Q1. TCS is likely to see an improvement of 50-60 bps, touching an estimated 23.6 percent, according to CNBC-TV18’s poll.

Here are the five themes to watch out for in TCS’ Q2 performance:

Revenue growth

According to CNBC-TV18’s estimate poll, rupee revenue growth on a QoQ basis is expected to come in at 1.3 percent at Rs 60,160 crore, compared to Rs 59,381 crore in Q1.

Profit after tax (PAT) is estimated to be up by 0.8 percent QoQ at Rs 11,162 crore. Like the previous couple of quarters, this quarter, too, will remain subdued. All eyes will be on the management commentary on whether the worst is behind.

Demand outlook

TCS reported some of the largest new deals in 2023 as well as multi-year renewals with existing clients. Some of the major deals from the last quarter include the $1 billion deal from Jaguar Land Rover (JLR) and a $1.1 billion deal from the UK’s workplace pension scheme NEST. Driven by these numbers, analysts estimate TCS’ order book for Q2 to come in the range of $11-13 billion, up from the company’s guidance of $7-9 billion.

According to analysts at Kotak Institutional Equities, the management’s commentary on the revival of discretionary spending, outlook on macroeconomic challenges, cost takeout and vendor consolidation deal pipeline, geographic trends, especially in North America, and the impact of GCC ramp-ups will be looked into.

Sectoral trends

According to analysts at ICICI Securities, TCS gets nearly 53 percent of its overall revenue from sectors like BFSI, retail and telecom, which “continue to see macro pressures and have consequently slashed their discretionary spends while putting older projects under greater scrutiny.”

While deal flows have steadied, analysts believe growth will not be very democratic and will depend on a mix of verticals, services and the company’s ability to win large deals amidst exposure to affected customers.

A lot of the deals this quarter have also seen customers increasingly looking for embedded artificial intelligence (AI) and generative AI elements into it. Hence, IT companies, too, are aggressively betting on these features to win deals. For instance, TCS started a unit called TCS AI Cloud, combining all its public cloud units and Al initiatives.

Return to offices

Last month, TCS sparked off an industry-wide debate after it decided to end work from home, making it compulsory for certain teams to be in offices for five days a week. The IT sector major employs over 600,000 people, signalling an end to the work-from-home era for the IT industry in India.

This could lead to an increase in overhead costs on the campuses, and a fear of near-term increase in attrition as angry employees may consider resigning. The management’s views on this and how it is assessing the situation will be important.

Earlier, under former CEO Rajesh Gopinathan, TCS had announced its 25X25 vision. As per the model, by 2025, only 25 percent of its associates will need to work out of facilities at any point of time. Also, employees will not need to spend more than 25 percent of their time at work.

Hiring slowdown 

A direct reflection of slowing demand in the sector was the significant reduction in quarterly net headcount addition. In Q1, TCS was the only company to have a positive net addition of 523 people. Four out of the five IT majors in India, Infosys, HCLTech, Wipro, and LTIMindtree, reported a fall in headcount in Q1FY24, with the total numbers plunging by over 20,000 as compared to the same quarter last fiscal year.

TCS was also the only IT company to share its fresher hiring target of 40,000 for FY24. Any change or update in these plans will be closely monitored. TCS, however, had delayed onboarding of lateral hires by three months due to project commencement delays. CHRO Milind Lakkad had said last quarter that all of these offers will be honoured.

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India on Thursday suspended visa services in Canada citing ‘operational reasons’. The move comes amid the souring relationship between India and Canada over the killing of Khalistani terrorist Hardeep Singh Nijjar. 

A private agency, BLS, hired for initial scrutiny of visa applications of Canadians put out a note on its website, conveying “Due to operational reasons, with effect from 21 September 2023, Indian visa services have been suspended till further notice. Please keep checking the BLS website for further updates."

The row over Khalistani terrorism

After the ‘not so pleasant’ discussion around the Khalistani issue between the prime ministers of India and Canada during the G20 meeting in Delhi earlier this month,  Canadian Prime Minister Justin Trudeau said Monday that his government was investigating “credible allegations" that Indian government agents were linked to the June 18 slaying, when Nijjar was gunned down outside a Sikh cultural center in Surrey, British Columbia. 

He also said though Canada is not trying to provoke India, strong measures need to be taken. 

“The government of India needs to take this matter with the utmost seriousness. We are doing that, we are not looking to provoke or escalate," Reuters quoted him as saying on Tuesday.

The tit-for-tat dynamic

India, however, denied any role in the killing, calling the allegations absurd.

The tension seems to be escalating further as both the countries are taking measures reflecting a tit-for-tat dynamic in their diplomatic relations. As Canada expels Indian diplomat; India responds with a reciprocal expulsion.

On Wednesday, India told its citizens to avoid travelling to parts of Canada, following a diplomatic row sparked by the allegation that New Delhi was involved in the killing of a Sikh separatist near Vancouver.

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The Indian equity indices ended lower for the second consecutive session on September 20 with Nifty falling below 19,900 amid selling in heavyweights and across the sectors, barring power stocks.

At close, the Sensex was down 796 points or 1.18 percent at 66,800.84, and the Nifty was down 231.90 points or 1.15 percent at 19,901.40.

After a gap-down start, market remained under selling pressure and extended the losses as the day progress, to end near day's low.

BSE Sensex and Nifty50 indices touched the day's low of 66,728.14 and 19,878.85, respectively.

Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.

Today's fall eroded investors' wealth by Rs 2.25 lakh crore, as the market capitalisation of BSE-listed companies slipped to Rs 320.75 lakh crore from Rs 323 lakh crore in the previous session.

Biggest losers on the Nifty were HDFC Bank, JSW Steel, Reliance Industries, BPCL and SBI Life Insurance, while gainers included Power Grid Corporation, Coal India, ONGC, Sun Pharma and Eicher Motors.

Amongst sectors, except power, all other sectoral indices ended in the red with bank, metal and realty down one percent each.

The BSE midcap index shed 0.30 percent and Smallcap index declined 0.5 percent.

A long build-up was seen in AU Small Finance Bank, Polycab India and Dr Lal PathLabs, while a short build-up was seen in HDFC Bank, JK Cement and Zydus Lifesciences.

Among individual stocks, a volume spike of more than 300 percent was seen in Hindustan Copper, Mahindra & Mahindra Financial Services and India Cements.

Nearly 200 stocks touched their 52-week high on the BSE, including GPT Infraprojects, Axis Bank, Thomas Scott, Indusind Bank, Karnataka Bank, Dhampur Sugar Mills, Union Bank Of India, Tata Consultancy Services, Coal India. Click to View Full List

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India and Canada have a long and complex history, but in recent years, relations have become increasingly strained. Issues such as the Khalistani separatist movement, the treatment of Indian farmers, and the Canadian government's decision to ban Air India have all contributed to a growing rift between the two countries.

So, what's the future of India-Canada relations? Is there a way to mend the fences and rebuild trust?

Here are some things to consider:

• Both sides need to show a willingness to compromise. This means being willing to listen to each other's concerns and try to find common ground.
• There needs to be a greater understanding of each other's cultures and perspectives. This can be achieved through dialogue and education.
• Both countries need to work together to address shared challenges, such as climate change and terrorism.

India and Canada are important partners, and it is in the interests of both countries to maintain a strong relationship. However, this will require effort and goodwill on both sides.

#IndiaCanadaRelations #FutureOfIndiaCanada

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The initial public offering of leading corporate travel company Yatra Online so far has seen muted response from investors on September 15, the first day of bidding. Participants have bought 29.45 lakh equity shares against the offer size of 3.09 crore shares, resulting into a 10 percent subscription.

Retail investors were at the forefront in terms of support to the offer, buying 49 percent shares of the allotted quota, which is 10 percent of the total issue size, while high networth individuals (non-institutional investors) have bid for 2 percent shares of reserved portion which is 15 percent to the IPO size.

Qualified institutional buyers (QIB), who have 75 percent reservation in the public issue, have not started putting in bids yet.

The country's third-largest online travel company is planning to raise Rs 775 crore via the IPO at the upper end of price band of Rs 135-142 per share.

The fresh issue component in the IPO is Rs 602 crore and the remaining funds will be raised via offer-for-sale worth Rs 173 crore.

Promoter THCL Travel Holding Cyprus, and investor Pandara Trust – SCHEME I (represented by its trustee Vistra ITCL (India) are the selling shareholers in the OFS component. Pandara Trust will be exiting the company by selling entire stake via OFS.

Yatra Online has already mopped up Rs 348.75 crore from anchor investors on September 14, a day before the issue opening. Goldman Sachs, Morgan Stanley, BNP Paribas Arbitrage, Societe Generale, Elara India Opportunities Fund, Whiteoak Capital, ICICI Prudential Mutual Fund, Tata Mutual Fund, and Max Life Insurance Company were some of investors participated in the anchor book.

Of the net fresh issue money, the company will spend Rs 150 crore for the strategic investments, acquisitions and inorganic growth, and Rs 392 crore for customer acquisition and retention, technology, and other organic growth initiatives. The remaining funds will be used for general corporate purposes.

Yatra, India's leading corporate travel services provider in terms of the number of corporate clients, has served over 1.4 crore cumulative travel customers as of March 2023, with over half of them signing up for the eCash loyalty program.

It claimed to be the third largest online travel company in India among key OTA (online travel agency) players in gross booking revenue and operating revenue for FY23.

Easy Trip Planners is the only comparable listed player for Yatra Online.

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Indian Stock Market Trading View For 11 Sept,2023:

Post G20 event lot of positive developments are expected which will be good for Indian economy overall. #nifty is likely to cheer the moment in coming sessions.

For Coming Week:
With Strong buying happening in Nifty it is looking attractive to cross 20,000 mark very soon.

Bank Nifty:
#Banknifty is likely to join the rally. Weekly Support is at 44700. If it holds it possible target for Banknifty is to test 45,600-45850.

Attractive #stocks for Coming Week:
1. Reliance Industries: Long building up,Looking very attractive buy for 2500. Its support is at 2420. Currently RELIANCE is at 2448.


For Today:
Nifty spot if manages to trade and sustain above 19840 level then expect some further upmove in the market and if it breaks and trade below 19780 level then some decline can follow in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.

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#share #sharetrading #stockmarket #india #Reliance #options #AllTimeHigh #sharetipsinfotips

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Topic :- Share Market Closing Note

Benchmark indices broke three-day winning streak and ended lower with Nifty around 19,250 on August F&O expiry day.

At close, the Sensex was down 255.84 points or 0.39 percent at 64,831.41, and the Nifty was down 93.70 points or 0.48 percent at 19,253.80. About 1805 shares advanced, 1703 shares declined, and 142 shares unchanged.

Biggest losers on the Nifty included Adani Enterprises, BPCL, Adani Ports, Eicher Motors and Britannia Industries, while gainers were Maruti Suzuki, Cipla, HDFC Life, Titan Company and Hindalco Industries.

Mixed trend seen on the sectoral front, with oil & gas, power, FMCG and bank down 0.5-1.3 percent, while realty, metal, capital goods, information technology gained 0.2-0.7 percent.

The BSE midcap index ended flat, while smallcap index rose 0.8 percent.

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Topic :- Time:3.05 PM

Nifty spot if closes above 19300 level then expect some upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.00 PM

Nifty spot is trading at 19298. If it breaks and trade below 19260 level then expect some decline in the market and if it manages to trade and sustain above 19320 level then some upmove can follow in the market.

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Topic :- Time:1.50 PM

Auto Sector is supporting market and Banking sector is dragging. Stay cautious, volatile moves expected now.

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Topic :- Time:1.35 PM

Just In:

Private hospital chain Jupiter Life Line Hospitals Ltd will open on September 6 for subscription and close on September 8. 

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Topic :- Time:1.30 PM

ZINC Tading View: 

ZINC is trading at 217.30. If it holds below 217.60 level then expect it to decline towards 215.50 level quite soon and once it manages to trade and sustain above 217.60 level then some upmove can follow in it.

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Topic :- Time:1.20 PM

Adani Update: Amid fresh claims of offshore funding, Congress demands JPC; Rahul Gandhi to brief media today.

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Topic :- Time:1.00 PM

Nifty spot is trading at 19311. If it breaks and trade below 19300 level then expect some decline in it and if it manages to trade and sustain above 19340 level then some upmove can follow in the market. As nifty is trading in small range so traders should wait for proper cues.

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Topic :- Time:12.40 PM

Just In:

Public Works Department of the Delhi government has issued a directive to expedite roadwork completion as the city prepares to host the G20 Summit. 

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Topic :- Time:12.30 PM

SILVER Trading View:

SILVER is trading at 74155. If it breaks and trad below 74140 level and is able to sustain below 74350 level then expect it to decline towards 73800 level quite soon however once it trades above 74350 level then some pull back is expected in it.

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Topic :- Time:12.00 PM

Nifty is likely to turn volatile soon today due to F&O monthly expiry. Nifty spot if manages to trade and sustain above 19340 level then expect some pull back in the market and if it breaks and trade below 19300 level then some decline can further follow in the Nifty.Currently Nifty spot is trading at 19315.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex wipes off gains, slips into the red

2. Air India, IndiGos expanding wings may hurt Indians finances

3. Adani rejects recycled charges in OCCRP report

4. SBI home loan rate concession of 55bps ends today

5. BSE to shift Bankex expiry day from Friday

6. JSW group keen to launch car in EV segment at Rs 15-20 lakh price tag

7. Piramal Enterprises share buyback opens

8. Aeroflex Industries lists at Rs 197, over 82% premium to IPO price

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 31 Aug,2023:

Rangebound market with stock specific action expected. Nifty spot if manages to trade and sustain above 19380 level then expect some upmove in the market and if it breaks and trade below 19300 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day. 

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Yes Bank's asset reconstruction arm, JC Flowers ARC, and media mogul Subhash Chandra have reached a settlement regarding an outstanding debt of Rs 6,500 crore. The agreement entails JC Flowers accepting 75 percent reduction in the debt, leading Chandra to repay JC Flowers Rs 1,500 crore to regain control over the family's stake in assets including Dish TV, Zee Learn, and three properties, among them a central Delhi bungalow, as reported.

According to CNBC TV-18 sources, the settlement's terms state an initial 15 percent payment within the first 30 days, with the remaining 85 percent scheduled over the subsequent six months.

It's important to note that JC Flowers ARC had previously obtained assets from Yes Bank at a discounted rate, forming part of the bank's transfer of a Non-Performing Assets (NPA) portfolio worth Rs 48,000 crore to the ARC for slightly over Rs 11,183 crore in December 2022.

Essel Group subsidiary Zee Learn had earlier signaled its intention to resolve issues with JC Flowers ARC by revealing its plans to the exchanges on August 8.

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The launch is in line with the government's policy drive to decrease India's dependency on imported petroleum and shift away from fossil fuels.