TCS joins hands with JLR, Jio Financial to be excluded from NIFTY50 & more

NIFTY50: 19,611 ▲ 36 (+0.1%)
SENSEX: 65,880 ▲ 100 (+0.1%)

• Benchmark indices closed higher for the fourth consecutive session
• In all, 24 of the NIFTY50 stocks closed in the green
• Retail sales in Eurozone decreased by 0.2% month-on-month in July 2023

Among the NIFTY sectoral indices, FMCG (+1.0%) and Pharma (+0.9%) were the top gainers, while PSU Bank (-1.0%) and Realty (-0.9%) were the top losers.

What’s trending

⭐ TCS joins hands with JLR 

IT service provider has entered into a strategic partnership with the digital unit of Jaguar Land Rover (JLR). It aims to drive transformation, simplification, and effective management of JLR's digital assets. The deal is valued at £800 million and will be executed over the next five years. Meanwhile, shares of TCS closed flat, down 0.2%. 

⭐ Jio Financial to be excluded from NIFTY50 from 7 September 

Shares of Jio Financial Services (JFS) closed 0.5% lower today after the NSE announced that the stock will be executed from the NIFTY50 from 7 September. As per the NSE, JFS shares have not hit the price band (upper or lower circuit) during the last two trading days, making the stock eligible for exclusion from the index. 

⭐ Syrma SGS gains on new acquisition 

Shares of Syrma SGS Technology rose 4.4% today after the company acquired a 51% in Johari Digital Healthcare Limited (JDHL), a manufacturer of electro-medical devices. The total acquisition is worth ₹229 crore. As per the company, this acquisition will enhance its capabilities and offerings in the segment and create business synergies across multiple areas.

⭐ Jupiter Life Line Hospitals open for subscription 

The initial public offering (IPO) of Jupiter LifeLine Hospitals received a healthy response from investors on the first day of bidding. The ₹869 crore IPO was subscribed 87% overall, with the retail portion being subscribed 1.1 times. The price band for the offer, which closes on September 8, has been fixed at ₹695-735 per share. To know more and apply for the IPO, click here.

In Focus

Sugar stocks turn sweeter 

Sugar stocks ended on a sweet note today. Shares of sugar companies, such as Shree Renuka Sugars, Dwarikesh Sugar, Dalmia Bharat Sugar and EID Parry rose between 9% to 14%. What’s driving this sugar high? Let’s find out.

Rainfall deficit to hit sugar production 

As per reports, sugar prices in India have jumped more than 3% in the last two weeks to ₹37,760 per metric tonne. The rise in prices comes amid below average rainfall in key sugar-producing states like Maharashtra and Karnataka, which account for more than 50% of India’s total sugar output. As per experts, sugar production could fall sharply because of rainfall deficit.  

While high sugar prices are not so good for consumers, they benefit sugar producers as they improve their margins. Further, prices in international markets are also on the rise as US raw sugar futures are at a one-month high due to lower crop yield in other key sugar-producing countries like Thailand and Indonesia.

Switzerland-based company Avelan, which is the world’s largest sugar trader, has reportedly stated that global markets may face a deficit of 5.4 million tonnes of sugar in the coming season. 

What will happen next?

The steady rise in sugar prices could prompt the Indian government to disallow sugar exports in the new marketing season, which begins on 1 October. In the ongoing season, the government has allowed sugar mills to export only 6.1 million metric tonnes of sugar. This is far lower than the 11.1 million metric tonnes of exports in the previous season. 

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