Reliance ends year on a 'sweeter' note

Good morning!

Here are the top stories to start your day.

For more updates on F&O, click here.

⭐ Reliance ends year on a 'sweeter' note

Reliance Retail venture, a subsidiary of Reliance Industries, announced acquisition of a majority stake in BSE-listed Lotus Chocolate. Reliance will acquire 51% stake from the promoters for ₹113 per equity share aggregating to ₹74 crore. It will also bring open offer to acquire additional 26% stake. 

⭐ HG Infra bags NHAI order

Infrastructure firm HG Infra Engineering has received a new order worth ₹743 crore from National Highways Authority of India (NHAI). The project work includes construction of a 34 km 6-lane greenfield ring road in Haryana.   

⭐ Current account deficit worry

India’s current account deficit (CAD) increased to $36.4 billion or 4.4% of the GDP in the second quarter of the current fiscal year, as per RBI data. In absolute terms, CAD increased 100% from $18.2 billion in Q1 of FY23 to $36.4 billion in Q2  due to high commodity prices and a weak rupee.

Global markets (at 9:00 AM today)

Fact of the day

Global foldable smartphone shipment is expected to grow 52% in 2023 to 2.27 cr units.

Source: Live Mint