Nestle India may advance on Nifty entry

Nestle India will be included and Indiabulls Housing Finance will be removed from the Nifty 50 index from 27 September 2019. The announcement was made after market hours yesterday, 28 August 2019.

The Union Cabinet after market hours yesterday, 28 August 2019, relaxed Foreign Direct Investment (FDI) norms in several sectors. Cabinet approved 26% FDI with government approval for digital news media and 100% FDI via automatic route for coal mining and ancillary activities. Cabinet eased local sourcing norms for FDI in single brand retail. Single-brand retailers allowed to open online stores before setting up brick-and-mortar shops.

Sugar stocks will be in focus after the Cabinet Committee on Economic Affairs has given its approval for providing a lump sum export subsidy at Rs 10448 per tonne to sugar mills for the sugar season 2019-20. The lump sum export subsidy will be provided for expenses on marketing costs including handling, upgrading and other processing costs, costs of international and internal transport and freight charges on export of up to 60 lakh tonne of sugar limited to Maximum Admissible Export Quantity (MAEQ) allocated to sugar mills for the sugar season 2019-20.

JMC Projects (India) said that its holding company viz. Kalpataru Power Transmission (KPTL) has received a notice from the World Bank alleging process violations in bids submitted by its transmission business on two projects in Africa more than seven years ago. KPTL disagrees with the bank's position and intends to contest the proceedings vigorously. The announcement was made after market hours yesterday, 28 August 2019.

Satin Creditcare Network informed that meeting of working committee of the board of directors is scheduled on 31 August 2019 for the issuance of Non-Convertible Debentures upto the amount of Rs 120 crore through Private Placement. The announcement was made after market hours yesterday, 28 August 2019.

Kingfa Science & Technology (India) said that the company's newly set-up manufacturing facility situated at Plot No. F-5/5, Chakan Industrial Area, Pune will be starting its commercial production with effect from 2 September 2019. The announcement was made after market hours yesterday, 28 August 2019.

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