In a series of significant developments, several Indian listed companies have announced strategic moves and partnerships, highlighting the dynamic nature of the Indian corporate landscape.

Infosys Approves Massive Share Buyback

Infosys, a global leader in next-generation digital services and consulting, has made headlines with two major announcements. The company's Board of Directors has approved a substantial share buyback program and entered into a strategic alliance with HanesBrands Inc.

₹18,000 Crore Share Buyback

Infosys has approved a share buyback program worth ₹18,000 crore, representing 2.41% of the company's total paid-up equity share capital. The buyback will be executed at a price of ₹1,800 per equity share, with the company planning to repurchase 10,00,00,000 fully paid-up equity shares.

Key details of the buyback include:

The buyback is subject to shareholder approval through a special resolution via postal ballot and remote e-voting, as well as other necessary statutory approvals.

Strategic Alliance with HanesBrands Inc.

In addition to the buyback announcement, Infosys has entered into a ten-year strategic alliance with HanesBrands Inc., a global leader in everyday iconic apparel. This collaboration aims to drive innovation, efficiency, and agility across HanesBrands' IT landscape.

Key aspects of the alliance include:

• Deployment of Infosys' proprietary platforms, including the Live Enterprise Automation Platform (LEAP) and Infosys Topaz
• Utilization of generative AI and AIOps technologies
• Focus on modernizing core operations, enhancing agility, and simplifying HanesBrands' IT landscape

Scott Pleiman, Chief Strategy, Transformation, Analytics and Technology Officer at HanesBrands, emphasized the importance of this collaboration in evolving their operational model and leveraging AI-driven transformation.

Other Corporate Developments

Several other Indian companies have also announced significant moves:

• Lodha Developers: Signed an MoU with the Maharashtra government for a ₹30,000 crore investment to develop a green data centre park in Mumbai.

• Bharat Forge: Announced a strategic MoU with Windracers for UAV operations. Additionally, its arm Kalyani Strategic Systems signed a contract to supply howitzer barrels to the UAE.

• JSW Energy: Commissioned 317 MW of renewable capacity, increasing its total capacity to 13,097 MW.

• NBCC: Signed an MoU with RIICO for projects worth ₹3,700 crore.

• Marico: Agreed to acquire the remaining 46.02% stake in HW Wellness Solution.

• HFCL: Received approval for 1,000 acres land allotment in Andhra Pradesh for defence manufacturing.

Market Movements and Technical Breakouts

The Nifty gained for the eighth consecutive session with broader markets set for weekly gains. Several stocks broke key technical levels amid heavy trading volumes:

1. Themis Medicare: Hit a 20% upper circuit, marking its biggest single-day gain since June 2021. The stock broke above its 50-day moving average of ₹111, despite being down 53% year-to-date.

2. Punjab Chemicals & Crop Protection: Rose for the fourth straight day, gaining over 14% and breaking above its 100-day moving average at ₹1,184. The stock has year-to-date gains of 17%.

3. Sigachi Industries: Extended gains to 35% over four days, trading near its 100-day moving average of ₹42.4.

4. JBM Auto: Gained in five of the last six sessions following its subsidiary's $100 million investment from IFC for e-buses. The stock is approaching its 200-day moving average of ₹677 and has reduced year-to-date losses to 11%.

All these stocks showed significantly higher trading volumes compared to their 20-day averages.

IPO Market Activity

The Indian IPO market continues to show robust activity:

These IPOs are in their final day of subscription, indicating strong investor interest in the primary market.

The flurry of corporate activities across various sectors underscores the vibrant and dynamic nature of the Indian business landscape, with companies actively pursuing growth, strategic partnerships, and capital market opportunities.

The Indian stock market showed positive momentum on Tuesday's weekly expiry day, with indices rising nearly half a percent. Several listed companies made significant announcements, ranging from dividend declarations to stake sales and strategic initiatives.

Dividend Announcement

Prakash Industries has set September 17 as the record date for distributing a dividend of Rs 1.50 per share. Shareholders on record as of this date will be eligible to receive the dividend payment.

Stake Sales and Offers

Blue Jet Healthcare's promoter, Akshay Bansarilal Arora, is preparing to sell shares through an offer for sale (OFS) opening on Wednesday. This move is likely to attract investor attention and potentially impact the company's stock price.

In a significant development for the banking sector, Sumitomo Mitsui has announced plans to divest its entire 1.65% stake in Kotak Mahindra Bank. The block deal, valued at approximately Rs 6,166.00 crore, represents a substantial transaction in the market.

Automotive Sector Updates

Bajaj Auto has decided to pass on the benefits of GST reduction to its customers, offering substantial savings across its product range. Two-wheeler buyers can expect savings of up to Rs 20,000.00, while three-wheeler customers may save up to Rs 24,000.00. This move could potentially boost sales and market share for the company.

Legal and Regulatory Developments

Vodafone Idea has approached the Supreme Court to challenge additional Adjusted Gross Revenue (AGR) demands for the period until 2016-17. This legal move highlights the ongoing challenges in the telecom sector regarding regulatory dues.

In a separate development, the Managing Director of Bikaji Foods has been summoned by the Enforcement Directorate in connection with an investigation into the Rajasthan Premier League.

Strategic Initiatives

Tata Power and Tata Passenger Electric Mobility have joined forces to launch India's largest TATA.ev MegaCharger hub. This initiative underscores the Tata Group's commitment to electric vehicle infrastructure and could position the companies favorably in the growing EV market.

New Project Acquisition

Sterling and Wilson Renewable Energy has secured a significant order worth Rs 415.00 crore for a solar power project in Rajasthan. This contract win strengthens the company's project pipeline and demonstrates its continued growth in the renewable energy sector.

The diverse range of corporate actions and announcements across various sectors reflects the dynamic nature of the Indian market. Investors and market participants will likely be watching these developments closely for their potential impact on individual stocks and broader market trends.