Indian stock markets posted modest gains in a subdued trading session, with the Nifty approaching the 25,500 mark. The positive momentum was supported by optimism around policy reforms and domestic flows, although persistent foreign institutional investor selling and caution ahead of US Federal Reserve policy decisions limited the upside.

Market Overview

The banking sector showed strength, contributing to the overall market gains. Rotational buying across various sectors was observed, indicating broad-based market participation.

Corporate Developments

Several companies announced significant developments:

Marico Faces Income Tax Visits

Marico reported that Income Tax officials visited its offices and manufacturing units, with proceedings underway. The company expects no material impact on operations.

Zinka Logistics Rebrands to Blackbuck

Zinka Logistics will change its name to Blackbuck effective September 22.

Banks Sell Yes Bank Stakes

Bandhan Bank sold 15.39 crore Yes Bank shares at Rs 21.50 per share to SMBC, reducing its stake from 0.70% to 0.21%. Similarly, Federal Bank sold 16.62 crore Yes Bank shares at the same price to Sumitomo Mitsui Banking Corp.

Lodha Developers to Investigate Director's Resignation

Lodha Developers will refer director Rajendra Lodha's resignation matter to authorities for investigation following his August 17 departure.

Bajaj Finserv Outlines Ambitious Targets

Bajaj Finserv announced targets including 20-22% income growth to Rs 3 lakh crore and 18-22% profit growth to Rs 20,000 crore, while aiming to expand its customer base by 15-17% to 20 crore customers.

Poonawalla Fincorp Approves Share Allotment

Poonawalla Fincorp's board approved allotting 3.3 crore shares worth nearly Rs 1,500 crore to promoter Rising Sun.

Aavas Financiers to Raise Funds

Aavas Financiers approved raising up to Rs 8,500 crore via NCDs through private placement.

Cohance Lifesciences Stake Sale

Jusmiral Holdings plans to sell 1.9 crore shares of Cohance Lifesciences, representing a 5.1% stake worth Rs 1,756.20 crore at Rs 900 per share.

Indosolar Promoter Plans Share Sale

Indosolar's promoter Waaree Energies plans to sell up to 61 lakh shares representing 14.66% stake via OFS at Rs 500 per share.

ZEE Appoints New Chief Business Officer for ZEE5

Zee Entertainment Enterprises Ltd (ZEE) has appointed Siju Prabhakaran as the Chief Business Officer of its digital platform ZEE5.

Apollo Tyres Reduces Product Prices

Apollo Tyres has announced a reduction in product prices ranging from Rs 300.00 to Rs 2,000.00, following recent GST rate reductions.

Sumitomo Mitsui Increases Stake in YES Bank

Sumitomo Mitsui Banking Corporation has acquired an additional 4.20% stake in YES Bank for Rs 2,850.00 crore, increasing its total holding to 24.20%.

Hyundai India Reaches Wage Agreement

Hyundai India has concluded a three-year wage agreement with workers at its Chennai facility, including a monthly salary increase of Rs 31,000.00.

Biocon Biologics Receives US FDA Approval

Biocon Biologics, a subsidiary of Biocon Ltd, has received approval from the US Food and Drug Administration (FDA) for Bosaya, a treatment for osteoporosis.

LTIMindtree Partners with Shopify

LTIMindtree has announced a partnership with Shopify to establish an AI-enabled Digital Commerce Center of Excellence.

Airfloa Rail Technology Prepares for Market Debut

Airfloa Rail Technology is set to make its debut on the BSE SME exchange with a 120.00% grey market premium.

In a significant move affecting investors across various sectors of the Indian stock market, forty companies have announced September 18, 2023, as the record date for dividend eligibility. This announcement comes with a crucial deadline for investors looking to capitalize on these dividend payouts.

Key Highlights

• Record Date: September 18, 2023
• Last Day to Buy: September 17, 2023 (under T+1 settlement cycle)
• Number of Companies: 40
• Dividend Range: 1% to 505%

Notable Dividend Announcements

Several prominent companies have declared substantial dividends:

Investor Implications

Investors interested in benefiting from these dividend payouts must ensure they purchase the shares by September 17, 2023. This deadline is crucial due to the T+1 settlement cycle currently in place in the Indian stock market.

Diverse Sector Representation

The list of forty companies spans across various sectors of the Indian economy, offering investors a wide range of options. The dividend percentages announced by these companies vary significantly, from a modest 1% to an exceptional 505%, catering to different investor preferences and risk appetites.

Conclusion

This wave of dividend announcements presents an opportunity for investors to potentially boost their returns. However, it's essential for interested parties to act swiftly, keeping in mind the September 17 deadline for share purchases. As always, investors are advised to conduct thorough research and consider their financial goals before making investment decisions based on these dividend announcements.