The Indian stock market maintained positive momentum amidst volatility, with the Nifty index inching closer to the 25,500 target zone. Several major companies made headlines with significant developments and clarifications.

Adani Group Cleared by SEBI

In a major development, the Securities and Exchange Board of India (SEBI) dismissed allegations against the Adani Group in the Hindenburg case. The regulatory body ruled that related party transactions cannot be applied retrospectively, resulting in no liability or penalty for the conglomerate. This decision marks a significant turn in the ongoing scrutiny of the Adani Group's operations.

Indian Hotels Clarifies Ownership Status

Indian Hotels Company Limited issued a clarification regarding its association with New York's Pierre hotel. The company stated that it holds leasehold rights to the property, not outright ownership, addressing misleading media reports that had circulated.

Leadership Changes and Legal Proceedings

• Bombay Dyeing: The company appointed Rohit Santhosh as the new CEO of Bombay Realty, signaling potential strategic shifts in its real estate division.

• Reliance Group and YES Bank: The Central Bureau of Investigation (CBI) filed chargesheets against Anil Ambani's Reliance Group companies and YES Bank's former CEO Rana Kapoor. The charges are related to alleged fraudulent transactions, marking a significant legal development in the banking sector.

Energy Sector Updates

Oil India

The company expressed optimism about the $20-billion TotalEnergies Mozambique LNG project, expecting it to restart development by year-end. The project had been halted in 2021 due to security concerns.

Vedanta

The mining giant was declared the preferred bidder for the Punnam Manganese block, covering an area of 152 hectares. This development could potentially boost Vedanta's manganese production capabilities.

Corporate Orders and Transactions

Texmaco Rail

The company secured an order worth Rs 86.85 crore from Ultratech Cement for BCFC wagons, with delivery scheduled by March 2026. This order underscores the ongoing demand in the infrastructure and logistics sectors.

Dr Reddy's

The pharmaceutical company's promoters settled 20.58% of equity shares through an off-market transfer, a significant movement in the company's ownership structure.

As the market navigates through these developments, investors and analysts will be closely watching how these corporate actions and regulatory decisions impact the broader economic landscape.

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.