Reliance Industries are expected to get its necessary approvals for hiving off its oil-to-chemicals (o2C) business and converting them into a completely different unit by the second quarter of the next financial year
In India, the domestic stock market is likely going to be open in the green even after a 5-day decline. We can estimate by going by the indications from SGX Nifty futures trading, that trends on SGX Nifty indicate a positive opening for the index in India. Gaining a 78 point at 7:30 am the SGX Nifty futures were trading at 14,753. that is higher by a margin of 78 points or 0.67 per cent.
The Sensex has plummeted 1,145 points or 2.25 per cent at 49,744,32 and Nifty had been seen ending with points of 306 or 2.04 per cent or 6.7 per cent at 14,675.70.
Stocks to watch out for
The plans for converting the oil to chemical company O2C into a separate unit by the second quarter is gaining momentum as Reliance Industries expects to get the necessary approvals.
Bharat Forge has signed an agreement with the Paramount group. It is for the production of highly protected vehicles in India. The agreement was signed by both the companies at the time of the international Defence Expo which is also known as IDEX 2021 which was hosted in Abu Dhabi.
Zuari Agro Chemicals
Zuari Agro Chemicals is planning on selling its fertilizer plant which is located in Goa and its associated businesses to Paradeep Phosphates for an estimated enterprise value of $280 million, The company said that in a regulatory filing to the stock exchanges. The sale is subjected to an agreed adjustment for CAPEX, cash, debit and working changes.
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