India Stocks: Indian shares set for muted opening; Delta Corp in focus after tax notice

Delta

25/09/2023 03:41

By Sethuraman N R
       BENGALURU, Sept 25 (Reuters) - Indian shares are
expected to start on a subdued note on Monday after benchmarks
last week posted their worst performance in several months over
fears that global interest rates will remain higher for longer.
    India's GIFT Nifty  .GIFc1  was up 0.25% to 19,692 points at
7:53 a.m. IST on the NSE International Exchange.
    The main Nifty 50  .NSEI  index closed down 0.34% at
19,674.25 points on Friday, while the S&P BSE Sensex fell 0.33%
to 66,009.15 points. 
        Last week was the worst for the Sensex since June 2022,
having dropped 2.7%. Meanwhile, the Nifty 50 index recorded its
worst week since February. 
    Shares of Indian casino operator Delta Corp  DELT.NS  are
expected to come under pressure after the company said on Friday
it received a notice to pay taxes worth 111.4 billion rupees
($1.34 billion) along with interest and penalty for the period
between July 2017 to March 2022.
    Investors will also keep an eye on surging crude oil prices
that will possibly increase inflation in the world's
third-largest importer. 
    Domestic markets have come under pressure in September with
foreign investors offloading over $1 billion worth of shares as
of Sept. 21.
    Foreign institutional investors (FII) sold shares worth
13.27 billion rupees on a net basis on Friday, while domestic
investors bought 8.01 billion rupees, as per provisional stock
exchange data.
    
    STOCKS TO WATCH:
    
    ** CEAT  CEAT.NS : Co got order issued by tax authorities
with demand of 1.07 billion rupees, penalty of 1.07 billion
rupees 
    ** Bajaj Finance  BJFN.NS : Co will consider raising funds
via qualified institutional placement on Oct. 5
    ** Abbott India  ABOT.NS : Co has warned of potential supply
shortages of two popular laxative syrups after production was
prohibited in India's Goa state

 (Reporting by Sethuraman NR and Anisha Ajith in Bengaluru;
Editing by Sohini Goswami)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))