The key equity indices reversed all losses and traded with small gains in mid-morning trade. The Nifty marched above the 25,400 level after hitting the day's low of 25,352.25 in morning trade. IT shares advanced after declining in the previous trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, added 92.63 points or 0.12% to 83,079.37. The Nifty 50 index rose 34.45 points or 0.14% to 25,418.20. In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index fell 0.41%. The market breadth was weak. On the BSE, 1,565 shares rose and 2,000 shares fell. A total of 138 shares were unchanged. IPO Update : The initial public offer (IPO) of Western Carriers (India) received 12,88,93,197 bids for shares as against 2,08,68,467 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 6.18 times. The issue opened for bidding on Friday (13 September 2024) and it will close on Wednesday (18 September 2024). The price band of the IPO is fixed between Rs 163 to Rs 172 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof. The initial public offer (IPO) of Northern Arc Capital received 9,92,54,442 bids for shares as against 2,14,78,290 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 4.62 times. The issue opened for bidding on Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 249 to 263 per share. An investor can bid for a minimum of 57 equity shares and in multiples thereof. The initial public offer (IPO) of Arkade Developers received 20,51,50,000 bids for shares as against 2,37,75,719 shares on offer, according to stock exchange data at 15:15 IST on Tuesday (17 September 2024). The issue was subscribed 8.63 times. The issue opened for bidding Monday (16 September 2024) and it will close on Thursday (19 September 2024). The price band of the IPO is fixed between Rs 121 to 128 per share. An investor can bid for a minimum of 110 equity shares and in multiples thereof. Buzzing Index : The Nifty IT index rose 0.40% to 43,526.40. The index fell 0.10% in the past trading session. Tech Mahindra (up 0.79%), Mphasis (up 0.76%), LTIMindtree (up 0.72%), L&T Technology Services (up 0.47%) and Persistent Systems (up 0.47%), HCL Technologies (up 0.31%), Tata Consultancy Services (up 0.19%), Coforge (up 0.16%), Infosys (up 0.02%) advanced. Stocks in Spotlight : Indo Count Industries added 1.75% after the company said that its wholly owned subsidiary Indo Count Global has acquired majority stake of 81% in Fluvitex USA, Inc. JK Tyre & Industries fell 1.07%. The company's board approved the plan to merge Cavendish Industries with the company. HEG declined 1.89% after the Gulshan Sakhuja resigned as CFO with effect from 16 Monday 2024. Global Markets : Asia-Pacific stocks traded mixed on Tuesday as investors awaited for the Federal Reserve to kick off its monetary loosening cycle. Regional markets were influenced by a mixed performance on Wall Street, where technology stocks pulled down the Nasdaq Composite. Conversely, the Dow Jones Industrial Average reached a new high, driven by optimism about lower interest rates. Trading volumes were subdued due to market holidays in China and South Korea. Sentiment towards China was dampened by concerns about a potential escalation in trade tensions with the West. The Fed is set to meet Tuesday and Wednesday and is widely anticipated to lower rates for the first time since it began its hiking cycle in March 2022. Markets are pricing in at least 100 basis points of cuts this year. In the United States, the S&P 500 gained 0.13%, while the Dow Jones Industrial Average rose 0.55%, notching a record close. The tech-heavy Nasdaq Composite declined by 0.52%. Apple shares fell by 2.8% following analyst reports suggesting weaker demand for iPhone 16 Pro models compared to the previous year. Chip stocks, such as Nvidia, which led the market rebound last week, also faced selling pressure as investors took profits.Powered by Capital Market - Live

The agreement also grants Indo Count Global an exclusive option to buy the balance 19% stake within the next 5 years. i.e. by September 30, 2029. The acquisition is funded by internal accruals and debt. The said stake in Fluvitex USA is being acquired from its promoter shareholder Masias Invest, S.L., a renowned Spanish textile machinery firm since 1944. Fluvitex is a pillow & quilt manufacturing company based in Columbus, Ohio with an annual production capacity of 5 million pillows of different types and 1.5 million quilts. Fluvitex's strategic location allows efficient distribution across the USA and Canada with a revenue potential of more than USD 50 million. The acquisition would provide Indo Count with a manufacturing footprint in the USA, thus enabling the company to offer a diverse range of bedlinen products, including pillows, quilts, decorative pillows and other fashion-filled products to the large North American market. Mohit Jain, executive vice chairman, commented: 'Acquiring Fluvitex is a critical move as it allows Indo Count to establish a fully integrated Utility Bedding business in the USA. Fluvitex's state-of-the-art manufacturing facility and its strategic location will significantly enhance our ability to serve North American customers with a broader product range. This, along with the recent Wamsutta brand acquisition, represents a key milestone in Indo Count's strategy to build a globally comprehensive Bedding portfolio.' Indo Count Industries is the largest global home textile bed linen manufacturer. The company's consolidated net profit rose 5.51% to Rs 77.80 crore on a 26.97% increase in sales to Rs 941.43 crore in Q1 FY25 over Q1 FY24. Powered by Capital Market - Live

Indo Count Industries announced that Abhay Karhade has been appointed as Vice President- Information Technology, being part of the Senior Management Personnel w.e.f. 16 August 2024.Powered by Capital Market - Live

Net profit of Indo Count Industries rose 5.51% to Rs 77.80 crore in the quarter ended June 2024 as against Rs 73.74 crore during the previous quarter ended June 2023. Sales rose 26.97% to Rs 941.43 crore in the quarter ended June 2024 as against Rs 741.43 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales941.43741.43 27 OPM %15.4116.85 - PBDT132.62115.70 15 PBT107.6197.00 11 NP77.8073.74 6 Powered by Capital Market - Live

Indo Count Industries will hold a meeting of the Board of Directors of the Company on 29 July 2024.Powered by Capital Market - Live