The Indian stock market saw a flat performance on Tuesday, August 27, with the Nifty 50 and Sensex remaining unchanged. Several key companies, including Reliance Industries, ITC, Hindustan Unilever, HDFC Bank, and Titan, weighed down the indices.
In a significant development, Zee Entertainment Enterprises Ltd. and Sony India announced an amicable settlement of all disputes regarding their previously terminated merger. This agreement marks a resolution to the prolonged legal battle between the two companies.
Meanwhile, the Supreme Court granted bail to K Kavitha, a leader of the Bharat Rashtra Samithi (BRS), in connection with the money laundering and corruption cases linked to the now-scrapped Delhi excise policy. This decision comes after Kavitha was arrested earlier in the year and subsequently granted bail by a Delhi court.
In other news, the BJP announced a 12-hour general strike in West Bengal, from 6 am to 6 pm, protesting police action during their march to the state secretariat, ‘Nabanna,’ on Tuesday. The BJP accused Congress President Mallikarjun Kharge and his family of corruption over land allotment and demanded a CBI probe, calling for the resignation of CM Siddramaiah, Mallikarjun Kharge, and Karnataka minister Priyank Kharge. The Congress defended the legality of the land allocation.
Shares of Tata Investment Corporation Ltd. witnessed a significant surge on Tuesday, rising by 20 percent to reach its upper circuit limit of ₹ 7,406.15. The stock closed at ₹ 7,372.30, representing a 19.45 percent increase for the day. This surge has propelled the stock to a 73.13 percent gain on a year-to-date (YTD) basis.
