Stocks in focus: GIFT Nifty was 0.03% lower during Tuesday’s early trading session at 19,382, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic benchmarks NSE Nifty 50 and BSE Sensex broke their two-day slide on Monday. Sensex rose by 0.41% to 65,216.09, and Nifty 50 increased by 83 points, settling nearly at 19,400 at 19,393.6.
“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights. Meanwhile, Asian markets displayed a mixed performance, reacting to the smaller-than-anticipated rate cut initiated by the Chinese central bank,” said Vinod Nair, Head of Research at Geojit Financial Services.
Power Finance
State-owned Power Finance Corporation has secured a loan of 1.85 billion Japanese yen (about Rs 105 crore) from JBIC financing.The funds will be used to finance a 11.5 MW waste-to-energy project of KPC Gas Power Corporation in Karnataka.
L&T
Larsen & Toubro’s energy hydrocarbon business has bagged a significant contract from the Saipem & Clough JV (SCJV), Australia for fabrication and supply of process and pipe rack modules for a 2.3 MMTPA urea plant for Perdaman Chemicals and Fertilisers Pty.
Union Bank of India
The board of Union Bank of India has greenlit the raising of up to Rs 5,000 crore via Qualified Institutions Placement. They have established a base price of Rs 91.10 per share for the issue, which commenced on 21 August.
Tata Power
Tata Power Renewable Energy signed a power purchase agreement for a 9MWp solar plant at the Tata Motors Pantnagar plant in Uttarakhand, which will be the largest in a campus solar facility in the state.
Ambuja Cements, Sanghi Industries
The Adani group’s Ambuja Cements will begin its open offer to purchase 26% equity from the public shareholders of Gujarat’s cement manufacturer, Sanghi Industries, starting September 29.
Glenmark Pharmaceuticals
Glenmark Pharmaceuticals entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) in order to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015. Glenmark entered into a three-year Deferred Prosecution Agreement, and if it adheres to the terms of the agreement, including the payment of $30 million, payable in six instalments, the DOJ will dismiss the pending superseding Indictment.
RITES
RITES signed a memorandum of understanding (MoU) with NHPC, a hydropower generating company under the Ministry of Power, to collaborate on comprehensive consultancy services for Rail Infrastructure facilities for NHPC’s hydropower projects.
(With agency inputs.)