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September 13, 2024

India Daybook – Stocks in News
HPL Electric: Company bags work orders worth ₹143.8 crore for the supply of smart meters (Positive)
BPCL: Company entering into a joint venture agreement with Sembcorp Green Hydrogen India, Company entering into a joint venture agreement with GPS renewables (Positive)
HG Infra Engineering: Company gets letter from central railway for order worth Rs 7.16 billion (Positive)
Intellect Design: Company announces the launch of emach. ai tailored specifically for the Sri Lankan financial landscape (Positive)
Tata Power: Tata Power Renewable Energy and Tata Motors sign a MoU to set up 200 fast-charging stations for electric commercial vehicles. (Positive)
Ajooni Biotech: Company secures BIS certification for mineral mixture product (Positive)
BLS International: Company to acquire Citizenship Invest DMCC for $31 million (Positive)
Panacea Biotec: Company secures $20 million loan from DFC for vaccine capacity expansion (Positive)
Zee Entertainment: NCLT approves company's settlement pact with Sony India. (Positive)
Nazara Tech: Company to acquire 47.7% stake in Moonshine Tech for Rs 832 cr, additionally (Positive)
Muthoot/Mannppuram: Gold climbs to a record as US data bolster Federal Reserve cut case. (Positive)
Power Grid: Company gets LoI for interstate transmission system in Gujarat (Positive)
PNB Housing: Government of Singapore, Monetary Authority of Singapore were key buyers in the block deal. (Positive)
MAS Financial: Company increases stake in subsidiary through conversion of preference shares. (Neutral)
Kotak Bank: Board appointed Mr. Jaideep Hansraj, Group President as an Additional Director and a Whole-time Director and a Key Managerial Personnel of the Bank, for a period of three years (Neutral)
Orient Electric: Company inform that Mr. Sakti Parida, VP Chief Procurement Officer, a Senior Management Personnel of the Company, has resigned from the services of the Company. (Neutral)
IRCTC: LIC increases stake in company to 9.29% from 7.2% (Neutral)
Hindusthan National Glass: Operational incident occurred at glass manufacturing facility at RISHRA, WEST BENGAL (Neutral)
IFGL Refra: Sikander Yadav resigns as Chief Financial Officer of the company w.e.f. September 12 (Neutral)
SBI: Bank sanctions Rs 10,050 crore project loan to Damodar Valley Corporation. S&P Global affirms Bank’s credit rating at 'BBB-', outlook remains positive (Neutral)
Minda Corp: Board approves raising funds up to Rs 1,000 crore via QIP or other means (Neutral)
Patanjali: Company likely to raise up to $240 m via block deals, floor price at ₹1,815 (Neutral)
ONGC: Company approves a buying back of Rs 7,778 crore of compulsorily convertible debentures issued by OPaL. (Neutral)
Jefferies on Bharti Airtel
Buy Call, Target Raised To Rs 1,970
Jio's Rising Focus On Growth May Lead To The Need For Multiple Tariff Hikes Over Next Few Yrs
VIL's Continued Mkt Sh Loss May Lead To Need For Multiple Tariff Hikes Over Next Few Years
Raise FY26/27 India Revenue & EBITDA Estimates By 5-9%
Model A 10% Tariff Hike In Mid-FY26 In Addition To 10% Hike Were Modelling In Q2FY27
Expect Bharti's Strong 19% EBITDA CAGR Over FY24-27
Bharti Airtel’s Lower Capex To Support 23% CAGR In FCFE & Drive Stock Returns
Jefferies on Bharti Hexacom
Upgrade To Buy, Target Raised To Rs 1,600
Raise Our FY26/27 Revenue/ EBITDA Estimates By 5-12%
Co’s Higher 25%/66% EBITDA/FCFE CAGR Over FY24-27 Vs Bharti Airtel Should Sustain Prem Valns
Citi On Samvardhana Motherson
Sell Call, Target Rs 105
Recent Trends In Auto Volumes Across Key Global Markets Have Been Weak
OEMs Have Been Guiding Down On Volume Guidance, Especially In EU
Further Newsflow On Weakness In Demand Could Result In Stock’s Underperformance
Build-up Of Inventory Could Result In Stock’s Underperformance Over Near-term
Debt Could Stress Balance Sheet, Co Already Has Net Debt Of `16,000 Cr (Including Leases)
If Funds Are Raised Via Equity Route, Could See EPS Dilution
Valuations At 38/32x FY25/26 EPS Provide Little Comfort
Investec on Samvardhana Motherson
Downgrade to hold, TP Rs 195
Weakness in EU region is reining-in Co’s organic growth
Commentary of major European OEMs fails to inspire confidence in future growth.
Cut FY25E-26E by 3-5%
STK is up +85% CYTD (vs +15% for Nifty)
Bernstein on Zomato
Outperform Call, Target Raised To Rs 330 From 275
Quick Commerce Is A Compelling Product & All Consumers Are Embracing It
Zomato Remains At The Center Of The Convenience
Co Prioritising Long-term Leadership Over Short-term Profitability
Like The Strategy & Update Estimates For BlinkIt Upwards
MOSL on Granules
Buy Call, Target Rs 680
Gagillapur Site Under A Cloud
Co Is Expected To Implement Remediation Measures To Address The Issues
Currently, There Is No Major Product Pending For Approval & Is Built Into Est From This Site
Await Clarity On Impact Of Remediation Measures On Ongoing Business
Expect A 36% Earnings CAGR Over FY24-26
HSBC on KIMS
Initiate Buy, Target Rs 3,300
KIMS Is An Affordable Healthcare Provider
Co Has A Strong Record Of Solid Operational Execution In Its Focus Markets
Estimate A PAT CAGR Of 26% Over FY24-27 Led By Volume Growth On Bed Additions
Opening Of New Hospitals In Mumbai, Nashik, And Bengaluru Are Key To Watch
HSBC on Global Health
Initiate Reduce Call, Target Rs 990
Co Continues To Spend On New Beds, Hiring Doctors & Adding Clinical Specialities
Believe Current Price Doesn’t Fully Reflect Challenges In Its Key Lucknow Market
There Is Execution Risk At New Hospitals
Better-than-expected Growth In Its Lucknow Hospital Is Key Upside Risk
HSBC on Narayan Health
Initiate Reduce, Target Rs 1,000
Co Is Investing Heavily To Improve Its Operational Efficiency & Patient Reach In Focus Mkts
Expect Notable Margin Drag On Costs Related To Its New Hospital In The Cayman Islands
Benefits From Current Initiatives Are Likely At Least 2-3 Years Away
HSBC on ICICI Pru Life
Buy Call, Target Rs 815
Co Confident Of Driving Sustainable VNB Growth By Balancing Growth, Profitability & Risk Mgmt
Technology & Analytics Is At Core – Driving Innovation, Better Customer Experience
Deepening Of Distribution And Improving Productivity Should Drive Healthy Growth
Kotak Inst. on Bandhan Bank
Buy Call, Target Rs 250
De-risking Franchise Through Loan Diversification & Prudent Risk Policies Is Actively Underway
Business Momentum Is Healthy Across Segments
Bank Is Comfortable With MFI Book Trends Despite Headwinds For Industry Players
CLSA on DLF
Hold, TP Rs 775
Management meet takeaways
Targeting 15% growth in presales & rental income over medium term & expects Ebitda & cashflows to grow at a higher rate
Capital allocation with respect to FCF will be towards dividends, capex & land investments
CLSA on Adani Ports
Management meet takeaways
Core ports growing traffic 3x country growth rate over FY19-24 & claimed market share gains of 300bps YoY during 1QFY25
ADSEZ guided for 2030 traffic at 1bt implying a Cagr of 15% & 5-yr rev & port Ebitda Cagrs of 16% YoY over FY24-29
Nifty closed @25,389 (+470) and Sensex @82,963 (+1,440) on Thursday GIFT Nifty was trading at 25 389 (as of 7:30 am)
FIIs net bought equities in cash to the tune of Rs 7695 cr whereas DIIs sold equities in cash worth Rs 1801 cr on 12th September 2024
The proposed stake sale of Yes Bank has hit a regulatory wall as the RBI is not comfortable giving a majority stake to a foreign financial institution
Life Insurance Corp (LIC) has hiked its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3%
HAL may be upgraded to Maharatna category by December this would impact greater operational and financial autonomy, allowing it to make project investments up to Rs 5000 cr without seeking government approval
Adani Group denied allegations of involvement in Swiss court proceedings, describing them as an attempt to damage its reputation and market value
Carmakers are raining discounts on customers in 2024 and with sales dipping by 4.5% in August, more incentives are being lined up to lure buyers this festive season
The board of directors of ONGC approved a buyback of Rs 7,778 cr of compulsorily convertible debentures issued by OPaL
Thermax announced that it has partnered with Ceres Power to manufacture large scale Solid Oxide Electrolysis Cell, an equipment used in green hydrogen production
Minda Corp to raise Rs 1 000 crore via QIP, preferential share issue
The National Payments Corporation of India (NPCI) reported a surplus of Rs 1134 cr in FY24 up 37% y/y, driven mainly by a surge in income from payment services
India's steel consumption would increase by 9 10 in the current fiscal year, according to ICRA
Indian ADRs:0 Wipro (+2.8%), HDFC Bank (+2.1%) and ICICI Bank (+1.5%)
Debt:
10 yr G sec yield fell by 2 bps to 6.81% on Thursday
RBI has cancelled T bill auctions worth Rs 40,000 cr scheduled on 18 th and 25th Sep’ 24
India’s CPI inflation rose marginally to 3.65% YoY in Aug’ 24 vs 3 60 in Jul’ 24
India’s industrial production growth rose marginally to 4.83% YoY in Jul’ 24 from 4.72% in Jun’ 24
Net FPI investment in Indian debt market stood at Rs 15,357 cr during first 11 days of Sep’ 24 vs Rs 16,421 cr during same period in Aug’ 24
Commodities
Brent crude was up by 2.31% to $72.24 /barrel as producers assessed the impact on output in the US Gulf of Mexico after Hurricane Francine tore through offshore oil producing areas before being downgraded to a tropical storm
Gold futures settled higher helped by expectations of an interest rate cut by the Federal Reserve next week after U S data signalled a slowing of the economy Spot gold was up by 1.88% to $2,558.53/oz on Thursday
The Solvent Extractors’ Association of India (SEA) expects the trade estimate for import of edible oils during September October is about 27 lakh tonnes (LT) to 28 LT and total import of cooking oil is likely to be at around 160 LT to 165 LT during the 2023 24 oil year (Nov to Oct)
India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation's oil secretary Pankaj Jain said on Thursday
Currency:
Rupee remained flat and settled at 83 98 against the US dollar on Thursday, despite inflow of FIIs in Indian equity market
US Dollar Index (DXY) fell by 0.31% to end at 101.37 on Thursday, as US Dollar trades downwards as dovish bets on the Fed increase
USD/AUD fell by 0.76% to end at 1.487 on Thursday, as growing worries over Australian economic prospects have prompted the need for RBA rate cuts
USD/JPY fell by 0.59% to 141.51 on Thursday, as BoJ’s Tamura sees interest rates rising to at least 1%
International Markets
U S markets rallied on Thursday with the Dow Jones, S&P 500 and Nasdaq up by 0.58%, 0.75% and 1.0% respectively All 3 major futures indices are trading up by 2-11 bps at the time of writing the report
The ECB cut its deposit rate by 25 bps on Thursday and was in line with economists' expectations of a 25 bps rate cut The refinancing rate, however, was cut by a much bigger 60 basis points to 3.65 percent as the ECB narrowed the corridor to 15 bps from 50 bps
US initial unemployment claims increased to 230,000 for the week ended 7 Sep from 228,000 the prior week and was ahead of expectations of 227,000
Russian Prez Putin proposes bilateral meeting with Modi during BRICS summit - CNBC TV18
The summit of the grouping will be held in the Russian city of Kazan from October 22-24. Modi is set to attend the summit.
Trade Setup for September 13: Nifty bulls aim to end week on a high by crossing 25,500 - CNBC TV18
For the week, the Nifty is now up over 2% and is poised for its best weekly performance since June. The index is also set to gain in four out of the last five weeks.
Chennai Metro Rail Phase-2 construction hits footfalls and sales at smaller retail outlets - CNBC TV18
Business News: Get the latest Business News, Live Share & Stock Market Updates, Top News from India and across world. Read Top Business News and updates on financial, economic and banking news on CNBCTV18.
Gold climbs to a record as US data bolster Federal Reserve cut case - CNBC TV18
Spot trade was up 1.4% to $2,547.02 as of 9:42 a.m. in New York. Silver, platinum and palladium all advanced.
Veteran CPI(M) leader Sitaram Yechury passes away at 72 - CNBC TV18
Yechury was admitted to AIIMS New Delhi on August 19, 2024, with a severe chest infection resembling pneumonia.
No rollback on windfall tax, mechanism to stay: Sources - CNBC TV18
Government sources privy to the developments told CNBC-TV18 that policy decisions are not made in advance.
‌From ANI | #GasLeakage occurred while a chemical company was venting gas in the Ambernath area of #Thane district, and gas spread throughout the area
As soon as information about gas leakage was received, fire brigade officials reached the spot: Ambernath Fire Brigade service
CNBCTV18
Adobe shares fall 9% in extended trading after sales outlook fails to show AI uplift - CNBC TV18
Adobe reported that sales increased 11% to $5.41 billion. Profit, excluding some items, was $4.65 a share. Analysts, on average, projected earnings of $4.53 a share on revenue of $5.37 billion.
#CNBCTV18Market | #GIFTNifty higher, trading at a premium of more than 60 pts from Nifty Futures Thursday close, indicates a start in the green for the Indian market
S&P 500 added $1.3 trillion to its market cap during four-day rally on Wall Street - CNBC TV18
For the week, the S&P 500 is now up 3.5%, while the Nasdaq has gained 5.3% so far. The indices have nearly reversed all their losses for the month of September as well.
#NazaraTech to acquire 47.7% stake in Moonshine Tech for Rs 832 cr, additionally, co will also invest Rs 150 cr in Moonshine via compulsory convertible preference shares
Alert: Moonshine Technology owns the online poker gaming platform ‘#Pokerbaazi’
*News Headlines from Business News Agencies:*
*Business Standard*
Airtel Business inks pact with Sparkle to enhance connectivity with Europe
Govt asks coal block holders to start production in auctioned mines
Hiranandani to invest Rs 3,200 cr to redevelop 5 Mumbai housing societies
India to lead global oil demand growth in 2024, surpassing China: IEA
Paytm to focus on core business; deliver profitability soon: CEO Sharma
EaseMyTrip launches ScanMyTrip, a first-of-its-kind travel platform on ONDC
NaBFID plans Rs 53,000 crore debt raise in FY25, says MD Rajkiran Rai
Auto dealers can claim ITC on demo cars used for promoting sales: CBIC
Private sector needs to step up infrastructure investment: DFS secretary
Palm oil imports in Aug fall over a quarter as buyers shift to soyoil
Want Opec+ to raise oil output to meet demand, says oil secretary
*Economic Times*
ECB cuts deposit rate by 25 basis points to 3.50% as growth dwindles
Fuel aggregator platform Nawgati aims to onboard 20,000 outlets by 2025-end
India's Industrial Production grows at 4.8 per cent in July 2024
Eastman Auto & Power aims turnover of Rs 10,000 cr by FY26
Sunsure Energy to supply 21 MW solar power to Lupin's Tarapur facility
DFC commits USD 20 mn long-term loan to Panacea Biotec
NMDC exploring mining opportunities for critical minerals overseas
Regional air connectivity scheme made air travel inclusive, says Prime Minister Modi
Current refining margins on fuel unsustainable, will hurt refiners: Oil secretary
Sector funds show sustained traction among investors in August backed NFOs
EET appoints Ruth Herbert as MD, business development and strategic initiatives
*Mint*
India's retail inflation rises to 3.65% in August: Govt data
India better than US and Germany in inflation management, says SBI report
Kaynes to keep away from fabs for now, focus on chip facility, says CEO
Vedanta Aluminium doubles down on value-added AL to cash in on India's EV drive
HDFC Bank in talks with global lenders to offload ₹84 billion in loans
PwC laying off 1,800 employees, plans restructuring of products business
Microsoft to lay off 650 support employees in Xbox Games unit
Govt may cut petrol and diesel prices if global prices remain low
US companies exit China amid record low profits and waning confidence: Report
GM, Hyundai explore partnership to develop vehicles together
SBI cards to consider fund raising up to ₹5,000 cr via NCDs.
STOCKS OUT FROM SHORT TERM ASM LIST
Authum Investment & Infrastructure Ltd
Bhageria Industries Ltd
Edelweiss Financial Services Ltd
Globus Spirits Ltd
HB Estate Developers Ltd
J.G.Chemicals Ltd
NDR Auto Components Ltd
STOCKS MOVED TO STORT TERM ASM LIST
Bhatia Communications & Retail (India) Ltd
Conart Engineers Ltd
Delta Manufacturing Ltd
Konark Synthetic Ltd
Lykis Ltd
Olatech Solutions Ltd
Pioneer Embroideries Ltd
Prism Johnson Ltd
Promact Impex Ltd
Ravindra Energy Ltd
Surana Solar Ltd
Vedanta plans to expand nickel sulphate production, to tap overseas demand
> Vedanta plans to boost nickel and nickel sulphate production to meet growing EV battery material demand in Northeast Asia.
> The company’s unit, Vedanta Nico, will expand capacity but has not disclosed specific production or investment details.
> Company also seeks to influence Japan and South Korea to remove nickel sulphate import duties, citing weak domestic demand.
Description cannot be Blank.
BLS International Services Ltd Acquires 100% Stake in Citizenship Invest DMCC!
BLS International, through its subsidiary BLS FZE, has acquired 100% equity shares of Citizenship Invest DMCC, UAE for USD 31 million (~₹260.30 Crores)
This acquisition strengthens BLS’s portfolio in Visa & Consular services, expanding into citizenship and residency solutions globally.
EMKAY ON BAJAJ FINSERV
• Initiate Buy with target price of Rs 2150
• Top-up of newer ventures to supplement the strong core
Established businesses of Bajaj Finance and General Insurance remain arguably the best in the industry and maintain an edge
• Life Insurance has navigated well through challenging times and is now among the top non- bank-owned franchises
• Newer businesses like AMC and Securities complete the product suite
Bajaj Finserv Health provides a huge optionality in the long term
• See consolidated PAT compounding at 24% over FY24-27
• Believe Bajaj Finserv play is apt for gaining exposure to established and fortified franchises
ADANI GROUP CLARIFIES ON H'BURG RPT OF $310 M BEING FROZEN BY SWISS AUTHORITIES
ADANI GROUP SAYS
• We Unequivocally Reject & Deny Baseless Allegations Presented By Hindenburg
• Adani Group Has No Involvement In Any Swiss Court Proceedings
None Of Our Company Accounts Been Have Subject To Sequestration By Any Authority
In The Alleged Order, The Swiss Court Hasn't Mentioned Our Group Companies
Haven't Received Any Requests For Clarification From Any Such Authority Or Regulatory Body
Tata Power & Tata Motors Join Forces for EV Charging
Tata Power Renewable Energy Ltd and Tata Motors have signed an MoU to set up 200 fast-charging stations for electric commercial vehicles across major cities like Mumbai, Delhi, Chennai, and more.
This collaboration aims to accelerate India's #EV transition with sustainable solutions and cost-effective charging options.
Stocks in News post Market closure
Puravankara Limited : the Company, in its normal course of business has acquired the redevelopment rights of a prestigious society - Miami Apartments at Breach Candy, South Mumbai, Spread little over ~2,000 sq m of land.
Oil & Natural Gas Corporation: OPaL has allotted 61,070 lakh equity shares of ₹10/- each to the Company on 12.09.2024 against conversion of 2 tranches of CCDs (I & III tranches of ₹5,615 crore and ₹492 crore; respectively) of ₹6,107 crore. Upon issuance of 61,070 lakh shares, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity shares
Real Eco-Energy Ltd: the Company inter alia, has approved and fixed Friday, 4th October, 2024 as the Record Date for determining the eligibility of Shareholders, with regard to the sub-division of 1 Equity share of face value of Rs. 10/- each fully paidup to 5 Equity shares of face value of Rs. 2/- each
Indo Thai Securities : the Board has inter-alia, considered and approved To offer, issue and allot 15,00,000 Warrants (convertible into Equity Shares) having face value of Rs. 10/- each at a price of Rs. 500 /- including premium of Rs. 490/- and 10,00,000 Equity shares having face value of Rs. 10/- each at a price of Rs. 500 /- including premium of Rs. 490/- per equity share on preferential basis to Non promoters/ Public Category for cash aggregating upto an amount of Rs. 125 Crores
Pacheli Industrial Finance Limited : Board approved the allotment of 51,51,51,500 equity shares of face value of INR 10.00/- each on preferential basis to non-promoters towards conversion of outstanding unsecured loan into equity shares to the extent of Rs. 8,49,99,99,750/- at an issue price of INR 16.50/- per share including a premium of INR 6.50/- per Equity Share.
The Tata Power Company Limited : Tata Power Renewable Energy and Tata Motors sign a MoU to set up 200 fast-charging stations for electric commercial vehicles.
Atul Auto Limited : Board approved for providing Corporate Guarantee of Rs.35 Crore in favor of IDFC First Bank for fresh term loan of Rs.30 Crore and additional working capital/cc facilities of Rs.5 Crore granted to Khushbu Auto Finance Limited (KAFL), wholly owned subsidiary.
SBI Card: The company to consider raising up to Rs 9,000 crore via NCDS
Intellect Design: The company introduced eMACH.ai for Sri Lanka Financial Landscape.
SEA TV NETWORK LTD : Board Approved to issue up to 35,00,000 equity shares at an issue price of Rs. 11.25 per equity share of the face value of Rs. 10 each.
HG Infrastructure: The company received an order worth Rs 716 crore from Central Railway.
HPL Electric: The company received an order worth Rs 144 crore for the supply of smart meters and conventional meters.
BPCL: The company approved Rs 1,138 crore capex for pipeline expansion projects & Also The company approved JV Pact with Sembcorp Green Hydrogen for renewable energy, green hydrogen and approved JV Pact with GPS Renewables for compressed biogas.
Megasoft Limited : The Company is in receipt from M/s. Ramanagaram Enterprises Private Limited (“REPL”), promoter of the Company, intimating sale of 2,00,000 equity shares of the Company, in the open market.
Muthoot Capital Services Limited : The Company has issued Commercial Paper (CP) amounting to Rs. 25 Crores on 12th September 2024.
BLS International Services Limited : The Company has through its Wholly Owned Subsidiary BLS International FZE has entered into definitive share purchase agreement to acquire 100% equity shares of Citizenship Invest DMCC, UAE and its subsidiaries.
KARUR VYSYA BANK LTD : Bank open new branch at HIG – 39, GST Road, Maraimalai Nagar, Chengalpet District .
TRIDENT LIFELINE LIMITED : The commercial production at new Manufacturing plant situated at Sachin, Talangpor, Chorasi, Surat, Gujarat has been successfully commenced with effect from September 12, 2024.
Aurum PropTech Limited: Board has approved the strategic realignment of its material subsidiary K2V2 Technologies Private Limited (“K2V2”) to enhance focus on its core technology offerings and leverage its established scale.
Jubilant Ingrevia Ltd : The Company has issued Commercial Papers (‘CPs’) of Rs. 100 Crore.
Axita Cotton Limited : Board has fixed 20th Sep 2024 is the record Date for issuance of Bonus Shares.
Patanajali Foods: Patanjali Ayurved, Patanjali Parivahan to sell up to 1.1 crore shares in Patanjali Foods at Rs 1,815 per share, indicating a 6% discount to the current market price
ONGC: ONGC Petro has allotted shares worth Rs 6,107 crore to the company. The company’s shareholding in OPaL increased to 91.2% from 81.3%.
IRCTC: LIC increases stake in IRCTC to 9.3% from 7.3% over two years
Panacea Biotech: US DFC committed a $20 million loan to the company for expansion.
Route Mobile: The company’s non-retail portion of OFS received demand of 1.38 times
HCL Tech: The company completed acquisition of France-based Zeena for EUR 23.9 million software company
Zee Entertainment: NCLT approved the settlement pact with Sony India.
CESC: The company incorporated a wholly owned subsidiary, Redgaint Renewable Power Energy.
Power Grid: The company gets a letter of interest for an interstate transmission system in Gujarat.
Bulk deal
Shaily Engineering Plastics: Motilal Oswal Mutual Fund bought 3.14 lakh shares (3.42%) at Rs 950 apiece.
Jash Engineering: Bellwether Capital Pvt. bought 63 thousand shares (0.53%) at Rs 2,012.27 per share.
ATUL AUTO Board accorded their approval for providing Corporate Guarantee of Rs.35 Crore in favor of IDFC First Bank for fresh term loan of Rs.30 Crore and additional working capital/cc facilities of Rs.5 Crore granted to Khushbu Auto Finance Limited (KAFL), wholly owned subsidiary
MTNL Memorandum of Understanding (MOU) has been signed between Co and NBCC (India) Limited on September 11th, 2024 to collaborate to develop a prominent Land Parcel of MTNL measuring approximately 13.88 acres located on Pankha Road-1 Janakpuri, New Delhi
THERMAX has entered into a Collaboration and License Agreement with Ceres Power Limited (“Ceres”), a subsidiary of UK based, Ceres Power Holdings plc.
VEDANTA: Promotet Vedanta Resources raises $900 million via bond issuance At 10.875 % due 2029.
The net proceeds from Bonds will be used to repay Vedanta’s existing bonds. This is the first US dollar bond issued by Vedanta since February 2021.
L&T SEMICONDUCTOR TECH
Aim To Make Semiconductors For Global Use- Etnow
Aiming For Automotive, Industrial & Energy Verticals
We Are Setting Up A Semiconductor Company
Airtel Business Collaborates With Italy's Sparkle To Boost Asia-Europe Connectivity

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