Aug 22, 2024, 3:44 pm IST
Market Ends Higher For 6th Straight Session
The Indian stock market's benchmark index, Nifty 50, continued its upward momentum on Thursday, August 22, marking its sixth straight session of gains. The index closed 41 points, or 0.17%, higher at 24,811.50, with 27 of its constituents ending in the green. Meanwhile, the Sensex also posted gains, closing 148 points, or 0.18%, up at 81,053.19.
Aug 22, 2024, 3:35 pm IST
Welspun Enterprises Secures BMC Contract For Sewer Rehabilitation Project
Welspun Enterprises’ subsidiary, Welspun Michigan Engineers, has been awarded a Letter of Acceptance (LOA) by the Brihanmumbai Municipal Corporation (BMC). The contract, valued at Rs 159.75 crore, involves rehabilitating man-entry sewers using trenchless technology in Mumbai's suburbs. The project is scheduled to be completed within 24 months, excluding the monsoon period, from the date of the commencement notice.
Aug 22, 2024, 3:32 pm IST
BEML Partners With Indian Navy & Malaysia’s SMH Rail For Rail Solutions
BEML, a leading defense and heavy engineering manufacturer, has signed a strategic Memorandum of Understanding (MoU) with the Directorate of Marine Engineering, Indian Navy, to develop advanced marine applications for defense purposes. In addition, BEML has also entered into an MoU with Malaysia's largest rolling stock manufacturer, SMH Rail, to address the global demand for rail and metro solutions.
Aug 22, 2024, 3:27 pm IST
Procter & Gamble Health Shares Drop Following Profit Decline
Procter & Gamble Health's shares experienced a decline as the company's net profit for the June 2024 quarter dropped by 43.7% year-on-year to Rs 16.78 crore, down from Rs 29.82 crore in the same period last year. Despite healthy operating numbers and reduced input costs, the profit decrease was significantly affected by an exceptional loss of Rs 20.19 crore, in contrast to no such loss in the previous year. Additionally, revenue from operations fell by 5.7% to Rs 283.9 crore, compared to Rs 301.2 crore in the prior year. The company also announced a final dividend of Rs 60 per share.
Aug 22, 2024, 3:01 pm IST
Central Bank Of India Forms Co-Lending Partnership With Piramal Capital
Central Bank of India has established a strategic co-lending partnership with Piramal Capital & Housing Finance Limited. This collaboration aims to provide MSME-LAP and home loans at competitive rates.
Aug 22, 2024, 2:36 pm IST
Weizmann Greenlights Equity Share Buyback
The Weizmann board of directors has sanctioned a buyback of fully paid equity shares with a face value of Rs 10 each. The buyback will involve up to 3,65,169 shares, priced at Rs 160 per share, conducted on a proportionate basis.
Aug 22, 2024, 1:52 pm IST
Premier Energies IPO To Open On Aug 27; Sets Price Band At Rs427-450 Per Share
Solar cell and module manufacturer Premier Energies Ltd on Thursday said it has set a price band of Rs 427-450 a share for its Rs 2,830-crore initial public offering (IPO). The initial share-sale will open on August 27 and conclude on August 29 and the bidding for anchor investors will open for a day on August 26, the Hyderabad-based company said. The IPO is a combination of a fresh issue of equity shares aggregating up to Rs 1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares, by the selling shareholders, valued Rs 1,539 crore at the upper end of the price band. This takes the total issue size to Rs 2,830 crore. Under the OFS component, South Asia Growth Fund II Holdings LLC will divest 2.68 crore shares, South Asia EBT will offload 1.72 lakh shares and promoter Chiranjeev Singh Saluja will sell 72 lakh shares, according to a PTI report. Proceeds from the fresh issue to the tune of Rs 968.6 crore will be allocated for investment in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad and towards general corporate purposes.
Aug 22, 2024, 1:25 pm IST
Dabur To Set Up First Plant In South India, To Invest Rs 400 Crore In Tamil Nadu
Home-grown FMCG major Dabur India on Thursday said it will set up a Rs 400-crore manufacturing plant in Tamil Nadu's Villupuram district, marking the company's maiden foray into the South. State Industries Minister TRB Rajaa said, Dabur has signed a Memorandum of Understanding (MoU) with the state government to this effect on Thursday. The MoU outlines an approved Phase 1 investment of Rs 135 crore, scaling up to Rs 400 crore over five years, Dabur India said in a statement.
The new plant set up in SIPCOT Tindivanam at Viluppuram district of Tamil Nadu would help Dabur to scale up its business from South India further, which currently accounts for around 18-20 per cent of its domestic business. The MoU was signed between Guidance Tamil Nadu, the investment promotion agency of the state represented by its Managing Director Vishnu and Dabur India CEO Mohit Malhotra in the presence of Chief Minister M K Stalin, Industries Minister TRB Rajaa, Chief Secretary N Muruganandam, according to a PTI report.
Aug 22, 2024, 1:23 pm IST
IREDA Shares Jump More Than 10% On Rs 4,500 Cr Fundraising Plan
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) on Thursday gained more than 10% on the bourses after the company said its board will mull a proposal to raise up to Rs 4,500 crore through issuance of shares. The stock of IREDA jumped 10.19 per cent to trade at Rs 263.30 apiece on the NSE.
On the BSE, it rallied 10.07 per cent to Rs 262.95. In the intraday trade, shares of IREDA advanced more than 11 per cent to hit a high of Rs 265.75 and 265.70 apiece on the BSE and NSE, respectively. The 30-share BSE Sensex rallied 242.61 points or 0.30 per cent to 81,147.91 points, while NSE Nifty jumped 74.95 points to 24,845.15, according to a PTI report. The Indian Renewable Energy Development Agency Ltd (IREDA) on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29.
Aug 22, 2024, 12:55 pm IST
Wonder Electricals Approves Stock Split, Shares Rise
Small cap company engaged in household appliances sector, Wonder Electricals Ltd shares gained 5.20% on BSE at the time of writing the story after the Board of Directors approved stock split. Board of today gave nod to 1:10 stock split after declaring Re 1/- per equity share dividend on August 12. Current market price of Wonder Electricals shares on BSE is Rs 1569.80 per share. Wonder Electricals has a market capitalisation of Rs 2097.23 crore. Wonder Electricals shares offered eye-catching returns to shareholders with shares zooming 373% in last 6-months only.
Aug 22, 2024, 12:24 pm IST
Gensol Engineering Bags Rs 40 Cr Rooftop Solar Order
A major textile company has awarded Gensol Engineering Limited, a pioneer in the renewable energy space with expertise in solar engineering, procurement, and construction (EPC) and electric mobility solutions, a Letter of Award (LOA) for the implementation of a 16 MWp turnkey EPC rooftop solar project valued at Rs. 40 Crore under the commercial and industrial (C&I) segment. This is Gensol's second order, and it will be placed in Madhya Pradesh. The project will be put into operation in six months. Despite the order win, Gensol Engineering shares are trading in red. Current market price of Gensol Engineering shares on BSE is Rs 940.75 per share with decline of 0.29%.
High-efficiency Bi-facial solar modules will be used in the project; these modules were carefully selected to optimise energy production and guarantee long-term durability. This innovative approach greatly advances the growth of strong green energy infrastructure and is ideally matched with India's lofty goals for renewable energy.
Aug 22, 2024, 12:17 pm IST
Transformers And Rectifiers Bags USD 16.80 Mn Order, Shares Hit Upper Circuit
Small cap company from the power sector, Transformers And Rectifiers (India) Ltd (TRIL) shares on Thursday hit 5% upper circuit. The company has been awarded export orders worth USD 16.80 million from Linxon Global Sweden and Arcelor Mittal Mexico. Current market price of Transformers And Rectifiers shares on BSE is Rs 710.45 per share. Transformers And Rectifiers shares offered attractive return of 105% in last 6-months and gained 197% year-to-date. The company’s market capitalisation stood at Rs 10,662.64 crore. Check details below about the BSE small cap stock:
Transformers And Rectifiers Receives New Orders, Shares Rise: According to the BSE filing of Transformers And Rectifiers dated August 22, 2024, “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Transformers and Rectifiers (India) Limited has been awarded Export Orders of US $ 16.80 Million from followings:
a. Awarded Export Order of Transformers for total contract value of US$ 14.00 Million from Linxon Global Sweden. The significant terms of the order include “18 Nos. of 20 MVA Trackside Traction Transformers & 55 Nos of 7.5 MVA, Track Side Auto Transformer. The Entire work shall be completed by October, 2025.
b. Awarded Export Order of Transformers for total contract value of US$ 2.80 Million from Arcelor Mittal Mexico. The order needs to be completed by December 2024 and will involve supply of 175 MVA, 66 KV Electrical Arc Furnace Transformer.”
Aug 22, 2024, 11:59 am IST
IREDA Board To Evaluate Rs 4,500 Crore Fundraising Plan On August 29
Indian Renewable Energy Development Agency (IREDA) is planning to raise up to Rs 4,500 crore through Qualified Institutional Placement (QIP), rights issue, or other available methods. The proposal will be discussed for approval at a board meeting scheduled for Thursday, August 29, 2024, as informed to the exchanges on August 21.
Aug 22, 2024, 11:55 am IST
Paras Defence Board To Discuss Fundraising Strategy On August 27
The board of directors of Paras Defence and Space Technologies is set to meet on Tuesday, August 27, 2024, to consider a proposal for raising funds in multiple tranches. The board will explore various permissible methods, including private placement, preferential issue, rights issue, or qualified institutions placement, subject to necessary approvals.
Aug 22, 2024, 11:49 am IST
Shyam Metalics Soars 8% On Renewable Energy Order Completion
Shyam Metalics shares jumped 8%, reaching a 52-week high, following the company's completion of the first 20.43 MW of its planned 100 MW Renewable Energy implementation.
Aug 22, 2024, 11:22 am IST
RVNL Partners With Dhaya Maju Infrastructure In MoU For Global Rail Projects
Rail Vikas Nigam Ltd. (RVNL) has signed a Memorandum of Understanding (MoU) with Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA). The partnership aims to collaborate on railway infrastructure and services projects in the ASEAN market and other global regions.
Aug 22, 2024, 11:06 am IST
Silver Prices Today In India: Silver Prices Stay Steady For 2nd Day
Silver price in India today continued to remained unchanged for second consecutive. 1kg silver prices today stood at Rs 87,000. 100 grams silver price today in India remained steady at Rs 8700. 1 gram silver prices today stood at Rs 87.
Aug 22, 2024, 11:05 am IST
Gold Prices Fall In Chennai: Gold Prices Decline
Gold prices in Chennai today witnessed decline. 1 gram of 22 k gold prices in Chennai today stood at 6680 after fall by Rs 30.
Aug 22, 2024, 11:04 am IST
Gold Prices Fall In India: Yellow Metal Prices Fall
Gold price in India today slipped after minutes from the U.S. Federal Reserve’s latest meeting indicated majority of officials keen towards an interest rate cut at their upcoming September policy meeting. 22k gold prices today fell by Rs 300 to Rs 66,800/10 grams and 100 grams of 22 carat precious metal prices today stood at Rs 6,68,000 after decline of Rs 3000. 1 gram gold prices today stood at Rs 6680 after decline by Rs 30.
Aug 22, 2024, 10:34 am IST
Aarti Drugs Board To Discuss Buyback; Shares Surge 7%
Aarti Drugs has scheduled a board meeting on August 26, 2024, to consider and approve a proposal for the buyback of its equity shares.
Aug 22, 2024, 9:47 am IST
Paytm, Zomato shares rally
In the early trade, Paym stock rallied nearly 3% while Zomato stock gained over 2%. The two companies have signed a Rs 2,048 crore deal where Paytm will be selling its entertainment ticketing business to Zomato.
Aug 22, 2024, 9:30 am IST
Sensex, Nifty Open In Gains
Indian stock market opened higher with Sensex crossing over 81,000 mark and Nifty 50 once again earmarking 24,800 levels. The domestic equities tracked gains of Wall Street overnight, after dovish comments in FOMC's July meeting minutes.
Aug 22, 2024, 9:30 am IST
Sensex Opening Bell
Meanwhile, Sensex made a gap-up opening, gaining to breach 81,000 levels again. The benchmark surged over 331 points to hit an intraday high of 81,236.45.
Aug 22, 2024, 9:30 am IST
Nifty Opening Bell
In the opening bell, Nifty crossed over 24,800 mark, to hit an intraday high of 24,867.35 compared to its previous session's closing price of 24,770.20.
Aug 22, 2024, 9:25 am IST
Rupee Volatile Despite Dovish Stance In FOMC Minutes
Indian rupee opened at 83.765, appreciating against the US dollar compared to its previous print of 83.891 per dollar. However, in a matter of few minutes of early trade, the rupee weakened to cross over 83.92 per dollar levels as dovish comments in the latest FOMC minutes failed to keep bulls in Asian stocks. Dollar index also inched up to 101.24.
Aug 22, 2024, 8:34 am IST
Stocks In Focus
Stocks like Paytm, Zomato, RVNL, IREDA, BEML, and HUDCO among others will be in focus in the trading session. IRFC and JSPL are renowned stocks that will turn ex-dividend today.
Aug 22, 2024, 8:19 am IST
Paytm, Zomato Shares In Focus
In a major development, fintech giant One 97 Communications Limited (OCL), which owns the brand Paytm, has entered into definitive agreements for the sale of its entertainment ticketing business which includes movies, sports and events (live performances) ticketing to food delivery behemoth, Zomato. The deal is for the consideration of Rs 2,048 crore in cash. Both Zomato and Paytm shares are listed and will be in focus on Thursday.
Aug 22, 2024, 8:19 am IST
Market In Previous Session
The benchmark Nifty 50 ended its fifth consecutive session in the green, closing with a gain of 71 points at 24,770. The Sensex, following a similar trajectory, closed 78 points higher at 80,881. The positive sentiment was largely driven by favourable global cues ahead of the Jackson Hole Economic Symposium, where investors are eagerly anticipating comments from US Federal Reserve Chair Jerome Powell on the potential trajectory of interest rate cuts expected in September.
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