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Dalal Street ended higher on upbeat sentiments and the Nifty 50 index crossed the 20,000-mark in intraday trade on broad-based buying across sectors. The Nifty 50 index hit a record high of 20,008.15, but ended 0.89% higher at 19,996.35 and the Sensex closed 0.79% higher at 67,127.08.
In broader markets, the Nifty Midcap 100 index soared 1.14% to 41,444.20 and the BSE Smallcap jumped 0.7% to 38,533.40.
Top gainers among Nifty sectoral indices were PSU Bank [3.13%], Metal [1.81%], Auto [1.69%], Bank [0.92%], and FMCG [0.89%]. Nifty Media was the only index that closed 0.33% lower.
The Indian rupee fell 8 paise to 83.03 against the US dollar on Monday.
Stock in News Today
Tata Power: Shares of the company rose 1.92% after TP Solar, a subsidiary of Tata Power Renewable Energy (TPREL), received funding of $425 million from the US International Development Finance Corporation (DFC) for TP Solar’s upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli in Tamil Nadu. This investment will support India’s ambitious program to increase renewable energy manufacturing capability to support domestic solar capacity addition as part of its global green energy transition.
IDFC First Bank: The private lender said that GQG Partners has acquired 5.07 crore equity shares of the bank from V. Vaidyanathan, MD & CEO of the bank, in a Rs 479.50 crore block deal transaction. Of the net proceeds, an amount of Rs 229 crore will be used for subscribing to fresh shares of the bank through exercise of options, Rs 240.5 crore for payment to income tax for exercising the stock options and Rs 9.2 crore for contributing to specific pre-committed social causes.
Mahindra & Mahindra (M&M): The total production in August 2023 was 71,241 units, up by 16.5% from 61,149 units produced in the same period last year. The auto major’s total sales increased 21.02% to 67,927 units in August 2023 as against 56,127 units sold in the same period a year ago. On the other hand, exports for the period under review declined 16.79% YoY to 2,423 units.
Tata Steel: The company announced that it has acquired 26,22,890 equity shares of The Indian Steel & Wire Products (ISWP), a subsidiary of the company aggregating to Rs 112 crore on preferential basis. These funds shall be utilized by ISWP for meeting the expenditure requirement towards its Combi-Mill project.
HFCL: The company along with its subsidiary, HTL, has received purchase orders aggregating to around Rs 82.60 crore from domestic telecom service provider for supplying optical fiber cables. The order involves supplying of various types of optical fiber cables as per customer specifications. The domestic order has to be executed by November 2023.
Bank of India (BOI): The company in an exchange filing said that Infomerics Valuation & Rating reaffirmed its rating on the tier-II bonds of the bank at ‘IVR AAA’ with ‘stable’ outlook. The rating agency cited BOI’s established and robust market reach, adequate capitalisation, its healthy resource profile, and healthy provision coverage ratio.
Cupid: The company and Universal-Halwasiya Group have entered into a definitive agreement to buy 41.84% stake in Cupid from existing promoter/promoter group namely Omprakash Garg and Veena Garg. In compliance with regulations, Universal-Halwasiya Group has made an open offer to acquire an additional 26% of the outstanding equity shares of the Cupid from the public shareholders. The open offer is for 34,67,880 equity shares at an offer price of Rs 325 apiece from the public shareholders of Cupid.
PVR: The theatre operator announced the opening of four screen multiplex at Smart City Mall in Dharwad, Karnataka. The new multiplex will strengthen the company’s foothold in Karnataka with 205 screens in 36 properties and continues its expansion in the Southern part of India with 546 screens in 97 properties. The new cinema has a seating capacity of 732 guests inclusive of recliners, and the theatre is equipped with 4K RGB laser projection system for razor-sharp visuals, Dolby Atmos for an immersive sound experience, and a vibrant 3D view powered by Volfoni Smart Crystal Diamond solution.
CreditAccess Grameen: The NBFC raised Rs 989.58 crore through public issue of secured, redeemable non-convertible debentures (NCDs). The NCDs are listed on both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). It is rated IND AA-/Stable by India Ratings and Research.
Strides Pharma Science: The company said that its step-down wholly owned subsidiary, Strides Pharma Global, has received an approval for Sevelamer Carbonate for oral suspension USP, from the United States Food & Drug Administration (USFDA). Sevelamer Carbonate for Oral Suspension is a medication used to manage elevated levels of phosphate in the blood of patients with chronic kidney disease. The Sevelamer Carbonate market for both tablets and oral suspension has a combined opportunity of $ 212 million per IQVIA.
Marico: The FMCG company said that it has made changes in senior management personnel of the company. Sanjay Mishra, chief operating officer (COO) – India Business and CEO of New Business, has tendered his resignation and decided to pursue an opportunity outside the organization. His last date of working will be 15 December 2023, subject to service rules of the company. Vaibhav Bhanchawat, who is currently an senior management programme (SMP) and designated as chief operating officer – South East Asia & South Africa, will move as chief operating officer – India & Foods Business with effect from 1 October 2023 and will be responsible for sales, manufacturing, supply chain and foods business in India.
ITI Limited: The state-owned company announced that it has developed a laptop and micro PC and the products are being branded as ‘SMAASH’. The products have already been deployed in the market, and the company has won many tenders competing against multi-national brands like Acer, HP, Dell and Lenovo, ITI said in an exchange filing. The two flagship products – Laptop and Micro PC have been designed in association with Intel Corporation with which an MoU has been signed for design and manufacturing, the exchange filing said.
IRB Infrastructure Developers: The company’s gross toll collection jumped 24% to Rs 417 crore in August 2023 as compared with Rs 336 crore in August 2022. Sequentially, the company’s gross toll collection increased 14.25% as against Rs 365 crore recorded in July 2023.
Gallantt Ispat: The company announced that its board has approved setting up a new direct reduced iron (DRI) kiln having a capacity of 1,65,000 MTPA at the company’s manufacturing facilities at Gorakhpur, Uttar Pradesh. The total investment towards the project is Rs 125 crore and the project is expected to be operational in the first quarter of FY2025. The project will be fully financed out of internal accruals.
Dynamic Cables: The company’s board has approved the expansion plan of the plant situated at SKS Industrial Area, Sikar, Rajasthan. The proposed expansion at the plant will increase the annual capacity by up to 5,000 kilometers of cables and speciality conductors depending upon their specifications. It will require investment up to Rs 25 crore, excluding land.
Gateway Distriparks: The company announced that its chief financial officer (CFO), Sandeep Kumar Shaw, has tendered his resignation, effective from the close of business hours on November 28, 2023 due to personal reasons. He will also cease to be the key managerial personnel of the company.
Ratnaveer Precision Engineering: The company had a strong stock market debut. Shares opened at Rs 123.20 and hit a high of Rs 129.35 and closed at the same price compared to its issue price of Rs 98 per share.
Rishabh Instruments: The company’s shares opened at Rs 460.05 apiece against an issue price of Rs 441 per share. The share price hit a high of Rs 470, but retreated to close at Rs 443.15 per share.