Pre Market Report: SGX Nifty indicates lower opening for indices; RIL, Adani Ports and Tata Power in news

Reliance Industries Ltd (RIL): The company’s retail arm, Reliance Retail, has sought shareholders’ approval to increase its borrowing limit from Rs 50,000 crore to Rs 1 trillion, according to a report by Economic Times. The company had borrowed Rs 40,000 crore in FY22, according to the report. The company is expected to seek shareholders’ approval in the September 30 Annual General Meeting (AGM), the ET report said.

Adani Ports and SEZ (APSEZ): The company’s subsidiary, HDC Bulk Terminal Ltd (HBTL), has signed the concession agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for mechanisation of berth no. 2 at Haldia Port. Under the agreement, the company will have the rights to design, build, finance, operate, maintain and manage the bulk terminal with a capacity of 3.74 million tons per annum for a concession period of 30 years at Haldia Dock Complex, Haldia.

Tata Power: The company’s Transmission and Direction (T&D) Services have announced to invest Rs 5,000 crore to ensure reliable and quality electricity supply to industries. “We are fully committed to realise the Odisha government’s vision of Make in Odisha through reliable and quality power supply to industries,” Tata Power’s T&D, President, Sanjay Banga said, adding that Tata Power Discoms serve 9 million customers across the state.

State Bank of India (SBI): The lender is opening special rupee accounts to handle Russia-related trade settlements in the local currency but clarified that it has not been identified as a nodal bank for handling Russia-related transactions. Accordingly, the bank is making necessary arrangements and processing requests received from various banks, including Russian banks, as per RBI guidelines and its own regulations.

Telecom companies: Reliance Jio gained 2.94 million mobile subscribers in July, data released by the Telecom Regulatory Authority of India (Trai) showed. The company had added 420,000 new subscribers in June. Airtel added 0.5 million subscribers in July, while Vodafone Idea lost 1.54 million subscribers in July. Meanwhile, the government-owned BSNL and MTNL lost 1,327,999 and 3,038 wireless customers, respectively.

Jio had a customer base of 415.96 million as of July 31, followed by Airtel at 363.4 million, and Vodafone with 255.1 million. The overall number of telephone subscribers in India increased by 0.7 million in July to 1.17 billion as on July 31, according to TRAI data.

Bharat Petroleum Corp Ltd (BPCL): Union Minister for Petroleum and Natural Gas Hardeep Puri said that the disinvestment plans for the are not on the table as of now. He said that the sale process under competitive bidding cannot go ahead when there is only one bidder.

Tata Motors: The automaker expects 20% of its total passenger vehicle sales in the domestic market to come from electric vehicles in the next three years,  Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility Managing Director Shailesh Chandra said. The company expects to touch 50,000 units mark in total EV sales this year. It is also working on flex-fuels and expects its product portfolio to be E20 (20% ethanol) compliant by 2025.

Eicher Motors: The company joined the Rs 1 trillion market capitalisation club during the intra-day trade. The shares of the company opened at Rs 3,541.30, touched a high of Rs 3,670.90, and closed at Rs.3,622.50 on Thursday.

SpiceJet: The carrier reintroduced ‘SpiceLock’, a unique service that allows passengers to lock their desired fare for 48 hours without name. This will allow passengers to plan their journey without worrying about fares getting expensive, availability of seats or finalising co-passengers. This service is applicable on both domestic and international flights operated by SpiceJet and travellers can now enjoy this service with assured seat and price protection.

One97 Communications (Paytm): The fintech company announced a collaboration with e-commerce firm Flipkart for its annual festive season sale ‘The Big Billion Days’ as payments partner. “With this partnership, Paytm is offering exciting cashbacks on payments made through Paytm UPI and Paytm Wallet,” Paytm said.

UPL: The company has acquired 26% stake in Clean Max Kratos that will develop and maintain a hybrid 28.05 MW of solar and 33.00 MW of wind power project. UPL will further invest Rs 39.6 crore in Clean Max Kratos.

MTAR Technologies: The company has bagged orders worth Rs 540 crores in clean energy segment including civil nuclear power. “The company is looking forward to strengthen the Clean Energy vertical further to power a safer future,” the company’s Managing Director Parvat Srinivas Reddy said.

CSB Bank: The Kerala-based bank has appointed Pralay Mondal as the Managing Director and Chief Executive Officer with effect from September 15, 2022. Earlier, Mondal was the Deputy Managing Director of the bank since February 17, 2022 and appointed as the Interim Managing director & CEO with effect from April 1, 2022, in the absence of a regular Managing Director & CEO in the bank.

Ester Industries: The company has completed the sale of its engineering plastics business to Radici Plastics India in an all-cash slump sales transaction worth Rs 289.33 crore. The sale proceeds will be used to support growth initiatives in Ester’s core businesses of polyester films and specialty polymer.

Escorts Kubota: The company’s board has approved the scheme of amalgamation for merging Escorts Kubota India and Kubota Agricultural Machinery India into and with Escorts Kubota. The board has also granted in-principal approval for purchase of rough terrain crane business, and sale of shares of Tadano Escorts India to Japan-based Tadano.

Amara Raja Batteries: The Andhra Pradesh High Court has extended the interim suspension order of closure orders by Andhra Pradesh Pollution Control Board for the company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli in Andhra Pradesh until further orders.