We had mentioned in last week’s closing report that Nifty, Sensex may head higher. The major indices were volatile and closed with losses this week. The trends of the major indices in the course of the week’s trading was:
On Monday, the major indices ended with gains. On the NSE, there were 1,167 advances, 608 declines and 358 unchanged. Skipper has received a new turnkey project of Rs524 crores from Power Grid Corporation of India for supply and Installation of 765kV, 190km hexa zebra conductor transmission line from Fatehgarh to Bhadla under TBCB bidding conducted by PFC for Green Energy Corridor projects.
Lupin has received approval for its Ethacrynic Acid Tablets USP, 25 mg, from the US FDA. Lupin's Ethacrynic Acid Tablets USP, 25 mg, is the generic version of Edecrin® Tablets, 25 mg, of Bausch Health Americas, Inc. It is indicated for treatment of edema when an agent with greater diuretic potential than those commonly employed is required.
The board of Kopran may consider and approve early redemption of 55,80,000 unlisted preference shares of face value of Rs10 each. IL&FS Engineering and Construction has received approval form Gujarat Metro Rail Corporation (GMRC) for the revival of the contract in respect of construction of viaduct corridor for package-l of North - South corridor for Ahmedabad Metro Project, phase 1. Spring Fields Infraventure has received purchase orders worth Rs42.36 lakhs from APT Power Engineering and Associated Power Tech Private.
On Tuesday, the equity markets were closed on account of Muharram. On Wednesday, the major indices went up a bit. On the NSE, there were 1,337 advances, 472 declines and 316 unchanged. Bank of Baroda has issued unsecured, redeemable 7.75% basel-3 compliant tier-2 bonds - Series XXII of face value of Rs10 lakh each.
The bank has raised Rs500 crore through issue of 5000 bonds. Directors of L&T Finance Holdings approved issuance of up to one crore cumulative compulsorily redeemable non-convertible preference shares aggregating to a nominal amount of up to Rs100 crore on a private placement basis at the dividend rate of 7.95% p.a. payable annually. The shares will be listed on the BSE.
Tata Motors Group’s global wholesales in August 2019, including Jaguar Land Rover, were at 72,464, lower by 32%, over August 2018. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in August 2019 were at 25,366, lower by 45%, over August 2018. Global wholesales of all passenger vehicles in August 2019 were at 47,098, lower by 22%, compared to August 2018. Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the 1320 MW IB Thermal Power Station (2x660MW). Located in Jharsuguda district of Odisha, the project is owned by Odisha Power Generation Corporation Limited (OPGC), a joint venture company of the Government of Odisha and AES, a US-based energy company.
Previously, BHEL had set up two units of 210 MW at IB Thermal Power Station which are in operation for more than 20 years. The Board of NHPC will meet on 17 September 2019 to consider the proposal for raising of debt up to Rs2,500 crore through issuance of corporate bonds in one or more series/tranches on private placement basis and other options.
On Thursday, the equity markets ended with losses. Biocon has signed a license and supply agreement with a subsidiary of China Medical System Holdings (CMS) for three generic formulation products in Greater China. The initial term of the agreement shall be for 10 years from the date of commercialisation, extendable by two years on a product basis by mutual consent. This collaboration can be extended to a broader portfolio in future.
Consumer electrical goods maker Havells India on September 12 said it will double the manpower at its manufacturing facility in Northeast within two years as it aims to touch Rs 1,000 crore sales revenue from the region.The company's Changsari plant in Assam, which manufactures MCBs and switch disconnectors, produces 1.2 crore poles annually against its installed capacity of 3.6 crore.
Hiranandani group plans to invest about Rs1,000 crore to develop 115-acre industrial and logistics park here and is setting up a wind turbine manufacturing unit for Vestas. Hiranandani group firm Green Base will create a wind turbine park and warehousing set-up for Vestas India, the leading wind turbine manufacturing multinational, at Oragadam, Chennai.
On Friday, the major indices rallied. On the NSE, there were 1,127 advances, 655 declines and 339 unchanged. Reliance Capital received overwhelming response from investors for third Offer for Sale (OFS) announced on Monday, September 9, 2019 to sell its 6.31% shareholding in Reliance Nippon Life Asset Management Ltd (RNAM).
Institutional and retail investors bid for over 260% of the base offer size of 6.31% shareholding in RNAM. Reliance Capital has sold 17.06% of its shareholding in RNAM, in three successive offers, aggregating over Rs2,480 crore.
Opto Circuits India Ltd has entered into an agreement with the following HDFC Bank Limited, CIMB Bank Malaysia and Bank of Nova Scotia for settling the total outstanding amount as per the structured instalments plan.
J Kumar Infraprojects received letter of acceptance from MMRDA for design and construction of elevated viaduct and nine elevated stations for corridor of Mumbai Metro Line 9 for Rs1,998 crore.
ICRA has downgraded the ratings of Sical Logistics to [ICRA] D/ D from [ICRA] BB+ [negative] / A4 for long- and short-term fund and non-fund based facilities respectively. Similarly, Brickworks has downgraded the ratings to BWR D / D from BWR BB-/A4 respectively for the fund based and non-fund based facilities.
The USFDA conducted inspection at Unichem Laboratories active pharmaceutical ingredients facility at Roha from 9 to 12 September 2019. The inspection was a post approval inspection and successfully concluded without any FDA form 483 issued.
PI Industries has executed an offer with Isagro S.p.A for acquisition of the business of Isagro Asia, who are engaged in contract manufacturing, local distribution and exports of agrochemicals through acquisition of 100% shareholding of Isagro Asia.
The business will be acquired by PI directly or through its subsidiary. The transaction value is estimated around Rs345 crore net of cash and debt subject to closing adjustments.