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The State Bank of India (SBI) and the Andhra Pradesh Food Processing Society signed a deal on Tuesday to modernize and assist the development of at least 7,500 micro-food processing facilities in the state. The public sector banks Union Bank of India and Bank of Baroda will co-finance renewable energy projects, according to an announcement made by IREDA on Tuesday.
companies to watch: As the local equities market closed higher for the third straight day on Tuesday (September 5), bourses bet on solid purchasing in the FMCG, pharma, IT, metals, real estate, oil, and gas companies. The Nifty Midcap 100 and Small Cap 100 indices also reached their respective record new highs before the market closed on Tuesday.
The S&P BSE Sensex closed the market at 65,780.26, up 0.23% or 152.12 points, while the NSE’s Nifty finished 0.24%, or 46.1 points, higher at 19,575 points.
GAIL India (Stocks)
In connection with an alleged Rs 50 lakh bribery case in which money was exchanged to favor some contractors working on gas pipeline projects, the CBI detained the executive director of GAIL on Tuesday.
Four additional people, including Director of Vadodara-based Advance Infrastructures, Surender Kumar, have been detained in addition to GAIL Executive Director (Projects) KB Singh, according to officials.
In two GAIL pipeline projects—Srikakulam to Angul and Vijaypur to Auraiya—it is claimed that the bribe was paid to benefit the corporation. According to them, the CBI initiated an operation on Monday after receiving information regarding the bribe exchange and made the arrests.
The company’s stock increased by 0.65% to close Tuesday’s trade at Rs 123.45.
State Bank of India (SBI)
An agreement was reached on Tuesday between the State Bank of India (SBI) and the Andhra Pradesh Food Processing Society (APFPS) to improve and support the creation of at least 7,500 micro-food processing units in the state.
According to the Prime Minister’s Formalisation of Micro Food Processing Enterprises (PMFME) initiative, the agreement will be put into effect in the fiscal year 2023–2024.
Tuesday’s trading session finished with the State Bank of India down 1.38 percent, closing at Rs 1,171.80.
Union Bank of India and Bank of Baroda (Stocks)
Tuesday saw the public sector banks Union Bank of India and Bank of Baroda join forces with state-owned IREDA to co-finance renewable energy projects.
The Union Bank of India (UBI) and the Bank of Baroda (BoB) have signed a Memorandum of Understanding (MoU), according to a statement released by the Indian Renewable Energy Development Agency Ltd (IREDA) on Tuesday. According to IREDA, “These agreements will simplify co-lending and loan syndication for a variety of renewable energy projects.”
Vishnu Prakash R Punglia
Vishnu Prakash R Punglia Ltd. shares made a strong market entry on Tuesday and ended the day with a premium of more than 47% over the Rs. 99 issue price.
Engineering, procurement, and construction (EPC) work is what the company does.
The shares opened for trading at Rs 163.30, up 64.94% from the BSE issue price.
It increased 66.11 percent throughout the day to Rs 164.45. In the end, the company’s shares closed at Rs 145.93 per share, up 47.40%.
The company’s shares will be watched during the early morning trade on Wednesday (September 6) after experiencing a big increase on its debut day.
NBCC (India)
Following a significant surge on its debut day, the company’s shares will be closely monitored during the early morning trade on Wednesday (September 6).
Power Grid Corporation of India
According to tariff-based competitive bidding, the business has been named the winning bidder for the 20 GW interstate gearbox system project. For the evacuation of electricity from Rajasthan’s renewable energy zones, a transmission infrastructure will be set up. In Dausa, a new substation will be constructed as part of this project. On a build, own, operate, and transfer basis, the project will be finished.
Jio Financial Services
After the market ends today, the stock will be removed from the NSE indices.
Vedanta
The stock will be eliminated from the NSE indices following the close of today’s session.
Tata Power
With its subsidiary, Tata Power Renewable Energy Ltd., Tata Motors has entered into a power purchase agreement (PPA). A 12 MWp solar plant will be installed at the Pune manufacturing facility as part of the signed PPA.
BCL Industries (Stocks)
In two years, the business intends to increase the capacity of all group distilleries to 850 KLPD.
ICICI Securities
The proposed Initial Public Offer (IPO) of Ebixcash was the subject of a warning letter from the Securities and Exchange Board of India (SEBI). The corporation was forewarned by the market regulator to pay heed and steer clear of errors moving forward.
SpiceJet (Stocks)
The low-cost airline announced on Tuesday that the Registrar of Companies has granted it an extension of up to three months to convene its annual general meeting for the fiscal year ending March 2023. The annual general meeting will therefore take place on or before December 31, 2023, according to the statement.
Oil & Gas and Paint stocks
Crude oil has crossed $90 and WTI crude has crossed $86 to reach a 10-month high. Russia’s decreased exports and Saudi Arabia’s one million barrel per day decrease in output over a three-month period are to blame for the price increase.
Sugar stocks
Global demand for raw sugar is at a three-month high. In the worldwide market, sugar prices have risen by more than 3% and are at a six-year high.
Metal stocks
At closing, the US metals index was down 2%, and the dollar index was approaching a six-month high of 105.
Ramkrishna Forging / Bharat Forge
Orders for Class 8 trucks in North America increased in May after declining the previous two months. Orders for class 8 trucks grew by 15,500 units in May, up 10% from a year ago and 29% from April, according to FTR Intel.
Safari Industries (Stocks)
SBI Life Insurance Company purchased 2.05 lakh shares (0.86%) at Rs 3,775 per share from Investcorp Private Equity Fund II, which sold 2.14 lakh shares (0.9%) at Rs 3,775.06 per share.
SBFC Finance (Stocks)
At a price of Rs 85.02 per share, Bajaj Finance sold 82.5 lakh shares, or 0.8%.
Torrent Pharma
Brokerage firm Nomura has kept a “buy” call on the company and increased the price objective from Rs. 1,838 to Rs. 2,199 per share.
ABB India
The stock continues to have a ‘buy’ recommendation from Jefferies, with a target price of Rs 5,260 per share.
Paytm (Stocks)
‘Equal-weight’ has been maintained by Morgan Stanley with a target price of Rs 830 per share.
Voltas (Stocks)
For a target price of Rs 1000 per share, domestic brokerage Motilal Oswal has reactivated the “buy” signal.