In today’s market developments, several companies announced positive strides in business operations, while others faced challenges. Below are the key updates:
Green: Positive Developments
- Bharti Airtel has erected 1,700 towers over the last seven months, significantly bolstering its network infrastructure across Gujarat. This expansion is part of the company’s ongoing efforts to enhance coverage and service quality in the region.
- Power Grid Corporation has been declared the successful bidder for establishing an inter-state transmission system in Khavda, adding to its expanding project portfolio in India’s power sector.
- Firstsource Solutions, through its subsidiary, is set to acquire Ascensos for GBP 42 million (approximately ₹468 crore). This acquisition is expected to expand Firstsource’s footprint in the customer experience management sector.
- Senco Gold saw Oman India Joint Investment Fund selling 5.89 lakh shares through block deals. ICICI Prudential was the buyer, reflecting strong investor interest.
- Reliance Power‘s board approved a fundraise of up to ₹1,525 crore via a preferential issue. The company aims to use these funds to strengthen its financial position and support future growth.
- GR Infraprojects emerged as the lowest bidder for a Nagpur Metro Viaduct Section project worth ₹903.53 crore, reinforcing its position as a key player in the infrastructure sector.
- AstraZeneca received approval from the CDSCO to import Durvalumab for sale and distribution in India, expanding its oncology portfolio in the country.
- Thangamayil Jewellery is set to consider raising funds through the issuance of equity shares or bonds in a board meeting scheduled for September 26.
- Pondy Oxides and Chemicals has announced plans to raise up to ₹250 crore via a qualified institutional placement (QIP). Additionally, the company has set October 16 as the record date for a 1:2 stock split.
Red: Negative Developments
- Punjab National Bank (PNB) has launched a qualified institutional placement (QIP) to raise up to ₹5,000 crore at an indicative price of ₹103.75 per share, aimed at shoring up its capital base.
- BGR Energy faced a setback as the Chennai Water Supply and Sewage Board terminated a contract worth ₹440 crore, posing a challenge to the company’s order book.
- Spandana Sphoorty Financial announced plans to sell stressed loans worth ₹304 crore to an asset reconstruction company (ARC) for ₹16.7 crore, plus 8.5% of the security receipts, in an effort to clean up its balance sheet.
These updates reflect mixed trends in the market, with some companies reporting positive developments, while others face financial or operational hurdles.
