In today’s market update, several key developments are making headlines, ranging from tax cuts to significant project announcements and major corporate moves.
Green: Key Developments
- ONGC & Oil India: The windfall tax on crude petroleum has been reduced to nil from the previous ₹1,850/tonne, a significant relief for oil majors such as ONGC and Oil India, potentially improving their bottom lines.
- Torrent Power: Torrent Power has received a Letter of Intent (LoI) from Maha Discom for the execution of a 1,500 MW pumped hydro storage project. This project aligns with the growing focus on renewable energy infrastructure.
- Mankind Pharma: Mankind Pharma has scheduled a board meeting on September 20 to discuss a potential fundraising initiative through non-convertible debentures (NCDs) and other securities, indicating plans for further expansion.
- Inox Wind: Inox Wind continues to expand its wind energy portfolio, receiving an LoI from IGREL Renewables for the execution of a 550 MW wind capacity project, adding to its already impressive order book.
- SKF India: SKF India’s parent company, AB SKF, has announced its decision to separate its global automotive business, which could impact SKF India’s future strategic alignment.
- Reliance Power: In a major development, Reliance Power has settled a ₹3,872 crore guarantee liability for Vidarbha Industries, relieving a significant financial burden on the company.
- Reliance Infrastructure: Reliance Infrastructure will settle dues worth ₹385 crore with Edelweiss ARC, marking progress in addressing its financial obligations.
- Ceigall India: Ceigall India has emerged as the lowest bidder for HAM (Hybrid Annuity Model) projects worth ₹2,499 crore, further solidifying its position in the infrastructure space.
- Vakrangee: Vakrangee has entered into a partnership with Star Health to offer health insurance products, expanding its portfolio in the financial services sector.
- RattanIndia Enterprises: RattanIndia’s Revolt Motors launched its new e-bike Revolt RV1 at an introductory price of ₹84,990, aiming to capture the growing demand in the electric vehicle market.
- Suraj Estate: LIC MF-Flexicap Fund acquired 2.83 lakh shares of Suraj Estate through block deals at ₹758.9 per share, indicating institutional interest in the real estate company.
Red: Key Developments
- VST Industries: In a noteworthy transaction, Radhakishan Damani sold 1 lakh shares (0.65% equity) of VST Industries via block deals at ₹439.19 per share, a move that could raise investor concerns about the company’s near-term outlook.
These developments highlight significant corporate activities and strategic moves, with the energy, renewable, and infrastructure sectors taking the spotlight. Investors will closely monitor these updates as the market opens.
