The market recorded a gain of more than 5% and closed at a new four-month high, extending the uptrend from the previous session’s sixth straight session. The market was buoyed by encouraging global cues, and companies in the auto, banking and financial services, oil and gas, and several metal and pharmaceutical industries also helped the gain. On Tuesday, the benchmark indices opened with a gap-up. The Nifty50 increased 127 points to 17,825, while the BSE Sensex increased 379 points to 59,842.
Here are the top 10 stocks that will be the subject of today’s attention
On Tuesday, the state-owned power company announced a tender to solicit a Rs 5,000 crore term loan from financial institutions. The proposals must be filed by August 31 at 1100 hours, according to the document. Banks and FIs should give loans with a minimum of Rs 500 crore or an amount multiple of Rs 500 crore. The loan’s revenues will be utilised for company objectives, debt refinancing, and capital expenditures.
Sugar by Bajaj Hindusthan
According to company filing on August 16 with the exchange, State Bank of India has filed an insolvency petition with the National Company Law Tribunal (NCLT) against Bajaj Hindusthan Sugar. According to the filing, the petition was submitted to the National Company Law Tribunal’s Allahabad branch under the Insolvency and Bankruptcy Code. Nearly Rs 4,800 crore is what Bajaj Hindusthan Sugar owes to institutions including SBI, Punjab National Bank, Indian Bank, and Central Bank of India.
After the company announced the appointment of Ashish Adukia as global Chief financial officer, the focus will be on the stock. The company relieved interim chief financial officer Dinesh Jain of extra duties. Senior vice president and corporate finance chief Jain will remain in their positions. The US Food and Drug Administration has started inspecting the Goa plant today, according to the business. In February 2020, a warning letter was sent to the Goa facility.
ICICI Securities, Axis Capital, and Citigroup Global Markets are among the five investment bankers chosen to oversee the sale of the government’s remaining 29.53 percent interest in the company, according to a PTI report. Early in July, the Department of Investment and Public Asset Management (DIPAM) issued an invitation to merchant bankers to submit bids for managing the remaining interest in Hindustan Zinc Ltd (HZL). The deadline for submission of bids was July 28.
On August 19, the business will decide whether to issue bonus shares.
Future Lifestyle Fashion
Future Lifestyle Fashions Ltd. stated on Tuesday that shop closures and increased costs caused its fourth-quarter net loss to increase to Rs 1,879.91 crore. Future Lifestyle Fashions Ltd (FLFL) reported the company’s consolidated net loss for the January-March quarter of last year as being Rs 149 crore, according to a regulatory filing. Its operating revenue for the reviewed quarter fell 27.04% to Rs 607.42 crore. In the third quarter of FY21’s March, it was Rs 831.62 crore.
Following an increase in government allocation of domestically produced natural gas, Mahanagar Gas on Tuesday reduced the costs of compressed natural gas (CNG) and piped natural gas (PNG), the fuels used in vehicles. According to an official announcement, the cost of PNG has decreased by Rs 4 standard cubic metres to Rs 48.50 per SCM and the cost of CNG by 6 kilogrammes to Rs 80 per kg. According to Mahanagar Gas Ltd (MGL), using CNG will enable car owners in the financial capital to save 48% on fuel expenditures following the rate revision.
Steel Authority of India Ltd
Steel Authority of India Ltd.: According to a company official, the state-owned steel producer SAIL will supply some unique rails needed for high-speed freight routes and metro rail projects this year. At its Bhilai Steel Plant (BSP) in Chhattisgarh, SAIL has established a facility for the manufacturing of head-hardened (HH) rails.
Anuj Poddar, an executive director of consumer durables manufacturer Bajaj Electricals, was promoted to managing director and chief executive officer on Tuesday (CEO). According to a statement from Bajaj Electricals, the company has separated the roles of Chairman and Managing Director and Shekhar Bajaj will remain as Executive Chairman.
State Bank of India
The largest lender in the nation, SBI, established its first startup branch on Tuesday in Bengaluru. The branch will provide funding and support to early-stage entrepreneurs as they launch new businesses up until they are listed on stock markets. During the opening of the “SBI Start-Up Branch” in Koramangala, State Bank of India (SBI) announced a partnership with the Karnataka government to strengthen the startup ecosystem in the state.
Techno Electric & Engineering
Reportedly, the business has secured fresh orders for desulfurization of flue gases (FGD). One order is from Rajasthan Rajya Vidyut Utpadan Nigam Limited Kota and is valued Rs. 666 crore; the other order is from Rajasthan Rajya Vidyut Utpadan Nigam Limited Jhalawar and is worth Rs. 789 crore.