The market made a smart rebound from the day’s low during the previous session, but it ended lower and snapped a four-day winning run because of weakness in technology companies and foreign peers. The Nifty50 dropped 66 points to 18,004 while the BSE Sensex recovered more than 800 points from the day’s low to conclude 224 points lower at 60,347.
Stocks to watch today:
Tamilnad Mercantile Bank
The bank will make its market debut on September 15th. At Rs 525 per share, the final issue price has been established.
The non-convertible debentures up to Rs 2,000 crore in two series will be issued, according to the steel business, with board approval. They will raise Rs 500 crore in the first series, and Rs 1,500 crore through NCDs in the second series.
The 90-acre greenfield project’s (Unit IV) first phase, according to the business, has been finished. By the end of September 2022, the di-methyl carbonate, propylene carbonate, and propylene glycol factory will be prepared to start producing these products commercially. Additionally, phase 2 of the greenfield project (Unit IV) for two plants has begun development. For the aforementioned expansion, the corporation already has environmental permission.
KPI Green Energy
Under a wind-solar hybrid generation project, the company has obtained a fresh order for 4.20 MW (comprising of 4.20 MW wind turbine and 3 MWdc solar). The order comes from the “captive power producer (CPP)” business sector of Nouveau Jewellery LLP in Surat.
G R Infraprojects
On September 15–16, the business’s promoters Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, Sangeeta Agarwal, Kiran Agarwal, and Manish Gupta would sell up to 57,04,652 equity shares, or 5.9% of the company. Additionally, an oversubscription option will be used to sell an extra 8,70,202 shares. The share’s floor price has been set at Rs 1,260.
Advance purchase orders of Rs 447.81 crore have been given to the corporation, of which Rs 341.26 crore is from Bharat Sanchar Nigam (BSNL) and Rs 106.55 crore is from RailTel Corporation of India.
34.63 lakh equity shares, or 2.04% of the firm, were sold by Life Insurance Corporation of India in open market transactions. With this, LIC’s ownership of the company dropped from 6.4 percent to 4.35 percent.
On the second day of the commercial coal mines auction, the mining and minerals company emerged as the highest bidder for two coal mines in Odisha. On Tuesday and Wednesday, the government held an auction for commercial coal mines and put 10 coal mines up for sale.