Nifty futures on the Singapore Stock Exchange traded 76 points, or 0.48 percent, down at 15,702.50, indicating that Dalal Street is heading for a negative start on Tuesday. A correction in global peers after hotter-than-expected US inflation data, a weaker rupee and FII selling pressure dampened market sentiment on June 13. All sectoral indices closed in red with Nifty Bank, Auto, Financial Services, IT, Metal, Realty and Oil and gas indices fell 2-4%. The BSE Sensex fell 1,457 points, or 2.68 percent, to 52,847 points, while the Nifty50 lost 427 points, or 2.64 percent, to 15,774.
The HDFC mutual fund acquired an additional 2.15 percent stake in the company through open market transactions on June 10. By doing so, his stake in the company increased to 9.21 percent, compared to 7.06 percent earlier.
The company has completed the acquisition of a 50MW solar power plant from the SkyPower Group in Telangana. The project value for this acquisition is Rs 416 crore. The project is a long-term power purchase agreement (PPA) with the Northern Power Distribution Corporation of Telangana (NPDCTL) for 25 years at a fixed tariff of approximately Rs 5.35 per kWh, with the remaining useful life of about 20 years.
Mahindra and Mahindra
The major auto company is seeking approval from the National Court of Corporate Law to incorporate Mahindra Electric Mobility Ltd into itself. The company said the value chain required for comprehensive electric vehicle development, manufacturing and sales currently spreads between M&M and MEML and must be consolidated.
The government has asked online food business operators like Zomato to submit a proposal within 15 days on improving its consumer complaint handling mechanism amid growing complaints from customers.
Life Sciences Zydus
The Rs 750 crore share repurchase offer of the company will commence on 23rd June and close on 6th July. The drug company, formerly known as Cadila Healthcare, has set July 15 as the deadline to settle bids. The Board of Directors approved the proposal to buy back just over Rs 1.15 crore share, which represents up to 1.13 per cent of the company’s total paid-up capital.
Four new offices are being set up in tier two cities to be closer to the pool of available talent. Many young employees have been recruited into the IT sector from second tier cities. Nearly 60 percent of them have returned to their hometowns, and this has provided an opportunity to attract talent from all over the country.
Capri Global Capital
The Indian Life Insurance Corporation has purchased an additional 35.41 thousand shares of the company’s stock through open market transactions. With this, LIC’s contribution to the company increased to 7.059 percent, compared to 5.043 percent earlier.
The company won the contract to manufacture the escape hatch for the Airbus A220. The contract was entered into by Stelia Aeronautique Canada Inc. , a subsidiary of Airbus Atlantic SAS.
The company has received an order from the Government of West Bengal to implement a turnkey project involving the operation of a clear water tank and a ground level tank. The contract is valued at Rs 430.87 crore and the same contract will be completed over 24 months.
SBI Mutual Fund acquired 3.23 lakh additional shares in the company via open market transactions. Thus, its stake in the company rose to 5.1775 percent from 4.9180 percent earlier.
Life Insurance Corporation of India (LIC) stock hit a new record low after the expiry of the lock-up period for major investors in the company’s initial public offering on June 13. , down 5.85 percent from its previous close. It opened at 691 rupees.
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