Stock Market Highlights: The State Bank of India (SBI) has engaged into a historic arrangement with the Andhra Pradesh Food Processing Society. This strategic agreement, unveiled on Tuesday, intends to rebuild and offer assistance for the creation of no fewer than 7,500 microfood processing facilities inside the state’s borders. Simultaneously, IREDA has launched its relationship with two public sector banking heavyweights, Union Bank of India and Bank of Baroda, marking a significant stride in co-financing renewable energy projects.
Eye on the Stock Market: On Tuesday, numerous sectors, including FMCG, pharmaceuticals, IT, metals, real estate, oil, and gas, showed solid buying activities. This spurred the domestic share market to mark its third straight day of advances. Notably, just before closing on Tuesday, both the Nifty Midcap 100 and Small Cap 100 indices rocketed to their all-time highs.
As the market drew to a close, the S&P BSE Sensex finished at 65,780.26, reflecting a tiny 0.23 percent increase, equivalent to 152.12 points. In parallel, the NSE’s Nifty wrapped up with a 0.24 percent advance, amounting to 46.1 points, reaching a total of 19,575 points.
Looking ahead to Wednesday, September 6, around 8:15 am, GIFT Nifty futures exhibited modest swings, down by 0.05 percent or 9.7 points, sitting at 19,660. This implies a relatively flat market opening.
GAIL India
In a significant development, the Central Bureau of Investigation (CBI) took into custody the Executive Director of GAIL on Tuesday. This lawsuit is related to an alleged bribery scheme totaling to Rs 50 lakh, where unlawful financial transactions were coordinated to favor specific contractors involved in gas pipeline installations.
Apart from Executive Director KB Singh of GAIL, the CBI has nabbed four other individuals, including the Director of Advance Infrastructures based in Vadodara, Surender Kumar, according to official sources.
The charges centre upon a suspected bribe that was exchanged to alter the outcome of two GAIL pipeline projects: the Srikakulam to Angul and Vijaypur to Auraiya pipelines. Acting on a tip regarding this criminal deal, the CBI initiated an operation on Monday, leading to the following arrests.
At the completion of the trading session on Tuesday, the company’s stock experienced a rise of 0.65 percent, finishing at Rs 123.45.
State Bank of India (SBI)
Tuesday saw a key collaboration between the Andhra Pradesh Food Processing Society (APFPS) and the State Bank of India (SBI). This agreement is targeted towards modernizing and promoting the creation of no fewer than 7,500 microfood processing units within the state.
The implementation of this agreement is set for the fiscal year 2023–24 and falls under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme. However, SBI experienced a 1.38 percent decrease in its market value on Tuesday, closing at Rs 1,171.80.
Union Bank of India and Bank of Baroda
The state-owned Indian Renewable Energy Development Agency Ltd (IREDA) has created an association with two significant public sector banks, Union Bank of India and Bank of Baroda. This alliance aims to co-finance a wide range of renewable energy projects, as noted in their memorandum of understanding (MoU).
These strategic agreements will streamline co-lending and loan syndication for numerous renewable energy programs, as stated by IREDA.
Vishnu Prakash R Punglia
Vishnu Prakash R Punglia Ltd made a stunning debut in the market on Tuesday, closing with a premium of almost 47 percent above its issue price of Rs 99. The company specializes in engineering, procurement, and construction (EPC) services.
The shares resumed trading at Rs 163.30, reflecting a considerable 64.94 percent rise over its issue price on the BSE. Throughout the day, it soared by 66.11 percent to Rs 164.45. Ultimately, the company’s shares closed at Rs 145.93 per, reflecting a remarkable increase of 47.40 percent.
Following this important debut, the company’s stock is primed for considerable market attention during early morning trading on Wednesday, September 6.
NBCC (India)
In a remarkable development, the company has struck a memorandum of understanding (MoU) with the Kerala State Housing Board for a project valued at around Rs 2,000 crore. This collaboration involves the development of 17.9 acres of land in Marine Drive, Kochi.
Power Grid Corporation of India
The company has emerged as the victorious bidder for a large 20 GW interstate transmission system project through tariff-based competitive bidding. This project intends to create a transmission infrastructure specialized to evacuating electricity from renewable energy zones in Rajasthan. As part of the project, a new substation will be erected in Dausa. The project’s execution will follow a construct, own, operate, and transfer approach.
Jio Financial Services
It’s noteworthy that Jio Financial Services would quit the NSE indices following the closure of the market today.
Vedanta
In a landmark resolution, Zambia has decided to return control of Konkola Copper Mines (KCM) to Vedanta Resources. This ruling marks the culmination of a longstanding struggle over ownership rights that flared in 2019 when authorities seized control of the mines.
Tata Power
Tata Motors has established a power purchase agreement (PPA) with its subsidiary, Tata Power Renewable Energy Ltd. The arrangement comprises the installation of a 12 MWp solar project at the Pune manufacturing site.
BCL Industries
The company is gearing up to extend its group distillery capacity to 850 KLPD within a span of two years.
ICICI Securities
In a remarkable development, the Securities and Exchange Board of India (SEBI) has issued an administrative warning letter in regard to the proposed Initial Public Offer (IPO) of Ebixcash. This warning serves as a cautionary reminder for the organization to exercise diligence and avoid future blunders.
SpiceJet
On Tuesday, the low-cost airline revealed that it has secured an extension
