Tuesday witnessed a series of significant corporate updates and stock market movements. The GIFT Nifty on the NSE IX traded 4 points, or 0.02%, higher at 19,603, indicating a muted start for Dalal Street.
Vishnu Prakash R Punglia's stock made its debut on the bourses today. The issue price was Rs 99, and it was expected to list with up to a 60% premium according to ipowatch.com.
Hero MotoCorp (NS: HROM ) announced an additional investment of Rs 550 crore (approx. $66.3 million) in Ather Energy via its rights issue. Currently holding a 33.1% stake in Ather, Hero MotoCorp's shareholding is expected to rise following the transaction, which is due to be completed by the end of September.
Cipla (NS: CIPL )'s South African subsidiary entered into a binding term sheet to acquire Actor Holdings (Pty), a private pharmaceutical company specializing in consumer health and generic medicine. The deal was fixed at ZAR 900 million (approx. $48.6 million or around Rs 400 crore) in cash for 920 equity shares, representing a full equity stake. Torrent Pharmaceuticals (NS: TORP ) has also emerged as a potential buyer for Cipla, with a non-binding offer exceeding American private equity firm Blackstone (NYSE: BX )'s bid by over 30%.
The Financial Services Institutions Bureau recommended Vinay M Tonse as the managing director of the State Bank of India (NS: SBI ).
Escorts (NS: ESCO ) Kubota announced plans to increase tractor prices effective September 16, with variations across models and geographies.
The Indian Energy Exchange (NS: IIAN ) reported a total electricity volume of 8,469 million units in August, marking an increase of 21% from last year. The day-ahead market volume increased by 7.3% year-on-year to 3,810 million units, while the real-time market volume grew by 21% year-on-year to reach 2,738 million units.
Mahindra & Mahindra Financial Services recorded a year-on-year growth of 15% in disbursements at Rs 4,400 crore for August. The collection efficiency remained flat at 96% year-on-year.
Oil India (NS: OILI ) approved a Rs 1,738 crore contribution for North East Gas Distribution Co, a joint venture where it holds a 49% stake.
BHEL secured an order for Electro-Mechanical (E&M) works for India's largest capacity hydropower project, the Dibang Multipurpose Project in Arunachal Pradesh.
Tata Power (NS: TTPW )'s unit, Tata Power Renewable Energy, signed a solar power delivery agreement with Neosym Industry for a project set at Jamkhed, Maharashtra.
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