Stock market movements and corporate updates from Tuesday

Stock market movements and corporate updates from Tuesday

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

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.

Bombay Dyeing (NS: BDYN ) resolved a dispute with Axis Bank (NS: AXBK ) over disputed land for Rs 149 crore and transferred over 11,541 square meters of land to the bank.

In other news, Europe-based Societe Generale (OTC: SCGLY ) purchased a 0.88% stake in casino gaming company Delta Corp (NS: DELT ) via open market transactions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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