The market in the previous session witnessed a smart recovery from the day’s low as the session progressed, though it closed lower and snapped a four-day winning streak due to weakness in global counterparts and technology stocks. The BSE Sensex recouped more than 800 point losses from the day’s low, to close 224 points lower at 60,347, while the Nifty50 fell 66 points to 18,004.
Stocks in News
Tamilnad Mercantile Bank
The bank will debut on the bourses on September 15. The final issue price has been fixed at Rs 525 per share.
The steel company said the board of directors has approved the fund raising through the issue of non-convertible debentures up to Rs 2,000 crore in two series. In one series, they will raise Rs 500 crore and in second series, the fund raising via NCDs would be Rs 1,500 crore.
The company said the Phase 1 of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022. In addition, it has also started construction in phase 2 of greenfield project (Unit IV) for 2 plants. The company already has environmental clearance for the said expansion.
KPI Green Energy
The company has received new order of 4.20 MW (comprising of 4.20 MW wind turbine and 3 MWdc solar) under wind-solar hybrid power project. The order is from Nouveau Jewellery LLP, Surat under ‘captive power producer (CPP)’ business segment.
G R Infraprojects
Promoters Laxmi Devi Agarwal, Suman Agarwal, Ritu Agarwal, Lalita Agarwal, Sangeeta Agarwal, Kiran Agarwal and Manish Gupta will be selling up to 57,04,652 equity shares or 5.9 per cent stake in the company via offer for sale on September 15-16. In addition, they are also intended to sell additional 8,70,202 shares in an oversubscription option. The floor price has been fixed at Rs 1,260 per share.
The company has received the advance purchase orders worth Rs 447.81 crore, consisting of Rs 341.26 crore from Bharat Sanchar Nigam (BSNL), and Rs 106.55 crore from RailTel Corporation of India.
Life Insurance Corporation of India has offloaded 34.63 lakh equity shares or 2.04 per cent stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 4.35 per cent, down from 6.4 per cent earlier.
The mining and minerals major has emerged as the highest bidder for two coal mines in Odisha on the second day of commercial coal mines auction. The government put on sale 10 coal mines under the commercial coal mine auction on Tuesday and Wednesday.
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