Bears had kept Dalal Street firmly in check for the third straight session on Sept. 16, pushing benchmark indices down nearly 2 percent on expectations of aggressive policy tightening by the US Federal Reserve during upcoming policy meetings to monitor inflation, rising US dollar and bond yields. , sale of FII and correction in IT stocks weighed on the market.
The BSE Sensex fell nearly 1,100 points to 58,841 while the Nifty50 fell nearly 350 points to 17,531.
Transport & Logistics
Prime Minister Narendra Modi launched the National Logistics Policy on Saturday with the aim of promoting seamless movement of goods and improving industry competitiveness. The Prime Minister emphasized that reducing logistics costs is a crucial variable.
ACC, Ambuja Cement
Shares of cement companies are likely focused on hopes for further consolidation in the industry. Meanwhile, shortly after the closing of the $6.4 billion transaction to buy Swiss Major Holcim’s stake in Ambuja Cements by the Adani group, the boards of Ambuja Cements and its subsidiary, ACC, were reconstituted on Friday.
Gautam Adani became chairman of the board of directors of Ambuja Cements. while his eldest son Karan was appointed chairman and non-executive director at ACC. Karan also becomes a non-executive director at Ambuja Cements. The Adani group plans to inject Rs 20,000 crore more into Ambuja Cements.
Adani Power
The company withdrew its proposed takedown offer because it failed to receive approval in principle from the exchanges. The company had submitted the proposal in January 2021.
ONGC
The domestic oil producer wants the government to abolish the contingency tax on domestically produced crude oil and instead use the dividend route to tap into huge revenues from the surge in global energy prices.
Last week, the government cut the windfall tax on domestically produced crude oil to Rs 10,500 per tonne, and the export tax on diesel was reduced to Rs 10 per litre. Initially, on July 1, the government had introduced a windfall tax of Rs 23,250 per tonne on domestic crude oil production.
Amara Raja
The auto parts maker expects its turnover to reach Rs 3,000 crore by 2025. The $1.3 billion group will invest approximately Rs 7,000 crore in lithium-ion while continuing to focus on traditional lead-acid batteries.
industrial towers
MD and CEO Bimal Dayal has resigned. In the meantime, COO Tejinder Kalra and CFO Vikas Poddar will be jointly responsible for the functioning of the company.
Grains India
The tender offer of Rs 250 crore shares starts on September 27 and ends on October 11. The repurchase price has been set at Rs 400 per share.
JMC projects
The company’s board of directors will meet on September 21 to discuss a proposal to raise funds through the issuance of non-convertible bonds on a private placement basis.
Bharat Steel Cables
The company’s board of directors will meet on Sept. 23 to discuss a proposal to raise funds through preferential allocation.
PC Jeweler
The company informed BSE that the Supreme Court has rejected SEBI’s request to review its previous ruling of April 19, 2022 in the case of insider trading in the stock.
Zomato
The food delivery aggregator unveiled a new Healthy section with filters such as High Protein, Low Calorie, Low Carbs, Low Fat, High Fiber, etc. in an effort to provide customers with more healthy food options in 10 cities.
Hero MotoCorp
The country’s largest two-wheeler manufacturer will enter the electric segment next month with the launch of its first model in the domestic market under the Vida brand on October 7, 2022.
Mafatlal Industries
The company’s board of directors has approved the 1:5 share split.
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