The market extended losses for a third straight session on Sept. 23, with benchmark indices falling 1.7 percent as rising recession fears amid expectations of aggressive policy tightening by the U.S. Federal Reserve and FII sales on weighed the sentiment. The BSE Sensex fell 1,021 points to 58,099, while the Nifty50 fell 302 points to 17,327.
Harsha Engineers
The company’s stock will debut on the stock exchanges on Monday. Prior to listing, Harsha Engineers shares had a gray market premium of Rs 170. The public issuance of Rs 755 crore was bought 74.7 times by participants, and despite stock market uncertainty, analysts expect Harsha Engineers shares to make a strong debut will face a significant premium over the issue price of Rs 330 per share.
Embassy Office Parks REIT
Blackstone Inc is reportedly set to sell a $400 million stake in Embassy Office Parks REIT, India’s largest real estate investment trust, through block deals. Abu Dhabi’s Sovereign Wealth Fund, which is the world’s largest, will acquire at least half of Blackstone’s stake to sell, Reuters reported.
BPCL
State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a Memorandum of Understanding (MoU) with Brazilian oil giant Petrobras to diversify its crude oil sourcing. In a statement, BPCL said the signing of the MoU will strengthen future crude oil trade ties between the two companies and explore potential long-term crude oil import opportunities by BPCL, especially given the current geopolitical situations.
Coal India
The state-owned company Coal India will sign agreements with three state-owned companies – Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd. and GAIL (India) – to set up four surface gasification projects. The government is aiming for 100 million tons of coal gasification over the next eight years to reduce imports of crude oil, which is otherwise used for syngas production.
Britannia
The maker of the popular Good Day and Tiger cookies has appointed Rajneet Kohli as chief executive officer effective September 26. Kohli is currently president and chief business officer at Domino’s India, which is run by foodservice company Jubilant FoodWorks. He also held senior leadership positions at Asian Paints Ltd and Coca-Cola Co. His appointment comes at a time when the industry is grappling with margin problems amid rising inflation.
Sterlite Technologies
Mihir Modi has resigned as Chief Financial Officer and senior staff of the IT company. He will be relieved of his position on 15 October.
National Bank of India
The bank has raised Rs 4,000 crore through non-convertible bonds based on private placement.
Infibeam Avenues
The fintech and payment infrastructure company has consolidated its international operations to aggressively tap into and expand its global payment gateway infrastructure market. The company’s three wholly owned international subsidiaries – Infibeam Avenues Australia Pty Ltd, AI Fintech Inc in the US and Infibeam Avenues Saudi Arabia for Information Systems Technology become a retiring subsidiary of the company after being transferred to its UAE-based subsidiary, Vavian International. Vavia is the second largest payment aggregator in the UAE. The company plans to increase its global footprint in digital payments by partnering aggressively with its flagship brand CCAvenue.
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