Handy futures on the Singapore Exchange traded 160.5 points, or 1.01 percent, lower at 15,681.50, indicating Dalal Street was headed for a gap-down start on Wednesday. The recovery in the last hour of trading helped the market close with moderate gains in the last session, supported by autos, metals, IT, select FMCG stocks and Reliance Industries. However, profits were limited by sales in private banking and financial services. Positive global signals also supported the market. The BSE Sensex rose 16 points to 53,177, while the Nifty50 climbed 18 points to 15,850.
The company said the board of directors has approved the proposal to repurchase shares of the company up to Rs 120 crore at a price of up to Rs 1,700 per share. With this, the maximum buyback shares would be 7.05 lakh shares, which is 1.12 percent of the paid-up equity.
Tata Steel chairman N Chandrasekaran said on Tuesday that upon completion of the acquisition, the company will ramp up Neelachal Ispat Nigam Ltd’s operations to a nominal capacity of 1.1 million tons per year within the next year.
Edible oil firm Ruchi Soya Industries Ltd said on Tuesday that the company’s name has changed to Patanjali Foods Ltd with effect from June 24. In 2019, Patanjali Ayurved, led by Baba Ramdev, acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.
The company announced the timely completion of two projects with a capital investment of Rs 20 crore. The capacity of the GVT tile factory in Sikandrabad (UP) has increased by 0.7 million square meters (MSM) per year and there was a conversion of the Dora factory (Gujarat) from ceramic floor to vitrified floor with an incremental volume potential of about 1.2 MSM per year.
National Bank of India
The country’s largest lender has signed an agreement for an investment of Rs 4 crore in shares of Perfios Account Aggregation Services Private Limited, the NBFC account aggregator. This investment must be approved by the RBI. SBI has a 9.54 percent interest in Perfios Account Aggregation Services.
Hazoor Multi Projects
The company has received a work order from Nagpur Mumbai Super Communication Expressway Ltd to carry out scope change work in Ahmednagar district from package-11 in EPC mode for Rs 14.11 crore.
Jammu & Kashmir Bank
The bank said the board has agreed to raise equity of up to Rs 500 crore in one or more tranches, and another Rs 1,500 crore through private placement bonds.
Godawari Power & Ispat
The company has acquired 37.79 lakh shares of Alok Ferro Alloys (AFAL) at a fair value comprising 78.96 percent of the paid-up capital of AFAL. AFAL is engaged in self-powered ferro-alloys and has branches only in Raipur, Chhattisgarh.
Shri Bajrang Alliance
The company has signed a contract with LULU Group International LLC, Abu Dhabi for the supply of GOELD frozen foods in Middle Eastern markets (UAE, KSA etc.) and also through their Indian network. The purchase orders for the first 2 lots have been received.
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