Nifty futures on the Singapore Stock Exchange traded 160.5 points, or 1.01%, at 15,681.50, signaling Dalal Street was heading for an early shift on Wednesday. The rally over the past hour of trading helped the market close with moderate gains over the past session, supported by autos, metals, IT, some FMCG stocks and Reliance Industries. However, gains were limited due to sales in private banking and financial services. Positive global indices 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 has approved the proposal to buy back shares of the company up to Rs 120 crore at a price of up to Rs 1,700 per share. With this, the maximum redemption share size would be 7.05 lakh shares of capital, or 1.12% of the paid-up capital.
Tata Steel Chairman N Chandrasekaran said on Tuesday that the company, having completed the acquisition, will increase the operation of Neelachal Ispat Nigam Ltd to a nameplate capacity of 1.1 million tonnes per annum over the next year.
Edible oil company Ruchi Soya Industries Ltd announced on Tuesday that the company’s name has been changed to Patanjali Foods Ltd effective 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 of the projects involving capital expenditure 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 has been a conversion of the factory in Dora (Gujarat) from ceramic flooring to vitrified soil with an additional volume potential of approximately 1.2 MSM per year.
National Bank of India
The country’s biggest lender has agreed to invest Rs 4 crore in shares of Perfios Account Aggregation Services Private Limited, the NBFC account aggregator. This investment would be subject to RBI approval. SBI will hold a 9.54% stake in Perfios Account Aggregation Services.
Hazoor Multi Projects
The company has received a work order from Nagpur Mumbai Super Communication Expressway Ltd for the execution of scope change works in Ahmednagar district of package-11 in EPC mode for Rs 14.11 crore.
Bank of Jammu and Kashmir
The bank said the board had approved the raising of equity up to Rs 500 crore in one or more tranches, and another Rs 1,500 crore through debentures on a private placement basis.
Power Godawari and Ispat
The company has acquired 37.79 lakh shares of Alok Ferro Alloys (AFAL) at a fair value comprising 78.96% of the paid-up share capital of AFAL. AFAL is in ferrous alloys with captive power generation, having operations in Raipur, Chhattisgarh only.
Alliance Shri Bajrang
The company has signed a contract with LULU Group International LLC, Abu Dhabi for the supply of GOELD frozen foods in the Middle East markets (UAE, Saudi Arabia, etc.) and also through their Indian network. Purchase orders for the first 2 batches have been received.
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