Rishabh Instruments, Ratnaveer Precision Engineering to List on Stock Exchanges on September 11
The Indian stock market was mixed on Tuesday, with the Nifty50 index closing marginally lower. However, there were some stocks that made headlines, with investors closely tracking their developments.
Here are some of the buzzing stocks in the Indian market today:
- Vakrangee: The technology company has entered into a binding term sheet with private equity investor Aaviskaar Capital to acquire 48.5% equity stake in Vortex Engineering. Vortex is one of the leading providers of automated teller machines (ATMs), and so far has shipped 10,000+ ATMs across India, Africa and South Asia and Software products to complement ATM hardware. This acquisition will help Vakrangee achieve backward integration.
The acquisition is expected to be completed by the end of this year. Vakrangee is a leading technology company that provides a range of services, including e-commerce, financial services, and education. The company has over 100 million registered users and over 50,000 outlets across India.
Vortex is a leading provider of ATMs in India. The company has over 10,000 ATMs installed across the country. The acquisition will help Vakrangee to expand its ATM network and provide better services to its customers.
- Adani Enterprises: The company has signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore, for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by Adani Group.
The joint venture will be called Adani Kowa Clean Hydrogen. It will be headquartered in Singapore and will have a presence in India, Japan, South Korea, and other countries in the Asia Pacific region.
The joint venture will focus on the development and commercialization of green ammonia, green hydrogen and its derivatives. These products are considered to be clean energy alternatives to fossil fuels.
- SJVN: The subsidiary SJVN Green Energy has signed a power purchase agreement with Bhakra Beas Management Board for a 18 MW solar power project. The project is scheduled to be commissioned by August 2024.
The project will be located in Bilaspur district of Himachal Pradesh. It will use solar photovoltaic technology to generate electricity.
The power generated from the project will be sold to Bhakra Beas Management Board under a 25-year power purchase agreement.
- VRL Logistics: SBI Mutual Fund has bought 19.29 lakh equity shares, equivalent to 2.2% of paid-up equity through open market transactions. These shares were bought at an average price of Rs 681 per share and were worth Rs 131.36 crore. However, promoter Anand Vijay Sankeshwar sold 35 lakh shares or 4% stake at an average price of Rs 681.08 per share.
The share purchases by SBI Mutual Fund and the share sale by Anand Vijay Sankeshwar indicate that there is interest in VRL Logistics stock. However, investors should carefully evaluate the news and updates related to the company before making any investment decisions.
These are just a few of the buzzing stocks in the Indian market today. Investors should carefully evaluate the news and updates related to these stocks before making any investment decisions.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.