Trent and Bharat Electronics: The National Stock Exchange (NSE) is adding Trent and Bharat Electronics Limited (BEL) to the Nifty 50 index starting September 30. This change highlights the growing importance of these companies in the Indian stock market. Trent, known for its strong retail presence, and BEL, a leader in defense electronics, will replace Divi’s Laboratories and LTIMindtree, which are being removed from the index.
Ambuja Cement: GQG Partners has increased its stake in Ambuja Cement to 2.5% by purchasing an additional 1.1% through block deals worth ₹1,679 crore. This investment, at ₹625.5 per share, shows GQG Partners’ continued confidence in Ambuja Cement’s growth potential.
Hero MotoCorp: Hero Motors, part of the Hero Group, has filed for an Initial Public Offering (IPO) with the Securities and Exchange Board of India (SEBI). The company plans to raise up to ₹900 crore through the IPO, which is a significant step in its expansion strategy.
ONGC: Oil and Natural Gas Corporation (ONGC) has started production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset. Additionally, ONGC has successfully set up a gas export line linking the offshore site to an onshore terminal, boosting its operational capabilities.
Transport Corporation of India: The board of Transport Corporation of India has approved a buyback of up to 13.33 lakh shares at ₹1,200 per share, a 4.5% premium over the previous Friday’s closing price. The buyback will occur with a record date of September 4, reflecting the company’s dedication to returning value to shareholders.
Alembic Pharma: Alembic Pharmaceuticals has received approval from the US Food and Drug Administration (US FDA) for its generic version of Betamethasone Valerate foam, 0.12%. This product will be used to treat scalp skin conditions and offers a new option for patients in the US market.
KEC International: KEC International has secured orders worth ₹1,079 crore across its transmission and distribution (T&D) and cables businesses. These new contracts include projects from a private developer in India and transmission line orders in Saudi Arabia, Oman, and the UAE. With this, the company’s year-to-date order intake exceeds ₹8,700 crore, demonstrating strong business momentum.
IDFC First Bank: IDFC First Bank has received an income tax refund of ₹202.55 crore for the Assessment Year 2023-24. The refund includes ₹189.25 crore in taxes and ₹13.30 crore in interest, boosting the bank’s financial position.
Ashoka Buildcon: Ashoka Buildcon has been named the lowest bidder for a ₹478 crore project by the Mumbai Metropolitan Region Development Authority (MMRDA). The project involves designing and constructing an elevated road that will connect key areas, including the Kalyan-Murbad Road and Pune Link Road, and includes a crossing over the Karjat-Kasara railway line. This win strengthens Ashoka Buildcon’s role in infrastructure development.
Piramal Enterprises: Piramal Capital and Housing Finance, a subsidiary of Piramal Enterprises, has partnered with Central Bank of India to expand its co-lending operations. This partnership aims to improve financial inclusion by providing credit to middle and low-income borrowers in rural and semi-urban areas.
Jio Financial Services: Jio Financial Services has received approval from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment limits to 49% of its total equity. This move is expected to attract significant foreign investment, enhancing the company’s financial flexibility and growth prospects.
FDC: FDC Limited announced that its Baddi manufacturing facility passed a US FDA inspection without any observations or Form 483s, indicating full compliance with regulatory standards. This clean inspection highlights FDC’s commitment to maintaining high-quality manufacturing practices.
Dr. Reddy’s Laboratories: Dr. Reddy’s Laboratories reported that the US FDA completed a Pre-Approval Inspection at its Srikakulam facility, resulting in a Form 483 with three observations. The company has pledged to address these observations within the required timeline to ensure compliance with regulatory requirements.
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