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Adani Enterprises, Tata Motors, NHPC, AstraZeneca, SJVN are in Focus

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Tracking positive global signals, the SGX Nifty Index was off to a solid start on Friday, as it stood at around 18,627 by 7:20 am, up more than 70 points.

Globally, US markets edged higher overnight as investors focused on the May jobs report. The Dow, S&P 500 and Nasdaq Composite climbed to 1%.

Asia-Pacific markets cheered in tandem this morning, with the Nikkei 225, S&P 200, Kospi and Hang Seng surging as much as 2%.

Adani Enterprises: The company’s wholly-owned subsidiary, Adani Road Transport, has signed agreements to acquire Gujarat Road and Infrastructure Company (56.8% owned by Macquarie Asia Infrastructure Fund) and Swarna Tollway (100% owned by Macquarie Asia Infrastructure Fund).

Tata Motors: The automaker reported that total sales in May fell 1.62% to 74,973 vehicles compared with the same month a year earlier. Total domestic sales also fell 2% year-over-year to 73,448 vehicles. Domestic passenger car sales, however, rose 6% year-on-year to 45,878 units.

NHPC: The state-owned hydropower giant has signed an agreement with Nepalese utility Vidhyut Utpadan Company to develop the 480 megawatts (MW) Phukot Karnali hydropower project. The project will use the water flow of the Karnali River to generate electricity, and the electricity generated will be fed into the integrated power system of Nepal.

AstraZeneca: The company’s cancer drug Tremelimumab Concentrate has been approved by the Central Drugs Standard Control Organization (CDSCO). Management said the approval paves the way for the launch of a 20 mg/ml solution of tremelimumab.

HCL Technologies: The IT major signed a collaboration agreement with IIT-Kharagpur in Petroleum Engineering and Geosciences. The two parties will jointly develop innovative and sustainable solutions to the oil industry’s critical challenges.

Dish TV: The two-member board of Dish TV Group has rejected a notification from major shareholders to appoint three board members they nominated, saying they made “numerical and procedural errors”.

NTPC: The company has partnered with Ohmium International (Ohmium) to manufacture proton exchange membrane (PEM) electrolysers to produce green hydrogen in India. Ohmium’s advanced green hydrogen technology will decarbonise energy, transport and ammonia projects.

SJVN: The company signed a project development agreement for Nepal’s 669 MW Lower Arun hydropower project. The company said the project would be built in five years at Rs 5,792 crore with a levelized tariff of Rs 4.99 per unit.

Lupin: Novel Laboratories Inc, a wholly-owned subsidiary of the pharmaceutical giant, has received approval from the US Food and Drug Administration (USFDA) for an abbreviated New Drug Application for diazepam rectal gel.

TVS Motor: The company hiked the price of its TVS IQube scooters by Rs 17,000 to Rs 20,000, depending on the model. The announcement comes after the government’s FAME II scheme revised subsidies for electric two-wheelers (E2W).

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