Power Grid, HDFC, Mahanagar Gas, Naukri, IEX, Zydus Life are in Focus

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Equity benchmarks will likely open Monday with nominal gains as their global peers move forward. As the SGX Nifty is quoted at 17,700, the Nifty could open around 50 points higher.

Wall Street closed strongly higher on Friday. The Dow, Nasdaq Composite and S&P 500 closed 1-2% higher.

Reliance Industries: RIL, US-based First Solar and Shirdi Sai have bid for a total of 15.4 gigawatts (Gw) of end-to-end polysilicon wafer module (PWCM) fabrication under the second tranche of the Solar Production Linked Incentive (PLI) scheme.

Power Grid: The electricity transmission utility has been announced as the winning bid to build an interstate transmission system for two projects in Chhattisgarh on a Build, Own, Operate and Transfer (BOOT) basis. The company received expressions of interest for both projects on March 2.

Zydus Lifesciences: The company has received final approval from the USFDA to market vigabatrin as a 500 mg oral solution USP.

HFDC: The National Company Law Tribunal (NCLT) has approved the merger of HDFC Property Ventures and HDFC Venture Capital with HDFC’s subsidiary HDFC Capital Advisors.

Indian Energy Exchange: Total volume in February was 8,200 MU. Real-time market volumes increased 10% year-over-year to 1,714 MU.

Mahanagar Gas: The company has agreed to acquire Unison Enviro, a subsidiary of Ashoka Buildcon, for Rs 531 crore.

Kansai Nerolac: The company has approved the acquisition of Nerofix’s shares (40% of the total shareholding) from Polygel. Upon completing the above share acquisition, Nerofix Private Limited will become a wholly-owned subsidiary of Kansai Nerolac Paints.

Info Edge: The company’s subsidiary Redstart Labs will invest around Rs 5.2 crore in Sploot. Sploot provides pet parents with products and services related to pet health, behaviour and nutrition through content and app-based assistance.

Force Motors: The company has announced that it will produce 2,259 vehicles in February 2023, down 6.4% from 2,413 in January. Domestic sales rose 9% month-on-month to 2,236 units, but exports fell 45% to 221 units during the same period.

Easy Trip Planners: The company signed an MoU with the state government of Andhra Pradesh to promote tourism in the state.

Linde India: The company has invested Rs 7.69 crore in FPEL Surya Private Limited for a 26% stake. The equity acquisition aims to purchase renewable energy under a captive mechanism, resulting in lower electricity prices and cost savings.

Hindustan Aeronautics: The company has received an Income Tax Refund Order from the Office of Joint Commissioner of IT for assessment 2012-13 under the direction of ITAT, Bangalore. ITAT allowed Rs 725.98 crore R&D expenditure as capital expenditure, resulting in a refund of Rs 570.05 crore. The refund includes an interest of Rs 163.68 crore.

Elgi Equipments: The company has established a wholly-owned subsidiary in Vietnam under the name of “Elgi Compressors Vietnam LLC” and obtained a certificate of enterprise registration dated March 1, 2023, on March 3, 2023.

Satin Creditcare Network: The company completed the merger of wholly-owned subsidiaries in MSME and Business Correspondent Services. The Business Correspondent subsidiary Taraashna Financial Services Limited merged with MSME subsidiary Satin Finserv.

Gyscoal Alloys: A board meeting will be held on March 9 to approve the preferential issue of stock and warrants.

Orchid Pharma: The company and its subsidiary Orchid Bio Pharma have entered into a Memorandum of Understanding (MoU) with an overseas technology provider to license the 7ACA technology. In July 2022, Orchid-Bio Pharma received approval under the Production Linked Incentive (PLI) scheme to produce the “7 ACA” product.

PNC Infratech: The company has been awarded an ‘Interim Certificate’ by the Independent Engineers (SA Infrastructure Consultants) for the National Highways Project of the National Highways Authority of India, which is being implemented by its subsidiary PNC Triveni Sangam Highways. The designated date for the project is January 12, 2019, with a planned construction period of 910 days and an operational period of 15 years after completion.

ITC: The company incorporated a new wholly-owned subsidiary named “ITC Fibre Innovations Limited” on March 3, 2023. The company’s initial subscription share capital is 100,000 shares.

Bajaj Electricals: The company has secured an order worth Rs 564.87 crore for supplying goods and services to South Bihar Power Distribution Company.

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