Tata Power, NHPC, Zydus Life, Bharat Forge, Ramco Systems are in Focus

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Domestic markets may have gapped on Friday after global sentiment improved after Fed officials signalled a measured rate hike. The SGX Nifty was up more than 100 points at 17,460 at 7:30 am.

US markets rallied in relief worldwide after Federal Reserve Chairman Rafael Bostic in Atlanta said he favoured a quarter-point rate hike. The Dow, Nasdaq Composite and S&P 500 rose 1% overnight.

Tata Power: The company has partnered with Enel Group to drive the digitisation and automation of its distribution network in India. The collaborative initiative will virtualise grid functions, enabling network protection and control, automation, real-time fault detection and service restoration.

Adani Green Energy: The company said 700 megawatts (MW) of mixed green energy projects were operational, bringing the total renewable energy portfolio to 8,024 MW. The project is the fourth wind-solar hybrid power plant in Jaisalmer, Rajasthan.

NHPC: The state-run hydropower giant paid the government an interim dividend of Rs 997.75 crore for 2022-23. As the company has more than 800,000 shareholders, the total dividend payment for the current financial year was Rs 1,406.3 crore (including Rs 356.34 crore paid to the government earlier).

Indiabulls Housing Finance: The company announced the sale of Rs 900 crore debt through a public offering of secured, redeemable, non-convertible bonds. The public offering will begin on Friday, March 3 and end on March 17. The base size of the issue is Rs 100 crore, with an additional green shoe option of Rs 800 crore.

Ramco Systems: The company collaborated with Etihad Aviation Engineering to implement V5.9 of its Aviation Suite. The project was officially announced at MRO Middle East 2023 at Dubai’s Dubai World Trade Centre.

Zydus Lifesciences: The company received final approval from the US Food and Drug Administration (USFDA) for acyclovir cream to treat cold sores on the face or lips. The product will be launched in the US market shortly. The drug will be manufactured at the group’s topical manufacturing facility in Changodar, Ahmedabad.

Bharat Forge: BF Infrastructure, a wholly-owned subsidiary of the company, acquired a 51% stake in Ferrovia Transrail Solutions from PNC Infratech. Subsequently, Ferrovia became a wholly-owned subsidiary of BFIL, becoming a downgraded company subsidiary.

Bajaj Hindusthan Sugar: CARE Ratings reaffirmed the company’s credit rating on short-term and long-term loans at Rs 5,395.08 crore.

Dreamfolks Services: The company acquired Vidsur Golf, an Indian golf franchise provider. Management said the acquisition would leverage Vidsur Golf’s expertise and exclusive access to the region’s best golf courses and clubs.

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