Shares of HBL Power Systems rose 3.25%. Trading volume is 5.5 times the 30-day average. The stock gained 32.5% in 2022 compared to 2.4% for Sensex.
The rise comes after the battery and power electronic products maker - HBL Power, as a lead member of a consortium along with Siemens, signed first contract with Easter Railway under Mission Raftar project, for deployment of Kavach (TCAS - Train Collision Avoidance System) over 260 kms of track and 120 locomotives, from Howrah to Pradhankhanta.
In an exchange filing, HBL Power Systems said that the contract price is Rs 286.69 crore, including taxes. HBL's work share in the contract is worth Rs 205.88 crore. The contract is to be completed in 700 days.
HBL also received purchase order from Integral Coach Factory for supply of 46 sets of Kavash, at the total price of Rs 31.66 crore in Vande Bharat trainsets that are being manufactured. The deliveries will begin in November 2022 and is scheduled to be completed by July 2023.
The company, in another consortium with Shivakriti International, was also declared the lowest bidders two other tenders in Western Central Railway and Western Railway, on the Delhi-Mumbai route. The tender in Western Central Railway is for the deployment of Kavach over 549 kilometres of track and 87 locomoticves for Rs 353.84 crore. The tender in Western railway is for deployment of Kavach over 96 kilometres of track, for a bid price of Rs 81.67 crore.
Source: Exchange filing, Bloomberg
Adani Transmission Eclipses LIC, ITC In Market Cap With 125% Rise
Shares of Suven Pharmaceuticals Ltd. traded in the green after the company's board approved a special dividend of Rs 5 per share and an interim dividend of Re 1 per share in its meeting.
The broader indices outperformed their larger peers with MidCap and SmallCap measures rising over 0.3%. Fourteen of the 19 sectoral indices compiled by BSE Ltd advanced with Industrials, Capital Goods gauges gaining over 1%.
The market breadth is skewed in the favour of bulls. About 1,920 stocks rose, 1,381 fell and 151 remained unchanged.
SAT To Decide Fate Of Tamilnad Mercantile Bank IPO Today
Adani Ports and Special Economic Zone cargo volume increased by 18% YoY to 29.3 MMT in August 2022. The average cargo run rate of April-August continues to be strong at 30.3 million tonnes.
APSEZ handled 29.3 MMT of cargo in August 2022; from the total handled cargo volume, dry bulk cargo volume grew by 44% YoY while container volume rose by 8% YoY during the period under review.
In a record 49 days, the company achieved a cargo throughput of 50 MMT (YTD cargo volume increasing from 100 MMT to 150 MMT).
In the initial five months of FY23, the Company managed 151.4 MMT of cargo, which is an 11% increase over the corresponding period last year, that benefitted from the post-COVID volume surge.
Adani Ports & Special Economic Zone is in the business of development, operations, and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi-product Special Economic Zone (SEZ) and related infrastructure contiguous to the port at Mundra.
Source: Exchange filing
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
The S&P BSE MidCap index almost mirrored its larger peers while SmallCap gauge outperformed, adding 0.7%. All the 19 sectoral indices compiled by BSE Ltd. advanced with Utilities, Power measures gaining over 1%.
The market breadth is skewed in the favour of bulls. About 1,901 stocks rose, 526 fell and 98 remained unchanged.
The yield on the 10-year bond rose 2bps to 7.24%, at the open.
Source: Bloomberg
Indian currency depreciated 8 paise to 79.64, at the open.
Source: Bloomberg
JSW Steel’s unit Inversiones Eurosh will sell its 70% stake in Santa Fe Mining to Diego Calvo for $700 million (Rs 5,577 crore).
Company says the entire amount of investments and loans made in Chile unit were fully provided for in its books.
Source: Exchange filing
Shares of food companies may move after wheat and soybean oil led crop futures lower in Chicago, even as strong dollar impacts American agriculture exports. Wheat future fell nearly 5%, while corn fell for third straight day.
In Focus: Wheat flour maker ITC, biscuit maker Britannia, grain processor Kovilpatti Lakshmi Roller Flour Mills and Adani Wilmar.
Source: Bloomberg
Shares of mining companies may move amid as base metals tumbled after China announced lockdown of Chengdu city.
Copper lost for the fifth consecutive month, longest since 2008 financial crisis, while aluminium fell nearly 3% to the lowest level since April 2021. Tin shed nearly 8%, Zinc dropped 6%.
In Focus: Hindustan Copper, Hindalco, Vedanta, Hindustan Zinc
Source: Bloomberg
Adani Enterprises/NDTV: Adani Enterprises, in response to NDTV’s promoter company RRPRs letter claiming that Income Tax Department approval is needed for deal, said that it has “no merit or basis in law or in fact.” VCPL called upon RRPR withdraw the letter and execute the conversion of warrants.
Adani Enterprises/Shree Cement: The National Stock Exchange has included Adani Enterprises Ltd. in its Nifty 50 index, while removing Shree Cement Ltd. in the semi-annual rejig.
Infosys: The company completed acquisition of Europe based consulting firm BASE life science. BASE further expands Infosys’ footprint in the Nordics region and will bring domain experts with commercial, medical, digital marketing, clinical, regulatory, and quality knowhow.
GMR Power & Urban Infrastructure: The company approved for raising of funds of up to Rs 3000 crore in one or more tranches through issue of securities including a Qualified Institutions Placement and/or Foreign Currency Convertible Bonds and/or any other securities.
Birla Corporation: The company has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon with effect from Sept. 1.
NTPC: The company is considering selling 20% stake of its clean energy unit, Bloomberg reported. Brookfield Asset Management Inc. and Canada Pension Plan Investment Board are among 13 suitors that have shown interest, the report added.
Eicher Motors: The company’s total motorcycle sales rose 53% year-on-year to 70,112 units in August.
SIS: The company has signed share purchase agreement to acquire 85% stake in Safety Direct Solutions Pty for AUD 5 million. Acquisition will make SIS Group Australia's largest Emergency Services provider.
RattanIndia Power: The company appointed Rajiv Rattan currently a non-executive Chairman, as an Executive Chairman for a period of five years with effect from Oct. 1.
GAIL India: India, Russia in talks to resume LNG Supply, Reuters Cites GAIL.
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