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Market Updates

The Markets are expected to open higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 126 points higher at 18,817 on tuesday.

ITC

The company acquired 857 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh at a consideration of Rs 11.54 crore. ITC now holds 26.50% of Mother Sparsh’s share capital.

The Ramco Cements:

The company has commissioned Line III clinker manufacturing facility at its Ramamasamy Raja Nagar plant.

Hindustan Aeronautics:

The company recommended a stock split of existing one equity share of face value of Rs 10 each fully paid up into two equity shares of Rs 5 each fully paid up. It also recommended a final dividend of Rs 15 per equity share for the fiscal 2022-23.

Macrotech Developers:

Morgan Stanley slashed the company’s price target to Rs 572.50 from Rs 1,145 previously citing that the company has issued bonus shares resulting in a doubling of the share count.

Titagarh Wagons:

The company has received letter of acceptance from Gujarat Metro Rail Corporation to design, manufacture, supply, test, commission and train 72 standard gauge cars for Surat Metro Rail. The order is worth Rs 857 crore and the execution will start 76 weeks after the contract is signed. The project is scheduled to be completed within 132 weeks after the execution starts.

Gland Pharma:

U.S. Food and Drug Administration issued one observation listed under Form 483 after it inspected the company’s Pashamylaram facility at Hyderabad between June 15, 2023 and June 27, 2023. It had conducted a pre-approval inspection for seven products and good manufacturing practice inspection at this facility. The observation is procedural in nature and the company will submit preventive actions for this to the U.S. FDA.

Infosys:

The software exporter has signed a memorandum of understanding with Skillsoft to foster digital learning. Infosys will offer learners free of cost access to Skillsoft’s learning content through Infosys Springboard platform.

Housing Development Finance Corp.:

Reserve Bank of India, through a letter on Tuesday, removed restrictions on HDFC Credila from on-boarding customers. The relaxation is subject to HDFC Bank applies for change in shareholding of HDFC Credila by July 31.

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