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Market Updates

The Markets are expected to open marginally higher today as trend in SGX nifty indicate a positive start for the broader index after Nifty closed 207 points lower at 19,526 on wednesday.

Vedanta:

Twin Star Holdings is likely to sell 4.3% stake via a block trade, seeking at least Rs 4,136 crore. The shareholder may sell 16 crore shares at floor price of Rs 258.5 apiece, representing a discount of 5% on Wednesday's closing price.

UltraTech Cement:

The company will acquire a 26% stake in VEH Radiant Energy for Rs 15.10 crore. It has signed share subscription and shareholders agreement as well as energy offtake agreement with VEH Radiant Energy

JSW Steel:

The company signed a joint-venture deal with Japan's JFE Steel to produce cold-rolled grain oriented silicon steel. The project cost is Rs 5,500 crore and will be financed by a mix of equity and debt.

Sheela Foam:

The board approved raising up to Rs 1,200 crore via Qualified Institutional Placement. It also approved raising Rs 600 crore via private placement of non-convertible debentures.

Hindalco Industries:

The company has won the bid to mine the Meenakshi West coal mine in Odisha.

NTPC

The company's subsidiary NTPC Mining has won the bid to mine the North Dhadu coal mine in Jharkhand.

Mining companies:

Both houses of Parliament have cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023 which opens up deep-seated minerals like lithium mining to private players.

Gujarat Gas:

The company will buy 7.87% stake in GSPC LNG for Rs 100 crore.

Result Update Q1FY24:

Titan Company Q1 FY24 consolidated revenue were up 26% at Rs 11,897 crore Vs Rs 9,443 crore YoY. Net profit was down 4% Rs 753 crore Vs Rs 785 crore last year. Ebitda was down 6% at Rs 1125 crore Vs Rs 1196 crore. Margins stood at 9.5% Vs 12.7 % last year.

Earnings Today:

Adani Enterprises, Adani Power, Bharti Airtel, Bannari Amman Sugar, Dabur India, Cummins India, Deepak Nitrite, DCX Systems, Kansai Nerolac Paints, Blue Star, Clean Science & Technology, AAVAS Financiers, Akzo Nobel India, Great Eastern Shipping Company, etc.

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