IGI Logo

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 133 points higher at 19,322 on monday

IDFC, IDFC First Bank:

IDFC is set to merge with IDFC First Bank. Shareholders will receive 155 IDFC First Bank shares for every 100 IDFC shares held. Due to the merger, the standalone book value per share of the bank would increase by 4.9%, as calculated on March 31 financials. The merger stands in the favour of the IDFC shareholders by over 16% as per the last closing price of both the companies.

Adani Transmission:

The company’s unit TI Clean Mobility signed an agreement with Jayem Automotives' promoter Anand Jayachandran to foray into electric small commercial vehicle business. TI Clean Mobility will invest Rs. 160 crore and Anand Jayachandran will invest Rs. 40 crores in the form of equity in a subsidiary under the former.

Tube Investments:

The company’s unit TI Clean Mobility signed an agreement with Jayem Automotives' promoter Anand Jayachandran to foray into electric small commercial vehicle business. TI Clean Mobility will invest Rs. 160 crore and Anand Jayachandran will invest Rs. 40 crores in the form of equity in a subsidiary under the former.

Hindustan Zinc:

Mined metal production in Q1 rose 2% year-on-year to 257 kilo tonnes. Saleable steel production remained unchanged at 260 kilo tonnes. Wind power generation was down 13% year-on-year to 130 million units.

Vedanta:

Total aluminium production in Q1 of fiscal 2024 rose 2% year-on-year to 579 kilo tonnes. Mined metal output gained 2% from last year to its highest-ever 257 kilo tonnes.

Genus Power Infrastructures:

The company won an order worth Rs 2,207.53 crore for installation and commissioning of 27.69 lakhs smart prepaid meters.

Avenue Supermarts:

Standalone revenue from operations for the quarter ended June 30, 2023 rose 18% year-on-year to Rs 11,584.44 crore. The total number of stores as of June 30 stood at 327.

Torrent Power:

The company is implementing Green Hydrogen Pilot Project to blend in CGD. The Gorakhpur based project will be completed in eight months. It will mix 2.5% in the CGD network.

Oil India:

The company revised project capital cost of Numaligarh Refinery to Rs 7,231 crore from Rs 6,555 crore.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at http://www.aretesecurities.com/
SEBI Regn. No.: INM000012740

Above views are of the author and not of the website kindly read disclaimer