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Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty closed 83 points higher at 19,393 on monday.

Union Bank of India:

The board approved to raise up to Rs 5,000 crore from Qualified Institutions Placement. It set the floor price at Rs 91.10 apiece for the issue opened on Aug. 21.

Sanghi Industries:

Ambuja Cements has made an open offer to acquire a 26% stake for Rs 767.16 crore. The offer opens on Sept. 29 and closes on Oct. 13.

Adani Power:

The company has targeted a total capacity of 21,110 MW by FY29. This includes proposed inorganic capacity at 1,100 MW, brownfield capacity of 3,200 MW, core existing capacity of 15,210 MW and committed brownfield capacity of 1,600 MW. It sees the net senior debt at Rs 26,690 crore in FY24 vs Rs 24,350 crore in FY23.

Welspun Enterprises:

The company acquired 50.10% stake in Michigan Engineers from Authum Investment & Infrastructure and Sansaar Housing Finance for Rs 137.07 crore. Post acquisition, Michigan becomes a subsidiary.

Lemon Tree Hotels:

The hotel chain has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar is expected to be operational by Q4FY25, and the hotel in Kasauli is expected to be operational by Q3FY26.

Tata Power:

The company's arm Tata Power Renewable Energy signed a power purchase pact with Tata Motors for 9 MWp on campus solar plant at Pantnagar in Uttarakhand. The project will be commissioned within six months.

Adani Enterprises:

Founder firm Kempas Trade and Investment bought 2.53 crore shares (2.22%). The purchase was made from open market between Aug. 7 to Aug. 18. The company has also incorporated a wholly-owned subsidiary Sirius Digitech International to provide digital solutions and services.

Brigade Enterprises:

The south-based real estate developer has entered into a sale deed for acquiring 6.54 acres of land parcel in Chennai in which a residential project will be developed.

Ex-date Dividend

Karnataka Bank, Subro, Panama Petrochem, NHPC, ICICI Securities.

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