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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 33 points higher at 20,103 on thursday.

United Spirits:

The company has filed an appeal against an order passed by the Additional Commissioner of Commercial Taxes (Enforcement) in the matter of the applicability of the GST rate on royalty income for the period September 2017 to September 2021. The quantum of claims is Rs 57.8 crore.

Tata Power:

Subsidiary Tata Power Renewable Energy signed a power delivery agreement with Xpro India to develop a 3.125 MW AC group captive solar plant in Achegaon, Maharashtra.

Alkem Laboratories:

The Income Tax Department conducted a survey at some of the company's offices and subsidiaries. The drugmaker said it is fully cooperating with the officials and that there has been no impact on its operations.

Bharat Forge:

The company and its unit, Kalyani Strategic Systems, signed a pact to produce armoured vehicles in India for clients of global defence company Paramount. The partnership includes the development and production of 4x4 and 6x6 infantry combat vehicles for global customers.

Godrej Properties:

The company plans to raise Rs 1,500 crore via two NCD issues.

Bank of Maharashtra:

The lender has received total bids of Rs 760 crore for its issue of Basel III-compliant Tier 2 bonds on a private placement basis. - It has accepted a bid of Rs 515 crore, including a base issue of Rs 250 crore and a green shoe option retained up to Rs 265 crore, at a coupon rate of 7.98%.

Sona BLW Precision Forgings:

The board approved an investment of $1.6 million in one or more tranches in the form of share capital in its wholly owned subsidiary in Mexico.

Patel Engineering:

The company, in a joint venture, has been declared the lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corp. to construct a pipeline distribution network in Satara. PEL's share in the contract is Rs 99.98 crore, or 40%.

Ex-date Dividend:

Apollo Pipes, Cantabil Retail India, Indian Railway Finance Corp., Jyoti Resins & Adhesives, Multi Commodity Exchange of India, etc.

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