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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 114 points higher at 19,638 on friday.

Hero MotoCorp:

The company will increase the prices of select motorcycles and scooters by around 1% starting Oct. 3. The exact quantum of increase varies by specific models and markets.

Cipla:

The company divested a 51% stake in Saba Investment, UAE, for a consideration of $6 million. Saba and its subsidiaries, viz., Cipla Middle East Pharmaceuticals FZ LLC, UAE, and Cipla Medica Pharmaceutical and Chemical Industries, Yemen, have ceased to be subsidiaries of the company. 

Vedanta:

The conglomerate announced the demerger of businesses into six listed companies. The company will demerge businesses into aluminium, oil and gas, power, steel, and metal companies. For every share held in a company, shareholders get one share of each of the five newly listed companies. The process is expected to be completed by September 2024.

Lemon Tree Hotels:

The company signed a franchise agreement for an upcoming hotel in Somnath, Gujarat, which is expected to become operational in FY25

RVNL:

The company won a Rs 1,097 crore order for infrastructural development in Himachal Pradesh from the HP State Electricity Board.

Kirloskar Industries:

The company has acquired a 100% shareholding in Oliver Engineering for Rs 9 crore.

Kalpataru Projects International:

The company bagged power transmission and distribution orders worth Rs 552 crore in Indian and overseas markets, and buildings and factories business orders worth Rs 464 crore in India.

KPIT Technologies:

The company completed the acquisition of Future Mobility Solutions GmbH with a payment of €8.199 million for the final tranche. The company acquired a 25% shareholding in 2021 and the remaining 75% over a six-month period beginning April 1, 2023, for a total consideration of €15.9 million.

ZEE:

Wholly owned step-down subsidiary Zee UK Max is incorporated in the U.K. with an share capital of £25,000.

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