India’s equity benchmarks started off the week on a strong note on September 5 despite weakness in global counterparts. At close, the BSE Sensex was up 443 points at 59,246, and the Nifty50 rose 126 points to 17,666.
Mahindra and Mahindra Financial Services | CMP: Rs 215 | The stock rallied nearly 3 percent. Mahindra and Mahindra Financial Services in August recorded disbursements of approximately Rs 3,740 crore, registering a 75 percent YoY growth. The YTD disbursement at approximately Rs 17,150 crore registered a YoY growth of 104 percent, the company said in an exchange filing. The company expects an improvement in stage 2 and 3 assets during September 2022.
Reliance Power | CMP: Rs 23.3 | The stock was locked in 10 percent upper circuit after the company and its unit signed a pact with Varde Partners to raise Rs 1,200 crore in debt. The funds will be used to refinance existing debt of Reliance Power.
Reliance Industries | CMP: Rs 2,570 | The stock gained 1.55 percent after brokerage firm Morgan Stanley said that the company’s new investments could double its net profit by 2027. The brokerage firm believes RIL is entering its fourth capex cycle of this century, with an investment of $ 50 billion over the next three years in retail, telecom, petchem and green energy. The brokerage has retained its overweight rating and the price target at Rs 3,085. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
Aurionpro Solutions | CMP: Rs 328 | The stock rose half a percent after the company acquired Hello Patients Solutions Inc, a startup based in US. Hello Patients is a healthcare billing and patients’ management solution that can leverage Aurionpro’s technology for payments processing. The transaction cost $ 250,000.
Skipper | CMP: Rs 73.75 | The stock price zoomed 17 percent as the company secured fresh new order of Rs 225 crore for several domestic and international transmission and distribution projects including telecom.
KPI Green Energy | CMP: Rs 918 | The stock gained nearly 3 percent after the company said that it was setting up green hybrid capacities totaling 16.10 MW at Bhavnagar under the Gujarat hybrid power policy 2018. The hybrid power project comprises wind and solar capacity to be developed at its Bhungar in Bhavnagar’s Mahuva.
Dixon Technologies | CMP: Rs 4,205 | The stock price was up 2 percent after Dixon Technologies said it received the sub-licensing rights relating to Android and Google TV from Google. This new partnership will enable the company in offering a cost-effective, consistent, high quality and out-of-box experience to existing customers and potential new brands which will further strengthen its market leadership in the LED TV category.
Adani Ports and SEZ | CMP: Rs 851 | The stock closed flat with a negative bias. The Supreme Court allowed Adani Ports and Special Economic Zone to bid for port projects in future, though the company cannot claim rights on its bids for two port projects in Visakhapatnam on the eastern coast and Jawaharlal Nehru Port near Mumbai on western coast, Bloomberg report said. Adani’s disqualification for Visakhapatnam port project will not be used for disqualification of its future bids, the court ruled.
Yes Bank | CMP: Rs 16.65 | The stock rallied nearly 3 percent after a report said the Ritz Carlton hotel in Bengaluru, developed by NEL Holdings South Ltd (formerly Nitesh Estates), could see a change in ownership as Yes Bank plans to take over the property over non-payment of Rs 300 crore in loans.
ICICI Bank | CMP: Rs 882.5 | The share price was up over a percent after a report said the private sector lender was planning to raise up to Rs 10,000 crore through infrastructure bonds for project financing and affordable housing. Rating agency ICRA has assigned “AAA” rating to the proposed infrastructure bond offering by the lender.
