Bears had kept tight control over Dalal Street for a third consecutive session on September 16, pulling the benchmark indices down by nearly 2 per cent as expectations of aggressive policy tightening by the US Federal Reserve in upcoming policy meetings to tame inflation, rising US dollar & bond yields, FII selling and correction in IT stocks weighed down the market.
The BSE Sensex fell nearly 1,100 points to 58,841, while the Nifty50 plunged nearly 350 points to 17,531.
Transport & Logistics
Prime Minister Narendra Modi on Saturday launched the National Logistics Policy with an aim to promote seamless movement of goods and enhancing the competitiveness of the industry. The PM stressed on reduction in logistics cost as a crucial variable.
ACC, Ambuja Cements
Shares of cement firms are likely to be in focus on hopes of further consolidation in the industry. Meanwhile, soon after closure of the $6.4 billion transaction to buy Swiss major Holcim’s stake in Ambuja Cements by the Adani group, the boards of Ambuja Cements and its subsidiary, ACC, were reconstituted on Friday.
Gautam Adani took over as chairman of Ambuja Cements’ board. while his elder son Karan was appointed chairman and non-executive director at ACC. Karan will also be a non-executive director at Ambuja Cements. The Adani group plans to infuse Rs 20,000 crore more in Ambuja Cements.
The company has withdrawn its proposed delisting offer as it failed to receive an in-principle approval from the exchanges. The company had submitted the proposal in January 2021.
The domestic oil producer wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices.
Last week, the government has slashed windfall tax on domestically produced crude oil to Rs 10,500 per tone, and export duty on diesel was brought down to Rs 10 a litre. Initially on July 01, the government had introduced a windfall tax of Rs 23,250 per tone on domestic crude production.
The auto component maker expects its turnover to touch Rs 3,000 crore by 2025. The $1.3-billion group will be investing around Rs 7,000 crore on lithium-ion, while continuing its focus on traditional lead acid batteries.
MD and CEO Bimal Dayal has submitted his resignation. In the interim, COO Tejinder Kalra and CFO Vikas Poddar will be jointly responsible for the functioning of the company.
The company’s Rs 250 crore share buyback offer shall start on September 27 and end on October 11. The buyback price is fixed at Rs 400 per share.
The company’s board is scheduled to meet on September 21 to consider a proposal for raising funds by way of issuance of non-convertible debentures on private placement basis.
Bharat Wire Ropes
The company’s board will meet on September 23 to consider a proposal for raising funds by way of preferential allotment.
The company informed BSE, that the Supreme Court has dismissed SEBI’s petition for review of its earlier judgement dated April 19, 2022 in the matter of insider trading in the stock.
The food-delivery aggregator unveiled a new Healthy section with filters such as High Protein, Low Calorie, Low Carbs, Low Fat, High Fibre, etc in a bid to offer customers more healthy food options in 10 cities.
The country’s largest two-wheeler maker is all set to foray into the electric segment next month with the launch of its first model in the domestic market under its Vida brand on October 7, 2022.
The company’s board has approved stock-split in the ratio of 1:5.
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