M&M Financial Gains More Than 3%In August 2022, M&M Financial Services 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 improvement in Stage 2 and Stage 3 assets during September 2022.
Volatility Remains At Elevated Levels
The volatility index India VIX remained at elevated levels, trading higher by 1.12 percent to 19.77 levels. Unless and until it falls and stabilise below 15 levels, the market stability is unlikely, experts said.
Reliance Power Locked in Upper CircuitReliance Power share price has locked in 5 percent upper circuit at Rs 23.30 after fund raising.Reliance Power and its subsidiary entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of upto around Rs 1,200 crore ($150 million) for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by the company.The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals, the company says in its BSE filing.
Gensol Engineering In Focus
Gensol Engineering in its regulatory filing said it has accomplished major milestone in the design & engineering of its electric vehicle (EVs), as part of its Advanced Product Quality Planning (APQP) process, which is a structured process that includes critical tasks from concept approval through production.
The company is fully geared to start production as per expected timeline in January 2023.
Tamilnad Mercantile Bank IPO Subscription
The initial public offering (IPO) of Tamilnad Mercantile Bank was off to a good start on September 5, with all categories of investors putting in bids on the opening day.
The public issue was subscribed 29 percent by noon, getting bids for 25.18 lakh equity shares against an offer size of 87.12 lakh shares data available with exchanges showed.
The issue size was reduced to 87.12 lakh equity shares from 1.58 crore after the closing of the anchor book on September 2. The company raised Rs 363.5 crore through the anchor book.
Retail investors bought 64 percent shares of the portion set aside for them, while qualified institutional investors put in bids for 30 percent of shares reserved for them. The reserved portion of non-institutional investors was subscribed 3 percent.
Top 10 trading ideas by experts for next 3-4 weeks as markets likely to remain choppy
The Nifty50 is expected to trade within the range of 17,300-17,800 in the short term, and if it decisively gives a close above the upper band of the said range, then there could be a move towards the…
#JustIn | Tata Motors launches new tippers, trucks, CNG-trucks. New trucks to be more fuel efficient#Tatamotors #TaMo #Trucks pic.twitter.com/seS0SlvBjg
— CNBC-TV18 (@CNBCTV18Live) September 5, 2022
KPI Green Energy Gains Over 3%The company is setting up green hybrid capacities totalling 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 site in Mahuva at Bhavnagar, Gujarat, the company said in a regulatory filing.
Dixon Gets sub license rights relating to Android & Google TV from GoogleDixon Technologies (India) is the largest manufacturer of LED TV’s in India with an annual capacity of 6 million & is the first contract manufacturer in India to get the sub licensing rights relating to Android & Google TV. This new partnership will enable the company in offering a cost effective, consistent, high quality & out of box experience to existing customers & potential new brands which will further strengthen the company’s market leadership in the LED TV category, says Dixon Technologies in its BSE filing.
Sectoral Performance
Market Update:
The market traded strong on the first day of the week and after a consolidation in previous week. The Nifty50 rose 122 points to 17,661, and the BSE Sensex jumped 440 points to 59,242.
The Nifty Bank also aided rally, rising 382 points to 39,802.
Hindustan Aeronautics Bags Contract
“A formal Contract for Rs 860 crore will be exchanged between NSIL and Hindustan Aeronautics-led consortium with L&T during the Inaugural Session of the 7th Bengaluru Space Expo 2022 at BIEC, Bengaluru,” the company says in its BSE filing.
