25 Aug , 2022 By : Monika Singh
Indian share market may open higher on Thursday. Ahead of the monthly futures & options (F&O) expiry session, SGX Nifty was up with gains, suggesting a flat to positive start for frontline indices BSE Sensex and NSE Nifty 50. In the previous session, domestic equities witnessed a volatile trading session but managed to end the day with marginal gains. “Nifty consolidated for the second consecutive day wherein the declines are getting bought. Amidst fragile global sentiments, FII buying is providing support to the market though investors are staying on sideline ahead of monthly F&O expiry on Thursday and are cautiously awaiting the outcome of Jackson Hole symposium meeting and US GDP data, due later this week,”
NHPC: NHPC’s subsidiary NHPC Renewable Energy (NHPC REL) and government of Rajasthan have signed a memorandum of understanding for the development of a ultra mega renewable energy power park in Rajasthan. The main objective is to set up 10 GW ultra mega renewable energy power parks and renewable energy projects will be developed either in EPC (engineering, procurement and construction) or developer mode by NHPC REL.
Wipro: The IT services provider has appointed Wagner Jesus as the Country Head and Managing Director for operations in Brazil. Wagner Jesus joined Wipro three years prior, taking the lead of the non-financial business cluster. “During his tenure, he has played a pivotal role in both local and global accounts and has successfully established relationships within the region. He has acted as a catalyst for significant change within the company and is an influential leader spearheading the company’s most recent acquisitions while driving growth in Brazil,” the company said in a release.
Tata Power: An arm of Tata Groups utility player has raised $320 million through Sustainability Linked Loans (SLL) to refinance its debt. The SLLs are typically available up to 0.25% cheaper than the conventional loans. The loan raised by Tata Power’s overseas arm is a three-year tenor loan meant for general corporate purposes. The company has committed to certain Key Performance Indicators (KPI) in order to get the loan recognised as SLL.
Maruti Suzuki: Maruti Suzuki India on Wednesday said it is recalling 166 Dzire Tour S units to replace faulty airbag components. The affected lot of the compact sedan has been manufactured between August 6 and August 16 this year, the country’s largest carmaker said in a regulatory filing. “The recall is being undertaken to replace Airbag Control Unit, free of cost, in these vehicles,” it added.
TVS Motor: TVS Motor Company has announced investment in Narain Karthikeyan’s start-up “DriveX” (NKars Mobility Millennial Solutions), a pre-owned two-wheeler platform. The company, in a statement, said that it sees a strong potential in the pre-owned two-wheeler market, which is witnessing a structural shift from the unorganised to the organised sector. NMMS operates a digital platform ‘DriveX’ which provides two-wheelers to customers on a subscription model for a flexible tenure and on a purchase model, along with certain ancillary services.
Vedanta: Vedanta will go ahead with its proposed $2-billion capex plan lined up for various businesses, including aluminium, oil & gas and zinc, for the current fiscal even as the metals and mineral prices considerably dipped as a fall-out of Russia’s Ukraine invasion and demand slowdown in China. International base metal rates have plunged up to 32?tween March and July, as mounting concerns over a demand slowdown in Covid-hit China put a lid on the commodity prices that had seen a spike immediately after the Ukraine war in late February.
IDFC: IDFC Ltd on Wednesday announced that its board of directors has approved the appointment of Mahendra N Shah as the managing director (MD) of the company with effect from October 1, 2022. Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of IDFC Limited at its meeting held today has inter alia considered and approved the appointment of Mahendra N Shah as Managing Director-Designate of the Company with immediate effect, the company said in a regulatory filing.
Lupin: The global pharma major on Wednesday announced that it has received approval from the United States Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA), Formoterol Fumarate Inhalation Solution, 20 mcg/2 mL per Unit-Dose Vial, to market a generic equivalent of Perforomist Inhalation Solution, 20 mcg/2 mL, of Mylan Specialty, L.P. According to a press statement, Formoterol Fumarate Inhalation Solution (RLD Perforomist) had estimated annual sales of USD 282 million in the U.S. (IQVIA MAT June 2022).
Bandhan Bank: Bandhan Bank will open 551 more branches in the 2022-23 fiscal, as a part of the lender’s focus to make its distribution stronger in other parts of India outside the eastern region, MD & CEO Chandra Sekhar Ghosh said. With the latest addition, the Kolkata-headquartered bank’s branch count will exceed 6,000, he said. “India is a huge country and just one Bandhan Bank of the scale at which we are right now is not enough. So, we have to scale up even further and even faster.
Barbeque-Nation Hospitality: Credit rating agency ICRA has upgraded the credit rating for the bank facilities of Rs 15.50 crore of the specialty restaurants chain to A (Stable) and for Rs 5 crore bank facilities, the rating has been upgraded to A2 .