SAIL, Power Grid, Cupid
SAIL, Power Grid, Cupid Among Stocks in Focus on 28 September
Indian stock market investors are likely to monitor several companies on Monday, 28 September, as key announcements and developments come into focus. The GIFT Nifty was trading around 23,161.50, down nearly 25.20 points from the previous close, indicating a flat-to-negative opening for domestic equity markets. Caution persists due to renewed geopolitical uncertainty and a rebound in crude oil prices, which continue to influence global market sentiment.
SAIL and Bharat Coking Coal Ltd (BCCL) have signed a memorandum of understanding to jointly develop and operate two coal blocks in West Bengal. Additionally, SAIL’s board has approved raising up to ₹10,000 crore through an unsecured rupee term loan or line of credit from the State Bank of India.
Cupid’s board approved on Saturday the conversion of up to 30 lakh warrants into an equivalent number of equity shares of Baazar Style Retail Ltd, to be executed in one or more tranches.
Other notable developments include Fortis Healthcare clarifying it is not involved in the legal dispute between Daiichi Sankyo and the Singh Brothers, stating it was a "complete stranger" to the matter. The company also concluded its qualified institutional placement on 25 September, allotting 11.97 lakh shares at ₹2,088 apiece, at a discount of ₹109.10 to the floor price of ₹2,197.10.
Edelweiss Financial Services confirmed Carlyle has completed its investment of over ₹2,000 crore in Nido Home Finance Ltd and announced a development agreement for a 2.5-acre prime land parcel in Marine Lines, South Mumbai.
Rashtriya Chemicals and Fertilizers awarded a ₹797 crore purchase order (excluding taxes) to Larsen & Toubro for the revamp of its ammonia plant, awarded via lowest-tender process and scheduled for completion within 36 months.
Augment India Holdings LLC is reportedly seeking to sell 85 lakh shares, representing a 7.25% stake in Clean Max Enviro Energy Solutions, via a block deal estimated at ₹1,062.8 crore, with a floor price of ₹1,250 per share and potential discount of up to 10% to prevailing market price.
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