Sensex, Nifty Rise In Pre-Open; L&T, BEL, BEML, Linde India, IndoStar Finance In Focus


Bharat Electronics: The company received new defence and non-defence orders worth Rs 3,289 crore during July and August. It includes a Rs 1,075 crore order from Hindustan Shipyards for the supply of CMS, communication systems, electronic warfare systems, and other sensors for fleet support ships.

Linde India: The company received a letter of acceptance from SAIL for the installation of a 1,000-tonne-per-day cryogenic oxygen plant at Rourkela to construct, operate, and maintain the plant for a period of 20 years.

BEML: The company bagged an export order worth $19.71 million from Russia-based KAMSS for its Dozer BD355. The contract will be executed in different phases starting this month.

IndoStar Finance Capital: The company has sold part of its legacy corporate loan book to Phoenix ARC, which consists of certain accounts tagged in Stage 2, aggregating to outstanding dues of Rs 915 crore. Phoenix ARC will set up a trust to monitor the progress of real estate projects and will also consider funding certain amounts towards financing the completion of these projects. Post-sale, retail lending in AUM increased to 95% from 85%.

L&T: The company has received shareholder approval for a proposal to buy back shares of up to Rs 10,000 crore.

Garden Reach Shipbuilders & Engineers: An MoU was signed with Dempo group to launch a collaboration model to build commercial vessels in the three premier shipyards of Dempo in Goa and Bhavnagar, Gujarat.

India Grid Trust: The company completed the acquisition of 100% of the units in Virescent Renewable Energy Trust for Rs 4,000 crore. The acquisition adds 16 operating solar projects held by 15 SPVs with a capacity of 538 MWp.

NMDC Steel: The company’s Nagarnar steel plant achieved the feat of producing hot-rolled coil in nine days from hot metal. The plant has a capacity of three million tonnes.

Karur Vysya Bank: The bank inaugurated 10 new branches, increasing its branch network to 822. The ATM network of the bank will increase to 1,640 and cash recyclers to 611.

HDFC Bank: Reappointed Sanmoy Chakrabarti as chief risk officer for five years, with effect from Dec. 14, 2023.

Crompton Greaves Consumer Electricals: The company has launched its mass premium induction products, HighSpeed Java and HighSpeed TORO, for the domestic market.

Somany Ceramics: The company will invest Rs 33 crore in its subsidiary Sudha Somany Ceramics and divest its entire 51% stake in Somany Fine Vitrified.

Waaree Renewable Technologies: Chief Financial Officer Hitesh Pranjivan Mehta has resigned and will continue to be an executive director. The board has nominated Dilip Panjwani as CFO.

NDTV: The news broadcaster will launch its new regional channel, NDTV Rajasthan, on Sept. 5.

Vishnu Prakash R Punglia: The IPO was subscribed to 10.63 times on its second day. The bids were led by non-institutional investors, who subscribed 19.39 times; followed by retail individual investors, who subscribed 12.88 times; portions reserved for employees, who subscribed 5.69 times; and institutional investors, who subscribed 0.35 times, or 35%. The IPO was subscribed to 3.77 times on day one.

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