India’s domestic stock market ended the last trading session with a decline. The Sensex fell 221 points to close at 66,009, while the Nifty fell 68 points to settle at 19,674.
In recent corporate news, Sterling and Wilson Renewable Energy announced that their board of directors will meet on September 27, 2023 to discuss raising funds through non-convertible debt or equity securities. Fund raising could be through a private placement, a placement with qualified institutions or a rights issue.
Delta Corp Ltd, a gaming and casino company, is under surveillance after receiving tax notices amounting to Rs 16,822 crore (Rs 1 crore = US$ 120,316) from the Directorate General of GST Intelligence. The tax claim covers the period from July 2017 to March 2022. The company announced this information to the stock exchanges on Friday.
State Bank of India (SBI), the country’s largest lender, recently raised Rs 10,000 crore through its fourth infrastructure bond issue at a coupon rate of 7.49 per cent. The issue attracted bids of Rs 21,045.10 crore and was oversubscribed by more than five times compared to the base issue size of Rs 4,000 crore.
JSW Steel has terminated its joint venture with NSHL to set up scrap crushing plants in India. At the same time, JSW Steel entered into a securities purchase agreement with NSHL to acquire NSHL’s 50 percent stake in NSL Green Recycling Ltd. to acquire. The stock closed 0.48% lower at Rs 774.30 ($1 = Rs 83.1) on Friday.
Shree Renuka Sugars received board approval to acquire Anamika Sugar Mills for Rs 235.5 crore to establish a presence in Uttar Pradesh. Additionally, the company will invest up to Rs 110 crore in Anamika through shares to buy back 100% of the outstanding cumulative redeemable preference shares issued by Anamika in favor of SICPA India. Shree Renuka Sugars also plans to raise up to Rs 285 crore through non-convertible debentures on private placement basis.
IRCON International signed a contract with Sri Lanka Railways on September 21, 2023 for the procurement of design, installation testing, commissioning and certification of the Signaling and Telecommunications System from Maho Junction to Anuradhapura. The contract, worth $14.89 million or about Rs 122 crore, is expected to be completed within two years.
Lemon Tree Hotels expanded its presence in Himachal Pradesh with the launch of its third franchise hotel – Lemon Tree Hotel, Mcleodganj.
Finally, SJVN, a state-owned hydropower producer, received in-principle approval from its board members to monetize partial revenues from Nathpa Jhakri Hydropower Plant by securitizing its future return on equity.
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Source : www.investing.com