Share Market News

L G Balakrishnan & Bros has announced plans to invest ₹40 crore in expanding the capacity of its Oragadam factory. This expansion project aims to increase the company's production capabilities, potentially boosting its market presence and operational efficiency.

Jammu and Kashmir Bank has introduced a virtual ATM (vATM) service in partnership with Paymart India Pvt Ltd. The vATM platform aims to enhance financial access in areas lacking traditional ATMs or banking channels. Customers can withdraw cash through enrolled merchants using digital tokens generated via the bank's mobile app mPay Delight+.

NTPC Green Energy's ₹10,000-crore initial public offering closed with a 2.42 times subscription. The IPO, priced between ₹102-108 per share, received bids for 143.37 crore shares against 59.32 crore shares on offer. The retail investors' portion was subscribed 3.44 times. The company reserved ₹200 crore worth of shares for employees and ₹1,000 crore for NTPC shareholders, with employees receiving a ₹5 per share discount.

NTPC Green Energy's ₹10,000-crore IPO closed with a 2.42 times subscription on its final day. The offering, priced between ₹102-108 per share, received bids for 143.37 crore shares against 59.32 crore shares available. The retail investors' portion was notably oversubscribed at 3.44 times. The company reserved ₹200 crore worth of shares for employees and ₹1,000 crore for NTPC shareholders, with employees eligible for a ₹5 per share discount.

IndiGo introduces 'Student Special' fare for domestic flights, offering up to 6% discount on base fares, zero charges on flight modifications, and an extra 10 kg baggage allowance. Available for students above 12 years with valid ID, bookable through IndiGo's website or app.

Vodafone Idea is rapidly losing subscribers, down to 205 million in Q2 FY25. The company faces high AGR dues of Rs 70,300 crore against Rs 13,620 crore cash balance. Management relies on government converting statutory dues to equity. Capex lags behind competitors. Investors have lost 78% in six months.

C2C Advanced Systems' SME-IPO on NSE-Emerge received robust investor interest on its first day. The IPO, priced at ₹214-226 per share, aims to raise ₹99.07 crore through a fresh issue of 43.84 lakh shares. The retail portion was subscribed 41.48 times, HNI portion 26.37 times, and QIB portion 0.53 times. Overall, the issue was oversubscribed 24.7 times on day one. The company previously raised ₹28.23 crore from anchor investors.

C2C Advanced Systems' SME-IPO on NSE-Emerge received robust investor interest on its first day. The IPO, priced at ₹214-226 per share, was oversubscribed 24.7 times overall. The retail portion was subscribed 41.48 times, HNI portion 26.37 times, and QIB portion 0.53 times. The company aims to raise ₹99.07 crore through a fresh issue of 43.84 lakh shares. Prior to the public offering, C2C Advanced Systems raised ₹28.23 crore from anchor investors.

H.G. Infra Engineering has been awarded a significant contract by NTPC Vidyut Vyapar Nigam for the procurement of 500 MW/1000 MWh standalone Battery Energy Storage Systems in India. The contract is valued at a tariff rate of ₹238,000 per MW per month, with a project completion timeline of 1.5 years.

SEBI has approved Subhasis Chaudhuri as the new chairman of BSE's governing board, effective November 22, 2024. The appointment was initially approved by BSE's board on November 12, 2024, pending SEBI's consent.

H, an agentic AI company, has released Runner H 0.1 beta, a cloud-based web agent capable of automating complex workflows. Runner H can perform tasks like robotic process automation, quality assurance, and business process outsourcing, integrating with enterprise systems and offering a virtual team for entrepreneurs.

Sebi has exempted Roshni Nadar from making an open offer for her indirect acquisition of shares in HCL Technologies. She will acquire 47% equity in two promoter entities from her father, Shiv Nadar, increasing her holding to 57.33%. The transaction is part of succession planning within the Nadar family. Overall promoter group shareholding remains unchanged at 60.82%.

A subsidiary of Route Mobile has approved the acquisition of PT Route Mobile Indonesia for IDR 7,507,500,000. The acquired entity operates in the omni-channel and communication services sector.

Stanley Lifestyles has made an additional investment of 479.7 million rupees in its subsidiary, Stanley Retail, through a rights issue. This move indicates the company's commitment to strengthening its retail operations and potentially expanding its market presence.

A unit of CESC has received a letter of intent to purchase 100% shares of the electricity distribution company in Chandigarh. The acquisition deal is valued at 8.71 billion rupees.

Camlin Fine Sciences has revised the quantum of its rights issue to an amount not exceeding 2.25 billion rupees. Additionally, the company has approved fundraising through Non-Convertible Debentures (NCDs) aggregating to 1 billion rupees.

SBI Cards and Payment Services has appointed Challa Sreenivasulu Setty as its new Chairman. This appointment represents a significant change in the company's leadership structure.

RITES Ltd received a revised estimate of ₹531.77 crore for the railway electrification project in the Lumding-Badarpur section of Northeast Frontier Railway, up from the original ₹288.44 crore. The project, awarded on November 21, 2024, includes complete electrification and project management consultancy.

The Reserve Bank of India has fined RBL Bank Rs 61.4 lakh for violating know-your-customer (KYC) norms. The bank failed to obtain required documents for certain credit card accounts and assigned multiple customer identification codes to some customers instead of unique codes.

Sarda Energy & Minerals has been declared the preferred bidder for the Gare Palma IV/5 coal mine located in Raigarh district, Chhattisgarh. The company secured the bid with a 25.75% revenue sharing agreement with the state government. The mine is reported to have a provisional G8 grade of coal.

IFCI has announced that it has received approval from the Department of Financial Services to merge Stockholding Corporation of India and its group companies with IFCI.

The Bombay Stock Exchange (BSE) has announced that Zomato will be added to the SENSEX index, replacing JSW Steel. This change is set to take effect from December 23. The inclusion of Zomato, a prominent food delivery platform, in India's benchmark stock index reflects the growing importance of technology and consumer service companies in the Indian economy.

Manba Finance has scheduled a board meeting on November 28 to consider issuing new securities worth up to 2 billion rupees. The securities will be issued on a private placement basis and may be released in one or more tranches.

20 Microns has announced changes to its acquisition plans for two Malaysian companies. 20 Microns SDN BHD will now acquire a 90% stake in Goh Teik Lim Quarry SDN BHD, and 86.68% shares of IQ Marbles SDN BHD. This represents an update to previously announced acquisition plans.

MTNL failed to fund the escrow account for the Dec. 1 bond interest payment due to insufficient funds. The payment is for the '7.87% MTNL Bond Series VII-B'. The bonds have a sovereign guarantee, which can be invoked if MTNL defaults. In Q2, MTNL reported a consolidated net loss of Rs 890.28 crore.

S&P Global Ratings has revised Bharti Airtel's outlook from stable to positive, citing the company's earnings strength. The credit rating agency has also affirmed Bharti Airtel's 'BBB-' rating, which is the lowest investment grade rating.

Moody's Investors Service has confirmed UPL Corporation Limited's Ba2 Corporate Family Rating (CFR) and senior unsecured debt rating, as well as the B1 rating on its perpetual notes. However, the outlook for these ratings remains negative. This rating action suggests that while UPL's current financial position is stable enough to maintain its existing ratings, there are potential risks or challenges that could lead to a downgrade in the future.

Godawari Power and Ispat has reported that Jammu Pigments has become an associate company. This development suggests a significant investment or acquisition of shares by Godawari Power and Ispat in Jammu Pigments, likely resulting in substantial influence over the latter's operations or decision-making processes.

Insecticides (India) Limited has been granted a patent by the Patent Office, Government of India, for their invention titled 'Fungicidal Compositions and Methods Related Thereto'. The patent has been awarded for a term of 20 years, effective from June 28, 2019.

Cochin Shipyard has entered into a Memorandum of Understanding (MoU) with Seatrium Letourneau USA, Inc. (SLET) for the design and critical equipment of jack-up rigs targeting the Indian market. This collaboration aims to enhance Cochin Shipyard's capabilities in producing specialized offshore drilling equipment.

RITES Limited has announced a significant revision in its estimates for railway work. The company has increased the estimated cost from 2.88 billion rupees to 5.32 billion rupees, representing a substantial increase of approximately 84.7%.

Prakash Industries has announced that the Government of Chhattisgarh has executed and registered a mining lease in favor of the company. The lease grants Prakash Industries the right to mine coal at the Bhaskarpara Commercial Coal Mine in Surajpur district for a period of 30 years.

Mahindra Lifespace has executed an agreement to expand its industrial park in Tamil Nadu. The joint venture partners of Mahindra Industrial Park Chennai Limited (MIPCL) have committed to infuse 2.25 billion rupees for the project. Mahindra World City Developers Limited (MWCDL), Sumitomo Corporation, and MIPCL have executed a joint venture agreement for this expansion.

NSE Investments has decided to exercise the oversubscription option in the Offer for Sale (OFS) of Protean eGov Technologies. This will result in NSE Investments selling up to 10.16% stake in Protean eGov Technologies through the OFS mechanism, as per the official filing.

Enser Communications has announced the expansion of its operations into South India by establishing a new service unit in Chennai. This strategic move marks the company's entry into the southern region of the country, potentially broadening its market reach and service capabilities.

VST Industries has sold an immovable property located in Hyderabad by executing sale deeds. The transaction size is reported to be 1.02 billion rupees. The property was sold to Vins Bioproducts.

Jyoti Structures has announced approval for a fund-raising initiative through a rights issue of equity shares. The company aims to raise an aggregate amount of up to Rs. 500 crores through this corporate action.

Mahanagar Telephone Nigam Limited (MTNL) has reported that it lacks sufficient funds to adequately finance its escrow account. This situation highlights potential financial challenges faced by the state-owned telecommunications company.

Wipro's subsidiary, Capital Markets Company B.V., based in the Netherlands, has voluntarily de-registered. This action suggests a strategic move by the company, potentially involving restructuring or consolidation of its international operations.

Karnika Industries has announced plans to set up a new manufacturing facility in Gurgaon for denim production. The company will invest 50 million rupees in this expansion. With the increased production capacity, Karnika Industries expects its profits to rise by 300 million rupees.

RVNL received a Letter of Acceptance from Eastern Railway for a ₹837.67 crore infrastructure project. The contract involves earthwork, bridge construction, and track laying between Kalipahari and Pradhankhuta. RVNL holds a 74% share in the joint venture with SCPL for this 36-month project.

Central Bank of India received RBI approval to enter the insurance business through a joint venture with Generali Group. The partnership will operate under Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). The approval is subject to compliance with RBI conditions and IRDAI approval. Central Bank of India plans to acquire 24.91% stake in FGIICL and 25.18% in FGILICL.

Zaggle Prepaid Ocean Services has entered into an agreement with Golden Jasraj Music Platforms to launch a co-branded prepaid card. This partnership aims to combine Zaggle's expertise in prepaid solutions with Golden Jasraj's presence in the music industry.

Manappuram Group has announced 5,000 job vacancies across its divisions, including Manappuram Finance and Asirvad Microfinance. Positions range from Junior Assistant to Operations Assistant, with roles also available in Audit, Credit Operations, Compliance, and other departments. Eligibility varies by position, with age limits between 21 and 35 years. Applications can be submitted through the company's official website.

Suraj Estate Developers' stock has fallen 29% to ₹603 in less than three months. Despite this, analysts maintain positive outlooks due to strong Q2FY25 performance and robust project pipeline. Nuvama raised its target price to ₹992, while Arihant Capital Markets projects ₹1,134. Q2 results show 5% YoY revenue growth and 88% YoY PAT increase, with bookings up 26% YoY.