Gift Nifty indicates a positive opening today as it’s trading positively with a gain of 47 points at 8:16 am.

Indian benchmark continued to post mild gains on Tuesday ahead of the much-awaited US Fed’s policy meeting later today. BSE Sensex rose 90.88 points or 0.11 percent, to end at 83,079.66. NSE’s Nifty50 gained 34.80 points, or 0.14 percent, to close at 25,418.55.

Stocks in News Today

Infosys:
The IT solution provider has entered into a long-term collaboration with UK’s Metro Bank to enhance some of its IT and support functions, while digitally transforming the bank’s business operations.

REC:

The PSU player has signed a non-binding financial commitment to increase its renewables loan book to over Rs 3 lakh crore by 2030. This will raise the share of renewables 30 percent by 2030, as REC’s loan book is projected to reach Rs 10 lakh crore by then.

Mankind Pharma:
The company board of drugmaker will meet on September 20 to consider raising funds via the issuance of non-convertible debentures, commercial papers, other debt securities, or any other security.

Torrent Power:
The company has received a letter of intent (LoI)from Maharashtra State Electricity Distribution Co. for the procurement of 1,500 MW of energy storage capacity from a pumped hydro storage project for 40 years.

Satin Creditcare Network:

The shadow lender will meet on September 20 to consider raising funds via the issuance of non-convertible bonds on a private placement basis.

Biocon:
LIC increased its shareholding in Biocon from 4.982% to 5.023% by purchasing an additional 5 lakh shares (representing 0.041% of paid-up equity) on September 13.

SKF India:
The promoter shareholder of the bearings player has expressed its Board’s decision to initiate the separation of its automotive business globally. The Board has constituted a committee to review and propose the separation of operations, to list the automotive business on Nasdaq Stockholm in the first half of 2026.

Reliance Power:
The Anil Ambani-led company’s obligations as a guarantor on behalf of Vidarbha Industries Power have been fully settled, resulting in the release and discharge of the corporate guarantee, undertakings, and all obligations related to the outstanding debt of Rs 3,872.04 crore. The company has settled all disputes with CFM Asset Reconstruction.

Vakrangee:
The company board of the diversified services provider will meet on September 24 to consider a proposal for raising funds. Additionally, the company has partnered with Star Health Insurance to offer health insurance products across its network.

Utkarsh Small Finance Bank:

The Reserve Bank of India has approved the variable remuneration to be paid to the Managing Director & CEO of the company for FY24, and the fixed remuneration for FY25, in line with shareholder approval from the AGM.

GR Infra projects :
The company has transferred its wholly owned subsidiary, GR Aligarh Kanpur Highway, to Bharat Highways InvIT for Rs 98.60 crore.

Reliance Infrastructure:
The company has agreed on a one-time settlement with Edelweiss Asset Reconstruction Company for the entire obligations related to the non-convertible debentures issued by the company worth Rs 385 crore. The settlement will be completed before September 30, 2024.

Zodiac Ventures:
The board of directors of the consulting services player will meet on September 24 to consider raising funds through the issuance of equity shares.

Mphasis :
The IT solutions provider has appointed Ajay Arya as Head of Mergers & Acquisitions. Ajay will be based in New York and lead the entire process.

Bulk Deals

Menon Bearings

Ambit Investment Advisors purchased a 1.5% stake in the company at an average price of Rs 120 per share, while promoter Nitin Ram Menon sold a 1.73% stake at an average price of Rs 120.01 per share.

Nuvoco Vistas Corporation

SBI Mutual Fund acquired a 1.26% stake in the cement company at an average price of Rs 352 per share from Kotak Special Situations Fund.

Reasons Industries

BNP Paribas Financial Markets bought an 8.6% stake in the company at an average price of Rs 190.2 per share.

VST Industries

Ace investor Radhakishan Damani sold a 0.6% stake in the company at an average price of Rs 439.19 per share. Damani held a 3.47% stake in VST as of June 2024