Nifty futures on the Singapore Exchange traded lower at 17,106, down 52 points or 0.30%, signalling a negative start for Dalal Street.
The Indian government on Wednesday said it’s selling up to 3.5 percent stake sale in aerospace and defence company Hindustan Aeronautics Ltd (HAL) through an offer for sale (OFS). The government is launching the OFS on Thursday, March 23, 2023, for non-retail and Friday, March 24, 2023, for retail investors. The floor price for the OFS has been set at Rs 2,450 per share. This price is at a 6.6 percent discount to the current market price.
The automobile major will make an upward revision in the ex-showroom prices of its select motorcycles and scooters, effective from April 1, 2023. The Gurugram headquartered company said the price revision will be around two percent and the exact quantum of increase will vary by specific models and markets.
HG Infra Engineering
Construction engineering company on Wednesday said the company has been declared as the lowest bidder for a project of Rs 764 crore by the National Highways Authority of India (NHAI) for the Hybrid Annuity Mode Project (HAM). In its stock exchange filling the company informed that the bid project cost was at Rs 925.1 crore while the NHAI estimated the project cost at Rs 764 crore. The bid pertains to the construction of the 6lane Greenfield Varanasi-Ranchi-Kolkata Highway.
Civil engineering construction services provider on Wednesday said its arm, HSCC (India), has issued awarded a project worth Rs 625.2 crore to Pune-based Nyati Engineers and Consultants. HSCC (India) is a wholly-owned subsidiary of NBCC (India). Under the contract, Nyati Engineers and Consultants will be responsible for the construction of a medical college at Jalgaon in Maharashtra, and their maintenance during defect liability period for five years.
The construction engineering company emerged as the lowest bidder for a project worth Rs 872.17 crore by the National Highways Authority of India (NHAI). Under the terms of the contract, the Ahmedabad-based company will be responsible for the six-laning of Surat–Nashik–Ahmednagar–Solapur– MH/KNT border Greenfield stretch in Maharashtra, which is to be executed on hybrid annuity mode under the Bharatmala Pariyojana. Additionally, the company’s joint venture with Patel Engineering has emerged as the lowest bidder for a NHPC project with Rs 3,637.12.
Gaming and sports media company Nazara Technologies’ subsidiary Sportskeeda Inc has acquired a 73.27 percent stake in Pro Football Network LLC for $1.817 million. Sportskeeda Inc reserves an option to acquire up to 10 percent and up to eigth percent additional stock of the Pro Football Network LLC in CY 2024 and CY 2025 respectively, the company said in an exchange filing.
Larsen and Toubro
The company has entered into an Electrolyzer Manufacturing Binding Agreement with France-based McPhy Energy for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market.
Power Grid has acquired Khavda RE Transmission Ltd, the project SPV to establish transmission network expansion in Gujarat associated with integration of RE projects from Khavda potential RE zone.
Bharat Heavy Electricals Ltd (BHEL) and Indraprastha Gas Ltd (IGL) have signed an MoU for joint collaboration for development, manufacturing and deployment of Type-IV cylinders.
GAIL’s integrated tariff has been set at Rs 58.61/mmbtu, better than analysts expectation of Rs55/mmbtu. GAIL has filed for Rs 68.55/mmbtu tariff but the regulator has assumed lower cost of gas.
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