ONGC, Happiest Minds, Adani Power, Bharat Forge and others

Nifty futures on the Singapore Stock Exchange traded 22.5 points, or 0.15%, at 15,384.50, signaling Dalal Street was heading for a positive start on Tuesday. The market moved back into positive territory in yesterday’s session with the BSE Sensex up over 200 points, supported by FMCGs, IT stocks and the HDFC twins. The rally of European counterparts also contributed to the momentum of Dalal Street. Experts are calling it a relief rally after the market entered oversold levels as benchmarks had fallen around 7% in the previous six straight sessions. The BSE Sensex closed 237 points higher at 51,598, while the Nifty50 climbed 57 points to 15,350.

HUDCO

Fitch Ratings confirmed the ratings of the Housing and Urban Development Corporation at the “BBB-” level, ie at the sovereign level. At the same time, the rating agency revised HUDCO’s outlook from “stable” to “negative”. The rating action follows the Indian government’s rating outlook change from “stable” to “negative” on June 10, 2022.

Petroleum and Natural Gas Company

The Ministry of Petroleum and Natural Gas has approved the extension of the additional position of Chief Executive Officer (CMD) to Alka Mittal, Director (HR), for a period of two months from July 1 to August 31, 2022, or until a regular incumbent is appointed to the position, or until further notice, whichever comes first.

Adani Power

The utility company has completed the acquisition of 100% shares of SPPL and EREPL for approximately Rs 609 crore. On June 7, 2022, Adani Power had signed a share purchase agreement to acquire 100% of the shares of two companies – Support Properties (SPPL) and Eternus Real Estate (EREPL) from their respective shareholders.

Vodafone idea

The debt-ridden telecommunications company’s board is due to meet on June 22 to consider a proposal to raise funds worth Rs 500 crore from the Vodafone Group. Fundraising will be through the issue of shares or convertible warrants on a preferential basis to one or more entities belonging to the Vodafone group.

Happiest Mind Technologies

Morgan Stanley Investment Funds has offloaded shares of the IT company for Rs 105 crore via an open market transaction. According to wholesale trading data available with the ESB, the Morgan Stanley Investment Funds Emerging Leaders Equity Fund sold 13,14,055 shares, or 0.9% of the company’s equity.

Ashok Leyland

The commercial vehicle manufacturer and flagship company of the Hinduja Group has bolstered its portfolio of CNG-powered mid-size commercial vehicles (ICVs) with the launch of its ecomet STAR 1115 truck in the 11.44 tonne Gross Vehicle Weight (GVW) class.

Suven Life Sciences

The company informed exchanges that the board will meet on June 24 to consider raising funds through the issuance of rights-based shares to existing shareholders of the company.

Fineotex chemical

The company said the board will meet on June 24 to decide whether to raise funds by issuing shares. This is subject to shareholder and regulatory approvals.

Engineers India

The company said the board appointed Sanjay Jindal, director (finance) as the company’s chief financial officer in place of Vartika Shukla, CMD and additional charge director (technical). The appointment is effective immediately for a period of five years, or until the date of his retirement or until further notice, whichever comes first.

Bharat’s Forge

The company has decided to consolidate its electric vehicle business initiatives under Kalyani Powertrain (KPL), a wholly owned subsidiary, for better strategic alignment. Accordingly, its Investment Committee – Strategic Business has approved the transfer of the company’s stake in Refu Drive GmbH, the joint venture, to KPL subject to obtaining the necessary regulatory approvals.

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Garland K. Long