Nifty futures on the Singapore Exchange traded 45.5 points, or 0.29 per cent, higher at 15,869, signaling that Dalal Street was headed for a positive start on Tuesday. The market started off the week on a positive note with the benchmark indices rising more than half a per cent in the previous session, backed by banking and financial services, and FMCG stocks. The BSE Sensex climbed 327 points to 53,235, while the Nifty50 rose 83 points to 15,835.
Kirloskar Ferrous Industries
The company has completed the upgradation of its mini blast furnace II (MBF-11) at the Koppal plant in Karnataka. The operations of MBF-11 have resumed from July 4. After the upgrade, the pig iron manufacturing capacity of MBF-11 has increased from 1,80,000 metric tonne per annum to 2, 17,600 metric tonne per annum and consequently, the company’s total manufacturing capacity of pig iron has increased to 6.09 lakh metric tonne per annum.
The company in its BSE filing said its alumina production in Q1FY23 at Lanjigarh refinery increased marginally YoY to 4.85 lakh tonnes, up 1 per cent YoY due to scheduled maintenance in April 2022. The cast metal aluminium production at smelters rose by 3 per cent YoY to 5.65 lakh tonnes. Mined metal production grew 14 per cent YoY to 2.52 lakh tonnes on account of higher ore production across all the mines and supported by better mill recovery. Total saleable production was at 2.68,523 tonnes, lower by 7 per cent YoY due to debottlenecking activities in blast furnace-3 and gunning of blast furnace-2. Overall power sales increased by 32 per cent YoY to 3,577 million units.
HDFC Bank, HDFC
The largest private lender said it has got banking sector regulator RBI’s nod for the merger proposal of its parent HDFC with itself. Touted as the biggest transaction in India’s corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion, creating a financial services titan.
Life Insurance Corporation of India
The state-owned insurance behemoth LIC will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal). The proposal was approved during the insurer’s board meeting on Monday. LIC will hold its first Annual General Meeting on September 27, 2022.
NMDC, MMTC, Tata Steel
Tata Steel has completed the acquisition of a 93.71 per cent stake in Neelachal Ispat Nigam (NINL) through its step-down subsidiary, Tata Steel Long Products. The transaction cost is Rs 12,100 crore. NMDC successfully sold its 10.10 per cent stake and MMTC transferred its 49.78 per cent stake in NINL to Tata Steel Long Products.
Promoters Prasanna Sai Raghuveer Kandula, and Fortuna Engi Tech and Structurals (India) proposed to sell 48.91 lakh shares or a 15 per cent stake through offer for sale on July 5-6. The floor price for the sale will be Rs 75 per share.
The company said the board of directors will hold a meeting on July 8 to consider the proposal for share buyback.
Kotak Mahindra Bank
The Reserve Bank of India has imposed a penalty of Rs 1.05 crore on Kotak Mahindra Bank for non-compliance of certain norms.
The Reserve Bank of India has imposed a penalty of Rs 1 crore on IndusInd Bank for compliance deficiency.