Indian Stock Market News 24th September 2024
1. Emkay Global upgrades One 97 Communications (Paytm) rating to ‘Add’ from ‘Reduce’, takes target price to Rs 750 on the basis of improved financial outlook.
2. Swastika Investmart to undergo 1:5 stock split on September 25, 2024; face value to reduce to Rs 2 from Rs 10.
3. Mukesh Ambani said his successor will be more effective than him; expects a return to growth in FY 2025; top line will increase by 15-16 per cent in Q1, and sequentially improve by 2-3 percent every quarter.
4. GR Infraprojects Ltd secured a Rs 904 crore metro construction project from Maharashtra Metro Rail Corporation, Nagpur.
5. Lighthouse Advisors sold a 2% stake in V2 Retail for 85 crore. The shares were purchased by Motilal Oswal Mutual Fund at the same price.
6. PNB sets floor price of Rs 109.16 per share for QIP to mop up as much as Rs 7,500 crore in FY 24-25.
7. Chennai Metropolitan Water Supply & Sewage Board cancelled a Rs 440 crore deal with BGR Energy considering the delay in the project and poor quality of water.
8. Punjab National Bank has filed a QIP issue with a base issue size of Rs 2,500 crore and a green shoe option of Rs 2,500 crore.
9. SpiceJet faces insolvency proceeding as NCLT issues notice over not paying operational creditor Techjockey Infotech more than Rs 1.2 crore.
10. Revenue relief now contingent on the government response after the Supreme Court rejects Vodafone Idea’s AGR dues plea affects lender confidence.
11. Virendra Bhandari to be Managing Director and Chairman; Akshay Bhandari to be additional Whole Time Director for five years with effect from September 23
12. ONGC Videsh signs gas deal in Azerbaijan; Morgan Stanley maintains overweight call with a target price of Rs 430, meaning 46% upside.
13. Power Grid Corporation grants Letter of Intent for Gujarat inter-state transmission project, dynamic reactive compensation system.
14. Vedanta Ltd bids on India’s largest oil and gas round, which attracted four applicants, the company included.
15. Pondy Oxides to mop up as much as Rs 250 crores through Qualified Institutional Placement in one or more tranches.
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