GIFT Nifty traded higher as the index was up 22.50 points or 0.09% at 24,406, indicating a higher start for domestic indices NSE Nifty 50 and BSE Sensex on Monday. Earlier, on Friday, the NSE Nifty 50 closed the session 250.50 points or 1.04% higher at 24,367.50, while the BSE Sensex closed 819.69 points or 1.04% higher at 79,705.91.
Mahindra and Mahindra: Mahindra & Mahindra denies reports of $3 billion joint venture with Shaanxi Automobile.
Mahindra & Mahindra has denied media reports of a $3 billion joint venture with Chinese company Shaanxi Automobile. The company said that the news published by Reuters is ‘baseless’ and there is no truth in it.
Mahindra said in an exchange filing, “In view of the unnecessary speculation generated by the Reuters news, the company itself has deemed it necessary to clarify to the stock exchanges that the news is baseless and there is no truth in it.”
According to a Reuters report, Mahindra will have a majority stake in the proposed joint venture with Shaanxi Automobile. It was said to set up an export-oriented integrated manufacturing center in Gujarat. Mahindra shares closed 2.5% higher at Rs 2,748.45 per share on the BSE Sensex on Friday. Government approval is required for Chinese investment in India since 2020. The reason behind this is the impact of the Galwan incident in Ladakh between India and China.
ONGC: Oil and Natural Gas Corporation (ONGC) has received approval to make an additional investment of Rs 10,502 crore in ONGC Petro Additions. The government has also approved allocation of 50% of the annual gas production from the company’s new or intervening wells for feedstock support for OPL. In total, ONGC has received approval for an investment of Rs 18,365 crore.
Atul: Atul’s Ambarnath plant underwent a USFDA inspection and zero observations were found.
Anup Enginering Ltd.: Anup Engineering Company has received two orders worth Rs 100 crore.
Saraswati Saree Depot: Saraswati Saree Depot will start the bidding process for its shares on Monday. The company has fixed the price band between Rs 152 and Rs 160 per share. This IPO of Rs 160.01 crore comprises a fresh issue of Rs 104 crore and the rest an offer for sale.
Tinna Rubber and Infrastructure Ltd.: In Tinna Rubber and Infrastructure, Bhupinder Sekhri & Sons sold 1.03 lakh shares (0.6%) at Rs 1,760.32 per share and Samsung India SMID Focus Securities Master Investment Trust (Equity) bought 0.87 lakh shares (0.51%) at Rs 1,760 per share.
ICICI Bank: ICICI Bank has declared a final dividend of Rs 10 per equity share. Its ex/record date is August 12.
