ipogrowwInvestors in the stock market witnessed a week full of significant events. Several companies made major announcements, acquisitions, and investment plans. In this blog, we will cover the key developments that investors should be aware of.
IRCTC and IRFC Upgraded to Navratna Status
Two major Indian railway companies, IRCTC and IRFC, have been upgraded from Mini Ratna to Navratna status. This change will provide these companies with greater financial independence and decision-making power. On March 3, IRCTC shares saw a 1% increase, while IRFC shares experienced a slight decline.
Ujjivan Small Finance Bank Sells Stressed Loan Portfolio
Ujjivan Small Finance Bank has completed the sale of its ₹364.5 crore NPA portfolio. This move is expected to strengthen the bank’s balance sheet.
Voltas Retains Economic Interest in Saudi NAS
Voltas has retained its economic interest in Saudi NAS. Following this announcement, Voltas shares saw a 3.5% gain on March 3.
Tata Capital IPO: A Big Opportunity for Investors
News surfaced that Tata Capital is planning an IPO to raise ₹17,400 crore, valuing the company at ₹95,700 crore. This announcement led to a surge in Tata Investment Corporation shares.
Jan Technologies Secures Third Patent
Jan Technologies has received its third patent for the T90 Tank Simulator, strengthening its market position.
Major Management Changes at RBL Bank
RBL Bank has undergone significant management changes, appointing TS Pari as COO and Narendra Agarwal as President and Head. However, this announcement resulted in a decline in the bank’s shares.
Big Acquisition in the IT Sector
Mindtree has entered into a 13-year partnership contract with Sabre Corp, worth $1.56 billion.
Adani Wilmar Acquires GD Foods
Adani Wilmar has announced the acquisition of GD Foods, which owns the Tops brand known for sauces and pickles. Initially, the company will acquire 80% stake.
ONGC Green’s Big Investment in Renewable Energy
ONGC Green has acquired 100% stake in PTC Energy for ₹925 crore, expanding its renewable energy portfolio.
Potential Deal Between Castrol India and Aramco
BP’s Castrol Assets may be acquired by Aramco, which is reportedly considering buying either a partial or full stake.
Dr. Reddy’s Labs Gets USFDA Approval
Dr. Reddy’s Labs has received USFDA approval for a key blood cancer drug.
Ola Electric Secures PLI Scheme Incentive
Ola Electric has received ₹350 crore under the PLI scheme, making it the first two-wheeler auto company in India to benefit from this incentive.
NSE Policy Change Impacts BSE Shares
NSE has shifted the Nifty Futures weekly expiry from Thursday to Monday, leading to a decline in BSE shares.
