Key Financial Updates and New Listings in Indian Markets
Key Ideas
- Premier Energies IPO to list, oversubscribed 74.38 times at a price band of Rs 427 to 450 per share.
- Welspun Corp to invest $100 million in its subsidiary for upgrading pipe manufacturing in the USA.
- Gensol Engineering and Matrix Gas & Renewables consortium wins bid for India's first Bio-Hydrogen project.
- Various companies like Maruti Suzuki, Muthoot Finance, and Shriram Finance make significant financial moves.
Premier Energies is set to list on the stock exchanges after an oversubscription of 74.38 times, with its IPO price band ranging from Rs 427 to 450 per share. Meanwhile, Welspun Corp has greenlit a $100 million investment in its subsidiary, Welspun Pipes, to enhance its HFIW pipe manufacturing capabilities in the USA. Gensol Engineering and Matrix Gas & Renewables have secured the EPC bid for India's inaugural Bio-Hydrogen project, aiming to convert 25 tons of bio-waste into 1 ton of hydrogen daily. Maruti Suzuki India has observed a 2% production growth in August, totaling 1.69 lakh units year-on-year. Additionally, Muthoot Finance's Belstar Microfinance arm has gained SEBI's approval for its IPO to raise Rs 1,000 crore through fresh issues and Rs 300 crore via offer for sale. Shriram Finance has approved a fundraise of Rs 500 crore through debt securities via private placement. Elpro International has acquired equity shares in Central Depository Services and Global Spirits. In other news, Matrimony's board is scheduled to convene on 5 September 2024 to discuss equity share buyback proposals, while NMDC's iron ore production and sales witnessed declines in August. Finally, Shipping Corporation of India's subsidiary, SCI Bharat IFSC, has received the green light to establish a unit in Gujarat's GIFT Special Economic Zone.