Companies and Markets

Companies & Markets

Suzlon to build TWO wind projects in Gujarat

Wind turbine maker Suzlon Energy, the fifth largest player globally, on Monday said it has won two wind power projects totaling 500 megawatts, which would earn it total revenues of about Rs 3,250 crore.

The Pune-headquartered renewable energy solution provider said it has won two wind power projects of 300 MW and 200 MW.

The company will install 238 units of S111 140m wind turbine generators (WTGs) with rated capacity of 2.1 MW each, Suzlon said in a statement.

The projects will be located at Kutch district in Gujarat, it said.

Weakness in market could continue

The market continued to face selling pressure with the Sensex falling by 252.88 points to close at 32,923.12 while the Nifty shed  100.90 points to settle at 10,094.25.

The BSE Mid-Cap and Small-Cap indices lost 1.58 per cent and 1.98 per cent, respectively, underperforming the Sensex by a wide margin.

Among the sectoral indices on BSE, the IT index was down 1.98 per cent, Telecom 3.4 per cent, Bankex 1.09 per cent, Metal 2.65 per cent and Oil & Gas 1.7 per cent. The Realty index was down 3.01 per cent.

Technical view

Key indices crack under selling pressure 

Buffetted by heavy selling, benchmark indices Sensex and Nifty cracked below crucial resistance levels, as investors dumped stocks ahead of the crucial US Fed meeting later this week.

Busiest year ever for IPOs: 38 done, 8 more coming

In terms of IPO volumes raised, 2017-18 is being billed as the busiest financial year ever for India.

Consider the following: 38 IPOs have concluded to date with IPO fund raising volume of over Rs 66,000 crore. That is not all. At least eight more IPOs are lined up in the remaining few days of the financial year, racing against the time to conclude these IPOs before LTCG taxation kicks-in, starting April 1.

IFCI gets SC nod for sale of Park Hyatt Goa to ITC

Government owned Industrial Financial Corporation of India (IFCI) on Monday got the green light from the Supreme Court in a two-year-old case in which the apex court upheld the sale of Park Hyatt Goa to ITC Ltd through an auction held under the aegis of IFCI for recovery of dues worth Rs 515 crore.

UltraTech roils Binani Cement case with Rs 7K cr counter offer

Even as Kumar Mangalam Birla-led UltraTech Cement upped the ante on Monday by making a counter offer for Binani Cement -- offering Rs 7,266 crore to its parent company -- Dalmia Bharat maintained that its resolution plan for the loan defaulter had been approved by all members of a committee of creditors (CoC) who have now referred the matter to the National Company Law Tribunal for its final nod on the issue.

Hindustan Zinc to dole out Rs 3,051cr more as interim dividend

Vedanta Group firm Hindustan Zinc (HZL) said its board has declared an interim dividend of Rs 6 per share for the current financial year.

"The board of directors has approved second interim dividend of 300 per cent i.e. Rs 6 per share.. entailing an outflow of Rs 3,051 crore," the company said in a filing to BSE.

This amounts to 300 per cent dividend considering that the face value of the share is Rs 2.

Market would be hard pressed for liquidity

The week gone by has been a crazy and super-volatile one. We began the week with the Sensex gaining over 600 points on Monday. The next two days were marginally negative and we had a dip on Thursday. Friday was another big fall and the Sensex lost a whopping 500 points, ending the week with losses of 131.14 points, or 0.40 per cent, to close at 33,176 points. The Nifty lost 31.70 points, or 0.31 per cent, to end at 10,195.15 points.

Oil PSUs to pay less dividend this year

The government has decided to lighten the dividend burden on public sector oil companies in order to leave them with more resources for mergers and acquisitions and expansion of operations.