Last updated on December 19th, 2024 at 09:00 pm
The stock market saw significant updates across various companies on December 4, 2024. Here’s a detailed roundup of key developments:
Reliance Power Back in SECI Tenders
The Solar Energy Corporation of India (SECI) has lifted its three-year ban on Reliance Power and its subsidiaries. This decision allows the company, except Reliance Nu Bess, to participate in all future SECI tenders. This move marks a positive development for Reliance Power, which can now explore new opportunities in the renewable energy sector.
ONGC Invests in OPaL
ONGC has invested over ₹10,000 crore in its subsidiary, ONGC Petro Additions Ltd. (OPaL). This investment was made through a rights issue, showcasing the company’s commitment to strengthening its petrochemicals business.
Aditya Birla Capital Boosts Housing Finance Arm
Aditya Birla Capital infused ₹300 crore into its subsidiary, Aditya Birla Housing Finance, through a rights issue. This move aims to bolster the subsidiary’s financial capacity and expand its lending operations.
Indian Energy Exchange Records Higher Trade Volumes
The Indian Energy Exchange (IEX) reported a 15.7% year-on-year rise in electricity trade volumes for November 2024, reaching 9,689 million units. The Day-Ahead Market (DAM) segment saw a 9.8% increase in trading volumes, highlighting steady growth in the energy market.
Kaynes Technology Acquires Stake in Sensonic
Kaynes Technology has acquired a 54% stake in Austria-based Sensonic. Sensonic specializes in Distributed Acoustic Sensing (DAS) solutions, which are critical for monitoring railway infrastructure. This acquisition is expected to enhance Kaynes’ technological capabilities.
RVNL Bags New Project
Rail Vikas Nigam Limited (RVNL) secured a ₹187 crore project from East Central Railway. This order reinforces RVNL’s role in developing railway infrastructure.
EPACK Durable’s Subsidiary and Search Updates
EPACK Durable has incorporated a new subsidiary, EPACK Manufacturing Technologies. Additionally, the company informed officials about a search operation conducted at its Rajasthan facility on December 2. The operation concluded without any seizures.
India Glycols Promoter Stake Increase
Kashipur Holdings, the promoter of India Glycols, has raised its stake in the company from 38.14% to 50.35%. This makes Kashipur Holdings the holding company. Despite the change, the promoter group’s total stake remains at 61.01%.
PB Fintech Launches Healthcare Arm
PB Fintech has established PB Healthcare to focus on healthcare services. This move diversifies its operations beyond its core insurance and financial services.
Quess Corp Expands into Catering
Quess Corp will acquire the catering businesses of Archer Integrated Services and Astrin Traders and Supplies for ₹11 crore. This acquisition aims to expand Quess Corp’s footprint in the catering sector.
Leadership Change at Vakrangee
Amit Sabarwal, the Executive Director and Group CEO of Vakrangee, has resigned. The company is expected to announce his replacement soon.
Welspun Living Restructures Operations
Welspun Living’s board has approved the sale of Welspun Home Solutions to Welspun Advanced Materials (India). This move aligns with the company’s restructuring efforts.
Sudarshan Chemical Introduces New Product
Sudarshan Chemical has launched Sumica Bright Gold 41633, a mica-based effect pigment. The product is designed for use in coatings, plastics, and printing inks.
United Breweries Launches New Beer
United Breweries has introduced Amstel Grande, a premium strong beer, in West Bengal. The company aims to capture a larger share of the premium beer market with this launch.
Wipro Partners with Netskope
Wipro has announced a partnership with Netskope to provide cybersecurity optimization services. The partnership aims to enhance cybersecurity for global enterprises.
Drone Training by Nitiraj Engineers
Nitiraj Engineers has been authorized as a Drone Remote Pilot Training Organization by the Directorate General of Civil Aviation (DGCA). This marks the company’s entry into drone training.
Kore Digital Declares Bonus Issue
Kore Digital’s board has approved a 2:1 bonus issue. Shareholders will receive two bonus equity shares for every share held as of the record date.
Thyrocare Invests in Tanzania JV
Thyrocare Technologies has invested $1 lakh in its Tanzanian joint venture, Thyrocare Laboratories. This investment aims to expand its diagnostic services in Africa.
Godfrey Phillips Stock Update
Shares of Godfrey Phillips dropped 3%, closing at ₹5,608.25 on December 4.
These updates reflect the diverse developments across different industries, showcasing growth opportunities and strategic initiatives by leading companies. For more insights, keep following MoneyPhobia.
