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Mint

IPO News Today Live Updates on September 19, 2024 : Excellent Wires and Packaging share price decline after listing at 5% discount

IPO News Today Live Updates on September 19, 2024: Explore the latest on initial public offerings (IPOs), featuring insights into newly public companies and market trends. Get the details on upcoming IPOs, pricing strategies, and how these new stocks perform on the exchange, providing crucial information for investors and market watchers

Mint

Excellent Wires and Packaging share price decline after listing at 5% discount

Excellent Wires and Packaging shares were listed with a discount of 5.5% at ₹85 apiece on NSE SME as against its issue price of ₹90 per share.

The Economic Times

NALCO among 86 stocks set to trade ex-dividend from tomorrow. Do you own any?

National Aluminium Company and 86 other firms are in focus today as they set September 20 as the record date for dividend eligibility. Today is the last opportunity to purchase shares of these companies to qualify for the announced dividends, which are paid to shareholders listed in the company's records on the record date.

Mint

Top Stock Recommendations: Sagar Doshi of Nuvama recommends Bandhan Bank, NALCO, and Kotak Mahindra Bank today

Top Stock Recommendations: Sagar Doshi of Nuvama Professional Clients Group recommends buying these three stocks today - Bandhan Bank Ltd, National Aluminium Company Ltd (NALCO), and Kotak Mahindra Bank Ltd.

Business Standard

Hindalco plans to start solar module manufacturing in Gujarat: Report

The solar module manufacturing will be a good fit given Hindalco's dominance in aluminium manufacturing, one of the sources said

Business Line

Aluminium futures hovering near a resistance

Traders can short the contract with a tight stop-loss

Mint

Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 16

Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy today — Exide Industries, National Aluminium Co., and Angel One. 

Business Standard

Water storage breach in Odisha impacts agricultural areas, says Vedanta

Vedanta Aluminium is actively addressing the breach occurred on Sep 15 as extreme weather caused elevated water levels and pressure in the facility's catchment area, a Vedanta spokesperson said

CNBC TV18

Vedanta Aluminium responds to dam breach at Lanjigarh refinery in Odisha

Though no injuries or loss of livestock have been reported, agricultural areas were affected by the overflow. Shares of Vedanta Ltd ended at ₹446.25, down by ₹7.65, or 1.69%, on the BSE.

Mint

Excellent Wires and Packaging IPO: Latest GMP, steps to check allotment status online as focus shifts to listing

Excellent Wires and Packaging IPO: The initial public issue began on September 11, 2024, and concluded on September 13, 2024. The allotment for the Excellent Wires and Packaging IPO is expected to be out soon as the focus shifts to listing. Here are steps to check allotment

Mint

Mint Explainer: Inside the lucrative world of soft-drink bottling manufacturers and why they are going public

Experts say there is a larger trend of consumer giants spinning off their units to optimise their balance sheets, go asset-light and focus on their core brands and business models.

The Economic Times

Wipro, National Aluminium among 5 stocks with long buildup

A long buildup indicates a bullish trend with rising open interest and volumes. On Friday, five stocks saw new long positions.

Mint

Vedanta Aluminium doubles down on value-added AL to cash in on India’s construction boom, EV drive

As Vedanta Aluminium prepares for a significant demerger, the company is focused on ramping up its production of high-margin, environmentally friendly aluminium products. This move comes at a time when domestic demand is expected to double.

Mint

Excellent Wires and Packaging IPO: SME issue subscribed 1.27 times on day 1; check subscription status, key details

The SME IPO was subscribed 1.27 times on the first day of bidding, September 11. The IPO received 16,92,800 applications against offered 1,328,000 shares on Wednesday.

Business Standard

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

The Economic Times

Demerger of Vedanta likely by end of FY25: Top official

Vedanta Ltd's demerger of its key businesses, including aluminium, into separate listed companies is expected by the end of FY25. The company has filed an application with the National Company Law Tribunal after receiving lender approval. This move aims to simplify Vedanta's corporate structure and offer direct investment opportunities in pure-play companies.

Business Standard

Indian IT services industry to deliver 4-6% revenue growth in FY25: ICRA

The Indian IT services industry is likely to register a second consecutive year of muted revenue growth, estimated at 4-6 per cent in FY2025, but the operating profit margin is expected to be healthy, according to ICRA. The persisting challenges and tepid topline growth notwithstanding, ICRA has forecast the industry's operating profit margin (OPM) at a healthy about 22 per cent in FY2025, with attrition levels having declined considerably and seen stabilising over the near term. Despite expectations of continued subdued growth, ICRA has maintained its "stable outlook" on the Indian IT services industry, led by a well-established business position, expectation of healthy earnings and cash flow generation, and strong balance sheets of sector players. "ICRA expects FY2025 to be the second consecutive year of muted revenue growth (for its sample set companies), estimated at 4-6 per cent, given the lower discretionary technological spends by clients amidst persistent macro-economic ...

The Economic Times

Vedanta Aluminium appoints David Stone as CEO-coal mines

Vedanta Aluminium has appointed David Stone as CEO of coal mines to oversee its coal mining operations. Stone will focus on optimizing resource efficiency and sustainable mining practices. Vedanta Aluminium operates five coal mines with a combined capacity of 40 million tonnes per annum, aiming for backward integration and cost reduction.

Business Line

Aluminium: Resistance ahead. Go short on a rise

MCX aluminium contract has resistance in the ₹223-224 region

The Economic Times

Coforge, National Aluminium among 5 stocks with long buildup

A long buildup, marked by rising open interest and volumes with stock price increases, indicates bullish trends. On Tuesday, five stocks saw new long positions.

Business Standard

Vedanta to progress from being asset manager to asset owner: Anil Agarwal

The proposed demerger of Vedanta's diverse verticals that represent more than 15 commodities, will see the company progress from being asset managers to asset owners, Chairman Anil Agarwal has said. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. "Our expansionary moves are aligned with our business model transformation. The upcoming demerger of our diverse verticals that represent more than 15 commodities, will see us progress from being asset managers to asset owners," Agarwal said in a latest report. As the company passes through the transition phase, Vedanta is focusing on consolidating and strengthening its asset base to emerge as world leaders in each of its verticals, the Chairman said. Diversified natural resources company Vedanta Ltd has filed the demerger scheme with the National Company Law .

The Economic Times

Vedanta will progress from being asset manager to asset owner with demerger: Anil Agarwal

Vedanta's proposed demerger will create independent cos for its aluminium, oil and gas, power, steel, and base metals businesses, said Chairman Anil Agarwal. The existing zinc and new incubated businesses will remain under Vedanta Ltd. The company aims to complete the process by the end of this fiscal year after receiving approval from 75% of secured creditors.

The Economic Times

Steel imports surge 26.5% during May-July

India's steel imports surged by 26.5% to nearly $7.3 billion during May-July 2024, according to the steel ministry's Steel Import Monitoring System. Top product categories included stainless-steel flats, ingots, and hot rolled coils. China, Norway, and Indonesia significantly increased their exports to India during this period.

CNBC TV18

Sundaram Clayton's new Tamil Nadu unit begins production of aluminium die castings

The plant, in its initial phase, has an annual production capacity of 7,750 tonnes of aluminium die castings. Shares of Sundaram Clayton Ltd ended at ₹1,788.50, up by ₹44.65, or 2.56%, on the BSE.

Business Standard

Alpex Solar announces plan to double PV module capacity to 2.4 GW by FY26

Solar solutions provider Alpex Solar on Wednesday announced its expansion plans to double its photovoltaic solar module capacity to 2.4 GW by FY2025-26. A greenfield project of 1.2 GW solar PV modules capacity will be installed in the company's newly acquired land parcel at Kosi Kotwan, Mathura in Uttar Pradesh, a statement said. The company will also explore a foray into solar cell manufacturing in the range of gigawatt capacity. The new project will be funded through internal accruals and loans. Once the new line is set up, the company expects a capacity of 2.4 GW by FY2026, enabling it to meet the growing demand in India and other key global markets. The company aims at deeper integration with the solar cell foray building upon its presence in solar PV modules and aluminium frames. Ashwani Sehgal, Managing Director, Alpex Solar said, "We are exploring the foray into solar cell manufacturing. This may afford us multiple advantages, including cost, profitability, and branding, an

CNBC TV18

Anil Agarwal's ₹5 crore pitch: Join Vedanta's aluminium, zinc industrial parks

Anil Agarwal, Chairman of Vedanta Resources, has announced the creation of two non-profit industrial parks aimed at revolutionising India's manufacturing and job creation. With an initial investment requirement of ₹5 crore, the parks will focus on aluminium, zinc, and silver.

Business Standard

RK Forgings up 6%, hits new high on investment in aluminium forging project

The board has given an approval for an investment of Rs 57.5 crore to set up the facility, which will primarily cater to electric vehicle (EV) market.

Mint

Yatra Online acquires corporate travel agency Globe Travels for ₹128 crore

Yatra Online's ₹128 crore acquisition of Globe Travels will add 360 new corporate clients to its existing base of 850 companies..Ramkrishna Forgings will use sale proceeds to enter the aluminium forgings segment

The Economic Times

Ramkrishna Forgings to set up aluminium forging facility in Jamshedpur

Ramkrishna Forgings Ltd will invest Rs 57.5 crore in an aluminium forging facility in Jamshedpur, primarily aimed at the electric vehicle segment. With an annual capacity of 3,000 tonnes, the facility is expected to generate Rs 175 crore in additional revenue and will be operational by Q2 of the 2025-26 fiscal year.

Business Line

Aluminium futures near a strong base

The September contract can rise to ₹240

CNBC TV18

Ramkrishna Forgings offloads GAISL to Yatra Online for ₹128 Crore, expands into EV aluminium forging

The sale of GAISL to Yatra Online is expected to be completed within three months from the execution of the Sale and Purchase Agreement (SPA) on September 2, pending the fulfillment of conditions precedent and closing actions.

The Economic Times

Aarti Industries, National Aluminium among 5 stocks with short buildup

A short buildup occurs when there is a rise in open interest and trading volumes, coupled with a decrease in the price of the underlying stock in the F&O segment.

The Economic Times

Firms seek expansion of speciality steel products covered under PLI 1.1

Speciality steel manufacturers are advocating for the inclusion of value-added products like wires, bright bars, and stainless-steel components for defence in the upcoming version of the production-linked incentive (PLI) scheme. The government has initiated discussions on broadening the PLI scope, with industry submissions expected soon. Major steel companies participated in a recent meeting to provide inputs.

CNBC TV18

Nalco joint venture KABIL signs MoU with Oil India for mineral exploration

KABIL is a joint venture among three government enterprises: NALCO (National Aluminium Company), Hindustan Copper Ltd., and Mineral Exploration and Consultancy Ltd. The venture operates under the Ministry of Mines and focuses on overseas mineral asset development.

The Economic Times

Ditch aluminium foil: 6 healthier food wrap alternatives

Aluminium foil is a kitchen staple, but its use for food wrapping and cooking can have potential health risks due to the possibility of aluminium leaching into food. Here are some healthier alternatives to consider:

The Economic Times

Road developers to see slower revenue growth of 5-7 pc next fiscal: Crisil

Road engineering, procurement, and construction (EPC) companies are expected to see a moderate revenue growth of 5-7 per cent next fiscal due to lower national highway awarding impacting their order books. Despite this, their credit profiles are expected to remain stable supported by steady operating profitability and strong balance sheets. The slowdown in growth is attributed to various factors including procedural issues and transition-related challenges as the government explores different project models. Prices of key raw materials have decreased, providing some relief.

Business Standard

Tulsi Extrusions reports standalone net loss of Rs 2.00 crore in the June 2024 quarter

Sales decline 43.91% to Rs 13.86 crore

Business Standard

New mining cess may increase cost pressure for steel makers: ICRA

The enforcement of the new mining cess by some states following the Supreme Court ruling may bring challenges for the domestic steel industry by adding to the cost pressures, according to rating agency Icra. On August 14, the Supreme Court upheld the power of states to levy tax on mineral rights and mineral-bearing land, and allowed them to seek refund of royalty from April 1, 2005 onwards. This development is poised to compress operating margins across the sector, impacting both primary and secondary steel producers, Icra said in a note. While margins of the primary steel producers could shrink by 60-180 basis points, secondary producers may face a more severe impact, with margins declining by 80 -250 basis points, based on various scenarios that cess rates could vary between 5-15 per cent. The power sector, which is heavily dependent on coal, may see a rise in the cost of supply by 0.6-1.5 per cent, potentially leading to higher retail tariffs. Further, primary aluminium producer

The Economic Times

Enforcement of new mining cess may increase cost pressure for steel makers: Icra

Following the Supreme Court's ruling, states may impose a mining cess, potentially raising costs in the domestic steel industry. This change could compress margins for both primary and secondary producers. The power sector and primary aluminium producers, dependent on coal, may also face increased supply costs, Icra noted.

Business Line

Aluminium: Upmove gains momentum. Go long

MCX Aluminium Futures contract can rise to ₹235