News Wrap: Tata Motors To Develop 10 EVs; IPO Of KN Agri Resources; Indigo’s Flight To Thailand; Paytm Down By 70%; Reliance Buys Lithium Werks
March 15, 2022:
Sensex, Nifty and Bank Nifty are all bullish today!
BSE Sensex ended 709.17 or 0.88% lower at 55,776.85
NSE Nifty plunged 208.30 or 1.23% to close at 16,663.
Except for Nifty Auto, all the other sectoral indices were highly bearish with Nifty IT, Media, Metal down by 2-4%.
BSE midcap and smallcap indices plunged 0.68% and 0.88% each.
Top Stocks On Encome.io Dashboard:
Tata Motors To Develop 10 Electronic Vehicles In Coming 5 Years
Tata Motors’s official mentioned that the company is planning to invest around 15,000 crores in developing A-class Electronic Vehicles in the upcoming 5 years. President for Passenger Vehicles Business of Tata Motors Shailesh Chandra said,” The company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment.
The company has raised around 1 Billion USD for funding from a private equity TGP in the EV sector. The company now stands at a valuation of 9.1 Billion USD.
KN Agri Resources Is Planning To Generate An IPO Of Rs 50 Crores
Worldwide food and agro company, KN Agri Resources plans to raise an IPO of 50 Crores on NSE SME emerge platform.
Leading FMCG firms such as Adani Wilmar, Cargill India, Bunge India, and Ruchi Soya are among the company's clients. The company will issue 65,84,000 equity shares at a price range of 71–75 per share. The issuance will be offered for subscription between March 15 and 17, and investors must apply for a minimum of 1,600 shares.
KN Agri Resources will use the funds raised for meeting its working capital and general corporate purpose. The company has a net profit of Rs. 17 Crore and a turnover of Rs. 595 Crore for the half time period of this fiscal year.
More To Know:
Air Conditioning Tycoon, Blue Star Ltd would receive Rs 73 crore as a PLI over a five-year period beginning from FY24 for investing in a new facility in Andhra Pradesh.
IndiGo, India's largest airline, resumed flights to Thailand, after a two-year hiatus.
NDTV's stock hit the 10% upper circuit, giving it a year-to-date gain of 56%.
South Korean tech tycoon Samsung will be setting up a compressor plant at an outlay of Rs 1,588 crore in Tamil Nadu.
Retail gasoline prices haven't been marked to market in a few months, and they should be raised by about 15% to match current international crude pricing.
Paytm's stock has dropped 70% since its IPO, thanks to an RBI ban and a data breach involving Chinese firms.
Lithium Werks' assets have been purchased by Reliance Industries for $61 million.