Today’s top morning headlines - 30th August 2023

Markets are trading in the green as of 12:30 pm, with the NIFTY50 trading above the 19,450 level. Here are the top stories of the hour. Let us know what you think in the comments below!

Top gainer: Jio Financial: 231 ▲ 11 (+4.9%)

Top loser: Power Grid: 248 ▼ 3.0 (-1.1%)

:star: Maruti rises on new investment plans
Shares of India’s leading automaker rose nearly 1% intraday. This comes after the company’s management said it plans to invest around ₹45,000 crore to nearly double its production capacity from 2.25 million units at present to 4 million units by 2030.

:star: SBFC Finance reports robust Q1 growth
Shares of the recently listed NBFC rose nearly 5% intraday after it reported robust Q1 earnings. The company’s net interest income (NII) grew by over 40% YoY to ₹141 crore, while its standalone net profit was at ₹47 crore, rising 46% YoY during the June quarter.

:star: Shakti Pumps gains on order win
Shares of Shakti Pumps rose as much as 16% today after it secured a new work order worth ₹358 crore. This new order comes from Haryana Renewable Energy Department to supply 7,781 pumps.

:star: Rishabh Instruments IPO opens today
The ₹490 crore IPO of Rishabh Instruments opened for subscription today and will remain open till 1 September. The company manufactures and supplies various electric products for metering and measurement. The price band of this issue is ₹418 to ₹441 per equity share. As of 12:40 pm, the IPO has received a total subscription of 29%. To apply for this IPO, click here.