Markets are trading flat as of 12:45 pm, with the NIFTY50 trading above the 19,550 level. Here are the top stories of the hour. Let us know what you think in the comments below!
Top gainer: Apollo Hospitals: 4,971 ▲ 146 (+3.0%)
Top loser: Tata Steel: 129 ▼ 2.3 (-1.7%)
Hero MotoCorp to invest additional funds in Ather Energy
The two-wheeler maker received approval from its board to invest ₹550 crore into electric two-wheeler maker Ather Energy. Prior to this investment, Hero MotoCorp already held a 33.1% stake in Ather Energy. HeroMotoCorp shares rose 1% intraday.
Tata Power extends rally, hits new 52-week high
Shares of Tata Power rose 1.3% intraday and touched a new 52-week high today. This comes after its renewable energy arm signed a power delivery agreement (PDA) with Neosym Industry. Company will supply power through its 26 MW AC group captive solar plant located in Maharashtra. This is the second order secured by the company in the last five days.
Paytm rises after its monthly business update
Paytm shares rose more than 2% intraday after announcing its monthly business update. Average monthly transacting users on the Paytm platform rose 20% YoY to 9.4 crore for the two months ended August 2023. Meanwhile, its loan distribution business continues to gain scale with disbursements worth ₹10,710 crore, up 137% YoY during quarter to date (for July and August 2023).
Vishnu Prakash makes a strong debut
Vishnu Prakash R Punglia Limited listed on the exchanges at a 67% premium today. Shares of the infrastructure company opened at ₹165 on NSE, against the issue price of ₹99 per share. Its ₹308 crore initial public offer (IPO) was subscribed over 87 times.