Today’s top morning headlines - 7th September 2023

Markets are trading in flat as of 12:45 pm, with the NIFTY50 trading above the 19,600 level. Here are the top stories of the hour. Let us know what you think in the comments below!

Top gainer: Coal India: 271 ▲ 15 (+6.1%)
Top loser: Tata Consumer: 856 ▼ 22 (-2.5%)

:star: Tata Consumer falls as company issues clarification
Shares of Tata Consumer Products declined more than 2% after the company clarified it is not in negotiations with Haldiram’s to acquire a 51% stake. Yesterday, multiple media reports stated that Tata Consumer is in talks to buy a controlling stake in Haldiram’s at a valuation of $10 billion.

:star: Force Motors hits upper circuit
Force Motors shares are locked in the upper circuit of 5%. This comes after the commercial and utility vehicles maker announced production of 3,032 units in August 2023, up 1.5% compared to July 2023. Meanwhile, its domestic sales were at 2,601 units, while export sales stood at 675 units during the same month.

:star: RHI Magnesita gains on CCI nod
Shares of RHI Magnesita India gained over 6% after the Competition Commission of India (CCI) cleared Rhone Capital’s proposed acquisition of a 29.9% stake in RHI Magnesita NV. RHI Magnesita NV operates through its subsidiary RHI Magnesita India Ltd, specialising in refractories and related products.

:star: Varroc Engineering hits 52-week high
Varroc Engineering rose over 5% intraday after the automotive component maker entered into a power purchase agreement with three special purpose vehicles (SPVs). Additionally, Varroc will acquire a 26% stake in these SPVs to establish renewable power plants in Maharashtra, enabling the company to source solar power from the said SPVs for its manufacturing plants.