Top gainer: Shriram Finance 3,559 ▲ 134 (+3.9%)
Top loser: TCS 4,341 ▼ 164 (-3.6%)
Bajaj Housing Finance shares down 4.4% after two consecutive upper circuits
Shares of newly-listed Bajaj Housing Finance Ltd declined over 4% on Wednesday after hitting upper circuits for two consecutive days. The stock dropped 4.4% to ₹173.4 on the National Stock Exchange (NSE). It dropped 4.6% to ₹173.1 apiece. On Tuesday, the scrip surged 10% to ₹181.50 apiece-- the highest trading permissible limit for the day. The stock has surged 147.7% from its issue price of ₹70. Read more
Reliance Power settles corporate guarantee of ₹3,872.04 crore
Reliance Power’s shares were locked in a 5% upper circuit on Wednesday after the company announced that it has settled a corporate guarantee of ₹3,872.04 crore. As a result, Vidarbha Industries Power (VIPL) has ceased to be a subsidiary of the company and all obligations and undertakings of the company as a guarantor have been discharged. Reliance Power reported that VIPL contributed ₹8.73 crore to the company’s revenue in FY24, accounting for 0.11% of the company’s consolidated revenue. Read more
Torrent Power bags 1,500 MW pumped hydro storage project, stock rises up to 5.2%
Torrent Power on Tuesday said it has bagged a 1,500 MW pumped hydro storage project (PSP) from Maharashtra State Electricity Distribution Co. Ltd. Torrent Power Ltd has emerged as a successful bidder and has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) on 17th September 2024 for procurement of 1,500 MW/12,000 MWh Energy Storage Capacity from Pumped Hydro Storage Project, the company said in a statement. Read more