After opening the day on the higher, Indian benchmark indices remained the same as the session progressed but ended the day higher.Sensex and Nifty traded on a flat note on Wednesday as investors paused after a four-session rally. At the closing bell, the BSE Sensex stood higher by 102 points (up 0.1%).Meanwhile, the NSE Nifty closed higher by 84 point up (0.3%).Cipla, Titan, and HDFC Life are among the top gainers today.Tech Mahindra, Tata Steel, and ONGC on the other hand, were among the top losers today.The GIFT Nifty was trading at 24,809, up by 91 points, at the time of writing.The BSE MidCap index ended 0.9% higher and the BSE SmallCap index ended 0.5% higher.Sectoral indices were trading mixed with stocks in the metal sector and the healthcare sector witnessed buying speed. Meanwhile, the stocks in the realty sector and power sector witnessed selling pressure.Shares of HDFC AMC, Trent, and Colgate hit their respective 52-week highs today.The rupee is trading at 83.92 against the US$.Gold prices for the latest contract on MCX are trading flat at Rs 71,780 per 10 grams.Meanwhile, silver prices were trading 0.4% higher at Rs 85,030 per 1 kg.
Why Reliance Power Share Price is RisingMoving on to news from the power sector, Reliance Power shares soared 21.5% in the last four trading sessions to touch its new peak at Rs 36.17 in Wednesday’s session after reported talks of Adani Power to acquire its 600 MW Butibori Thermal Plant.According to the report, Adani Power is in conversation with Vidarbha Industries Power, a division of Reliance Power, for this acquisition that is expected to be valued between Rs 24 bn and Rs 30 bn, which equates to approximately Rs 4 crore to Rs 50 m per MW.Acquiring the project would enable India’s leading private thermal power producer to leverage the growing demand for electricity in the country.Currently, CFM ARC is the sole creditor of the project, having purchased its loans for Rs 12.7 bn. According to the report, the official mentioned above said that the entire deal would be funded through the internal accruals of the Adani Group.
Why NHPC Share Price is FallingMoving on to news from the power sector, NHPC shares fell over 1% to Rs 95.2 on August 21 after a major landslide in East Sikkim caused significant damage to the 510-MW hydroelectric project on the Teesta River.The full extent of the damage to the power station is still being assessed, especially since the dam has been non-operational since October 2023 following flash floods.The landslide affected the Tail Race Tunnel gate hoist structure and part of the GIS building. However, reports suggest that the underground powerhouse, where electricity generation occurs, was not directly impacted.NHPC has dispatched an expert team from its corporate office to evaluate the damage, assess losses, and plan for remedial work.The Teesta Dam is a key source of hydroelectric power for the region, and the damage could lead to power shortages, affecting thousands of residents. The findings of the investigation could have significant implications for regional infrastructure development policies.NHPC is the government of India’s flagship hydroelectric generation company. The company is primarily involved in generation and sale of bulk power to various power utilities.
Orient Technologies IPO fully Subscribed
Moving on, Orient Technologies, an information technology (IT) solutions provider, opened its Rs 2.1 bn initial public offering (IPO) for subscription on 21 August. The issue was fully subscribed to within an hour of opening.So far, the retail investors were at the forefront, subscribing to 5.14x of their reserved portion. The non-institutional investor’s portion followed next after it was bought 1.81 times.Meanwhile, QIBs or qualified institutional buyers were yet to subscribe to the issue.The Rs 2.1 bn IPO will close for subscription on 23 August. The price band for the issue has been fixed at Rs 195-Rs 206 per share.The IPO is a combination of fresh issuance of shares worth Rs 1.2 bn and an offer-for-sale of 46 lakh equity shares worth Rs 947.6 bn by promoters.The company that provides IT infrastructure, IT-enabled services, and cloud & data management services will spend Rs 103.5 m out of the net fresh issue proceeds for the acquisition of office premises in Navi Mumbai, Rs 796.5 m for capital expenditure requirements, and the remaining amount for general corporate purposes.More By This Author:Sensex Today Trades Lower; Nifty Below 24,700
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