Gulf Oil jumps on 51% & More on Today’s Market

Gulf Oil Lubricant jumps on 51%

On August 29, the shares of Gulf Oil Lubricants India Limited surged by 3 percent to reach Rs 579, subsequent to the company's announcement in an exchange filing on August 28 regarding its acquisition of a 51 percent controlling stake in Tirex Transmission. Tirex Transmission, a prominent manufacturer of DC fast chargers for electric vehicles (EVs) in India, holds a significant position in the market, serving a wide array of clients including PSUs, charge point operators, automotive OEMs, and retail entities, offering an extensive range of chargers suitable for various vehicle categories, including e-Buses. The acquisition plan is contingent on the finalization of definitive agreements and the attainment of statutory approvals from all concerned parties, as stated in the press release.

Indiabulls Real Estate stock rallies 5%

Indiabulls Real Estate witnessed a 5 percent intraday surge in its shares on August 29, following the appointment of Atul Chandra as the Chief Operating Officer (COO), effective from August 28. Previously serving as the senior vice-president, Chandra's tenure at Indiabulls Real Estate began in April 2021. He holds a bachelor’s degree in commerce from Jiwaji University, Gwalior, and is a qualified chartered accountant affiliated with the Institute of Chartered Accountants of India. The company, as per a regulatory filing on the Bombay Stock Exchange (BSE), highlighted Chandra's extensive experience spanning 24 years across diverse realms including real estate development, asset management, audit, accounting, investment advisory, banking, and the financial services sector.

Tata Power subsidiary signs solar plant deal

In early trading on August 29, shares of Tata Power Company experienced gains as a result of its subsidiary's signing of an agreement for a 4.4-MW AC Group Captive Solar Plant. Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, entered into a Group Captive Power Delivery Agreement (PDA) for a 4.4 MW AC facility in collaboration with the ANAND Group. This collaboration is projected to enable the generation of 10 million units of clean energy from renewable sources. With this development, TPREL's total renewable capacity expands to 7,787 MW, inclusive of 3,655 MW of projects in various implementation stages, while its operational capacity stands at 4,132 MW, encompassing 3,139 MW from solar sources and 993 MW from wind sources.

Bharti Airtel trades down 2%

On August 9, the shares of Bharti Airtel experienced a decline of over 2 percent, attributed to the trading of approximately 1.1 crore shares, equivalent to 0.2 percent of the company's equity, with a total value of Rs 922.8 crore, through block deals at an average price of Rs 852.9 per share on the stock exchanges.

Conclusion

In today's market update, the Indian stock market displayed a mixed performance, with marginal losses seen in the benchmark indices, Sensex and Nifty. The Sensex closed down by 365.83 points or 0.56%, reaching 64886.51, while the Nifty saw a decline of 40.25 points or 0.21% to 19306.05. The broader markets also faced negative trends, with the BSE Midcap index dropping by 0.85% and the BSE Smallcap index witnessing a decline of 0.24%.

Notable movements included Gulf Oil Lubricants India Limited, which saw its shares surge by 3 percent to reach Rs 579 following the company's announcement of a 51 percent controlling stake acquisition in Tirex Transmission. Indiabulls Real Estate experienced a 5 percent intraday rally due to the appointment of Atul Chandra as Chief Operating Officer. Tata Power's subsidiary signing a deal for a 4.4-MW AC Group Captive Solar Plant contributed to gains in the company's shares. On a different note, Bharti Airtel faced a 2 percent decline on August 9 due to significant trading activity in block deals.

Overall, the market demonstrated a blend of upward and downward trends in response to various corporate developments and market dynamics.

Source - Moneycontrol