Key benchmark indices clocked nearly 2 per cent gains following the positive trend in global peers and a sharp fall in volatility in the last trading session. Every sector participated in the rally with Auto, Bank, Metal, and Financial Services being the major gainers. The BSE Sensex climbed more than 1,000 points to close at 56,817, while the Nifty50 surged more than 300 points to 16,975. A strong recovery in Chinese tech stocks after a brutal selloff, progress in Russia-Ukraine peace talks, and a drop in global crude oil prices boosted investor sentiment.
Yasho Industries
The specialty and fine chemicals maker has received board approval for a capital expenditure of Rs 350 crore in Phase 1 for its greenfield project at Pakhajan (Dahej), Gujarat. The company intends to manufacture lubricant additives and rubber chemicals with a total capacity of 15,500 MT per annum in phase 1 at this new facility. Post expansion, the total manufacturing capacity will increase from 11,000 MTPA to 26,500 MTPA with a revenue potential of Rs 500 crore to Rs 550 crore in Phase 1 at full capacity utilisation. The project is expected to be completed in 24 months after receiving all necessary governmental approval.
Indiabulls Housing Finance
The board on March 22 will consider raising funds via bonds, in one or more tranches, on a private placement basis.
Om Infra
The company secured two prestigious contracts from Public Health Engineering Department, Region Churu (Rajasthan).
Oil India
The firm said subsidiary Numaligarh Refinery will invest Rs 6,555 crore for the implementation of the petrochemical project at Numaligarh, Assam. The board also approved the formation of a joint venture company between Assam Gas Company (AGCL) and Oil India (OIL) for the three geographical areas offered by the Petroleum and Natural Gas Regulatory Board [PNGRB].
GlaxoSmithKline Pharmaceuticals
The company has completed the transaction for the sale of its trademarks pertaining to ‘lodex’ and ‘Ostocalcium’ brands in India to GlaxoSmithKline Asia Private Limited.
Voltas
The company will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company. With this JV, the company will engage in the business of design, development, manufacture, marketing, sale, and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products.
Adani Power
The company has completed the acquisition of Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh. The cost of acquisition of Essar Power M P Ltd, which is undergoing insolvency resolution, is over Rs 4,250 crore, including the estimated cost of compliance with environmental and emission norms, it said in a regulatory filing.
“Adani Power Limited has completed today the acquisition of 100 per cent of paid up share capital and management control of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code,” it said.
BPCL
Bharat Petroleum Corp has deferred a maintenance shutdown of a crude unit at 240,000 barrels per day (bpd) Mumbai refinery to May as it seeks to gain from strong fuel cracks, sources aware of the plan told Reuters.
India’s second-biggest state refiner had plans to shut a 120,000 bpd crude unit and some secondary units including a diesel hydro desulphuriser and a hydrogen generation unit for 20-25 days from the end of this month, they said.
Aviation Stocks
Oil marketing companies on Wednesday sharply raised prices of aviation turbine fuel (ATF) to record high of over Rs 1 lakh per kilolitre (kl).
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