Happiest Minds Makes a Strong Market Debut, soars 138% over issue price

Shares of Happiest Minds Technologies Ltd made a strong debut listing at Rs 350, a premium of 110.84% from its issue price of Rs 166. The Rs 702 crore initial public offering (IPO), sold at a price band of ₹165-166 per share, was subscribed 150.98 times. The company is looking forward to utilising the proceedings to meet the Long term working capital requirements and general corporate purposes.

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RBI announces Open Market Operations worth Rs 10,000 crore

The Reserve Bank of India announced an Open Market Operations of government securities worth Rs 10,000 crore to be conducted on September 24 to infuse liquidity in the market. RBI monitors the liquidity in the market and takes measures as appropriate to ensure orderly functioning of financial markets. 

Read marketfeed’s article on LTRO and Operation Twist by RBI here.

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Serum Institute of India gets DCGI nod to resume clinical trial of Oxford COVID-19 vaccine

Recently, the trials of Oxford Covid-19 in India were put on hold by the drug regulator of India on the grounds of adverse effect reported in a participant. As the trials resumed in the UK, The Drugs Controller General of India on Wednesday, gave permission to Serum Institute of India to resume the clinical trial of the Oxford Covid-19 vaccine candidate in the country.

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Hindalco Industries Limited signs a pact with Hindustan Copper

A subsidiary of Aditya Birla Group, Hindalco Industries Limited signed an agreement to procure copper concentrate from government-owned Hindustan Copper. Hindalco will use about 60% of copper concentrate produced by Hindustan Copper. The metal index was among the worst performing today, falling 1.37%.

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Ashok Leyland bags orders for 1,400 ICVs from logistics start-up Procure Box

Ashok Leyland reported that it had received an order for 1,400 intermediate commercial vehicles (ICVs) from a logistics start-up company, Procure Box. The company did not disclose the exact value of the order. 

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Defence Minister Rajnath Singh’s response on India-China border stand-off

“Patrolling patterns are traditional and well-defined. No force on earth can stop our soldiers from patrolling”, said Defence Minister Rajnath Singh in response to the questions that the Chinese troops were blocking the Indian Army patrols along the disputed boundary in eastern Ladakh.

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US Federal Reserve hold sinterest rates near zero 

The US Federal Reserve kept interest rates pinned near zero and promised to keep them there until the inflation is on track to exceed the US central bank’s 2% inflation target for some time. Indian markets slipped nearly 1% as the Fed disappoints investors worldwide. 

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Tata bags the Parliament Project

The Central Public Works Department (CPWD) had invited bids to build a new Parliament complex and Tata Projects Ltd submitted a bid for Rs 861.90 crore and was allotted the construction contract as Larsen and Toubro Ltd had submitted a bid of Rs 865.00 crore. Tata projects Ltd is a subsidiary of Tata Sons, the holding company of the Tata Group. 

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Flipkart looking at overseas listing by 2021

Indian e-commerce giant Flipkart is planning to go public as early as next year at a valuation of $40-45 billion. The company would look at an overseas listing, either in the US, where its parent company Walmart Inc. is based, or another country. In July, Walmart led a $1.2 billion investment in Flipkart Group, valuing the company at around $25 billion, in its largest fund-raising since its acquisition in 2018.

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JMC Projects bags orders worth Rs 1,342 crore

Engineering firm JMC Projects on Thursday reported that it has bagged orders worth Rs 1,342 crore in the domestic and international markets. The company said that it has won Rs 725 crore worth infrastructure projects in east Asia. Also, it has secured water supply projects in Odisha totalling Rs 471 crore and a building project in north India of Rs 146 crore.

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