Tata Sons bought Tata Chemicals, Tata Motors DVR shares in block deals

Promoter Tata Sons Private Limited on Wednesday bought shares of Tata Chemicals shares and Tata Motors Differential Voting Rights shares through open market transactions. Total 22.1 lakh shares of Tata Chemicals were bought at Rs 287.58 per share, while 37.63 lakh shares of Tata Motors DVR were acquired at a price of Rs 59.83 per share. According to the June data, Tata Sons held 28.51 per cent and 5.26 per cent stake in Tata Chemicals and Tata Motor DVR, respectively.

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India’s NSE and Singapore’s SGX finalise derivatives tie up

On Tuesday, Singapore Exchange Ltd. and the National Stock Exchange of India Ltd. formally ended a years-long disagreement related to derivatives trading. Now, the two exchanges are set to launch a cross-border trading link. It is reported that this tie up will further strengthen the capital market ecosystem in GIFT City, Gandhinagar, resulting in more broad based development across asset classes and capital raising activity.

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Raymond to raise Rs 100 crore through NCDs

Textile and Apparels firm Raymond Ltd reported that it will raise Rs 100 crore through Non Convertible Debentures on a private placement basis. The NCDs, which would have a coupon rate of 8.60 per cent. The tenure of the instruments would be 1,095 days from the deemed date of allotment, which is September 29, 2020.

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Bharat Biotech signs an agreement with US university for covid vaccine

Vaccine maker Bharat Biotech has entered into an agreement with Washington University School of Medicine in St. Louis as part of which it will conduct trials, produce and market an intranasal vaccine for Covid-19 being developed by the latter. While Phase I trials will take place in Saint Louis University’s Vaccine and Treatment Evaluation Unit, Bharat Biotech, on receipt of regulatory approval (DGCI), will pursue further stages of clinical trials in India.

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UTI AMC IPO to open on September 29

One of the leading asset management companies (AMCs) in India, UTI AMC is set to open its Initial Public Offering on September 29. The offer is proposed to close on October 1, 2020. The price band of the offer has been fixed at Rs 552 to Rs 554 per equity share. At the upper price band of the offer, the issue size stands at Rs 2,159 crore. 

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ONGC shares slide 3% as massive fire breaks out at Surat plant

Shares of Oil and Natural Gas Corporation (ONGC) dipped 3 per cent to Rs 65.45 after a massive fire broke out at the state-owned exploration & production company‘s plant in Surat, Gujarat. The reason for the massive fire is being attributed to three consecutive blasts that took place at two terminals of the plant. 

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RBI rejects all bids at first open market operations

The Reserve Bank of India today rejected all the bids it received at its first outright open market purchase of bonds for this fiscal year. The RBI had planned to buy up to Rs 10,000 crore worth of six-year to 11-year papers at open market operations. Despite receiving bids worth Rs 66,473 crore in total, it did not accept any of them. 

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Mazagon Dock Shipbuilders IPO: Issue to open on September 29

Mazagon Dock Shipbuilders announced that its Initial Public Offering (IPO) will open for subscription on September 29, and the price band for the same has been fixed at Rs 135-145 per share. The issue will close on October 1 and at the upper end of the price band, the government of India is selling shares to raise Rs 443.68 crore from the primary market. The IPO joins the issues of Likhitha Infrastructure and UTI Asset Management Company to open on September 29.

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Government invites tender for Bullet train project

The National High-Speed Rail Corporation (NHSRCL), which is responsible for executing the Mumbai –Ahmedabad high-speed project, invited tenders for the design and construction of 237 kilometers (kms) in the Mumbai-Ahmedabad corridor. Mega industry players, Larsen & Toubro (L&T), Tata Projects, JMC Projects and NCC have submitted their bids.

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Harley Davidson exits its operations in India

American bike maker Harley-Davidson has decided to close its operations in India to shut down as business remains sluggish and sales narrow down. The company may soon announce a partnership with an Indian two-wheeler company that may be Hero MotoCorp. The company now expects $75 million in additional restructuring costs for 2020. 

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