AGRO Financial News

Bohra Industries Ltd.(up 4.77%) and Krishana Phoschem Ltd.(up 0.29%) were among the top gainers.

Torrent Power on Thursday said it has bagged a contract from Maharashtra State Electricity Distribution Co Ltd for setting up 306 MW solar projects worth Rs 1,540 crore under the PM-KUSUM Scheme. The company in a statement said that the Letter of Award (LOA) for the project was handed over by Maharashtra Deputy Chief Minister Devendra Fadnavis. «Torrent Power has emerged as a successful bidder and has received Letter of Award from Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) on March 7, 2024, for setting up of 306 MW grid-connected solar power project, at 48 distributed locations, across Nasik District, Maharashtra,» the statement said. The project is conceived by MSEB Solar Agro Power Ltd (MSAPL) under Mukhya Mantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0) scheme for implementation of feeder level solarisation under Component C of the PM-KUSUM scheme connected to the distribution network.

BENGALURU : Bengaluru: Multinational companies (MNCs) have been selling stakes in their Indian businesses citing high market valuations to use the proceeds for a host of purposes including debt repayment. Over the last month, Conagra Brands announced the sale of its controlling stake in India’s Agro Tech Foods (ATFL), long-time investor British American Tobacco (BAT) indicated it would sell a partial stake in ITC while Japan's Sumitomo Wiring Systems sold 4.4% stake in Samvardhana Motherson International.

Shares of Kotak Mahindra Bank Ltd.(up 2.57 per cent), Axis Bank Ltd.(up 2.2 per cent), Bank of Baroda(up 1.61 per cent), Federal Bank Ltd.(up 1.33 per cent) and ICICI Bank Ltd.(up 0.84 per cent) ended the day as top gainers in the pack.

Nakoda Group Of Industries Ltd.(up 19.98%), Varun Beverages Ltd.(up 3.94%), Euro India Fresh Foods Ltd.(up 2.02%), Bikaji Foods International Ltd.(up 1.86%), Tata Consumer Products Ltd.(up 1.63%), Tasty Bite Eatables Ltd.(up 1.25%), Britannia Industries Ltd.(up 1.15%), Hatsun Agro Products Ltd.(up 0.59%), Mrs. Bectors Food Specialities Ltd.(up 0.50%) and Colgate-Palmolive(India)Ltd.(up 0.47%) stood among the top gainers.

Benchmark NSE Nifty closed 117.75 points up at 22474.05 amid buying in frontline bluechip counters.

Shares of Mahindra Lifespace Developers Ltd.(up 0.8 per cent) and Prestige Estates Projects Ltd.(up 0.07 per cent) ended the day as top gainers in the pack.

Shares of HCL Technologies Ltd.(up 1.54 per cent), Persistent Systems Ltd.(up 1.42 per cent), Tata Consultancy Services Ltd.(up 1.31 per cent), Infosys Ltd.(up 0.69 per cent) and LTIMindtree Ltd.(up 0.64 per cent) ended the day as top gainers in the pack.

Shares of Bajaj Auto Ltd.(up 3.05 per cent), Mahindra & Mahindra Ltd.(up 1.62 per cent), Hero MotoCorp Ltd.(up 0.99 per cent), Balkrishna Industries Ltd.(up 0.43 per cent) and MRF Ltd.(up 0.24 per cent) ended the day as top gainers in the pack.

Benchmark NSE Nifty index fell 57.96 points to 22298.35 amid selling in frontline bluechip stocks.

Nakoda Group Of Industries Ltd.(up 11.97%), Bikaji Foods International Ltd.(up 1.50%), Varun Beverages Ltd.(up 1.43%), ADF Foods Ltd.(up 0.88%), Hatsun Agro Products Ltd.(up 0.81%), Tasty Bite Eatables Ltd.(up 0.31%) and Tata Consumer Products Ltd.(up 0.15%) were among the top gainers.

Torrent Power Ltd.(up 1.77%), KKV Agro Powers Ltd.(up 0.16%) and Kalpataru Projects International Ltd.(up 0.06%) were among the top gainers.

Krishana Phoschem Ltd.(up 0.18%) were among the top gainers.

MVK Agro Food Product will be finalised later today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. Investors can check the status of MVK Agro Food Product IPO allotment by logging in to the official website of the registrar, which is Mas Services in this case.

Future Consumer Ltd.(up 5.56%), Honasa Consumer Ltd.(up 2.14%), Zydus Wellness Ltd.(up 1.56%), Sheetal Cool Products Ltd.(up 0.44%), Hatsun Agro Products Ltd.(up 0.16%), Godrej Consumer Products Ltd.(up 0.14%), Jyothy Labs Ltd.(up 0.14%), Tasty Bite Eatables Ltd.(up 0.13%), Mrs. Bectors Food Specialities Ltd.(up 0.08%) and Procter & Gamble Hygiene & Healthcare Ltd.(up 0.07%) were among the top gainers.

Samara Capital, along with a consortium of investors including Convergent Finance, is setting up a roll-up platform for packaged foods for which it has earmarked $150 million. It will explore M&As in mid-sized packaged foods as bolt-on or tuck-in acquisitions, pursue organic growth, and sign licensing deals to bring global food brands to India, executives directly aware of the development said. The platform will be similar to Sapphire Foods, which Samara Capital had set up for food services, which operates Yum! Brands' quick-service restaurant (QSR) chains KFC and Pizza Hut in India. The Samara Capital-backed platform, to be called Agro Tech Foods, has begun with Sundrop edible oil, peanut butter and ACT II popcorn as its first brands.

Conagra Brands' sale of a 51.8% stake in Agro Tech Foods at a 48% discount to the market price and the subsequent mandatory open offer at a 43% discount to Thursday's closing price have raised eyebrows on Dalal Street. Market participants were surprised by this move, likening the decision to suggest that certain midcap stocks are either significantly overvalued or face underlying hidden challenges. On Thursday, Conagra announced the sale of a 51.8% stake in Agro Tech at ₹515 per share, despite the market price being above ₹1,000 apiece. The mandatory open offer of 26% to the public shareholders was set at ₹578 apiece, representing a discount of 43% from Thursday's closing price and a discount of 17% from the average price of the stock over the past year. The stock locked in a 20% lower circuit on Friday to close at ₹804.15.

₹65.88 crore initial public offering (IPO) of small and medium-sized enterprise M.V.K. Agro Food Product opened for subscription today, Thursday, February 29, 2024. The issue, which will close on Monday, March 4, has a price of ₹120 per share.

GE T&D India Ltd.(up 2.90%), Jaiprakash Power Ventures Ltd.(up 2.02%), PTC India Ltd.(up 1.64%), Indo Tech Transformers Ltd.(up 0.89%), Tata Power Company Ltd.(up 0.50%), GE Power India Ltd.(up 0.15%), Adani Energy Solutions Ltd.(up 0.14%) and NTPC Ltd.(up 0.04%) were among the top gainers.

SME IPO of MVK Agro Food Product opened for subscription today and will close on March 4. The company aims to raise Rs about Rs 66 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue. 1) About MVK Agro Food Product MVK Agro is an integrated sugar and other allied products manufacturing company operating from Nanded in Maharashtra. It operates a single location sugar unit having licensed crushing capacity of 2,500 TCD. In addition to sugar, the company also commercialises and sells its by-products and waste products, namely, Molasses, Bagasse and Pressmud.

Zuari Agro Chemicals Ltd.(up 4.51%), Madras Fertilizers Ltd.(up 2.92%), Bohra Industries Ltd.(up 1.99%), Southern Petrochemicals Industries Corporation Ltd.(up 1.31%), Rama Phosphates Ltd.(up 0.75%), Chambal Fertilisers & Chemicals Ltd.(up 0.66%), Agro Phos India Ltd.(up 0.63%), Rashtriya Chemicals & Fertilizers Ltd.(up 0.59%), National Fertilizers Ltd.(up 0.45%) and Krishana Phoschem Ltd.(up 0.32%) were among the top gainers.