Market this week 18-3-2022
- Shyam Metalics & Energy increases its capacity growth plan by 6%.
- Unichem Laboratories’ stock rose 4% when the ANDA for Nebivolol tablets was approved.
- Godrej Properties, based in Mumbai, has risen about 2% since entering Sonipat.
- The stock of Power Mech Projects has increased by 4% as a result of securing orders worth Rs 2,121 crore.
- After the RBI lifted limits on new digital launches, HDFC Bank’s stock rose 2%.
Shyam Metalics & Energy increases its capacity growth plan by 6%.
On March 16, Shyam Metalics and Energy’s stock rose 6% intraday after the business revealed a capacity expansion plan.
New capital investment plans of Rs 990 crore have been revealed by the company. As it enters the financial year 2022-23, the business plans to grow its capacity by 2.85 million tonnes per annum, a 25% increase over the 11.6 MTPA aggregate (including intermediates and pellet) capacity after the IPO expansions.
The total capacity has been increased to 14.5 MTPA. This capital investment will be in addition to the Rs 3,000 crore in ongoing capital expenditure expansion.
Unichem Laboratories’ stock rose 4% when the ANDA for Nebivolol tablets was approved.
On March 16, Unichem Laboratories’ stock rose 4% intraday after the business acquired ANDA approval for its Nebivolol Tablets.
Unichem Laboratories has acquired ANDA approval from the US Food and Drug Administration (USFDA) to commercialise Nebivolol Tablets 2.5mg, 5mg, 10mg, and 20mg, a generic version of Allergan Sales, LLC’s Bystolic (nebivolol) Tablets 2.5mg, 5mg, 10mg, and 20mg.
The use of Nebivolol Tablets is for the treatment of hypertension. Unichem’s Ghaziabad plant will commercialise the product.
Godrej Properties, based in Mumbai, has risen about 2% since entering Sonipat.
Godrej Properties’ stock jumped about 2% in early trade on March 15 after the business announced its entry into Sonipat.
Godrej Properties has purchased about 50 acres of land in the area. Approximately one million square feet of plotted residential construction will be available as part of this project. Sonipat’s planned educational and industrial centre is within walking distance of the site.
The initiative is in line with the company’s aim of expanding its footprint in the country’s most important real estate markets. Sonipat, as a micro-market, has experienced a lot of infrastructure development in recent years and will play an important role in the NCR’s growth storey.
The stock of Power Mech Projects has increased by 4% as a result of securing orders worth Rs 2,121 crore.
On March 14, Power Mech Projects’ stock rose more than 4% intraday after the company received orders worth Rs 2,121 crore. Under the Jal Jeevan Mission (JJM) scheme, Power Mech Projects has won orders for Rs 2,120 crore.
The company has received additional orders for Phase-III projects in 2,120 villages in Uttar Pradesh’s Pratapgarh, Fatehpur, and Meerut districts. About 2100 tube wells, 2100 water tanks, and 13,000 km of pipeline network are major components of the project, which would provide drinking water to about 50 lakh people.
After the RBI lifted limits on new digital launches, HDFC Bank’s stock rose 2%.
The share price of HDFC Bank increased by more than 2% in early trade on March 14 after the Reserve Bank of India (RBI) relaxed limitations on the bank’s new digital launches.
The Reserve Bank of India, in a letter dated March 11, 2022, relaxed the prohibition on business-generating activities envisaged under the HDFC Bank’s Digital 2.0 initiative.
After continuous disruptions at the lender’s data centre, the central bank imposed the restrictions in December 2020. HDFC Bank was unable to launch any of the activities planned under the Digital 2.0 programme, as well as source new credit cards, due to the constraints. The RBI also demanded that the bank establish responsibility in the data centre outages and investigate the causes of the failures.
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