NSE Plans Longer FnO Trading Hours - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

NSE plans longer F&O trading hours

As per an Economic Times report, the National Stock Exchange (NSE) is finalising plans to extend trading hours for equity derivatives. The exchange proposes to launch an evening session, possibly between 6 PM and 9 PM. Market participants can continue trading F&O contracts after the regular session between 9:15 AM and 3:30 PM. NSE might consider extending this session to 11:30 PM at a later stage.

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TCS expands partnership with Africa’s Standard Bank Group

Tata Consultancy Services (TCS) has expanded its partnership with Africa’s largest custodian, Standard Bank Group (SBG). SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform. The platform has already been deployed in seven markets (including South Africa), and the others will be implemented by March 2024.

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Serentica Renewables secures ₹3,000 crore in debt funding from REC

Serentica Renewables has raised ₹5,600 crore in funding from REC Ltd and Power Finance Corporation Ltd. It has raised ₹3,000 crore from REC and ₹2,600 crore in debt funding from PFC. This transaction is in line with REC’s expanding role in funding green projects and positioning itself as the focal agency for energy transition.

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Strides Pharma to spin off contract development unit

Strides Pharma will spin off its contract development and manufacturing organisation (CDMO) and soft gelatin business into a new entity, OneSource. OneSource will list in the next 12-16 months and will have more than 1,200 employees. The new company is expected to deliver $180-200 million in revenue in the financial year 2024-25.

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Godrej Properties sells 670 apartments worth ₹2,000Cr 

Godrej Properties has sold 670 apartments worth over ₹2,000 crore in its project, Godrej Tropical Isle, in Sector 146, Noida. The project was launched in August 2023, nine months after the purchase of a land parcel through an e-auction conducted by the Noida Authority in November 2022. This is Godrej Properties' most successful launch in terms of the value and volume of sales achieved.

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IHCL expands footprint in Sikkim

Indian Hotels Company Ltd (IHCL) is expanding its footprint in Sikkim, with the opening of Taj Guras Kutir Resort & Spa in Gangtok. The 69-key resort is spread over 14 acres. With the addition of this hotel, IHCL will have 11 hotels with three under development in North East India. This includes three hotels across the Taj, Vivanta and Ginger brands in Sikkim.

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Indian Oil unveils hydrogen-run bus that emits just water

Indian Oil Corporation Ltd (IOCL) unveiled India’s first green hydrogen-powered bus that emits just water as it takes the lead in bringing out unrivalled tools to replace fossil fuels. IOCL will produce nearly 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses, which will ply across the National Capital Region (NCR) for trial runs.

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IRCON executes contract worth ₹122 crore with Sri Lanka Railways

Ircon International Ltd (IRCON) has secured an order worth ₹122 crore ($14.89 million) from Sri Lanka Railways. The work includes designing, installing, testing, commissioning and certifying of signalling and telecommunication systems from Maho Junction to Anuradhapura, IRCON. This contract for the order was executed under the Indian Line of Credit on September 21.

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Grasim Industries temporarily closes Century Rayon plant

A section of Grasim Industries Ltd’s Century Rayon plant at Shahad in Maharashtra has been closed temporarily after a government order. The Department of Industrial Safety and Health’s order came after a fatal explosion at the Century Rayon plant on Saturday, September 23. Two persons died in the explosion, while six others were injured.

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Shree Cement board approves proposal to raise up to ₹700 crore via NCDs

Shree Cement Ltd’s board has approved a proposal to raise up to ₹700 crore through an issue of non-convertible debentures (NCD) on a private placement basis. The secured, rated redeemable and taxable NCDs with a base issue size of ₹350 crore and an option to retain oversubscription of up to ₹350 crore will be allotted on September 26, 2023. The issue will be at a face value of ₹1,00,000 each for cash at par.

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Alkem Labs, Biosergen AB sign pact for invasive fungal diseases treatment

Alkem Laboratories has signed a co-development and license agreement with Biotech company Biosergen AB for BSG005. It is used for the treatment of severe and difficult-to-treat invasive fungal diseases. The partnership is for Phase II and Phase III trials of the drug. Alkem will be granted an exclusive license to market the drug in India.

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Power Grid to raise up to ₹2,250 crore via bonds

Power Grid Corporation of India Ltd has approved raising up to ₹2,250 crore in its second tranche as part of its fundraising plans. The proceeds will be used to part finance the company's capex requirements, to provide inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes.

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