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ABB India rises 3% on pact with IIT Bombay to set up modern teaching labs: Abb india share price

ABB India rises 3% on pact with IIT Bombay to set up modern teaching labs: Abb india share price

by | Oct 1, 2024 | Share Market


2 min read Last Updated : Oct 01 2024 | 2:05 PM IST


ABB India share rose as much as 3 per cent and registered an intraday high of Rs 8,300 per share on the BSE on Tuesday. The stock advanced after the company partnered with the Indian Institute of Technology (IIT) Bombay to set up teaching labs for electrical machines and a drives lab.

At around 1:38 PM, ABB India share price was up 2.59 per cent at Rs 8,270 per share on the BSE. By comparison, the BSE Sensex traded 0.03 per cent lower at 84,276.23 around the same time.

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“IIT Bombay has partnered with ABB India to establish a cutting-edge teaching laboratory for electrical machines and drives at the Department of Energy Science and Engineering on its campus,” the company’s stock exchange filing read.

 


Electrical machines and drives are used largely in the information technology industry.


As per the filing, with advancements in power electronics and control strategies, different kinds of electrical machines have emerged to meet application-specific performance needs.


The partnership aims to prepare undergraduate and postgraduate students for future roles in the fast-evolving energy and industrial sectors while promoting environmental sustainability.


The laboratory will imitate various industrial applications, including those used in wind turbine generators and electric vehicle drivetrains, ensuring that students understand modern energy systems comprehensively.


Further, the teaching lab will have energy-efficient, mechanically coupled electrical machine sets, variable frequency drives (VFDs), and programmable logic controllers (PLCs), focusing on delivering practical training in electrical machines and drives.


“The advanced technologies used in the new lab are innovative and sustainable in nature, ensuring that future engineers prioritise sustainability in their careers while contributing to a more resource-efficient world,” said Sanjeev Arora, president, Motion Business, ABB India.


Previously, IIT Roorkee had partnered with ABB India for technical cooperation to construct an operational smart electricity distribution network and management system (SDNMS) on its campus. In partnership with the National Institute of Technical Teachers Training & Research (NITTTR) Chandigarh, ABB India set up a first-of-its-kind multi-physics digital simulation center in 2019.


In the past one year, ABB India share has gained 97 per cent as against BSE Sensex’s rise of 29 per cent. 

First Published: Oct 01 2024 | 2:01 PM IST



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Vikram Solar files draft papers to raise Rs 1,500 crore through IPO

Vikram Solar files draft papers to raise Rs 1,500 crore through IPO

by | Oct 1, 2024 | Share Market


he company plans to use the proceeds amounting to Rs 793.36 crore for capital expenditure. (Photo: Shutterstock)

3 min read Last Updated : Oct 01 2024 | 1:22 PM IST


Solar module maker Vikram Solar on Tuesday said it has filed draft papers with market regulator Sebi seeking permission to raise Rs 1,500 crore through an initial public offering (IPO).


The initial share sale will include fresh issues of equities worth up to Rs 1,500 crore and an offer for sale (OFS) of up to 17.45 million shares by its promoter group, the Kolkata-based firm said.

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The issue at a face value of Rs 10 each will include a fixed quota for eligible employees, alongside a discount for those participating in the employee subscription portion, according to the draft red herring prospectus (DRHP) filed by the company.

 


Besides, the company may also consider issuing specified securities up to Rs 300 crore as a “pre-IPO placement”, it said.


Of the total issue size, up to 50 per cent of shares will be allocated to qualified institutional buyers, 15 per cent to non-institutional bidders, and the remaining 35 per cent will be open for retail subscriptions by individual investors.


The company plans to use the proceeds amounting to Rs 793.36 crore for capital expenditure through investment in its wholly-owned subsidiary VSL Green Power Private Limited for setting up a 3,000-MW solar cell and module manufacturing facility.


Additionally, Rs 602.95 crore has been earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW, along with allocations for general corporate purposes.


Vikram Solar commenced its manufacturing journey in 2009 with a capacity of 12.00 MW, expanding to 3.50 GW by the time of the DRHP filing.


According to a CRISIL report, the company holds one of the largest capacities among non-captive manufacturers on the Ministry of New & Renewable Energy’s approved list of module manufacturers, with 2.43 GW listed as of July 2024.


Vikram Solar has maintained its position at a Tier 1 manufacturer by Bloomberg NEF since 2014.


The company is actively pursuing expansions to increase production capacity to 10.50 GW by FY26 and 15.50 GW by FY27, including setting up of a 3.00 GW solar cell manufacturing plant in Tamil Nadu.


Besides having presence across 23 states and three Union Territories within the country, Vikram Solar also has a sales office in the US and a procurement office in China, supplying solar PV modules to customers in 39 countries.


With extensive experience in executing EPC (engineering, procurement and construction) projects, it has completed or has been engaged in over 275 projects totalling 1.03 GW capacity as on March 31, 2024.


The company is endorsed by the UN Global Compact and is among the 93 Indian firms approved by the Science Based Targets Initiative (SBTI) for its sustainability efforts.


Vikram Solar said it has an order book of 8,214.63 MW as on the date for filing DRHP, significantly exceeding its total rated capacity for FY24.


In 2024, notable contracts included a 397.70 MW project from NTPC Renewable Energy and others, along with a significant 1.00 GW order from a JSW Energy subsidiary.


In FY24, Vikram Solar’s revenue grew by 21.11 per cent to Rs 2,510.99 crore and it recorded over 450 per cent jump in its post-tax profit.


J M Financial, Nuvama Wealth Management, UBS Securities, Equirus Capital and PhillipCapital are book-running lead managers, while Link Intime India Private Limited is the registrar for the IPO.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 01 2024 | 1:22 PM IST



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BSE, MCX shares jump 6% after transaction fee revision for brokers

BSE, MCX shares jump 6% after transaction fee revision for brokers

by | Oct 1, 2024 | Share Market


3 min read Last Updated : Oct 01 2024 | 12:23 PM IST

Shares of BSE and MCX soared up to 6 per cent in intraday deals on Tuesday. This comes as both the exchanges have hiked and introduced new transaction charges for brokers across various segments effective from today i.e October 1, 2024. 


BSE Share price surged up to 6.3 per cent at Rs 3,920 per share on the NSE, while MCX shares surged 3.8 per cent at Rs 5,879.55 per share intraday. 

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The BSE has raised transaction fees for Sensex and Bankex options contracts to Rs 3,250 per crore of premium turnover. This adjustment is part of a broader change in transaction fee structures outlined in a SEBI circular from July 2024 for Market Infrastructure Institutions (MIIs). 

 


For the cash market, the NSE will charge Rs 2.97 per lakh of traded value on each side. For equity futures, the fee will be Rs 1.73 per lakh on each side, while equity options will incur a fee of Rs 35.03 per lakh of premium value. This new fee structure aims to create a more uniform and equitable trading environment for all brokers.


India’s largest non-agri commodity exchange, the Multi Commodity Exchange of India’s (MCX) revised transaction fees for futures and options contracts, will also be effective from today. 

The new fee structure will set the transaction fee at Rs 2.10 per lakh of turnover value for futures contracts, while options contracts will incur a fee of Rs 41.80 per lakh of premium turnover value. The adjustment aims to streamline trading costs for participants in the commodities market.

Apart from these changes, starting October 1, income from share buybacks will be taxed as dividends, increasing shareholders’ tax liabilities. The Securities Transaction Tax (STT) on futures will rise to 0.02 per cent and options to 0.1 per cent to curb excessive retail trading. Additionally, SEBI’s new T+2 framework allows bonus shares to be traded just two days after the record date, improving liquidity and access for investors.


Financial pulse Q1


The Bombay Stock Exchange (BSE) reported a net profit of Rs 265 crore for Q1 FY2024, a 40 per cent decrease from Rs 443 crore in the same period last year. However, revenue surged 181 per cent to Rs 608 crore compared to Rs 216 crore a year earlier. 


Meanwhile, the Multi Commodity Exchange of India (MCX) announced a net profit of Rs 110.9 crore for the same quarter, reflecting a 26.2 per cent sequential increase from Rs 87.9 crore in the previous quarter. MCX’s revenue also rose 29.4 per cent quarter-on-quarter to Rs 234.4 crore, up from Rs 181.1 crore in March 2024.


At 12:09 PM, stock price of the MCX was up 2.69 per cent to Rs 5,812.75 a piece on the NSE, while shares of BSE were trading 5.86 per cent at Rs 3,900.40. By comparison, the NSE’s Nifty was slightly higher by 0.05 per cent at 25,823.35 level. 

First Published: Oct 01 2024 | 12:23 PM IST



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India's manufacturing growth softens in September

India's manufacturing growth softens in September

by | Oct 1, 2024 | Share Market


Last Updated : Oct 01 2024 | 11:16 AM IST

September data revealed a mild setback in manufacturing growth across India. For the third straight month, rates of expansion in factory production and sales receded, both of which were at their weakest since the turn of the year but above their respective long-run averages.

Notably, international orders rose at the slowest pace in a year-and-a-half. Despite this loss of growth momentum, net employment and quantities of purchases rose, while business confidence was broadly aligned with its long-run average.

On the price front, there were moderate increases in input costs and selling charges.

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The seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) fell from 57.5 in August to 56.5 in September, highlighting a robust improvement in the health of the sector that was nonetheless the weakest since January.

With manufacturing growth softening throughout the second fiscal quarter, the average PMI reading slipped to its lowest since the three months to December 2023.

Positive demand trends, successful advertising and favourable client interest featured as the main determinants of sales growth among the qualitative part of the survey.

Another factor that constrained total sales growth was a softer increase in new export orders. Factories continued to produce goods at a robust pace that outpaced the long-run series average.

As a result of rising purchasing prices, as well as greater labour costs and favourable demand conditions, Indian manufacturers lifted their charges in September.

Hiring growth also receded in September, reflecting a reduction in the number of part-time and temporary workers at some firms.

The combination of job creation and slower increases in new business meant that companies were able to stay on top of their workloads.

Around 23% of Indian manufacturers forecast output growth in the year ahead, while the remaining firms predict no change. Hence, the overall level of business confidence fell to its lowest since April 2023.

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Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Oct 01 2024 | 11:03 AM IST



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Asian stocks ease, dollar strengthens as traders weigh US interest rates

Asian stocks ease, dollar strengthens as traders weigh US interest rates

by | Oct 1, 2024 | Share Market


Asian stocks eased near two-and-half-year highs on Tuesday.

4 min read Last Updated : Oct 01 2024 | 9:04 AM IST


Asian stocks eased near two-and-half-year highs on Tuesday and the US dollar firmed following hawkish comments from Federal Reserve Chair Jerome Powell that scuppered bets of big interest rate cuts, while Mid-East tension kept risk sentiment in check.


Oil prices were steady and gold traded just below a record high touched last week as investors awaited US labour data for more clarity on the pace of US rate cuts.

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MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.13 per cent lower at 620.05 on Tuesday, just below the two-and-a-half-year high of 627.66 touched on Monday. The index is up 17 per cent so far in the year.

 


Japan’s Nikkei rose 1.5 per cent in early trading after shedding 4.8 per cent on Monday as investors contended with perceived monetary policy hawk Shigeru Ishiba winning a contest to become the country’s prime minister. [.T]


Japanese shares were buoyed by a softer yen which stood at 144.09 per dollar in early trading. [FRX/]


With mainland China’s financial markets closed for the rest of the week, the blistering rally that has buoyed Asian markets in the past week is set to take a breather. Hong Kong’s Hang Seng is also closed on Tuesday.


A slew of economic stimulus measures has led to beaten-down Chinese stocks soaring, with the blue chip CSI300 rising 25 per cent since the beginning of last week as global investors prepare to stake bets on China again.


“I think we’re in for some choppy trade until US data comes to flow in,” said Matt Simpson, senior market analyst at City Index, noting volume is thin with Chinese markets shut.


NO HURRY


Investor focus has been centred around the pace of rate cuts from the Fed after the US central bank kickstarted an easing cycle last month with a 50 basis-point cut.


Fed Chair Powell indicated on Monday the US central bank would likely stick to quarter-percentage-point cuts henceforth after new data boosted confidence in economic growth and consumer spending.


“This is not a committee that feels like it is in a hurry to cut rates quickly,” Powell said.


That led traders to price in 38 per cent probability of a 50 bp cut next month, versus 53 per cent on Friday, showed the CME FedWatch tool. Traders anticipate 70 bps of easing this year.


The shifting expectations around rate cuts bolstered the dollar, with the dollar index slightly higher at 100.77. The euro was steady at $1.11355.


“As per usual, Powell is not being goaded by market pricing,” said City Index’s Simpson. “And to say that cuts are not on a preset course should serve as a warning to USD bears, given data has generally surprised to the upside in recent weeks.”


Given the Fed’s current focus on the labour market, Tuesday’s data on job openings for August and the ISM manufacturing survey for September will be important for rate expectations and the dollar, said economist Kristina Clifton at the Commonwealth Bank of Australia.


“Dollar can remain heavy if this week’s data shows the US labour market remains in reasonable shape.”


In commodities, oil prices were stable in early trading on Tuesday as the prospect of additional supply amid lacklustre global demand growth offset worry that an escalating Middle East conflict could disrupt exports in the key producing region.


Brent crude futures rose 0.11 per cent to $71.78 a barrel. US West Texas Intermediate crude futures gained 0.07 per cent to $68.22 a barrel. [O/R]


Spot gold was 0.11 per cent higher at $2,637.56 per ounce, not far from the record high of $2,685.42 touched on Thursday. Gold rose 13 per cent over July-September, its best quarterly performance in over four years.


 


(Reporting by Ankur Banerjee; Editing by Christopher Cushing)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 01 2024 | 9:04 AM IST



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