Stock Market Today: Due to encouraging global cues, the benchmark indices NSE Nifty 50 and BSE Sensex may open slightly higher. In today’s early morning session, the Nifty futures on the Singapore Exchange (SGX) were trading 24 points or 0.13% higher at 18,703. The majority of Asian markets were trading in green, with the Hang Seng in Hong Kong rising 1.25%, the Shanghai Composite index in China rising 0.46%, the KOSPI in South Korea rising 0.30%, and the Nikkei 225 in Japan falling 1.49%. The Dow Jones Industrial Average (DJIA), the S&P 500, and the tech-heavy Nasdaq all saw gains overnight as the US market closed in the black.
Adani set to revive Mundra PVC project with initial funding of ₹14,000-16,000 crore
After a four-month operating stoppage, the Adani Group has resumed its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) factory, with initial funding of 14,000-16,000 crore, according to two people with direct knowledge of the situation.
The people added that Mundra Petrochem has received preliminary permission from a number of major domestic banks for a credit line with a ceiling of up to 14,000 crore rupees. One of the two, who wished to remain anonymous, said: “Seventy percent of the money to be used in the planned capex is likely to come from state-run lenders.”
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After a four-month operation stoppage, Adani Enterprises is investing INR 14,000–16,000 crore in Mundra Petrochem, India’s largest PVC facility. According to Chairman N. Chandrasekaran, Tata Consumer Products is growing into new categories and looking for purchase opportunities. While GMR Hyderabad International Airport sold a warehousing property to ILP Core Ventures for INR188 crore, Varun Beverages would split its equity in a ratio of 1:2. In addition, Thyssenkrupp’s marine division and Mazagon Dock Shipbuilders will jointly bid for a $5.2 billion deal to build six submarines for the Indian military. IIFL Finance will finance INR1,500 crore through secured NCDs.
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