Tuesday, September 08
Shares of CG Power and Industrial Solutions jumped 3.8% to their intraday high of Rs 688.95 on the BSE on Friday after its subsidiary, CG Semi, unveiled one of India’s first end-to-end Outsourced Semiconductor Assembly and Test (OSAT) facilities in Sanand, Gujarat.Following this, global brokerage firm Nomura issued a note, predicting a 26.5% upside potential for the stock.CG Semi, part of the Murugappa Group, announced that it is investing over Rs 7,600 crore (~USD 870 million) over the next five years, backed by central and state government support and in collaboration with global players Renesas and Stars Microelectronics. The investment will cover the development of two advanced OSAT facilities, G1 and G2, in Sanand.The project marks a major step in strengthening India’s semiconduct
Finance minister Nirmala Sitharaman on Thursday told a visiting trade delegation that the government will extend comprehensive support to exporters to sustain growth momentum, a day after an extra 50% US tariff on most Indian goods took effect.At the same time, Sitharaman underscored “the importance of protecting workers’ livelihoods, calling upon industry leaders to reassure employees of job continuity even amidst global headwinds,” according to a statement by the Federation of Indian Export Organisations (FIEO).The minister told the FIEO delegation that the government is committed to addressing the exporting community’s concerns and exploring all possible steps to safeguard its interest, according to the statement by the apex exporters’ body. The additional tariff is estimated
Mumbai: IndiGo cofounder Rakesh Gangwal's family trust on Thursday sold a 1.3% stake in the airline's parent, InterGlobe Aviation, for ₹2,933.4 crore in bulk deals on NSE. The Chinkerpoo Family Trust sold the shares in two tranches of 2.52 million shares each at an average price of ₹5,814.71-5,825.72 per share.The trust has Shobha Gangwal and JP Morgan Trust Company as its trustees.The Gangwal family was earlier anticipated to sell a 3.1% stake for nearly ₹7,020 crore.Details of the buyers weren't immediately available.As of June 30, Rakesh Gangwal held a 4.73% stake in InterGlobe, while the Chinkerpoo Family Trust held another 3.08%. The total promoter shareholding was at 43.54%.Gangwal and his family had sold shares also in May, worth ₹11,564 crore, comprising a 5.72% stake.The s
