Indian stocks in focus, Sterling and Wilson Renewable Energy to discuss fundraising

India's domestic equity market ended the previous trading session with a decline. The Sensex fell by 221 points, closing at 66,009, while the Nifty dropped by 68 points to settle at 19,674.

In recent company news, Sterling and Wilson Renewable Energy announced that its board of directors will convene on September 27, 2023, to discuss raising funds through non-convertible debt instruments or equity shares. The fundraising could be executed via a private placement basis, qualified institutions placement, or rights issue.

Delta Corp Ltd, a gaming and casino firm, is under scrutiny after receiving tax notices amounting to Rs 16,822 crore (Rs 1 crore = $120,316) from the Directorate General of GST Intelligence. The tax demand spans the period from July 2017 to March 2022. The company disclosed this information to the bourses on Friday.

State Bank of India (SBI), the country's largest lender, recently raised Rs 10,000 crore at a coupon rate of 7.49 percent through its fourth infrastructure bond issuance. The issue attracted bids of Rs 21,045.10 crore and was oversubscribed by more than five times against the base issue size of Rs 4,000 crore.

JSW Steel terminated its joint venture with NSHL for establishing scrap shredding facilities in India. Simultaneously, JSW Steel entered into a Securities Purchase Agreement with NSHL to acquire NSHL's 50% stake in NSL Green Recycling Ltd. The stock closed lower by 0.48% at Rs 774.30 ($1 = Rs 83.1) on Friday.

Shree Renuka Sugars secured board approval to buy Anamika Sugar Mills for Rs 235.5 crore to establish a presence in Uttar Pradesh. Furthermore, it will invest up to Rs 110 crore in Anamika through equity shares for redemption of 100% of outstanding cumulative redeemable preference shares issued by Anamika in favor of SICPA India. Shree Renuka Sugars also plans to raise up to Rs 285 crore through non-convertible debentures on a private placement basis.

IRCON International inked a contract with Sri Lanka Railways on September 21, 2023, for the procurement of Design, Installation Testing, Commissioning and Certifying of Signalling and Telecommunication system from Maho Junction to Anuradhapura. The contract, worth $14.89 million or approximately Rs 122 crore, is expected to be completed within two years.

Lemon Tree Hotels expanded its presence in Himachal Pradesh with the opening of its third franchised property - Lemon Tree Hotel, Mcleodganj.

Lastly, SJVN, a state-owned hydroelectric power generator, received an in-principle approval from its board members for monetizing partial earnings of the Nathpa Jhakri Hydro Power Station through securitization of its future return on equity.

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