Morning Update for 8 September 2021

Indices at previous closing

Nifty50: 17,362 ▼ -15 (-0.0%)
Sensex: 58,279 ▼ -17 (-0.0%)
Nifty Bank: 36,468 ▼ -123 (-0.3%)

In the news

PSP Projects gets new orders

The Gujarat-based construction company has received orders for projects worth ₹132 crore from multiple clients in Gujarat. These orders fall under the industrial and pre-cast segment.

The company reported an order book of ₹3,852 crore at the end of Q1FY21, which is about 3 times its FY21 revenues. The stock closed flat yesterday, but the news about the order win came after the market hours. 

PLI scheme likely for manmade textiles 

As per reports, the man-made fibre and technical textile industry is likely to receive a production linked Incentive (PLI) scheme, estimated at ₹10,683 crore. This is part of the ₹1.97 lakh crores assigned by the finance minister to boost the make-in-India scheme. 

Among other things, the incentive scheme is expected to boost local manufacturing and exports of man-made fibre garments including track suits, coats and babies’ garments. Stock of apparel companies such as Rupa & Co. (+5.1%), Dollar Industries (+8.0) and Kitex garments (+3.2%) showed strong buying interest yesterday. 

EID Parry to increase ethanol capacity

South India based sugar manufacturer plans to expand its Andhra Pradesh distillery’s capacity by 120 kilo litres per day (KLPD). It will aim to complete this expansion by November 2022. The current capacity of the plant is 297 KLPD and runs at over 90% capacity . 

The move to expand the production capacity comes in the backdrop of the government’s decision to achieve 20% ethanol blending in petrol by 2025. Shares of the company were down 0.9% but the announcement came after market hours. 

Sectoral indices (September 7)

Global markets (at 8:00 am)

Fact of the day

Tata Communications operates the world's largest submarine fibre network, comprising over 500,000 kilometres of subsea fibre. This network routes about 24% of all internet traffic.

Source: Tata Communications

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