Indian corporate activity remained strong on Tuesday, with major announcements across pharmaceuticals, renewable energy, automobiles and hospitality, even as benchmark indices traded largely flat.
The Nifty 50 closed near 23,650, while the Sensex edged marginally higher by 0.1%. Information technology stocks outperformed, rising 2.4%, whereas auto and oil & gas sectors declined.
Pharmaceutical company Glenmark Pharmaceuticals said its US subsidiary had launched Vancomycin Hydrochloride for Injection USP in the American market, strengthening its injectable portfolio. Meanwhile, FDC received approval from the US Food and Drug Administration for its abbreviated new drug application for Cefixime for Oral Suspension USP.
In the clean energy sector, Tata Power signed an agreement with Druk Green Power Corporation to develop a training ecosystem supporting 5,000 MW of renewable energy projects in Bhutan. Training programmes will be delivered through Tata Power Skill Development Institute.
Automaker Maruti Suzuki commenced commercial production at the second unit of its Kharkhoda facility in Haryana, adding annual capacity of 250,000 vehicles and raising total production capability to 2.65 million units per year.
State-run Hindustan Copper reported progress in its collaboration with Chilean copper producer CODELCO as both firms evaluate mining opportunities in Chile.
Hospitality firm ITC Hotels announced plans to acquire Zuri Hotels & Resorts Private for Rs 2.05bn to strengthen its luxury presence in Kumarakom, Kerala.
Among infrastructure companies, Pace Digitek secured a Rs 7.1bn battery energy storage project in Tamil Nadu, while Bondada Engineering won solar project orders worth Rs 4.69bn from Adani Green Energy in Gujarat.
Financial services firm TVS Motor Company said it would acquire a 4.9% stake in Jana Small Finance Bank for about Rs 1.93bn.
