Mon Oct 07 02:33:11 UTC 2024: ## Stock Market Buzz: Adani, LIC, GAIL, and More Companies Make Headlines

**Mumbai, October 05, 2024:** The stock market is set to open with some significant movement on Monday, as several companies released major updates after the market closed on Friday.

Here are some key developments to watch:

**Adani Energy Solutions:** The company announced the formation of a new subsidiary, Adani Energy Solutions Global, with a focus on exploring new business opportunities in transmission projects outside India. Adani Energy Solutions shares closed at ₹964 on Friday, down 5.10%.

**LIC:** The Life Insurance Corporation of India (LIC) has increased its stake in Apollo Tyres from 4.983% to 5.030%. LIC purchased 0.047% of Apollo Tyres shares at an average price of ₹531.53 per share on October 4th. LIC shares closed at ₹970 on Friday, up 0.27%.

**GAIL:** The state-owned gas company has signed an MoU with AM Green to jointly develop renewable energy projects with a capacity of up to 2.5 gigawatts and green chemical projects. This partnership will focus on long-term supply of carbon dioxide for e-methanol production and explore hybrid renewable energy projects across India.

**IndusInd Bank:** The bank reported a 13% year-on-year and 3% quarter-on-quarter increase in net advances to ₹3.56 lakh crore. Deposits grew by 15% year-on-year and 4% quarter-on-quarter to ₹4.12 lakh crore. The CASA ratio rose to 35.9% from 39.4% last year and 36.7% in the previous quarter.

**IDFC First Bank:** The bank announced a strong business update for the second quarter of fiscal year 2025, reporting a 32% year-on-year increase in deposits and a 21% increase in loan growth.

**Macrotech Developers:** The company reported record quarterly pre-sales of ₹4,290 crore, representing a 21% year-on-year increase. Pre-sales for the first half of the current fiscal year reached approximately ₹8,300 crore. The company added four projects in Pune and Bengaluru, with a gross development value of ₹5,500 crore.

**Bandhan Bank:** The private sector lender witnessed a 24.6% increase in business during the second quarter of the current fiscal year. Total business reached ₹2,73,163 crore by the end of September 30, 2024, up from ₹2,19,712 crore in the same period last year.

**Senco Gold:** The company announced a stock split, reducing the face value of its shares from ₹10 to ₹5. Senco Gold shares closed at ₹1,429 on Friday, up 1.03%.

**Titan:** The Tata Group company reported an approximate 25% year-on-year revenue growth in the second quarter of fiscal year 2025. The company added 75 new stores, bringing its combined retail network presence to 3,171 stores.

**MTNL:** The state-owned telecom company has been classified as a non-performing asset (NPA) by the State Bank of India (SBI) after failing to make timely loan repayments.

**Jio Financial Services:** The company received principal approval from the Securities and Exchange Board of India (SEBI) to become a co-sponsor for a new mutual fund alongside BlackRock Financial Management Inc.

**Grovy India:** The real estate company announced a record date of October 23, 2024, for a bonus issue of shares at a ratio of 3:1.

**CG Power:** The company entered into an asset purchase agreement with Renesas Electronics Corporation, an advanced semiconductor solutions supplier, for the acquisition of its radio frequency component business.

**Lupin:** The pharma company received a pre-approval inspection of its biotech facility in Pune from the US Food and Drug Administration (USFDA). The inspection resulted in five observations, which the company is addressing.

**IDFC Limited:** IDFC Limited shares will be suspended from trading effective October 10, 2024, due to the company’s merger with IDFC First Bank.

**Federal Bank:** The bank received an upgrade in its long-term fixed deposits rating from CRISIL Ratings, while its short-term rating was maintained.

**Bajaj Housing Finance:** HSBC Securities released a report on Bajaj Housing Finance, initiating coverage with a “reduce” rating and a target price of ₹110.

**Bank of Maharashtra:** LIC has increased its stake in the public sector Bank of Maharashtra, crossing the 5% mark on October 5th, 2024.

**Union Bank:** The state-owned bank announced its business update for the second quarter of fiscal year 2025, reporting a 1.45% quarter-on-quarter and 9.17% year-on-year increase in deposits, reaching ₹12.41 lakh crore.

**Indian Bank:** The bank also released its business update for the second quarter of fiscal year 2025, showing a 9.8% year-on-year increase in total business to ₹12.44 lakh crore.

**IDBI Bank:** The bank reported a 15% year-on-year growth in total business, reaching ₹4.78 lakh crore for the quarter ending September 2024. Net advances increased by 19% to ₹2.01 lakh crore, up from ₹1.68 lakh crore in the same period last year.

**Disclaimer:** This news article is for informational purposes only and should not be considered as investment advice. Please consult with a certified financial advisor before making any investment decisions.

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