Sterling & Wilson and other solar stocks in focus on PLI scheme for solar PV modules

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• The US Federal Reserve’s decision to increase rates by 75 basis points for the third consecutive time sank the Indian Rupee to a new low of 80.86 against dollar further adding to selling pressure. The US Fed has turned more hawkish than anticipated, increasing the interest rate forecast to 4.4 percent by the year end.

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News you could use

?Sterling and Wilson and other solar stocks in focus on PLI scheme for solar PV modules
Sterling and Wilson and other solar stocks rallied after the Cabinet approved Production Linked Incentive (PLI) scheme on ‘National programme on High Efficiency Solar PV Modules’.

?Kirloskar Oil Engines in green as company increases stake in La-Gajjar Machineries
The company appointed Anurag Bhagania as chief financial officer with effect from September 22. In addition, the company acquired the remaining 24 percent stake in La-Gajjar Machineries. It took a 76 percent stake in LGM in 2017 with an agreement that the balance holding will be acquired by KOEL over a five-year period.
 
?Bharat Electronics in green after foreign brokerage maintains buy rating
The stock price ended in the green after Jefferies kept a buy rating on Bharat Electronics and raised the target price to Rs 130 per share. It has raised FY24-25 EPS estimates by 2-6 percent.

News from the IPO world?

• Softbank to cut valuation of IPO bound OYO to $2.7 bn
• Harsha Engineers finalises IPO share allotment
• Automotive component firm Divgi Torqtransfer Systems file IPO papers

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