3 hrs ago
Solar, BEL and CG Power Shares Slide Amid Market Sell-Off
Indian shares started Tuesday higher but later fell.
Investors were worried about expensive oil and high global bond yields.
These concerns came before a meeting of the United States Federal Reserve.
Solar Industries India moved sharply after announcing a large purchase of Omnia Holdings in South Africa.
Its shares first rose to a record level before falling more than 10%.
Bharat Electronics fell even though India approved many new defence projects for domestic companies.
CG Power also declined despite opening a large new transformer factory.
The articles do not identify one specific negative event that caused all three stocks to fall.
Indian benchmarks reversed early gains as crude prices and global bond yields remained elevated.
Solar Industries India fell as much as 10.16% after initially reaching a 52-week high.
The decline followed Solar Industries India’s announcement of a $1.355 billion Omnia Holdings acquisition.
Bharat Electronics declined 4.2% despite major new defence approvals favoring Indian companies.
CG Power fell 4.2% even after commissioning the first transformer at its new Madhya Pradesh facility.
- Who
- Solar Industries India, Bharat Electronics, and CG Power and Industrial Solutions were the main affected companies; broader Indian market investors were also involved.
- What
- The three stocks fell sharply during Tuesday trading, with Solar Industries India declining as much as 10.16% and the other two falling 4.2%.
- Where
- On Indian stock exchanges, amid wider market weakness linked to global developments.
- When
- Tuesday, September 15; Indian markets had been closed the previous day for Ganesh Chaturthi.
- Why
- Investor sentiment was pressured by elevated crude oil prices, global bond yields, and uncertainty before the Federal Reserve meeting; the articles do not give a single company-specific cause for all three declines.
Key facts
- Solar Industries intraday fall
- The stock fell as much as 10.16% to ₹20,025 after reaching ₹22,700.
- Solar-Omnia transaction
- Solar Industries announced an all-cash acquisition of Omnia Holdings valued at approximately $1.355 billion, or ₹12,951 crore.
- Bharat Electronics decline
- Bharat Electronics fell 4.2% to an intraday low of ₹388.20.
- Defence approvals
- The Defence Acquisition Council cleared ₹1.1 lakh crore in new defence deals, with 98% expected to go to Indian companies.
- CG Power decline
- CG Power fell 4.2% to an intraday low of ₹870.90.
- CG Power facility
- Its new Sehore facility involves a ₹792 crore investment and is planned to reach 45,000 MVA of additional capacity.
- Market backdrop
- Brent crude traded at $107, while concerns about global bond yields and the upcoming Federal Reserve meeting weighed on sentiment.
Quotes
Solar Industries India
Indian explosives and defence-products company discussing its African expansion
“The Solar Group has also steadily expanded its footprint across Africa, building customer relationships, operational capabilities and market access across key mining jurisdictions. Solar first entered the Southern African Development Community (SADC) region in 2010 with the establishment of a manufacturing facility in Zambia,”
livemint.com
Sources
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