The headline equity benchmarks traded with significant gains in mid-afternoon trade. The Nifty traded above the 25,100 level after hitting the day's low of 24,896.80 in morning trade. Metal shares advanced after declining in the past two consecutive trading sessions. At 14:30 IST, the barometer index, the S&P BSE Sensex, jumped 575.49 points or 0.71% to 82,135.03. The Nifty 50 index gained 170.65 points or 0.68% to 25,107.05. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.82% and the S&P BSE Small-Cap index gained 1.41%. The market breadth was strong. On the BSE, 2,625 shares rose and 1,265 shares fell. A total of 118 shares were unchanged. Economy: The GST Council has slashed the GST rate on cancer drugs from 12% to 5% to ease the financial burden on patients. It also reduced GST on selected snacks and exempted research funds for universities. A GoM has been formed to explore reducing tax rates on life and health insurance, and another to address compensation cess. The council received status reports on rate rationalization, real estate, and online gaming. Car seat GST increased to 28%, while RMPU air conditioners for railways and approved flying training courses were exempted from GST. Buzzing Index: The Nifty Metal index rose 1.13% to 9,201.75. The index fell 1.23% in past two consecutive trading sessions. National Aluminium Company (up 3.10%), Jindal Stainless (up 2.73%), Jindal Steel & Power (up 2.37%), NMDC (up 1.88%), Steel Authority of India (up 1.88%), APL Apollo Tubes (up 1.82%), Hindustan Copper (up 1.76%), Welspun Corp (up 1.13%), Adani Enterprises (up 1.04%) and Tata Steel (up 0.94%) advanced. Numbers to Track: The yield on India's 10-year benchmark federal paper rose 0.01% to 6.969 as compared with previous close 6.968. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9750, compared with its close of 83.9550 during the previous trading session. MCX Gold futures for 4 October 2024 settlement added 0.02% to Rs 71,627. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 101.66. The United States 10-year bond yield added 0.60% to 3.720. In the commodities market, Brent crude for November 2024 settlement fell 48 cents or 0.67% to $71.36 a barrel. Stocks in Spotlight : SJVN jumped 4.67% after the company announced the signing of an MoU with GMR Upper Karnali Hydro Power and IREDA for development of Upper Karnali Hydro Electric Project (900 MW) in Nepal. IRB Infrastructure Developers rose 0.79%. The company's toll collection jumped 20.46% to Rs 502.6 crore in August 2024 as against Rs 417.2 crore posted in August 2023. Powered by Capital Market - Live

The aforementioned entities will form a joint venture (JV) company in Nepal for the execution of this project. SJVN and GMR will hold 34% shareholding each and IREDA will have 5% shareholding in the proposed JV. The balance Equity will be held by NEA (Nepal Electricity Authority). The project shall be developed on BOOT basis with 25 years concessional period after commissioning. The approximate project cost shall be Rs 9,100 crore. The project is proposed to be funded through 70:30 debt equity ratio. SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy. Powered by Capital Market - Live

SJVN (the company), GMR Upper Karnali Hydro Power (GMR) and IREDA has signed a MoU for development of Upper Karnali Hydro Electric Project (900 MW) through JV Company in Nepal. The company and GMR will hold 34% shareholding each and IREDA will have 5% shareholding in the proposed JV. The balance equity will be held by NEA (Nepal Electricity Authority). The project shall be developed on BOOT basis with 25 years concessional period after commissioning. The approximate project cost shall be Rs 9,100 crore. The project is proposed to be funded through 70:30 debt equity ratio.Powered by Capital Market - Live

The Department of Public Enterprises, Ministry of Finance, Government of India vide its letter dated 30 August 2024, has granted 'Navratna Status' to SJVN. Powered by Capital Market - Live

SJVN announced that the Annual General Meeting (AGM) of the company will be held on 19 September 2024.Powered by Capital Market - Live

Net profit of SJVN rose 31.40% to Rs 357.09 crore in the quarter ended June 2024 as against Rs 271.75 crore during the previous quarter ended June 2023. Sales rose 28.98% to Rs 870.37 crore in the quarter ended June 2024 as against Rs 674.79 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales870.37674.79 29 OPM %74.2671.59 - PBDT592.68463.93 28 PBT461.79363.22 27 NP357.09271.75 31 Powered by Capital Market - Live

SJVN will hold a meeting of the Board of Directors of the Company on 13 August 2024.Powered by Capital Market - Live

SJVN has revised the meeting of the Board of Directors which was scheduled to be held on 12 August 2024. The meeting will now be held on 13 August 2024.Powered by Capital Market - Live