The key equity indices traded with deep cuts in mid-morning trade. The Nifty traded near the 24,900 level. Oil & gas shares extended losses for the fourth consecutive trading session. At 11:30 IST, the barometer index, the barometer index, the S&P BSE Sensex, slumped 853.33 points or 1.03% to 81,358.67. The Nifty 50 index slipped 247.70 points or 0.99% to 24,902.65. In the broader market, the S&P BSE Mid-Cap index fell 0.99% and the S&P BSE Small-Cap index shed 0.66%. The market breadth was weak. On the BSE, 1,277 shares rose and 2,490 shares fell. A total of 113 shares were unchanged. IPO Update : The initial public offer (IPO) of Shree Tirupati Balajee Agro Trading Company received 13,69,98,540 bids for shares as against 1,43,08,000 shares on offer, according to stock exchange data at 11:15 IST on Friday (6 September 2024). The issue was subscribed 9.57 times. The issue opened for bidding on Thursday (5 September 2024) and it will close on Monday (9 September 2024). The price band of the IPO is fixed between Rs 78 to 83 per share. An investor can bid for a minimum of 180 equity shares and in multiples thereof. Buzzing Index : The Nifty oil & gas index fell 2.09% to 13,034.70. The index dropped 3.35% in the four consecutive trading sessions. Indian Oil Corporation (down 3.08%), Oil India (down 3.08%), Petronet LNG (down 2.6%), Indraprastha Gas (down 2.59%) and Gujarat State Petronet (down 2.26%), Bharat Petroleum Corporation (down 2.25%), Hindustan Petroleum Corporation (down 2.12%), GAIL (India) (down 1.9%), Reliance Industries (down 1.82%) and Oil & Natural Gas Corpn (down 1.61%) edged lower. Stocks in Spotlight : VA Tech Wabag jumped 4.68% after the company announced that it has bagged a mega order worth $317 million (approximately Rs 2,700 crore) from the Saudi Water Authority (SWA). The contract includes the scope of design, engineering, supply, construction and commissioning of the 300 MLD Mega Desalination Plant which will be developed on a greenfield site located in the west coast of the KSA, south of the Red Sea-facing city Yanbu al-Bahr and is scheduled to be completed within a 30- month period. Pidilite Industries rose 0.63%. The company has entered into exclusive distribution agreement with CollTech Group which manufactures adhesives and thermal management solutions. The company will serve as the exclusive distributor of CollTech's Products in India. Finolex Cables fell 0.32%. The company's chairman, Nikhil Naik has stepped down from the post. The board has appointed Ratnakar Barve as chairman. Global Markets : Asian stocks traded lower on Friday as investors shifted their focus to the upcoming U.S. payrolls report. The report is expected to shed light on the potential magnitude of a rate cut by the Federal Reserve later this month. Japan's household spending data for July rose 0.1% in real terms from the previous year as compared to a 1.4% fall in June. Data from the Japan's statistics bureau said the average household monthly expenditure for July 2024 was 290,931 yen ($2,031.35), up 3.3% in nominal terms from the previous year. Hong Kong's markets will be shut today due to Super Typhoon Yagi. Overnight in the U.S., all three major indexes declined amid ongoing concerns about the economic outlook. The S&P 500 fell by 0.3%, extending its losing streak to three days, while the Dow Jones Industrial Average dropped 0.54%. However, the tech-heavy Nasdaq Composite managed a modest gain of 0.25%. Adding to the economic uncertainty, ADP reported that private sector job growth in August was the weakest in over three and a half years. Companies hired only 99,000 workers, falling short of both the downwardly revised July figure and market expectations. This marked the weakest month for job growth since January 2021, according to data from the payrolls processing firm.Powered by Capital Market - Live

The SWA, formerly known as the Saline Water Conversion Corporation (the 'SWCC'), is responsible for regulating and monitoring water sector business and services to enhance water sustainability and achieve the objectives of Saudi Arabia's Vision 2030. The SWA is currently managing over 40 desalination plants producing over 11 Million cubic meters per day and over 139 ground and surface water purification stations producing over 4 Million cubic meters per day. WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order towards Engineering Procurement, Construction & Commissioning ('EPCC') of a 300 Million Litre per Day (MLD) Mega Sea Water Reverse Osmosis ('SWRO') Desalination Plant in Yanbu, Kingdom of Saudi Arabia ('KSA'),' the company said in a statement. It further stated that this EPCC contract includes the scope of design, engineering, supply, construction and commissioning of the 300 MLD Mega Desalination Plant which will be developed on a greenfield site located in the west coast of the KSA, south of the Red Sea-facing city Yanbu al-Bahr and is scheduled to be completed within a 30- month period. This mega desalination plant will operate using dual media filters followed by a two-pass reverse osmosis process and re-mineralization to produce clean potable water, which will be further distributed by the SWA. This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and will produce stellar quality of water complying with the environmental regulations of the KSA. Rohan Mittal, head, strategy & business growth, GCC said: We are extremely honoured and proud to secure this mega order from prestigious customer SWA, which will contribute to the ambitious Saudi Vision 2030. This mega order is a testament to our expertise and commitment to delivering high-quality, sustainable water solutions worldwide. VA TECH WABAG is a pure-play water technology company. It offers a complete range of technologies and services for total water solutions in both municipal and industrial sectors. Powered by Capital Market - Live

Va Tech Wabag has received an order from Saudi Water Authority worth USD 317 million (~SAR 1,190 million / ~Rs 2,700 crore) towards a 300 MLD Mega Sea Water Desalination Plant in the Kingdom of Saudi Arabia (KSA). This EPCC contract includes the scope of design, engineering, supply, construction and commissioning of the 300 MLD Mega Desalination Plant which will be developed on a greenfield site located in the west coast of the KSA, south of the Red Sea-facing city Yanbu al-Bahr and is scheduled to be completed within a 30-month period. This Mega Desalination Plant will operate using Dual Media Filters followed by a two-pass Reverse Osmosis process and Re-mineralization to produce clean potable water, which will be further distributed by the SWA. This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and will produce stellar quality of water complying with the environmental regulations of the KSA. Powered by Capital Market - Live

Net profit of Va Tech Wabag rose 10.00% to Rs 55.00 crore in the quarter ended June 2024 as against Rs 50.00 crore during the previous quarter ended June 2023. Sales rose 13.33% to Rs 626.50 crore in the quarter ended June 2024 as against Rs 552.80 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales626.50552.80 13 OPM %12.6310.09 - PBDT71.9065.70 9 PBT70.0064.00 9 NP55.0050.00 10 Powered by Capital Market - Live

Va Tech Wabag will hold a meeting of the Board of Directors of the Company on 8 August 2024.Powered by Capital Market - Live