HUDCO Rises 3% on ₹25,000 Crore Bihar MoU; Hexaware Falls 3% After CEO Change

HUDCO shares rose 3% in early trade on September 3 after the state-owned lender signed a ₹25,000 crore agreement with the Bihar government, while Hexaware Technologies fell 3% following the announcement of a change in chief executive.

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Power Grid Corporation of India also traded higher after receiving a Letter of Intent for an interstate electricity transmission project. The corporate announcements drove stock-specific activity even as broader market indices recorded gains.

HUDCO Signs Bihar Agreement

Housing and Urban Development Corporation signed a Memorandum of Understanding with the Bihar government to provide financial assistance of up to ₹25,000 crore over five years.

The funding will be used to develop industrial infrastructure in the state, including the purchase and development of land for industrial parks, according to HUDCO’s exchange filing reported by Moneycontrol.

Bihar’s Infrastructure Development Authority will be responsible for facilitating and implementing the projects. The proposed loan will be provided in stages to a statutory authority nominated by the state government, NDTV Profit reported, citing the company filing.

The financing arrangement may include a repayment schedule of up to 25 years, along with a moratorium and an option to repay the loan early. Repayments will be secured through revenue generated by the projects or identified receivables and state budget sources, as per the filing reported by NDTV Profit.

Hexaware Announces CEO Transition

Hexaware Technologies shares declined 3% after the IT services company named Vivek Jetley as its CEO-designate.

Jetley will join Hexaware and assume the chief executive role on October 28, 2026. Srikrishna Ramakarthikeyan will step down as CEO and leave the company’s board on the same date, according to the company announcement reported by Moneycontrol.

Ramakarthikeyan will remain with Hexaware as a senior adviser to support the leadership transition.

Power Grid Wins Transmission Project

Power Grid shares gained after the company received a Letter of Intent for an interstate transmission system project linked to the Rajasthan Renewable Energy Zone Phase IV.

The project will be developed on a build, own, operate and transfer basis. Its quoted annual transmission charges stand at ₹3,244.33 crore, as per the company update reported by Moneycontrol.

The work includes setting up 6,000-megawatt, ±800-kilovolt high-voltage direct current terminals at Barmer-II in Rajasthan and South Kalamb in Maharashtra. The South Kalamb substation will also be expanded.