Stocks in news: SBI, Reliance Industries, HDFC, KEI Industries and more

The Indian equity market is likely to open in the green today as SGX Nifty was trading 97 points higher at 17,379. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market. Sensex closed 1,047.28 points or 1.84 per cent higher at 57,863.93 on Thursday and Nifty surged 311.70 points or 1.84 per cent to close at 17,287.05.

HDFC was the top Sensex gainer, rising 5.50 per cent, followed by Titan, Reliance, Kotak Bank, Asian Paints, Sun Pharma and Tata Steel. Infosys and HCL Tech were the only Sensex losers, falling up to 1.81 per cent.

Here’s a look at stocks that are likely to remain in news today.

Reliance Industries: Reliance Retail Ventures Ltd said it has acquired 89 per cent equity stake in Purple Panda Fashions Pvt Ltd, which owns and operates innerwear brand Clovia, for Rs 950 crore. The acquisition cost of Rs 950 crore includes secondary stake purchase and primary investment. The founding team and management team will own the balance stake in the company, the retail subsidiary of Reliance Industries Ltd (RIL) said.

Share Market LIVE: Sensex, Nifty likely to open higher today

HDFC: Housing Development Finance Corporation Limited (HDFC) said that its wholly-owned subsidiary HDFC Capital Advisors Limited (HCAL) will buy approximately 7.20 per cent stake or 3,90,666 equity shares at Rs 28.16 per share of real estate brokerage services Loyalie IT-Solutions Private Limited on a fully diluted basis.

Granules India: The company has received licences from Medicines Patent Pool to manufacture and market generic versions of Pfizer’s oral treatment nirmatrelvir. This drug will be co-packaged with ritonavir for treatment of COVID-19. The licenses are applicable for both active pharmaceutical ingredients and finished products, in tablet form, of nirmatrelvir; ritonavir.

Torrent Pharma: The company has entered inked an deal with Medicine Patent Pool to manufacture and commercialise generic version of Pfizer Oral COVID-19 Treatment.

Dhanlaxmi Bank: The bank’s board of directors has approved rights issue of up to Rs 130 crore.

State Bank of India: SBI has inked an agreement to provide $1 billion credit facility to Sri Lanka.

KEI Industries: Smallcap World Fund Inc bought 6.4 lakh equity shares in the company through open market transactions on March 16. With this, its shareholding in the company rose to 5.02 percent, against the previous 4.31 percent.

Jindal Steel & Power: The firm said it has prepaid a loan of $357 million of its wholly-owned subsidiary Jindal Steel & Power (Mauritius) (JSPML). The prepayment will help clear the entire debt of JSPML. The loan also had corporate guarantees from JSPL India, which will also get released, the company said. Over the past three years, JSPL “has been able to reduce its overseas debt from $1.8 billion to $130 million post this payment”. The bulk of JSPL’s overseas debt now sits in its Australian subsidiary ($113 million), it added.

 NMDC: The state-owned miner announced that it has touched a record iron ore production of 40 million tonnes (MT) in this fiscal so far. In the preceding fiscal, the company had produced 35 MT of iron ore. “NMDC creates, history becoming the first company in the country to cross 40 million tonnes (MT) iron ore production in a (financial) year,” the Ministry of Steel said.  By the end of the ongoing financial year, the production would reach to a level of 42 MT, a company official informed.

EIH: The board of the hotel company has cleared the sale of entire shareholding in subsidiary EIH Flight Services, Mauritius for Rs 55.2 crore.

NBCC (India): The company has received a work order from the Administration of Union Territory of Ladakh, for providing comprehensive, design, engineering and project management consultant services for various works. The estimated cost of the project is Rs 500 crore.

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