Nifty futures on the Singapore Exchange-traded 180 points, or 1.03 per cent, higher at 17,619.50, signaling that Dalal Street was headed for a positive start on Wednesday. Global markets rallied overnight, and taking cues from the same, the SGX Nifty as of 07:00 AM, hinted for a strong gain of more than 200 points on the NSE Nifty 50 benchmark at the opening bell.
ONGC
The government will sell 1.5 per cent stake in the oil producer through an offer for sale (OFS) on Wednesday, a move that’s expected to shore up the centre’s divestment receipts by over Rs 3,000 crore. OFS for non-institutional investors opens on Wednesday, whereas the offer to sell an additional 94.3 million or 0.75 per cent would open for retail investors on Thursday. The floor price for the sale has been set at Rs 159, at about 7 per cent discount to the stock’s closing price of Rs 171 on Tuesday.
Punjab National Bank
The state-run bank’s board has approved a proposal to raise Rs 12,000 crore through issuance of bonds to fund business growth. The board approved raising of capital through issue of Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in one or more tranches, PNB said in a filing.
Hero MotoCorp
The income tax (I-T) department is learnt to have found that two-wheeler maker Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore involving a property allegedly owned by a promoter of the company.
Tata Consumer Products
The company on Tuesday announced reorganisation of its India and overseas businesses. The company also proposed to purchase of a 10.15 per cent minority interest in its UK subsidiary, TCP UK, from Tata Enterprise (Overseas), Switzerland, (TEO).
IL&FS
The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time.
Adani Group
The Gautam-Adani led Group has concluded financing for the first phase of Navi Mumbai international airport project by raising Rs 12,770-crore loan from the State Bank of India. It plans to commission the airport in 2024.
IndiGo
The low-cost airline has named Gaurav Negi as its chief financial officer and is giving additional responsibilities to chief strategy and revenue officer Sanjay Kumar following two senior level exits. Negi takes over from Jiten Chopra who is leaving the airline to pursue other interests, he is the third CFO at the airline in as many years.
SBI Life
Canda Pension Plan Investment Board (CPPIB) on Tuesday sold 0.56 per cent stake in the company for Rs 597 crore. It sold 5.58 million shares at Rs 1,068.35 apiece. Among the buyers were Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore’s GIC and Goldman Sachs.
L&T Technology Services
The pure play engineering services unit of the L&T Group is betting big on Meta. The company is setting up a Centre of Excellence for Metaverse as well as creating a business unit for Meta. The CoE will be launched by July-August.
IDBI Bank
The private sector lender will offload its balance 25 per cent stake in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV. The board of directors has approved to sell IDBI Bank’s entire stake of 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option by Ageas. In December 2020, IDBI Bank had sold a 23 per cent stake in an insurance joint venture to Ageas Insurance International JV for Rs 507 crore.
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