The market ended a volatile and consolidative session on a flat note in the last session amid mixed global cues. Select banking & financial services, FMCG, and metal stocks gained, whereas some auto, IT, and pharma stocks were under pressure. In fact, the benchmark indices remained within the trading range of August 30th’s. The BSE Sensex gained 37 points at 58,803, while the Nifty50 declined 3 points to 17,540.
Stocks in News
SpiceJet
The company has got a three-month extension to hold an annual general meeting (AGM). According to a news report, the firm is also likely to get Rs 225 crore under the government’s credit guarantee scheme next week.
Vodafone Idea
According to an ET report, the telecom company has prepaid a short-term loan of around Rs 2,700 crore to State Bank of India. This has been done to shore up lenders’ confidence as it urgently seeks fresh bank funds to tie up equipment supply deals for 5G networks and clear some of its near Rs 15,000 crore trade payables, comprising dues to tower companies, network gear vendors and other suppliers, the report added.
HFCL
HFCL’s board approved raising up to Rs 650 crore which will be invested in enhancing R&D facilities, setting up new production facilities to enhance capacity under the production linked incentive (PLI) scheme and design linked incentive (DLI) scheme.
Olectra Greentech
The company has bagged an order worth Rs 151 crore for supplying 100 electric buses to the Assam State Transport Corporation. This is the first order for the company from northeastern states, given on an outright basis. The buses will be delivered over a period of nine months, and maintenance will be taken care of for the next five years by Olectra.
GMR Infrastructure
GMR Infrastructure approved raising funds of up to Rs 6,000 crore via foreign currency convertible bonds and/or any other security. The funds will be used for various infrastructure projects currently undertaken by the group.
Hinduja Global Solutions
Shareholders of NxtDdigital Ltd. have voted in favour of the company’s merger with Hinduja Global Solutions Ltd. “99.99 per cent non-promoter shareholders voted in favour of the scheme of arrangement between Nxtdigital Ltd. and Hinduja Global Solutions Ltd.,” the digital television services provider said in a statement. According to the regulatory updates, 75.25 lakh votes were polled in which 75.24 lakh were in favour of the scheme and 1,022 against it.
Paytm
Digital financial services major – Paytm on Sunday denied any link with the merchants that are under the Enforcement Directorate scanner in the Chinese loan app case.
ICICI Bank
The private sector lender plans to raise up to Rs 10,000 crore through infrastructure bonds for project financing and affordable housing. Rating agency ICRA has assigned “AAA” rating to the proposed infrastructure bond offering by the lender.
TCS
The IT major has put a stop to its anniversary hikes for lateral hires, who complete a year at the company with effect from April 1, 2022. Instead, the company will now follow the industry norm of annual salary hike. According to sources in the know, the anniversary salary hike will be given to freshers as usual.
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