October 16, 2021

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Zee, Coal India, Indian Overseas Bank, RIL and more

Stocks in news: Zee, Coal India, Indian Overseas Bank, RIL and more

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Stocks in news: Zee, Coal India, Indian Overseas Bank, RIL and more

Indian benchmark indices are likely to open lower today as SGX Nifty fell 53 points to 17,651 amid mixed global cues. Indian equity market ended lower on September 29, tracking losses in index majors HDFC twins, Reliance Industries and ICICI Bank. Sensex closed 254.33 points or 0.43 per cent lower at 59,413.27 and Nifty declined 37.30 points or 0.21 per cent to 17,711.30.

HDFC was the top Sensex loser, falling nearly 2 per cent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HDFC Bank, HUL and Tech Mahindra.

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

Coal India: State-run Coal India said it would increase supplies to utilities to address a coal shortage that has left most of the country’s power plants close to running out of fuel when electricity demand is increasing.

Indian Overseas Bank:  RBI has removed the state-owned lender from prompt corrective action (PCA) list.

RIL: Reliance Industries Ltd has defended the appointment of Saudi Aramco chairman Yasir Al-Rumayyan as an independent director on its board after two of the firm’s institutional investors said they would oppose the move.

Vodafone Idea: The telco on Wednesday said that there was no proposal currently, that was being considered by board or promoters to invest additional capital in the company. The telecom operator responded to a news report that said promoters are likely to invest additional capital in the company.

Zee Entertaiment: US investor Invesco has approached the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises for failing to announce a date for the extraordinary general meeting (EGM) to remove Zee’s chief executive and managing director, Punit Goenka, as a director and reconstitute the board.

NTPC: The state-owned power company has got shareholders’ nod to raise up to Rs 18,000 crore through the issue of bonds or debentures. All resolutions listed in its annual general meeting (AGM) held on September 28 were passed with requisite majority.

HDFC Asset Management Company: The promoter Standard Life Investments has sold a 5 per cent stake in the company for a little over Rs 3,060 crore through an open market transaction.

IndusInd Bank: The private sector lender has bought a 4.79 per cent stake in embattled tea plantation firm McLeod Russel India by invoking 50 lakh pledged shares of the company.

Max Healthcare Institute: Kayak Investments Holding, one of the promoter entities of the company sold 8.44 crore shares for Rs 2,956 crore through open market transactions.

Persistent Systems: The IT firm said its US subsidiary will acquire North Carolina-based Software Corporation International (SCI) and its affiliate, Fusion360 for $53 million- a move that will bolster its expertise in serving banking, financial services, and insurance (BFSI) clients.

AU Small Finance Bank: The private lender has inked an MoU with NABARD for rural development initiatives in Rajasthan for benefit of farmers, farmer producer organizations, self help groups, joint liability groups, rural artisans, agri-preneurs, agri start-ups among others.

Indian Railway Finance Corporation: The railway firm reported a 38.34 per cent rise in its net profit to an all-time high of Rs 4,416.13 crore for the last financial year 2020-21. The company posted a net profit of Rs 3,192.09 crore in the financial year 2019-20.

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