Stocks In the News: Check out the companies making the biggest headlines before the opening bell.
PSU Banks: The Reserve Bank on October 4 gave licence to the Rs 6,000 crore National Asset Reconstruction Company Ltd (NARCL), a move that will help kickstart operations of the bad bank. SBI, Union Bank of India, Indian Bank picked up 13.27 percent stake each in the NARCL, while Punjab National Bank acquired about 12 percent stake. Banks have identified around 22 bad loans worth Rs 90,000 crore to be transferred to NARCL in the initial phase.
Zee Entertainment: Invesco Developing Market Funds wants the National Company Law Tribunal (NCLT) to make a mandatory order for Zee Enterprises Entertainment Limited to call the extraordinary general meeting (EGM) that the shareholder has been demanding.
Infosys: The company will announce results for the second quarter ended September 2021 on October 13.
SREI Infra: The Reserve Bank of India superseded the Board of Directors of Srei Infra and Srei Equipment Finance Limited, owing to governance concerns and defaults by SREI Group Companies.
Banswara Syntex | Cofipalux Invest SA acquired 1.7 lakh equity shares in the company at Rs 168.35 per share on the BSE, the bulk deals data showed.
EID Parry India | The company approved an investment of Rs 19 crore in the joint venture company – Algavista Greentech, and sale of the plant & equipment of the sugar factory at Pettavaithalai, Tamilnadu, which is not in operation.
Vadilal Enterprises | Care Ratings reaffirmed credit rating on company’s long term bank facilities at BBB-, and revised outlook to stable from negative.
GHCL | CRISIL Ratings has assigned AA- rating with stable outlook to GHCL for issuance of non-convertible debentures (NCD) of Rs 150 crore, which may be issued within a period of 180 days.
Rail Vikas Nigam | The company has entered into an Memorandum of Understanding with Tata Steel in connection with implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to bankability of the SPV project, execution of definitive agreement and management approval.
Paras Defence and Space Technologies | ICRA has assigned ‘A-‘ rating to the cash credit facility on long term scale, obtained from Kotak Mahindra Bank and the outlook is Stable.
Gokaldas Exports | The company launched its qualified institutional placement issue on October 4. The floor price has been fixed at Rs 194.58 per share.
Andrew Yule & Company | CRISIL Ratings has assigned the long-term rating as ‘BBB-/Stable’ and the short-term rating as ‘A3’ to the bank loan facilities of Rs 25 crore. The long-term rating has been upgraded from BB+ to BBB” and the short-term rating has been upgraded from ‘A4+’ to ‘A3.
Gufic Biosciences | The company has approved the proposal for increasing capital expenditure to the tune of Rs 200 crore out of which around Rs 180 crore is proposed to be utilized for setting up of the new manufacturing unit and balance Rs 20 crore for setting up the research & development facility, both in Indore, Madhya Pradesh.
Action Construction Equipment | ICRA has revised the outlook to positive from stable for long term rating.
Elpro International | MetLife International Holdings, LLC has entered into a share purchase agreement with IGE (India) and Elpro International to acquire their total combined shareholding of 15.27 percent in PNB MetLife India Insurance Company.
JSW Energy | The company has signed a contract with Senvion India, a leading manufacturer of wind turbines, for procurement of 591 MW of onshore wind turbines for the company’s under-construction pipeline of renewable energy projects.
PDS Multinational Fashions | The company’s subsidiary completed acquisition of 50 percent equity stake in Yellow Octopus Fashion.
ICICI Lombard General Insurance | French insurance firm Axa S.A., to sell around 175 crore shares of ICICI Lombard via block deal on October 5.
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