Stocks in news: Tata Motors, NTPC, Axis Bank, Tejas Networks and more
Stocks in news: Tata Motors, NTPC, Axis Bank, IIFL Wealth, Tata Steel, Tejas Networks, BHEL and more
- Mar 31, 2022,
- Updated Mar 31, 2022 9:01 AM IST
The Indian equity market is likely to open in the green today as SGX Nifty was trading 38 points higher at 17,535. Equity benchmark Sensex ended 740 points higher at 58,683 and Nifty rose 173 points to 17,498 in the previous session. Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Power Grid, HDFC, ICICI Bank, Nestle, Maruti, Reliance Industries Limited were among the top Sensex gainers, rising up to 3.82%. ITC, Tata Steel, Tech Mahindra, Bharti Airtel and Titan were among the top losers, falling up to 2.16%. Of 30 Sensex stocks, 21 ended in the green.
Here's a look at stocks that are likely to remain in news today.
ONGC: The ONGC offer for sale was subscribed 3.57 times on its first day on Wednesday. The OFS received cumulative bids of 30,35,29,532 equity shares against the base offered size of 8,49,16,884 equity shares.
Tejas Networks: The Tata Group firm will acquire 64.40 per cent stake in semiconductor firm Saankhya Labs for Rs 283.94 crore in an all-cash deal. The initial acquisition of Saankhya shares is expected to close within the next 90 days.
"Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60 per cent shares through a merger process or a secondary acquisition," the statement said.
Tata Motors: Tata Motors said TPG Rise Climate has subscribed to 3.75 crore compulsorily convertible preference shares worth Rs 3,750 crore as the first tranche of the proposed investment of Rs 7,500 crore in its passenger electric vehicle business.
Share Market LIVE: Sensex, Nifty likely to open higher today
Last year in October, Tata Motors had announced that it would raise $1 billion (Rs 7,500 crore) for its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion.
NTPC: Damodar Valley Corporation (DVC) has entered into a joint venture agreement with NTPC Renewable Energy Ltd, a fully owned subsidiary of the NTPC Limited, for renewable power projects in its command area.
Tyre stocks: The Competition Commission of India (CCI) on Wednesday raided the offices of tyre companies including India's CEAT, Apollo Tyres and Germany's Continental in an alleged case of competition law violations, four sources with direct knowledge told Reuters.
BHEL: The state-owned engineering firm has won an order for compressor package from Iraq. The order for the package for Baiji Refinery in Iraq has been placed by Northern Refineries Company (NRC), a National Oil refinery company owned by the Ministry of Oil, Iraq. BHEL has achieved yet another milestone in its international business by bagging a prestigious order for a compressor package from Iraq, a company statement said.
Axis Bank: The private sector lender is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.
IIFL Wealth: Global investment firm Bain Capital said it has agreed to acquire a 24.98 per cent equity stake in wealth and asset management firm IIFL Wealth Management Limited from General Atlantic Singapore Fund Pte and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax Holdings Corporation. Bain Capital proposed to acquire 22,155,000 equity shares of IIFL Wealth, with a face value of Rs 2, and constituting 24.98 per cent stake in the company at a price per share of Rs 1,661, which aggregates to a total consideration of Rs 36,799,455,000.
Tata Steel: The steel major said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies on Wednesday, a regulatory filing said.
The Indian equity market is likely to open in the green today as SGX Nifty was trading 38 points higher at 17,535. Equity benchmark Sensex ended 740 points higher at 58,683 and Nifty rose 173 points to 17,498 in the previous session. Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Power Grid, HDFC, ICICI Bank, Nestle, Maruti, Reliance Industries Limited were among the top Sensex gainers, rising up to 3.82%. ITC, Tata Steel, Tech Mahindra, Bharti Airtel and Titan were among the top losers, falling up to 2.16%. Of 30 Sensex stocks, 21 ended in the green.
Here's a look at stocks that are likely to remain in news today.
ONGC: The ONGC offer for sale was subscribed 3.57 times on its first day on Wednesday. The OFS received cumulative bids of 30,35,29,532 equity shares against the base offered size of 8,49,16,884 equity shares.
Tejas Networks: The Tata Group firm will acquire 64.40 per cent stake in semiconductor firm Saankhya Labs for Rs 283.94 crore in an all-cash deal. The initial acquisition of Saankhya shares is expected to close within the next 90 days.
"Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60 per cent shares through a merger process or a secondary acquisition," the statement said.
Tata Motors: Tata Motors said TPG Rise Climate has subscribed to 3.75 crore compulsorily convertible preference shares worth Rs 3,750 crore as the first tranche of the proposed investment of Rs 7,500 crore in its passenger electric vehicle business.
Share Market LIVE: Sensex, Nifty likely to open higher today
Last year in October, Tata Motors had announced that it would raise $1 billion (Rs 7,500 crore) for its passenger electric vehicle business from TPG Rise Climate at a valuation of up to $9.1 billion.
NTPC: Damodar Valley Corporation (DVC) has entered into a joint venture agreement with NTPC Renewable Energy Ltd, a fully owned subsidiary of the NTPC Limited, for renewable power projects in its command area.
Tyre stocks: The Competition Commission of India (CCI) on Wednesday raided the offices of tyre companies including India's CEAT, Apollo Tyres and Germany's Continental in an alleged case of competition law violations, four sources with direct knowledge told Reuters.
BHEL: The state-owned engineering firm has won an order for compressor package from Iraq. The order for the package for Baiji Refinery in Iraq has been placed by Northern Refineries Company (NRC), a National Oil refinery company owned by the Ministry of Oil, Iraq. BHEL has achieved yet another milestone in its international business by bagging a prestigious order for a compressor package from Iraq, a company statement said.
Axis Bank: The private sector lender is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. According to the sources, the deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals. In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.
IIFL Wealth: Global investment firm Bain Capital said it has agreed to acquire a 24.98 per cent equity stake in wealth and asset management firm IIFL Wealth Management Limited from General Atlantic Singapore Fund Pte and FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax Holdings Corporation. Bain Capital proposed to acquire 22,155,000 equity shares of IIFL Wealth, with a face value of Rs 2, and constituting 24.98 per cent stake in the company at a price per share of Rs 1,661, which aggregates to a total consideration of Rs 36,799,455,000.
Tata Steel: The steel major said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies on Wednesday, a regulatory filing said.