Stocks in news: IDBI Bank, PNB, Vedanta, Hero MotoCorp and more

Stocks in news: IDBI Bank, PNB, Vedanta, Hero MotoCorp and more

Stocks in news: IDBI Bank, Future Enterprises, Tata Consumer Products, PNB, Vedanta, Hero MotoCorp, Rail Vikas Nigam, Bharat Electronics and more

Stocks in news: IDBI Bank, Future Enterprises, Tata Consumer Products, PNB, Vedanta, Hero MotoCorp, Rail Vikas Nigam, Bharat Electronics and more Stocks in news: IDBI Bank, Future Enterprises, Tata Consumer Products, PNB, Vedanta, Hero MotoCorp, Rail Vikas Nigam, Bharat Electronics and more

The Indian equity market is likely to open in the green today as SGX Nifty was trading 102 points higher at 17,382. On Tuesday, equity market ended higher for the second straight session, led by gains in consumer durables and pharma shares. Sensex rose 350 points to end at 57,943 and Nifty gained 103 points to 17,325. HDFC, Bharti Airtel, UltraTech Cement, Sun Pharma and HDFC Bank were the top Sensex gainers, rising up to 3.06%. Of 30 Sensex stocks, 20 ended in the green.

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

IDBI Bank: LIC-controlled IDBI Bank has approved the divestment of its stake in two entities - National Securities Depository Limited (NSDL) and Ageas Federal Life Insurance Company Limited (AFLI) in its recent meeting, as per exchange filings.

The board granted in-principle approval for divestment of IDBI's stake of up to 11.10 per cent of share capital of NSDL via market driven process. It has also approved the sale of 20 lakh equity shares in AFLI to Ageas Insurance International NV or Ageas to exercise of Call Option by Ageas, according to these filings.

Future Enterprises: The Future Group firm said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month. The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing. "The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said.

Share Market LIVE: Sensex, Nifty likely to open higher today

Tata Consumer Products: Mumbai-based fast moving consumer goods (FMCG) company Tata Consumer Products (TCPL) on Tuesday announced a reorganisation of its businesses with an aim to bring its overseas operations under the fold of the flagship company. The plan includes demerger of plantation business of Tata Coffee Limited (TCL) into TCPL Beverages & Foods Limited (TBFL), a wholly-owned subsidiary of TCPL.

Adani Group stocks: The group said it has achieved financial closure for the Navi Mumbai International Airport (NMIAL) project by raising Rs 12,770-crore loan from State Bank of India (SBI). SBI has underwritten the entire debt requirement of Rs 12,770 crore for the airport project, the Group said in a press release. The Adani Group took over the Navi Mumbai airport project following its acquisition of Mumbai International Airport Limited last July. "The Adani Group's focus is to create and provide best-in-class airport infrastructure and allied services to the consumer," said Jeet Adani, director at Navi Mumbai International Airport Limited.

PNB: The lender said its board has approved raising up to Rs 12,000 crore through issuance of bonds. The company's board approved raising capital via 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, the lender said.

Vedanta: India Ratings and Research (Ind-Ra) said it has upgraded mining giant Vedanta Limited's long-term issuer rating to 'AA' with a stable outlook. AA-rated instruments are considered to have a high degree of safety regarding timely servicing of financial obligations. The ratings agency said it has ''upgraded Vedanta Limited's (VDL) long-term issuer rating to 'IND AA' from 'IND AA-' and the outlook is stable''.

United Spirits: The Diageo-controlled firm said it has extended the deadline to complete the ''strategic review'' of its select popular liquor brands till May 31, 2022. The company had earlier set the deadline of March 31, 2022 to complete the review process. ''The strategic review of selected popular brands initiated by the company on February 23, 2021 to consider all options to deliver sustainable long-term profitable growth is ongoing. The review is expected to be completed by May 31, 2022,'' USL said in a regulatory filing.

ONGC: The government will this week sell up to 1.5 per cent of its stake in the country's top oil and gas producer ONGC to raise about Rs 3,000 crore. The Offer For Sale (OFS) by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said.

Hero MotoCorp: Two-wheeler major Hero MotoCorp denied media reports which said that the Income Tax Department (I-T Department) is analysing Rs 1,000 crore of bogus expenses at the firm. Earlier this month, the I-T Department had conducted raids at the offices and residences of promoters of Hero Moto, including Pawan Munjal. Statements of those present were recorded and a panchnama was done.

Responding to clarification sought by the exchanges, Hero MotoCorp said, "The allegations made in the press report are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports."

Rail Vikas Nigam: The company has inked an agreement with a wholly owned subsidiary of JK Cement - Jaykaycem (Central) for the development of a 50-km long new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.

Bharat Electronics: BEL and Defence Ministry have inked a contract for the supply of Advanced Electronic Warfare suite for fighter aircraft of Indian Air Force. The overall cost of the contract is estimated to be Rs 1,993 crore.