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Stocks in news: Reliance Industries, Zomato, Bharti Airtel, BHEL and more

Stocks in news: Reliance Industries, Zomato, Bharti Airtel, BHEL and more

On September 9, the benchmark indices ended marginally higher amid weak global cues. Sensex closed 54.81 points higher at 58,305.07 and Nifty rose 15.75 points to settle at 17,369.25

Stocks in news: Reliance Industries, Zomato, Bharti Airtel, BHEL and more Stocks in news: Reliance Industries, Zomato, Bharti Airtel, BHEL and more

Indian benchmark indices are likely to open lower today as SGX Nifty fell 81 points to 17,359 amid weak global cues.

On September 9, the benchmark indices ended marginally higher amid weak global cues. Sensex closed 54.81 points higher at 58,305.07 and Nifty rose 15.75 points to settle at 17,369.25.

Here are the stocks that are likely to be in focus today.

Reliance Industries: The sale of Jio Platforms' and Google's jointly designed smartphone, JioPhone Next, has been delayed. The much-anticipated phone was scheduled to be released on September 10. Jio and Google said in a joint statement on Thursday that they have made considerable progress towards the launch of the phone.

Both Google and Jio have begun testing JioPhone Next with a limited set of users for further refinement, stated the companies. They are actively working to make it available more widely in time for Diwali. The companies said that the additional time will also allow them to help mitigate the current industry-wide, global semiconductor shortages.

BHEL: Bharat Heavy Electricals Limited announced that it has played a key role in successfully implementing the ultra-high voltage direct current (UHVDC) link between the western and southern grid region.

"Bharat Heavy Electricals Limited (BHEL) has added another feather in its cap by playing a key role in the successful implementation of the +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) Link between the Western Region Grid (Raigarh, Chattisgarh) and the Southern Region Grid (Pugalur, Tamil Nadu)," noted the state-owned firm in an official statement.

Zomato: Online food delivery platform Zomato has decided to stop its grocery delivery service from September 17 mainly on account of gaps in order fulfillment, leading to poor customer experience.
The company also said that it believes that its investment in Grofers will generate better outcomes for its shareholders than in-house grocery efforts.

In an email to its grocery partners, Zomato said, "At Zomato, we believe in delivering best in class services to our customers and largest growth opportunities to our merchant partners. We don''t believe that the current model is the best way to deliver these to our customers and merchant partners. Hence, we intend to stop our pilot grocery delivery service effective 17 September, 2021".

Bharti Airtel: Ratings agency S&P Global has revised Bharti Airtel's outlook to "stable" from "negative" and maintained the telco's credit rating of "BBB-", on the back of its improved financial status and ability to pay back debt.

S&P stated that Bharti Airtel's India mobile segment is expected to continue growing at a healthy pace, but in the absence of across-the-board tariff increases, it is happening at a slower rate than in fiscal 2021.

The 'BBB' rating implies a company has sufficient capacity to meet its financial commitments but is more subject to unfavourable economic conditions.

Nalco: State-owned Nalco is making efforts to operationalise Utal D coal mine in Odisha in the next financial year. Utkal E coal block in the state will be operationalised after obtaining all the statutory clearances thereafter, National Aluminium Company Ltd (Nalco) said in its latest report. "All out efforts are being made for operationalisation of Utkal D Coal Block in FY 2022-23 and Utkal E will be operationalised after obtaining all the statutory clearances thereafter," it said.

The two coal blocks have been allocated by the Centre as a part of raw material security to the existing operational units at captive power plant and future expansion of the company.

Vedanta: Billionaire Anil Agarwal's Vedanta Ltd is seeking a premium of at least USD 1 over the government-mandated price for the natural gas it plans to produce from its Assam block.

The firm, which merged the Rajasthan oil-discoverer Cairn India Ltd into itself, has sought bids from users for the gas it plans to produce from the Hazarigaon field in Assam from March next year.

LIC Housing Finance: LIC Housing Finance said it has allotted over 4.5 crore preference shares to promoter LIC for over Rs 2,335.5 crore.

The company has allotted 4,54,00,000 equity shares on a preferential basis to Life Insurance Corporation of India (LIC), the housing finance firm said in a regulatory filing.