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Stocks in news: TCS, Tata Motors, Bandhan Bank, Tata Steel and more 

Stocks in news: TCS, Tata Motors, Bandhan Bank, Tata Steel and more 

The Indian equity market is likely to open lower today as SGX Nifty was trading 130 points lower at 17,764.20.

Stocks in news: TCS, Tata Motors, Bandhan Bank, Tata Steel and more  Stocks in news: TCS, Tata Motors, Bandhan Bank, Tata Steel and more 

The Indian equity market is likely to open lower today as SGX Nifty was trading 130 points lower at 17,764.20.

Benchmark indices snapped three sessions of losing streak on Friday after the Reserve Bank of India maintained status quo on the benchmark lending rate amid buying in index heavyweights Reliance Industries Limited and ITC.

Sensex climbed 412.23 points or 0.70 per cent to settle at 59,447.18. During the day, the index hit a high of 59,654.44 and a low of 58,876.36.

Nifty rose 144.80 points or 0.82 per cent to finish at 17,784.35.

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

TCS: The company will announce its earnings for the quarter ended March 2022 today.

Bandhan Bank: Housing finance major HDFC Ltd on Friday divested a little over 3 per cent stake in Bandhan Bank, garnering Rs 1,522 crore, through an open market transaction.

The transaction comes days after HDFC announced a mega merger with its banking arm HDFC Bank.

According to bulk deal data available with the BSE, Housing Development Finance Corporation (HDFC) sold a total of 4,96,32,349 shares, amounting to 3.08 per cent stake, of Bandhan Bank.

The shares were offloaded at an average price of Rs 306.61 apiece, valuing the transaction at Rs 1,521.77 crore.

Tata Steel: Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited.

On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench.

Tata Motors: Sales of Jaguar Land Rover (JLR) fell 36% on year to 79,008 units in the fourth quarter of FY22. Jaguar sales for the period under review stood at 14,574 units, down 38 year-on-year, while Land Rover retail sales declined 36% to 64,434 units.

Axis Bank and IDBI Bank: The Reserve Bank of India (RBI) on Friday has imposed monetary penalties of Rs 93 lakh and Rs 90 lakh on Axis Bank and IDBI Bank, respectively, for certain non-compliances from both the lenders.

The penalty on Axis Bank is due to non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’, ‘Reserve Bank of India (Financial Services provided by Banks) Directions, 2016’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, and ‘Levy of penal charges on non-maintenance of minimum balances in savings bank accounts’, the central bank said in a statement.

On the other hand, RBI fined IDBI Bank on grounds of non-compliance with the directions issued by RBI on “Frauds - classification and reporting by commercial banks and select FIs”, “Strengthening the Controls of Payment Ecosystem between Sponsor Banks and SCBs/UCBs as a Corporate Customer” and “Cyber Security Framework in Banks”.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, it added for both the penalties imposed.