Indian benchmark indices are likely to open higher today as SGX Nifty rose 33 points to 17,408.
On September 13, the benchmark indices closed lower led by losses in index heavyweights Reliance Industries, ICICI Bank and HDFC Bank. Sensex ended 127.31 points lower at 58,177 and Nifty slipped 13.95 points to 17,355. Reliance Industries was the top Sensex loser, shedding 2.22 per cent, followed by ICICI Bank, HUL, HDFC Bank, M&M, Ultra Cement, IndusInd Bank and Tech Mahindra.
Here are the stocks that are likely to be in focus today.
Zee Entertainment: Two institutional investors holding around 17.88 per cent stake in Zee Entertainment have sought the removal of Managing Director Punit Goenka and two others as the directors of the company. Following the letter, Manish Chokhani and Ashok Kurien have resigned from the position of non-executive non-independent directors of the company with immediate effect, the company in a statement to the stock exchanges today.
The exact reason behind their decision to call for Goenka and two others' removal is not clear so far. Invesco Developing Markets Fund (formerly Invesco Oppenheimer Developing Markets Fund) and OFI Global China Fund IIC are shareholders of Zee Entertainment Enterprises Ltd.
Vodafone Idea: Banks led by State Bank of India (SBI) have called on the Indian government to give debt-laden Vodafone Idea more time to clear its tax dues and spectrum fees, two bankers and a government official familiar with the matter said.
An Indian court last year ordered the mobile carrier, a joint venture between the Indian unit of Britain's Vodafone Group and Aditya Birla Group's Idea Cellular, to pay just over $8 billion to the government to settle long-standing dues. Vodafone has a stake of about 44% in the company and Aditya Birla owns nearly 27%.
Kotak Mahindra Bank: A Kotak Mahindra Bank arm announced a Rs 1,000-crore investment into a third-party logistics (3PL) business promoted by the south-based TVS family.
Kotak Special Situations Fund (KSSF) has invested Rs 200 crore in TVS Supply Chain Solutions and has provided a Rs 800 crore finance to TS Rajam Rubbers Private Ltd through a non-convertible debentures route. The loan will help TVS SCS promoter R Dinesh acquire Canadian pension fund CDPQ's stake in TVS SCS, an official statement said.
"The investments will help the TVS family consolidate their holdings in TVS SCS," it said.
Infosys: IT major Infosys and Microsoft have entered into a multi-year strategic engagement with Ausgrid to accelerate the cloud transformation of the largest electricity distributor on Australia's east coast.
This programme will further Ausgrid's vision to connect communities and empower lives with a focus on affordability, reliability and sustainability, Infosys said in a regulatory filing on Monday.
Piramal Enterprises Limited: India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, on Monday announced an investment of Rs 555 crore in Thrissur Expressway Limited (TEL), a part of Hyderabad-based KMC Constructions Limited (KMC).
IndiaRF in a statement said that the investment will be used towards restructuring of TEL''s existing debt and for last mile-financing to enable project completion.
HCL Tech: HCL Technologies and HANCOM Inc., one of the leading South Korean software companies, have signed a strategic partnership to share advanced software technology solutions and establish a mutual bridgehead for overseas expansion.
HCL will support training for software development at HANCOM's R&D center in India, which was established in 2016. HCL will also share its development studio and provide HR support to meet demand and development capacity at the R&D center. In addition, it will promote technological cooperation to strengthen HANCOM products' global competitiveness.
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