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💥 BSC Exclusive Morning Market News & Update
Stocks To Watch
🔹Yes Bank: State Bank of India’s stake falls to 30% from 48.21%, post the follow-on-public offer.
🔹Indian Oil Corporation: Indian Oil Corporation: Announces formation of 50:50 JV with Total (France) to manufacture and market high-quality bitumen derivatives and specialty products for India's road-building industry. The two companies already have a business relationship in India in LPG and fuel additives business. The JV will set-up manufacturing units across the country with cost-effective logistics solutions.
🔹InterGlobe Aviation: Announces another round of steeper pay cuts starting September. CEO Ronojoy Dutta in an email to employees said that the company is taking deeper pay cuts to adjust the cost structure down in-line with the reduced revenue. Ronojoy Dutta will take a 35% paycut. All executives at the level of Senior Vice President and above to take a pay cut of 30%. Vice Presidents and Associate Vice Presidents to face a 15% cut in their salary. Dutta said it intends to gradually reduce the number of days without pay as it adds back more flights.
🔹Adani Enterprises: Signed a non-binding Memorandum of Understanding with the Government of Tamil Nadu for exploring possibilities of setting up hyperscale data center facility.
🔹NBCC: Received projects work in Seychelles worth Rs 204.5 crore.
🔹Bharti Airtel: Hughes Network Systems, led by the U.K. Government and Bharti Enterprises, will acquire OneWeb out of bankruptcy. Hughes has agreed in-principle to invest $50 million in the consortium. Additionally, Hughes will continue as a trusted technology and distribution partner to OneWeb, the Low Earth Orbit satellite operator.
🔹HDFC: To consider raising funds on July 30.
🔹KPI Global Infra: Commissioned additional 615 KW solar power project under captive power producer category with two industrial customers.
🔹Eclerx Services: Post buyback offer, SBI Mutual Funds has increased its stake to 4.99% from 4.72% in the company.
🔹United Spirits: To subscribe 19.5 lakh compulsory convertible preference share in Hip Bar for Rs 1.95 crore. Revised shareholding in Hip Bar is expected to be 26%.
🔹Mindspace Business Parks REIT IPO subscribed 38% on Day 1.Institutional subscription at 0.37 times.Retail subscription at 0.40 times. Institutional category doesn’t include anchor portion.
🔹Nifty Earnings Today: Nestle India, UltraTech Cement, IndusInd Bank
🔹Non-Nifty Earnings Today: Yes Bank, Coforge, Castrol India, Sanofi India, Tata Coffee, Orient Cement, Quess Corp, Sunteck Realty, RBL Bank, Hexaware Tech, IDBI Bank, IDFC First Bank#NIFTYBANK #NIFTY50 #NIFTYIT #NIFTYMETAL #NIFTYREALTY