Market
Updated : 2020-07-13 07:25:16
The Indian market is likely to open higher on Monday following gains in Asian peers. At 7:15 am, the SGX Nifty was trading 49.75 points or 0.46 percent higher at 10,823.50, indicating a positive start for the Sensex and Nifty50.
Reliance Industries Ltd (RIL): Qualcomm Ventures will invest Rs 730 crore in RIL’s digital unit Jio Platforms for a 0.15 percent stake. RIL has received a subscription amount of over Rs 30,062 after it closed the sale of 6.13 percent stake in Jio Platforms to L Catterton, The Public Investment Fund, Silver Lake and General Atlantic. (Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
Infosys: The company has announced a strategic partnership with Old National Bank (ONB) to enable faster adoption of digital solutions and modernise ONB’s existing technology infrastructure.
Bharti Airtel, Vodafone Idea: The TRAI has put on hold specific premium plans of both companies that offered faster data speeds and priority services to high-paying postpaid customers, questioning whether the network preference came at the cost of deterioration of services for other subscribers.
Biocon Ltd: The company has received the Drugs Controller General of India’s (DCGI) approval to market Itolizumab injection solution for emergency use in India to treat patients with moderate to severe COVID-19 complications. (Image: Reuters)
Avenue Supermarts: The company’s consolidated net profit in Q1FY21 fell 87.59 percent to Rs 40.08 crore from Rs 323.06 crore while revenue declined 33.21 percent to Rs 3,883.18 crore as against Rs 5,814.56 crore, YoY.
Punjab National Bank: The bank has clarified that the provision for the Rs 3,688 crore fraud in DHFL’s account is Rs 1,695.73 crore instead of Rs 1,246.58 crore.
Lakshmi Vilas Bank: The company reported a net profit of Rs 92.86 crore in Q4FY20 as against a loss of Rs 264.43 crore, YoY. NII fell 51 percent to Rs 68.6 crore from Rs 140.2 crore, YoY.
Escorts: The Competition Commission of India has approved the acquisition of a 9.09 percent stake in Escorts by Kubota Corporation, Japan and a 40 percent stake in Kubota Agriculture Machinery India by Escorts.
SAIL: The company’s consolidated net profit in Q4FY20 jumped multi-fold to Rs 2,647.52 crore while revenue fell 12.5 percent to Rs 16,171.8 crore, YoY.
Dilip Buildcon: The company has been declared as L-1 bidder by the National Highways Authority of India for a project worth Rs 882 crore on a Hybrid Annuity basis in the state of Gujarat.
IRB Infrastructure: The company has emerged as a preferred bidder for the Rs 2,193 crore BoT project under the Bharatmala Pariyojana in West Bengal.
Havells India: CARE Ratings has reaffirmed its rating on the company’s long term bank facilities (CC) at CARE AAA and reaffirmed CARE A1+ to the short term bank facilities.
