Following are the top 10 stocks that will be in news today:
Reliance Industries: RIL has said that a required majority of its shareholders have passed a resolution to appoint Saudi Aramco chairman Yasir Al-Rumayyan as an independent director to the conglomerate’s board. The company is set to announce its September quarter earnings today.
JSW Steel: The flagship business of the diversified JSW Group reported a 350% year-on-year (YoY) jump in consolidated net profit to post its highest quarterly profit of ₹7,179 crore for the second quarter ending 30 September. The company also reported its highest-ever quarterly revenue from operations at ₹32,503 crore for the quarter, against ₹19,264 crore a year ago.
Zee Entertainment Enterprises: The company agreed, after a nudge from the Bombay high court, on Thursday to consider Invesco’s demand to convene a special shareholders’ meeting after the court assured that the outcome would be kept on hold for a week during which it could review the legality of the resolutions recommended by the US fund manager.
Indian Hotels: The company plans to buy the 40% stake it doesn’t own in unit Roots Corp. Ltd, which runs the Ginger brand of economy hotels, for ₹500 crore. The IHCL board also approved plans to raise up to ₹2,000 crore by selling shares to existing investors and another ₹2,000 crore by selling shares to financial institutions, totalling ₹4,000 crore.
Bharti Airtel: The telco’s rights issue to raise up to ₹20,987.39 crore has been subscribed 1.44 times. The rights issue opened on October 5 and the company had fixed September 28 as the record date for rights entitlement. The company’s board had on August 29 approved raising up to ₹21,000 crore by way of the rights issue for ₹535 per share, including a premium of ₹230.
Mphasis: The IT firm reported a 14% increase in consolidated net profit at ₹341.4 crore for the September quarter. The company’s net profit stood at ₹299.2 crore in the year-ago period. Revenue from operations grew 17.8% to ₹2,869.2 crore in the reported quarter.
GAIL (India): The company will build India’s largest green hydrogen plant in the next 12-14 months, as it looks to supplement its natural gas business with carbon-free fuel. Gail is looking at building a 10-megawatt (MW) electrolyzer capable of generating 4.5 tonnes of green hydrogen daily. The firm has already floated a global tender to buy the electrolyzer and is hoping to get delivery in 12-14 months.
GMR Infrastructure: The infrastructure major is likely to launch a ₹6,000 crore qualified institutional placement (QIP) issue by October end. The QIP would lead to a dilution of about a 15% stake in the company, sources told CNBC-TV18.
TVS Motor: The company posted a 29.19% increase in consolidated net profit at ₹234.37 crore for the quarter ended September. Revenue from operations rose to ₹6,483.42 for the second quarter as compared to ₹5,254.36 in the year-ago period.
IDFC Ltd: The company has appointed Citigroup Global Markets India as its investment banker for divestment of IDFC Asset Management Co
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