Economy

ONGC, Tata Power, Biocon, BDL, and Canara Bank are among the stocks in the news

On the Singapore Exchange, Nifty futures were 58.5 points, or 0.34 percent, lower at 17,387, predicting a dismal start for Dalal Street on Friday. In today’s market, here are a dozen stocks that are expected to be the most popular:

ONGC: The state-owned Oil and Natural Gas Corporation (ONGC NSE 1.32 percent) announced on Thursday that it has reached an agreement with the Solar Energy Corporation of India (SECI) to scale up its clean energy projects in order to expand its presence in the renewable energy sector, particularly solar energy.

Tata Power: Shareholders accepted a revision to a scheme of arrangement that will keep Tata Power NSE -0.35 percent Solar Systems Ltd (TPSSL) distinct rather than combining it with itself.

Bharat Dynamics and the Indian Army have agreed to rehabilitate IGLA-1M missiles for Rs 471.41 crore, according to BDL. After a ten-year refit, the missile will be given a fresh lease on life. The contract is worth Rs 471.41 crore in total.

Biocon: The biotechnology company announced that one of its subsidiaries has received FDA authorisation to market a generic product. The (USFDA) has approved Biocon Pharma’s abbreviated new drug application (ANDA) for Mycophenolic Acid, according to the company.

Garden Reach Shipbuilders & Engineers: According to a top corporate official, the foremost Defence PSU is transitioning from a warship builder to a full “global shipbuilder,” focusing on commercial ship orders from both domestic and international markets.

According to ABB India, the sale of its mechanical power transmission division to Dodge Industrial India Pvt Ltd for Rs 44.58 crore has been finalised. Dodge Industrial India, a subsidiary of RBC Bearings Incorporated, is a subsidiary of RBC Bearings Incorporated.

Canara Bank has reported that the issue of Basel-III compliant bonds resulted in a revenue of Rs 1,500 crore. “A total bid amount of Rs 4,699 crore was received by Canara Bank, of which the entire issuance of Rs 1,500 crore was accepted at 8.05 percent,” the bank claimed.

Ujjivan Financial Services: In order to assist their merger, market regulator Sebi has granted Ujjivan Small Finance Bank (SFB) and its promoter Ujjivan Financial Services dispensation from the minimal promoter lock-in requirement.

Part-Time Chairman G Subramonia Iyer of Dhanlaxmi Bank has resigned owing to personal reasons, according to the bank. “In a letter dated December 2, 2021, G Subramonia Iyer, the bank’s part-time chairman and independent director, resigned from the board of directors,” the bank said.

According to a top official, spectrum auctions for 5G services will take place early next year. The Telecom Regulatory Authority of India (Trai) has issued a consultation document on spectrum pricing in preparation for a possible auction that will pave the way for 5G services.

Cement Stocks: According to rating agency Crisil, retail cement prices are anticipated to rise by another Rs 15-20 in the following months, reaching an all-time high of around Rs 400 per bag this fiscal. Increased demand and input cost pressures, such as coal and fuel, have been blamed for the price hike.

On December 1, SBI Funds Management sold 9,948 equity shares in Prataap Snacks in an open market transaction, reducing its holding in the company from 3.43 percent to 3.39 percent.

On November 30, HDFC Asset Management Firm sold 1,74,221 equity shares in Aarti Industries through open market transactions, bringing its interest in the business down to 3.04 percent from 3.09 percent.

Punjab Alkalies & Chemicals: The business approved the division of each equity share with a face value of Rs 10 into 5 equity shares having a face value of Rs 2 subject to shareholder approval.

In Chikmagalur, Karnataka, Rushil Decor’s medium density fibre board manufacturing unit (MDF plant) has reopened in a limited capacity. It will also commence regular commercial operations on or before December 6, 2021.

Tantia Constructions has received a Letter of Allotment from the Government of Tripura for a bid of Rs 6.79 crore for the construction of an RCC Bridge (Length 140 m.) on the Sonaimuri-Telia route across the river Manu.

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