Stocks in the News highlights (21-June-2021)
1) ONGC: The AIADMK co-coordinator, Edappadi K. Palaniswami, on Thursday urged the state government to strongly oppose the proposal for clearance sought by ONGC for hydrocarbon projects proposed by it in Tamil Nadu.
2) Coal India: Chairman Pramod Agrawal said the company is considering a price increase amid rising costs and increasing capital expenses.
3) RBI Clears PMC Bank Takeover
The Reserve Bank of India (RBI) has approved a 'rescue plan' for the Punjab and Maharashtra Cooperative (PMC) Bank. This comes almost 18 months after the cooperative bank was first put under restriction.
According to the plan, Centrum Financial Services, in partnership with Bharat Pe, will set up a small finance bank. The assets and liabilities of PMC Bank will then be transferred to the small finance bank, said a media report.
7) Tata Motors: Tata Motors and Tata Power Friday jointly inaugurated India's largest grid-synchronized, behind-the-meter solar carport at the Tata Motors car plant at Chikhali in Pune.
8) Wipro on June 18 announced a salary hike for around 80% of its employees, which will come into effect from September 1, 2021.
9) Didi Chuxing, (Uber of China) the popular ride hailing app, has decided to grow its business by raising capital through the U.S. markets, potentially making for one of the largest IPO listings for 2021.
Didi is currently valued at $62 billion, making for the world’s fourth most valuable unicorn (a term used for startups with a valuation of $1 billion or more). Through its grand debut with Wall Street, the car services company seeks to raise another $10 billion through the U.S. markets.
10) Polygon (MATIC) was founded by Jaynti Kanani , Sandeep Nailwal, Anurag Arjun in 2017 and has made the founders - India's first crypto billionaires!
11) Jio trumps Airtel in March, Vodafone Idea adds over 10 lakh users:
Reliance Jio continued to trump Bharti Airtel in subscriber addition count for the month of March while number three telco Vodafone Idea (Vi) also showed positive addition for the second straight month. Jio net added 7.92 million wireless users in March while Airtel added 4.06 million, followed by Vi’s 1.09 million, according to latest data released by the Telecom Regulatory Authority of India (Trai). Jio continued to lead the segment with a total wireless subscriber base of 422.92 million, followed by Airtel on the second spot with 352.40 million users and Vi trailing behind with 283.71 users at the end of March-21.
12) Centrum-BharatPe joint venture to pump Rs 1,800 crore into PMC Bank on merger:
The joint venture floated by Centrum Group and digital payments startup BharatPe for launching a small finance bank will infuse Rs 1,800 crore capital into troubled Punjab & Maharashtra Cooperative Bank (PMC) on its merger with the proposed bank, a top Centrum official has said. Reserve Bank (RBI) gave an in-principle approval to Centrum Financial Services, a step-down arm of the diversified financial services group, to set up a small finance bank (SFB) provided it took over PMC Bank.
13) Sebi directs PNB Housing to temporarily halt share sale programme:
Market regulator Securities and Exchange Board of India (SEBI) has asked mortgage lender PNB Housing Finance to temporarily halt its proposed share sale programme. On 31 May, investors led by Carlyle Group announced an investment of ₹4,000 crore in PNB Housing Finance. Carlyle Group Inc. Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, and Carlyle Asia Partners V agreed to invest up to ₹3,185 crore through a preferential allotment of shares and warrants at a price of ₹390 apiece.
14) HDFC Bank to buy stake worth over Rs 1,906 crore in group's general insurer from parent HDFC: HDFC Bank said its board has given its approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC).
15) Vedanta emerges as successful bidder for coal block for mining in Odisha
With the successful auction of Kuraloi (A) north coal mine in Odisha, the total number of mines successfully auctioned in the first tranche of auction for commercial mining is 20 out of total 38 coal mines offered, the coal ministry said in a statement.
16) Adani Power to acquire 1,200 MW Essar Power's Mahan project:
The country's largest power producer in the private sector, Adani Power Limited (APL), will acquire the 1,200 megawatt (MW) Essar Power's Mahan Project located at Singrauli district of Madhya Pradesh. Resolution Professional of the National Company Law Tribunal (NCLT) issued a Letter of Intent to Adani Power on June 17, said Adani Group company in a filing on stock markets.
17) Alkem Laboratories gets two observations at its facility at St. Louis, US.
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