All You Need To Know Going Into Trade On September 9 - BloombergQuint

Jindal Steel & Power: The company has prepaid $105.66 million loan of Australian unit. The prepayment has helped reduce the unit’s debt by about 50%. The company plans to pay off its overseas debt in coming quarters and aims to be net debt-free by March 2023. Further JSPL will expand steelmaking capacity in Angul to more than 12 million tons a year by 2025 through internal accruals, Managing Director VR Sharma said.

SBI Life Insurance Company: Canada Pension Plan Investment Board is selling 20 million shares in the company in an accelerated bookbuild offering, according to a Bloomberg report. Shares are being offered at Rs 1,159.05 to Rs 1,220.05 each, which is at a discount of 0% to 5% to Wednesday’s close. There is an option to increase the deal size by as many as 3 million shares. The seller will be subject to a 90-day lockup period.

ONGC: The company is exploring a purchase of a significant minority stake in the $4 billion-plus Sangomar oil project off the coast of Senegal from Woodside Petroleum Ltd., according to a Bloomberg report. The company is discussing acquiring an interest of 20% to 40% in the field.

BASF India: The Competition Commission of India searched local offices of BASF and other vegetable seed companies, according to a Reuters report. BASF is aware of a raid in its Nunhems India Gurgaon branch, a spokeswoman told Bloomberg News; adding the company wasn’t aware of the precise reason for the raid and was cooperating with the authorities.

UCO Bank: RBI has freed UCO Bank from its prompt corrective action framework, intended to help weak banks revive. As per UCO Bank’s FY21 results, the lender is no longer in breach of the PCA parameters, RBI said. The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage ratio on an ongoing basis. UCO Bank was put under PCA in May 2017.

Punjab National Bank: Banks Board Bureau has recommended two names for MD & CEO role at Punjab National Bank. BBB recommended Atul Kumar Goel for the role and named Ajay Kumar Srivastava as the candidate on reserve list. SS Mallikarjuna Rao, the current MD & CEO of PNB, will superannuate on January 31, 2022.

Infosys: The company and The Economist Group have announced a new strategic partnership designed to enable and accelerate sustainability solutions and drive world-changing impact through a new business-to-business model. The company has also approved the closure of the buyback on September 8. It has bought back 5.58 crore equity shares, at an average price of Rs 1,648.53 per equity share, for Rs 9,199 crore.

Tata Consultancy Services: Avianca, one of the leading airlines in South America, has partnered with TCS to accelerate its journey to the cloud. TCS will modernise Avianca’s IT infrastructure and build a new future-ready cloud-based digital core on Microsoft Azure. It will help the airline migrate 129 core applications to the cloud and will also manage the new cloud estate.

Adani Enterprises: CG Natural Resources, a subsidiary of the company, has emerged as a successful bidder for Jhigador (250 MT) and Khargaon (250 MT) coal blocks in Bisrampur, Chhattisgarh.

BPCL: Appointed Arun Kumar Singh as Chairman and Managing Director and Vetsa Ramakrishna Gupta as additional Director and Director (Finance) with effect from September 7.

Repro India: Board approved issuing up to 6.25 lakh equity shares to members of promoter and promoter group and non-promoter on a preferential basis at a price of Rs 480 per share, aggregating up to Rs 30 crore. The board has also approved issue of 6.25 lakh warrants to members of promoter and promoter group and non-promoter on a preferential basis at a price of Rs 480 per warrant, each convertible into one equity share.

Gujarat Alkalies abd Chemicals: Appointed Pankaj Kumar as the Chairman of the company with effect from September 7.

Rashtriya Chemicals and Fertilizers: To set up a plant to manufacture 75 KL per day i.e. 1.50 lakh bottles (500 ml. capacity) per day, of Nano Urea (Liquid) fertilizer at RCF's Trombay unit based on proprietary technology developed and patented by Indian Farmers Fertiliser Cooperative Ltd.

KPI Global Infrastructure: The company has terminated power purchase agreement signed for the capacity of 1.10 MW solar power plant under Independent Power Producer segment.

AGMs: GAIL India (11:30 a.m.); Bombay Dyeing & Mfg. Co. (3 p.m.); JB Chemicals & Pharma (3:30 p.m.); GMR Infrastructure (3 p.m.); L.G. Balakrishnan (2 p.m.)

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All You Need To Know Going Into Trade On September 9 - BloombergQuint
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