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    Stocks in the news: DMart, Vodafone Idea, RIL, Biocon and JSW Steel

    Synopsis

    RIL has secured Rs 730 crore from wireless technology leader Qualcomm by selling a small stake in Jio Platforms.

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    JSW Steel has decided to reduce its capex target for 2020-21 by about 45 per cent to Rs 9,000 crore

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    PEER COMPANIES

    NEW DELHI: Nifty futures on the Singapore Exchange traded 42 points, or 0.39 per cent higher at 10,820.50, in signs that Dalal Street was headed for a positive start on Monday. Here are a few stocks which may buzz the most in today's trade:

    Bharti Airtel, Vodafone Idea: The telecom regulator has asked Bharti Airtel and Vodafone Idea to put on hold specific plans that promised faster speeds to certain priority users, as it questioned whether the network preference came at the cost of deterioration of services for other subscribers.

    Reliance Industries (RIL): Billionaire Mukesh Ambani's RIL said it has secured Rs 730 crore from wireless technology leader Qualcomm by selling a small stake in its technology venture, adding to a slew of investments since April that has crossed Rs 1.18 lakh crore.

    DMart: Avenue Supermarts, which owns and operates retail chain DMart, said it has recovered 80 per cent of its business in the stores, wherever it has been allowed to operate unhindered. The company reported an 87.59 per cent decline in consolidated net profit at Rs 40.08 crore for the June quarter

    JSW Steel: Concerned over uncertain market conditions, JSW Steel has decided to reduce its capex target for 2020-21 by about 45 per cent to Rs 9,000 crore against its earlier plan of spending Rs 16,340 crore.

    ICICI Bank, HDFC: ICICI Bank and HDFC have started the process of raising a combined Rs 29,000 crore in what could be one of the largest instances of capital mobilisation since the global financial crisis.

    DHFL: Deutsche Bank has purchased Rs 1,900 crore worth of bonds in just three days, marking the revival of the secondary market of distress asset sales after 3-4 months of lull since the COVID-19 outbreak.

    Amtek Auto: The National Company Law Tribunal (NCLT) has approved a Rs 2,700-crore bid by Deccan Value Investors (DVI) for the debt-ridden Amtek Auto. (trading in the stock suspended due to penal reasons)

    Biocon: The biotechnology major said it has received approval from the Drugs Controller General of India (DCGI) for use of its biologic drug Itolizumab for the treatment of moderate to severe Covid patients.

    Punjab & Sind Bank Bank: The bank reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc. The bank has reported the fraud to the Reserve Bank of India and is in the process of filing complaints with the Central Bureau of Investigation, according to regulatory filings.

    Balrampur Chini: The sugar firm has proposed to buy back up to 1 crore shares of the company from eligible shareholders for an amount not exceeding Rs 180 crore. The company, in a regulatory filing, informed that the buyback offer will open on July 20 and end on July 31.

    SAIL: The state-owned firm said its consolidated net profit jumped multi-fold to Rs 2,647.52 crore during the quarter ended March 31, helped by reduced expenses.

    RCF: State-owned RCF said it has introduced a hand sanitiser in the market as part of its effort to control spread of coronavirus disease.

    Future Consumer: The company reported a consolidated net loss of Rs 175.46 crore for the quarter ended March 2020. The company had reported a net profit of Rs 7.53 crore in the January-March period of the preceding fiscal, Future Consumer said in a BSE filing.

    MNC stocks: Thousands of intergroup transactions, involving multinationals and their overseas subsidiaries or parent entities, are set to attract an additional 2 per cent tax if these have happened online.

    Adani Power: The company announced the appointment of Anil Sardana as new MD and Additional Director while incumbent Rajesh Adani will become a non-executive director on the board of the company.

    Ircon: State-owned engineering and construction firm Ircon International reported a 15.73 per cent rise in its consolidated net profit to Rs 115.40 crore for the quarter ended March 31, 2020.

    Karnataka Bank: The private sector lender said it has clocked its highest-ever quarterly net profit of Rs 196.38 crore in the first quarter ended June, on the back of various cost-cutting measures and healthy core income growth.

    PNB Housing Finance: The NBFC said it will seek shareholders' approval next month to raise up to Rs 45,000 crore through debt securities. The company's annual general meeting is scheduled to take place on August 5, 2020.

    Alembic Pharmaceuticals: The drug maker is looking at enhancing profitability of its domestic business and expects it to grow in double digits in the current financial year with focus on high-margin products, according to the company's annual report for 2019-20.

    Godrej Properties: The realtor is well placed to maintain its growth momentum this fiscal despite headwinds due to the coronavirus pandemic, and will look to increase market share as well as add projects available at a distressed valuation, a top company official said.

    Power Grid: State-run Power Grid Corporation on Sunday said a penal of its directors has approved an investment of Rs 239.89 crore in an electricity transmission project.

    Balkrishna Industries: The tyre maker has started looking at other markets to import chemicals and raw material, as it seeks to reduce its dependency on China amid the government's call to make the domestic economy self-reliant, a senior company official has said.

    Hawkins Cookers: The company was informed about the demise of its Promoter Chairman Brahm Vasudeva. Vasudeva (84), who passed away on Friday, was in the leadership role of the company from the last 52 years, said Hawkins Cookers in a regulatory filing.
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    2 Comments on this Story

    vinod vinu23 days ago
    BUY.....Karnataka Bank....VERY GOOD RESULT ...
    RAKESH KODAVOOR23 days ago
    Looks like Infosys Q1 results will be good. Some of my friends who work there always say they are busy. They look like Baba Ramdev nowadays. ð
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