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Friday, July 30, 2021

Stocks in the news: Axis Bank, Max Financial, Bharti Airtel, Allcargo Logistics, Future Retail, Ircon and ICICI Bank

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Nifty futures on the Singapore Exchange traded 5 points, or 0.04 per cent lower at 11,492, in signs that Dalal Street was headed for a flat start on Tuesday. Here are a few stocks which may buzz the most in today’s trade:

Axis Bank, Max Financial Services: Private lender Axis Bank now proposes to buy 17 per cent stake in Max Life Insurance, instead of 29 per cent earlier, the lender and Max Financial Services, the parent of the insurance company said in an exchange filing.

Allcargo Logistics: The company has informed the stock exchange its promoters plan to delist the equity shares of the company, a move it says will help it improve credit metrics, improve financing of debt obligations, give operational flexibility, exploring new financial structures and cutting compliance costs.

ICICI Bank: Societe Generale offloaded shares of ICICI Bank worth nearly Rs 341 crore through an open market transaction. As per the block deal data on the BSE, 90 lakh scrips of the private lender were sold by Societe Generale at a price of Rs 378.6 per scrip.

Bharti Airtel: Bhairman Sunil Bharti Mittal hinted at an increase in mobile services prices in the next six months, saying that data at low rates is not sustainable for the telecom industry.

MCX: Multi Commodity Exchange of India launched the country’s first bullion index Bulldex and traded 2,650 lots worth Rs 215.10 crore in its first trading session. The exchange plans to launch a slew of index-based futures to widen its offerings after starting a bullion index, Bloomberg reported.

ONGC: State-owned Oil and Natural Gas Corporation said its board will meet on September 1 to consider raising funds of up to Rs 45,000 crore.

Satin Creditcare Network: Microfinance lender Satin Creditcare Network said it has raised Rs 100 crore by issuing bonds on a private placement basis.

Suzlon Energy: The company board approved the proposal to issue non-convertible debentures worth Rs 4,453.01 crore under its debt restructuring plan.

LIC Housing: Mortgage lender LIC Housing Finance reported a 34 per cent jump in its net profit to Rs 817.48 crore for the quarter ending June helped by lower provisioning.

State Bank of India: The PSU bank said Ashwani Bhatia has taken charge as its managing director. Bhatia is the fourth MD of SBI, with Dinesh Khara, Arijit Basu and C S Setty being the other three.

Bombay Burmah Trading, Bombay Dyeing: Wadia group companies Bombay Burmah Trading and The Bombay Dyeing & Manufacturing Co saw inter-company and promoter holdings being rejigged. Promoter Nowrosjee Wadia & Sons bought 1,45,000 shares of Bombay Burmah Trading Corp from The Bombay Dyeing & Manufacturing Co at Rs 1,463.20. Also, Bombay Burmah Trading Co bought 30,00,000 shares of Bombay Dyeing from Nowrosjee Wadia & Sons at Rs 71.20 per share.

Future Retail: The company has repaid Rs 100 crore ($14 million) interest on its $500 million foreign currency bonds that was due on Monday, after a 30-day grace period.

Indian Energy Exchange (IEX): Rural Electrification Corp (REC) sold 25,00,000 shares of IEX at Rs 190 per share, while PPFAS Mutual Fund lapped up 24,84,686 shares of the company at the same price. As at June end, REC held 4.1 per cent stake in the company.

IRB Infrastructure Developers: Highways developer IRB Infrastructure Developers reported a consolidated net loss of Rs 30.13 crore for the quarter ended June 30, amid the Covid-19 pandemic. The company had clocked a consolidated profit of Rs 206.62 crore in the corresponding quarter of previous fiscal.

NBCC: State-run NBCC (India) has started construction of over 16,000 flats of Amrapali on Monday, after the Bhumi Poojan.

Sadbhav Infrastructure: Norwest Venture Partners VII-A Mauritius sold 1,19,00,000 shares of Sadbhav Infrastructure Project at Rs 15.01 per share, while Meena Ashwin Kothari bought 27,00,000 shares of the company at Rs 15 per share. At the end of June, Norwest Partners held 8.27 per cent stake in the company.

Ircon International: Atul Auto, Canfin Homes, Goodluck India, Ircon International, Anjani Synthetics are among companies scheduled to announce their June quarter earnings on Tuesday.

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