Stocks in the news: Reliance Industries, Axis Bank, Larsen & Toubro, Tata Consumer and more

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The Indian stock market is expected to open higher today as SGX Nifty traded 65 points higher at 17,287. The Singapore Stock Exchange is seen as the first index of the Indian market open.

Benchmarks ended lower for the second straight session on Thursday amid concerns over inflation and supply constraints. Sensex lost 89.14 points to close at 57,595 and Nifty fell 23 points to 17,222.

Kotak Bank, Titan and HDFC Bank were Sensex’s biggest losers, falling to 3.09%. Dr Reddy’s Laboratories, UltraTech Cement and RIL were top Sensex gainers, rising 4.90%

Here’s a look at the stocks that should stay in the news today.

Trusted Industries: Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE)’s joint bid for debt-ridden Sintex Industries has been submitted to the NCLT for approval after being unanimously selected by the textile manufacturer’s lenders.

Sintex Industries’ resolution professional has filed the resolution plan by RIL and ACRE, as approved by the Committee of Creditors (CoC) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT), a filing said. regulatory.

Tata Consumer Products Limited: The company said its board would consider raising funds through the issuance of shares of up to 1.5% of the paid-up share capital to a foreign company on March 29, 2022. “The board of the company is to be held on Tuesday, March 29, 2022, among other things, to consider the issuance of shares of the company by way of preferential allocation, up to 1.5% of the paid-up share capital of the company, at a foreign company,” Tata Consumer mentioned.

Axis Bank: Market regulator Securities and Exchange Board of India (SEBI) said it had imposed a fine of Rs 5 lakh on private lender Axis Bank for “breaching regulations”. SEBI said it fined Axis Bank under the provisions of Section 15A(a) of the SEBI Act for its violation of the provisions of Regulation 27 of the Merchant Bankers (MB) Regulations.

Larsen & Toubro: The Major Infrastructure Board has approved long-term borrowings of up to Rs 10,000 crore. Long-term borrowings include refinancing, through external commercial borrowings, term loans, non-convertible debentures or other appropriate instrument, the company said.

Kotak Mahindra Bank: The Canada Pension Plan and Investment Board has unloaded 4 crore of Kotak Mahindra Bank shares worth around Rs 6,800 crore. According to BSE wholesale trading data, the pension fund sold the shares at an average of Rs 1,700.10 each.

National Bank of India: The lender announced that it has entered into a co-loan agreement with 5 Housing Finance Companies (HFCs) to sanction home loans to the unserved and underserved sector as per Reserve Bank of India (RBI) guidelines. The five HFCs are: PNB Housing Finance Limited, IIFL Home Finance Limited, Shriram Housing Finance Limited, Edelweiss Housing Finance Limited and Capri Global Housing Finance Limited.

Kalpataru power transmission: SBI Funds Management bought 14.5 lakh shares of EPC company through open market trades on March 23. Thus, its stake in the company amounts to 7.25%, against 6.27% earlier.

Motherson Sumi Systems: The company has won an order to manufacture and supply aftermarket molded polymer parts for commercial aircraft interiors. This is the company’s first order from Boeing.

ZEN technology: The company won a project sanction order from the Indian Army, for the design and development of a prototype integrated air defense combat simulator.

Aurum Proptech: The company is to acquire Helloworld Technologies for Rs 42 crore.

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