On Wednesday, Dalal Street signaled a positive start as GIFT Nifty on the NSE IX traded 43.5 points, or 0.22 percent, higher at 20,073.5. A variety of stocks are in focus for different reasons.
Anil Agarwal, billionaire owner of Vedanta (NYSE:VEDL) Resources, revealed plans to transfer Zambia’s Konkola Copper Mines to Vedanta, the group's India-listed firm. The move is anticipated to create a fully integrated copper vertical and eventually, a successful global copper company, following the model of Chile’s Codelco and Mexico’s Southern Copper (NYSE:SCCO). This comes after the mines returned to his London-based firm last week.
KEC International, an RPG Group company, has secured new orders worth Rs 1,012 crore (Rs 1 crore = $120,594) across its business segments. On another note, Avenue Supermarts opened a new store in Perungudi, Tamil Nadu on Tuesday, bringing their total number of stores to 334.
Coal India Ltd announced plans to invest approximately Rs 24,750 crore in capital expenditure for 61 first-mile connectivity (FMC (NYSE:FMC)) projects over the next few years. This move aims to enhance eco-friendly coal transportation.
Meanwhile, Paytm's chief financial officer stated that the company is confident about achieving sustainable free cash flow and does not foresee a need for funding in the near future.
In other corporate news, shareholders of Godfrey Phillips India rejected the company's proposal for a related party transaction to annually export unmanufactured tobacco worth up to Rs 1,000 crore to Philip Morris (NYSE:PM) Products SA. Additionally, Davinder Dogra resigned from his post as Chief Financial Officer due to personal reasons.
The Reserve Bank of India (RBI) has instructed banks to categorize investments into three categories from April 2024. A new category called 'Fair value through profit and loss' (FVTPL) will be introduced, under which 'held for trading' (HFT) will exist. Any sale over 5 percent from HFT will require prior approval.
Bank of Baroda is targeting a 25 percent year-on-year growth in its retail loan book. To achieve this, the state-run lender will offer up to an 80 basis point discount on personal and home loans starting at 8.4 percent during the festive season.
Finally, Bain Capital sold a 2.82 percent stake or 70 million shares of L&T Finance at Rs 130 each on Tuesday. The buyers included BNP Paribas (OTC:BNPQY), SBI Life, DSP Blackrock (NYSE:BLK) MF, and Bajaj Allianz (ETR:ALVG) Life.
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