The BSE after market hours on on Friday, 22 November 2019 announced the reconstitution of S&P BSE Indices. As per the rejig, Titan Company, UltraTech Cement and Nestle India will replace YES Bank, Vedanta, Tata Motors and Tata Motors DVR in the benchmark Sensex. The changes will be effective Monday, 23 December 2019.
The BSE also announced a rejig in 14 other indices. However, there was no change in the S&P BSE Bankex. InterGlobe Aviation, Info Edge (India) and SBI Life Insurance will replace Glenmark Pharmaceuticals, Cadila Healthcare and Edelweiss Financial Services from S&P BSE 100 index.
Among other changes, the BSE will add Syngene International, Thermax and Gujarat Gas in the BSE 200 index and exclude Graphite India, HEG and Indiabulls Ventures from the index.
Power Grid Corporation of India (PGCIL) said it was declared as the successful bidder in two intra-state transmission system projects of Uttar Pradesh under tariff-based competitive bidding (TBCB). PGCIL will construct 765/400/220 kilovolt (kV) GIS substations in Meerut and Rampur; and 400/220/132 kV GIS substations in Simbhaoli and Sambhal with associated transmission lines.
Unichem Laboratories announced that it has received ANDA approval for its Atenolol Tablets USP, 25 mg, 50 mg, and 100 mg. from the United States Food and Drug Administration (USFDA) to market a generic version of TENORMIN (Atenolol) Tablets, 25 mg, 50 mg, and 100 mg, of Alvogen Malta Operations. Atenolol Tablets is indicated for the treatment of hypertension, to lower blood pressure. The product will be commercialized from Unichem's Ghaziabad Plant
Also Read
Shree Cement announced on Saturday, 23 November 2019, that the qualified institutional placement (QIP) committee approved the allotment of 12.43 lakh equity shares of Rs 10 each to qualified institutional buyers at an issue price of Rs 19,300 each, aggregating to Rs 2399.99 crore. The QIP issue price of Rs 19,300 is at a discount of 2.56% or Rs 506.46 per equity share to the floor price of Rs 19,806.46.
Oil India said it incorporated a joint venture company, Purba Bharati Gas, in Assam on 19 November 2019. The joint venture company was formed pursuant to a joint venture agreement dated 11 July 2019, between Assam Gas Company, Oil India, and GAIL Gas for development of city gas distribution (CGD) network in Kamrup & Kamrup Metropolitan (Guwahati) and Cachar, Hailakandi & Karimganj districts in Assam.
Vodafone Idea announced that credit rating agency, CRISIL, has downgraded its rating on company's non-convertible debentures of Rs 3,500 crore. CRISIL downgraded ratings from BBB+ to BBB-. The downgrade is on account of substantial impact on the financial risk profile on account of the potential payout against the adjusted gross revenue (AGR) related disputed liability and continued weak operating performance.
CARE Ratings also downgraded its rating on the company's long term bank facilities and non-convertible debentures. The rating was revised to CARE BBB- from CARE A- with a negative implications outlook. The downgrade is on account of significant erosion in the overall risk profile of the company while taking into cognizance of the financial impact of unfavorable ruling of Supreme Court; significant losses in Q2FY20 due to provision related to AGR dues, recognition of deferred assets and provision for additional depreciation/ impairment of assets and consequently resulting in the significant deterioration in the tangible net worth and overall debt protection metrics.
IDBI Bank said that the bank has amongst other parties entered a Share Purchase Agreement (SPA) with Muthoot Finance (buyer) on 22 November 2019 where under IDBI Bank has agreed to sell its (a) entire 66.67% equity shares in its subsidiary IDBI Asset Management, and (b) entire 100% equity shares in its subsidiary IDBI MF Trustee Company, to the buyer.
Under the SPA along with IDBI Bank, IDBI Capital Markets & Securities has also agreed to sell its entire 33.33% equity shares in its subsidiary IDBI Asset Management.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content