The S&P BSE Sensex will be reconstituted today, 23 December 2019. As a part of the rejig, Titan Company, UltraTech Cement, Nestle India will be added to BSE Sensex whereas Tata Motors, Tata Motors DVR, Vedanta, Yes Bank will be deleted from the BSE Sensex. Any change in index weights can result in portfolio churns for major funds.
The BSE also announced 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.
KEC International said it has secured new orders of Rs 1,520 crore across its various businesses. The urban transport business has secured an order of Rs 964 crore for the construction of elevated via duct along with 8 stations of the Delhi Metro Phase IV project, from Delhi Metro Rail Corporation (DMRC). The transmission & distribution business has secured two orders of Rs 391 crore for construction of 400 kV transmission lines in Nepal. The railways business has secured an order of Rs 165 crore for construction of road over bridges in Western India. The announcement was made on Saturday, 21 December 2019.
Wipro said it has partnered with the National Association of Software and Services Companies (NASSCOM) to launch the FutureSkills platform for 10,000 students from over 20 engineering colleges in lndia. This initiative will create a talent pool of students, certified by Wipro and NASSCOM. This is a part of Wipro's Corporate Social Responsibility programme, TalentNext which aims to enhance the quality of engineering education by preparing faculty and academic leaders to train students. The programme will help students keep pace with the emerging technologies - Artificial intelligence, Big Data, Cloud Computing, Cybersecurity and Internet of Things (IoT) - to make them future-ready.
Rallis India said The National Company Law Tribunal (NCLT), Mumbai Bench, approved the merger of Metahelix Life Sciences with Rallis India by absorption of Metahelix Life Sciences (Transferor company') with Rallis India (Transferee company') and their respective shareholders. The certified copy of the Order from NCLT for the same is awaited. The NCLT Bengaluru Bench sanctioned the scheme vide its order dated 11 November 2019. Metahelix Life Sciences is a wholly-owned subsidiary of Rallis lndia.
Prestige Estates Projects said its board approved issue and allotment of 13,441,654 equity shares at a price not less than floor price of Rs 323.22 per share to GAMNAT Pte Ltd by way of preferential issue. The board also approved increase in the authorized share capital of the Company and amendments to Clause V of the Memorandum of Association of the Company Issue of Securities to Qualified Institutional Buyers.
Jammu & Kashmir Bank said Reserve Bank of India has found that the bank has under-reported bad loans by Rs 884 crore in the year ended 31 March 2019. The bank said that out of Rs 884 crores divergence in provisioning, a provision of Rs 54 crore has already been made upto 30 June 2019. Hence, the remaining impact is Rs 830 crore.
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