Stocks In News 01 March 2023

Softbank stake sale weighs on Delhivery

According to Business Standard, Japanese Softbank Group may sell its stake worth Rs 600 crore in Delhivery via block deal, with Citigroup acting as the broker for the deal. According to reports, shares of Delhivery are likely to be offered at a discount of 3-5 per cent against the current market price.

Zydus Lifesciences to market Apixaban

According to Business Standard, Zydus Lifesciences on Tuesday said it has received approval from the US health regulator to market a generic medication to prevent and treat blood clots. The company has received approval from the US Food and Drug Administration (USFDA) to market Apixaban tablets in strengths of 2.5 and 5 mg, according to a regulatory filing. As per IQVIA MAT December 2022 data, Apixaban tablets had annual sales of USD 18,876 million in the US.

SBI raises $1 bn for ESG funding

According to Business Standard, the state-run lender raised $1 billion in its largest syndicated social loan for onward lending to ESG projects, affordable housing and self-help groups. The deal was the largest Environmental, Social, and Governance (ESG) loan by a commercial bank in the Asia Pacific.

NHPC’s largest project in works

According to Business Standard, the government approved its largest-ever hydropower project, worth Rs 31,900 crore, in Arunachal Pradesh bordering China as India seeks to build renewable generation to meet rising power demand. The 2,880 megawatt Dibang project is estimated to take nine years to build.

BEL inks pact with Thales Reliance Defence Systems

According to Business Standard, the PSU-defence firm inked a pact with Thales Reliance Defence Systems (TRDS), Nagpur, for manufacture and supply of TR modules, radar LRUs, and micro modules. In-line with the ‘Make-In-India’ initiative, and offset-commitment under the Rafale-India contract, TRDS-BEL signed the frame supply agreement.

Jio to clock fastest 5G roll out

According to Mint, India’s largest telco, Reliance Jio, will clock the fastest rollout of 5G services in the world, said chairman Akash Ambani at a post-budget webinar of the ministry of electronics and information technology. Jio has launched 5G services in 277 cities so far in India, with the largest deployment of over 40,000 sites and 250,000 cells in the 700 Mhz as well as in the 3500 Mhz band, he said. Jio is aiming to cover every town, every taluka, and every tehsil across the nation by December 2023.

Vedanta assures with regards to leverage

According to Mint, Vedanta assured on Tuesday that it was in a comfortable position to meet debt maturing in April as well as the first quarter of the upcoming financial year. The remarks came amid growing concerns about Vedanta Resources’ ability to meet its financial obligations in the coming months. A company spokesperson was quoted as telling CNBC-TV18 that there was no question of default and dismissed the risks of people selling shares. The spokesperson also told the publication that no holdings – except a 6.8% stake in Hindustan Zinc – were pledged.

Ambuja Cements bags coal mine

According to Mint, Ambuja Cements Ltd bagged a coal mine in Maharashtra on the second day of the commercial mines auction on Tuesday. While Assam Mineral Development Corporation Ltd emerged as the highest bidder for a coal block in Jharkhand, Shreesatya Mines Private Ltd bagged a coal block in the eastern state. The auction of three other coal blocks was underway. “Forward auctions for these mines have been started on 27.02.2023 and on the 2nd day of the e-auction, six coal mines were put up for auction,” the coal ministry said in a statement.

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