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Stocks in the news: CCD, Ashoka Buildcon, YES Bank, CG Power, BPCL, RCom and DHFL

Muthoot Finance said it will acquire IDBI Asset Management for Rs 215 crore.

ETMarkets.com|
Updated: Nov 25, 2019, 09.51 AM IST
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State-run power giant NTPC is likely to raise around Rs 10,000 crore through green bonds for acquisition of the government's stake in THDC India Ltd.
NEW DELHI: Nifty futures on the Singapore Exchange traded 17 points, or 0.14 per cent, higher at 11,935.50, indicating a positive start for Dalal Street. Here are a few stocks ehich may buzz the most in today’s trade:

Bharti Airtel, Reliance Industries: Bharti Airtel, Reliance Industries and three others are likely to bid for the assets of debt-ridden Reliance Communications on Monday, according to sources close to the development.

Nestle India, Tata Motors, Vedanta and Titan Company: Tata Motors, Tata Motors with differential voting right (DVR), Yes Bank and Vedanta will be dropped from the BSE’s benchmark Sensex from December 23. In their places, UltraTech Cement, Titan and Nestle India will be added in the index, said Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, in a statement on Friday.

Ashoka Buildcon: The company on Saturday said its subsidiary Ashoka Concessions Ltd (ACL) has received a Letter of Award (LOA) from NHAI for a highway project in Telangana worth Rs 1,000 crore.

Coffee Day Enterprises: SoftBank-backed hospitality chain Oyo and British private equity firm Apax Partners have joined the race to buy a significant stake in Café Coffee Day (CCD).

CG Power: After sacking founder Gautam Thapar as the chairman of the company, fraud-hit CG Power & Industrial Solutions has moved to declassify him as promoter.

Tata Steel: The company is raising up to $1.75 billion (₹12,563 crore) in syndicated offshore loans through its European unit to lower borrowing costs in the first mega fundraising at India’s biggest and the oldest maker of the alloy

Reliance Capital, YES Bank: Yes Bank on Friday sold more than 13 lakh shares of Reliance Capital for over Rs 2 crore through an open market transaction. According to bulk deal data available with the National Stock Exchange (NSE), the private sector lender sold 13,21,166 shares at an average price of Rs 16.39 apiece, valuing the transaction at Rs 2.16 crore.

Muthoot Finance: Muthoot Finance said it will acquire IDBI Asset Management for Rs 215 crore to enter mutual fund space. The deal, which is subject to necessary regulatory approvals including markets regulator Sebi, is expected to be completed by February-end 2020, Muthoot Finance said in a statement.

DHFL: Crippled mortgage lender DHFL, whose management has been taken over by the RBI, on Friday informed stock exchanges that it will not be able to declare financial results on the scheduled date as the new administrator needs to have detailed discussions with the statutory auditors.

Vodafone Idea: Vodafone Idea said Care Ratings has downgraded rating on its long term bank facilities and non-convertible debentures citing erosion in the firm's overall risk profile following the SC ruling on AGR dues, as also significant losses in September quarter.

Reliance Communications: The company said its lenders have rejected the resignation of Chairman Anil Ambani and four other directors and asked them to cooperate in the ongoing corporate insolvency resolution process.

BPCL: In part indication of timelines for privatisation of India's second biggest state oil refiner, the government has set a 50-day deadline for an outside 'asset valuer' to carry out the valuation of all assets of BPCL, a process once completed will trigger invitation of price bids from potential acquirers.

SAIL: The state-run firm is awaiting a response from ArcelorMittal regarding setting up a joint high-end automotive steel plant in India for which its board had given a go-ahead about two years ago, a top company official of the state-run steel major said.

NTPC: State-run power giant NTPC is likely to raise around Rs 10,000 crore through green bonds for acquisition of the government's stake in THDC India Ltd (THDCIL) and North Eastern Electric Power Corporation Ltd (NEEPCO), a source said.

Power Grid: Power Grid Corporation has set the ball rolling for its proposed Infrastructure Investment Trust (InvIT), the first by a government company. The state-owned electricity transmission operator is said to have appointed four bankers— Axis Capital, ICICI Securities, HSBC and Credit Suisse – to manage the ₹10,000-crore issue.

NBCC: Homebuyers of Jaypee Infratech want NBCC to acquire the debt-laden firm in an ongoing insolvency process and have asked their representative in a panel of creditors to further negotiate on the bid submitted by the state-owned firm.

Aurobindo Pharma: Aurobindo Pharma expects to become a debt free company in the three next years barring the amount it is spending on acquisition of Sandoz products, a senior official of the city-based company has said.
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