In the News: Poonawalla Fincorp, Biocon, JSW Steel, Kotak Mahindra Bank and more

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Indian benchmarks are expected to open higher today as SGX Nifty rose 88 points to 17,693 amid positive global indices.

On September 16, Sensex closed above the 59,000 mark for the first time, thanks to gains in bank stocks. Nifty also finished above the 17,600 level, with 28 of the 50 components ending in the green.

During the day, Sensex hit an all-time high of 59,204 and Nifty hit an all-time high of 17,644. Later, Sensex finished 417 points higher at 59,141 and Nifty advanced 110 points to 17,629.

Here are the actions likely to be in the spotlight today.

Poonawalla Fincorp: Poonawalla Fincorp chief executive Abhay Bhutada has resigned from the company with immediate effect, the company said on Thursday. The announcement of Bhutada’s resignation came just a day after he and seven others were banned from the securities markets by SEBI for alleged “insider trading”.

Poonawalla Fincorp said its board has accepted Abhay Bhutada’s resignation and is no longer a director and key member of the company’s management. He said the trading window under the Company’s “Code of Conduct for the Prohibition of Insider Trading” will remain closed for trading in company securities for “designated persons and their relatives” with immediate effect. from September 16, 2021 to September 18, 2021 (both days included).

JSW steel: The company announced that it had raised $ 1 billion by issuing sustainability bonds (SLBs) in the overseas market. The company said in a statement that it has become the first steel company in the world to issue a US-denominated SLB.

“The company raised a total of $ 1 billion in the US bond markets through a RegS / 144A issue which was underwritten by high quality institutional investors in Asia, the Middle East, Europe and the United States JSW Steel said.

Biocon: Biocon Biologics, a subsidiary of Biocon, announced Thursday that it would offer around 15% stake to Serum Institute Life Sciences at a post-money valuation of around $ 4.9 billion. The Serum Institute Life Sciences (SILS) is a subsidiary of the Serum Institute of India (SII).

Kotak Mahindra Bank: The bank announced the acquisition of the captive vehicle finance business of German automaker Volkswagen for an undisclosed amount.

The deal involves private sector lender Kotak Mahindra Prime’s in-house NBFC acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicle portfolio of Volkswagen Finance (VF), in accordance with to an official statement.

MotoCorp Heroes: The company will revise the non-showroom prices of its motorcycles and scooters upwards, effective September 20, 2021. The price hike was necessary to offset the impact of steadily rising commodity prices.

The price increase on the entire range of motorcycles and scooters will amount to Rs. 3000. The exact amount of the increase will depend on the model and the market.

Bharti Airtel: Telecommunications dispute appeals body TDSAT on Thursday suspended the telecommunications department’s request for Rs 1,376 crore from Bharti Airtel for overdue payments by defunct telecommunications company Videocon Telecommunications.

The contributions were from Videocon Telecommunications, whose spectrum was acquired by the carrier run by Sunil Mittal in 2016. Thus, the Ministry of Telecommunications (DoT), after the Supreme Court’s verdict on Adjusted Gross Income (AGR) the last year, asked Airtel to pay the dues that have arisen on this spectrum.


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