Market Commentary - Stock Alert
SBI, Vedanta, Tata Communications, Nazara Technologies in focus As on : 11-Jul-23  08:45

State Bank of India (SBI): SBI proposes to participate in an Initial Public Offering (IPO) of National Securities Depositories Limited (NSDL) by way of offer for sale of up to 2% equity stake held by the Bank in NSDL (being up to 40,00,000 equity shares).

Vedanta: Foxconn Technology Group has reportedly pulled out of its joint venture with Vedanta which had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit.

Tata Communications: Tata Communications International Pte Ltd. ('TCIPL'), a wholly-owned direct subsidiary of Tata Communications Limited, has entered into a Share Purchase Agreement ('Agreement') to acquire remaining equity ownership of Oasis Smart Sim Europe SAS ('OSSE France'). As a result of this transaction, TCIPL will increase its equity shareholding in OSSE France from its current stake of 58.1% to 100%. Accordingly, OSSE France and its subsidiary Oasis Smart E-Sim Pte Ltd ('OSEPL') shall become wholly-owned indirect subsidiaries of the Company.

Nazara Technologies: The board of directors of Nazara Technologies considered and approved raising of funds by way of issuance equity shares and/or any other equity linked instruments/securities or any combination thereof, for an aggregate amount not exceeding Rs. 750 crores through one or more qualified institutional placements or preferential allotment or through combination thereof.

APL Apollo Tubes: APL Apollo Building Products Private Limited, a wholly owned subsidiary of the Company, has been granted Incentives of Rs. 500 crore by State Investment Promotion Board (SIPB), Government of Chhattisgarh.

CarTrade Tech: The company has entered into a share purchase agreement with M/s Sobek Auto India Private Limited (?Sobek?), and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V.

Sanghvi Movers: Sanghvi Movers has received work orders aggregating to Rs. 150 crore from eminent Independent Power Producers (IPP) in the renewable energy sector, for providing crane rental services along with allied services comprising of WTG surface logistics, inter-carting, installation & pre-commissioning of WTGs, development of wind farm and storage yard.

Tega Industries: The board of Tega Industries has appointed Sharad Kumar Khaitan as the chief financial officer (CFO) of the company with effect from 10 July 2023.

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