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Stocks to watch: Check out the companies making headlines ahead of today’s open.
Zee Entertainment Enterprises: The National Company Law Appellate Tribunal (NCLAT) has granted a stay of the NCLT order in relation to IBC proceedings against Zee. Accordingly, Zee will withdraw from the IBC framework and corresponding monitoring actions against the company will be resumed. In addition, Zee’s F&O contract expires in May 2023, effective February 28.
Tata Steel: The steel giant has obtained board approval to issue 215,000 non-convertible bonds with a fixed coupon rate of 8.03% and a par value of Rs 100,000, totaling Rs 21.5 billion for a term of 5 years, to private equity investors. NCD intends to list on the wholesale debt market segment of the BSE.
SJVN: Rajeev Sharma will be the part-time official director of SJVN. Rajeev Sharma has been appointed as the nominated director of the Government of Himachal Pradesh on the SJVN Board. He is currently heading the MPP and Power, Unconventional Energy, Ayush, Printing and Stationery, and Youth Services and Sports sectors of the Himachal Pradesh Government. He also serves as Nominee Director of State Electricity Commission of Himachal Pradesh.
Infosys: The IT services company announced the launch of private 5G-as-a-service to accelerate business value creation for its global enterprise customers. Private 5G-as-a-Service offers customers a simple and flexible pay-as-you-go solution. Infosys’ wireless 5G expertise and its dedicated network management solutions ensure high bandwidth, low latency and reliable wireless connectivity for enterprises.
Street Technology: The company has signed a business transfer agreement to transfer its digital business to its subsidiary STL Digital as a going concern for low-price sales. Sales transaction cost of Rs.150 crore, subject to working capital adjustment.
Bharat News: The Defense Ministry has appointed Jaswant Lal Sonkar as an unofficial independent director on the company’s board from February 24. He will serve as director for a three-year term.
Mahindra Logistics: Yogesh Patel has resigned as the company’s chief financial officer to pursue his career interests outside the Mahindra group. Yogesh Patel will step down on March 10 this year.
National High Performance Computing Center: The Cabinet Committee on Economic Affairs has approved the expenditure and various permits for pre-investment activities at Dibang Multipurpose Project (MPP) in Arunachal Pradesh in the amount of Rs 1,600 crore. The project is being developed by NHPC and the total project cost is estimated at Rs. 2,808.035 crore at June 2018 price levels, which includes Rs. 39,749.5 crore for IDC and FC. The estimated completion period for the project is nine years from receipt of government approval. This is the largest hydropower project ever undertaken in India.
talc: The IT services company has signed a strategic partnership with Netail to help e-commerce and omnichannel retailers optimize their retail value chain to attract, convert and retain digital consumers.
FilatexFashion: Filatex March 2 will consider exploring options to acquire companies in the same industry or other companies for inorganic growth.
GIC Housing Finance: The housing finance company has obtained board approval for the allotment of 32,500 non-convertible debentures (NCDs) at 8.7 per cent per annum with a face value of Rs 1 lakh each for a private placement of Rs 3.25 billion. Non-communicable diseases to be listed on BSE.
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