Indian equity markets had an awful start last week as the geopolitical concerns between Russia and Ukraine escalated a bit. This resulted in a complete meltdown in global bourses and so as in Indian market too. Markets traded lackluster and ended marginally lower on Friday amid mixed cues. Nifty settled at 17,276; down by 0.2%. “Equity markets have seen rise in volatility in the last couple of days due to varying news flows coming in from Ukraine border. Nifty has been trading in a broader range of 16,800-17,400 and needs a decisive breakout on either side for clear direction. Volatility is expected to remain high this week as well, given the crucial meeting between US and Russia. Inflationary concern, continuous FIIs selling and monthly FNO expiry could add to the volatility,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Stocks in focus on Monday, February 21

Reliance Industries (RIL): Amazon.com Inc and Reliance Industries Ltd will likely battle media heavyweights for telecast rights to India’s premier cricket league IPL with its hundreds of millions of viewers. Both companies are expected to take on India units of Sony Group Corp. and Walt Disney Co. for exclusive five-year TV and digital broadcast rights to the two-month series of matches, at a cost that could run to a record Rs 50,000 crore

Interglobe Aviation (IndoGo): InterGlobe Aviation Ltd co-founder Rakesh Gangwal has resigned as non-executive, non-independent director of the ariline with immediate effect. Gangwal in a letter to the board said he plans to slowly dilute his holding in the company over the next five years and that he is ceding control to co-promoter Rahul Bhatia after a truce. The stock has been volatile since last one month and gained just 2 per cent in this period.

Infosys: Infosys has joined Guidewire, an American insurtech company as consulting alliance member. Guidewire signed up the Indian IT major for its Guidewire PartnerConnect program at the select level for the America region. Members in Guidewire PartnerConnect Consulting offer consulting services that include business transformation and strategy, implementation and associated solution and delivery services.

Power Finance Corporation: Life Insurance Corporation of India sold 2.02% of its stake in the company through open market transactions. With this sale, LIC’s holding has gone down to 5.06%, from 7.09?rlier.

Phoenix Mills: It is set to acquire 50% stake in Classic Mall Development Co for Rs 918 crore. The Phoenix Mills Limited (PML) has announced the execution of a non?binding term sheet to acquire balance 50% equity stake in Classic Mall Development Company Limited (CMDCL) from Crest Ventures Ltd (CVL) and Escort Developers Private Ltd for Rs 918 crore. PML owns 50 percent in CMDCL and the rest is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%). With this buying, CMDCL will become its subsidiary.

Escorts: The company will receive Rs 1,872.74 crore from Kubota Corporation as it approved preferential allotment of 93.63 lakh equity shares at Rs 2,000 per share. After the allotment, Kubota Corporation holds a 16.39% stake in Escorts. The transaction involves Kubota’s acquisition of certain additional equity shares of Escorts by way of preferential allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India’s (SEBI) norms.

Future Retail: The debt-ridden company of Future Group has made a payment of $14 million (about Rs 105 crore) for interest due on the dollar-denominated notes listed on the Singapore Stock Exchange after missing the due date last month.

Vodafone Idea: Government will hire a transaction adviser to help manage conversion of interest dues related to deferred spectrum payments and adjusted gross revenue into equity in the telco. The adviser, along with the finance ministry and the department of telecommunications, will determine how much the government will in the company. Vodafone Idea had proposed the government convert interest dues amounting to Rs 16,000 crore for a 35.8% stake in the struggling operator.

HDFC Bank: The private lender on Friday said Srikanth Nadhamuni has resigned as a director from its board, citing potential future interests. Nadhamuni has tendered his resignation as non-executive (non-independent) director of HDFC Bank vide his resignation letter dated February 18, 2022, effective Friday, HDFC Bank said in a regulatory filing. The bank said Nadhamuni has cited potential future transactions/arrangements which may materialise between the bank and a company in which he may be interested.