21 Mar , 2022 By : monika singh
BSE Sensex and Nifty 50 were eyeing a positive opening on the first day of the week, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 17,402, up 120.50 points or 0.70 per cent on Singaporean Exchange. In the previous session, S&P BSE Sensex rose 1,047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed 311 points or 1.84% to close at 17,287. “We suggest maintaining a positive yet cautious approach while maintaining focus on overnight risk management. On the index front, Nifty has potential to test 17,500-17,700 zone. In case of any dip, 16,800-17,000 would act as a cushion,” Ajit Mishra, VP Research. Religare Broking, said.
RIL: Reliance Retail Ventures (RRVL), a wholly-owned subsidiary of Mukesh Ambani-controlled Reliance Industries (RIL), has acquired an 89% stake in Purple Panda Fashions Pvt Ltd for Rs 950 crore. In another development, the bid by Reliance industries’ consortium to acquire Gujarat-based Sintex Industries, which is undergoing bankruptcy proceedings, received the committee of creditors’ (CoC) approval on Saturday.
HPCL: After Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) has bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts. Just like IOC, HPCL also bought Russian Urals crude through European trader Vitol, sources with knowledge of the development said.
Housing Development Finance Corporation: The subsidiary of the housing finance company, HDFC Capital Advisors (HCAL), has entered into a share subscription agreement for acquisition of 3,90,666 equity shares of Loyalie IT-Solutions.
MTNL: The government is reviving the proposal to merge BSNL, MTNL (Mahanagar Telephone Nigam Ltd), and BBNL (Bharat Broadband Network) — which is implementing the BharatNet project — to create a single state-owned telecom entity.
TVS Motor Company: The company declared an interim dividend. The board has declared an interim dividend of Rs 3.75 per share for the financial year ending March 2022.
Bharat Electronics Ltd: BEL declared second interim dividend. The board has declared second interim dividend of Rs 1.50 per equity share for the financial year 2021-22.
Future Retail: Future Group has convened shareholders and creditors meeting in April to seek their approval for the proposed Rs 24,713-cr deal with RIL. The listed firms including Future Enterprises, Future Retail, Future Consumer, Future Lifestyle Fashions and Future Supply Chain will hold the meetings on April 20 and April 21, according to separate stock exchange filings by the companies.
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