Stocks in News, December 7: Infosys, Bikaji Foods, Vedanta, REC, Siemens

Stocks in News Today, December 7: Stock markets are likely to have muted start on Wednesday i.e December 7 ahead of Reserve Bank of India (RBI) monetary policy announcements today. SGX Nifty, an early indicator of movement at Nifty50, was down by over 13 points to trade at 18,739. Global cues were weak as major shares of the Asian Markets slipped in morning trade, tracking US market losses.  

While Japan’s Nikkei 225 was down 0.69 per cent in early trade, South Korea’s Kospi shed 0.47 per cent. Meanwhile, in the US, the S&P 500 fell by 1.44 per cent, while the Nasdaq Composite shed 2 per cent, and the Dow Jones Industrial Average shed 1.03 per cent. Earlier on Tuesday, the BSE Sensex declined 208 points to 62,626, while NSE Nifty 50 fell 58 points to 18,643.

Stocks in News Today, December 7

Vedanta: Vedanta Ltd has said that it is considering raising up to Rs 500 crore through debentures. The oil-to-metals conglomerate will raise the amount in one or more tranches. "The company proposes to offer rated, unsecured, redeemable, non-cumulative, non-convertible debentures aggregating up to Rs 500 crore in one or more tranches and in this regard, is holding a meeting of its duly constituted Committee of the Directors on Friday," Vedanta said in a filing to BSE.

Bikaji Foods International:  The ethnic snacks company has reported a 43.5 per cent year-on-year growth in consolidated profit after tax of Rs 40.92 crore led by operating performance and top line. The revenue of the company, which recently went public, for the quarter grew by 32 per cent to Rs 577 crore compared to year-ago period as it has witnessed good double-digit growth in all categories on-year. 

Infosys: The tech giant has announced a new proximity center in Sweden with the aim of enhancing its localisation strategy in the Nordics. It is to be noted that the company has been steadily growing its footprint across the Nordics. 

Siemens Ltd:  Engineering firm Siemens has emerged as the lowest bidder for a project for manufacturing 1,200 electric locomotive of 9000 HP (horse power) worth over Rs 20,000 crore at Dahod in Gujarat. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives at Dahod in April this year. "Siemens Limited has emerged as the lowest bidder (L1) for the 9000 HP electric locomotives project in Dahod, Gujarat, India," a BSE filing said.

REC Limited: The Board of REC has approved the incorporation of a project-specific special purpose vehicle (SPV), as a wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for the transmission project "North Eastern Region Expansion Scheme-XVI (NERES-XVI)" to be implemented through Tariff Based Competitive Bidding (TBCB) process.

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