Stocks in News Today, December 14: Tata Motors, Paytm, Axis Bank, Vedanta and others in focus

Stocks in News Today, December 14: Stock markets are likely to have a positive start on Wednesday i.e. December 14 on strong global cues. The SGX Nifty - an early indicator of sentiment on the NSE Nifty50 - was up by over 97 points, or 0.52 per cent to trade at 18,798.

On Tuesday, the 30-share BSE Sensex climbed 402.73 points or 0.65 per cent to settle at 62,533.30. The broader NSE Nifty advanced 110.85 points or 0.60 per cent to end at 18,608.

Stocks in News Today, December 14

One97 Communications

Paytm operator One97 Communications announced a share buyback scheme worth Rs 850 crore at Rs 810 apiece. The fintech firm has opted for the open market route through the stock exchange method for the buyback programme and expects the process to be completed within a maximum period of six months, the company said in a regulatory filing.

Assuming a full buyback of Rs 850 crore, and applicable buyback taxes, the company expects the total outlay will be in excess of approximately Rs 1,048 crore.

Tata motors

Tata Motors Ltd on Tuesday said it would increase prices of its commercial vehicles by up to 2 per cent from January to partly offset a steep rise in input costs. The company's third price increase in the commercial segment this year will be applicable across all vehicles but vary across models and variants, it said in an exchange filing.

The automaker has also raised the prices of passenger vehicles four times so far this year.

HDFC bank- HDFC Ltd

HDFC Ltd received approval from exchanges for the transfer of non-convertible debentures (NCDs) to its subsidiary HDFC Bank. This is part of its plan to facilitate the merger of HDFC Ltd with HDFC Bank. On April 4, HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan.

UltraTech Cement

The cement major, UltraTech Cement has commissioned of 1.9-MTPA greenfield clinker-backed grinding capacity at Pali cement works, Rajasthan.

The company now has 16.25 MTPA cement capacity in Rajasthan over 5 separate plant locations, along with its subsidiary and its total cement manufacturing capacity in India stands at 121.35 MTPA. Also, read- US Stock Market Today News: Dow Jones gains 103 points, Nasdaq jumps 113 points after inflation cools in November

Bank of Baroda

The board of directors of the state-owned bank on Tuesday approved the divestment of its majority shareholding in Nainital Bank Limited (NBL).

Besides, the lender also authorised the issuance of an advertisement inviting Expressions of Interest (EOI) through a Preliminary Information Memorandum (PIM) from interested parties . Bank of Baroda currently holds 98.57 per cent of the total equity share capital of NBL.

Axis Bank

Axis Bank received board approval for the allotment of 12,000 non-convertible, Basel III compliant Tier II bonds (Series – 30) of the face value of Rs 1 crore each. The total fundraising for the private sector lender would be Rs 12,000 crore at a coupon rate of 7.88 per cent per annum payable annually, on a private placement basis.

Vedanta

Vedanta Group has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem, the company informed on Tuesday. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week in Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies.

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