Tata Steel, SBI and other stocks in news today

NEW DELHI: Trends in the SGX Nifty indicate a flat opening for the broader Indian equity markets on Thursday.The BSE Sensex closed 224 points lower at 60,347, while the NSE Nifty fell 66 points to 18,004.
Wall Street ended the session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday’s sell-off and investors hit the ‘pause’ button.
The Dow Jones Industrial Average rose or 0.1 percent to 31,135.09, the S&P 500 gained 0.34 percent to 3,946.01 and the Nasdaq Composite added 0.74 percent to 11,719.68.
Shares in Asia-Pacific were trading in the green on Thursday after Wednesday’s negative session.
Stocks in news
Tata Steel: The steel maker said its board has approved fund raising through the issue of non-convertible debentures up to Rs 2,000 crore in two series. In one series, they will raise Rs 500 crore and in the second, Rs 1,500 crore.
Vedanta: The mining and minerals major has emerged as the highest bidder for two coal mines in Odisha on the second day of commercial coal mines auction. The government put on sale 10 coal mines under the commercial coal mine auction on Tuesday and Wednesday.
Tata Power: The Tata Group’s utility arm has inked a pact to develop a 4-MWp solar project at Tata Motors’ Pune plant.
Future Enterprises: The cash strapped firm said its consolidated net loss widened to Rs 2,295.90 crore in the fourth quarter ended March 2022 due to factors including failure of the deal with Reliance, attrition of employees and litigations.
The country’s largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent on Wednesday. The announcement would make loan repayment linked to BPLR costlier. The current BPLR rate is 12.75 per cent. It was revised last in June.
Tamilnad Mercantile Bank: The bank will debut on the bourses on September 15. The final issue price has been fixed at Rs 525 per share.
HFCL: The company has received the advance purchase orders worth Rs 447.81 crore, consisting of Rs 341.26 crore from Bharat Sanchar Nigam (BSNL), and Rs 106.55 crore from RailTel Corporation of India.
Glaxosmithkline Pharmaceuticals: Life Insurance Corporation of India has offloaded 34.63 lakh equity shares or 2.04 percent stake in the company via open market transactions. With this, LIC’s shareholding in the company reduced to 4.35 percent, down from 6.4 percent earlier.
Goldman Sachs has downgraded its ratings on TCS, Infosys and Tech Mahindra to ‘sell’ citing a sharp cut in dollar revenue growth forecast for the IT sector. The brokerage said the high share valuation of Information Technology (IT) companies do not factor in a ‘material’ revenue growth slowdown in FY24. It however upgraded Wipro from ‘sell’ to ‘buy’.

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