Domestic markets will likely trade slightly lower on Wednesday amid weak global cues. The SGX Nifty fell to 17,364 by 7:30 am, down more than 34 points.
Globally, US markets were flat overnight as the Dow, Nasdaq Composite and S&P 500 fell 0.7%.
Bharti Airtel: The telecom operator is planning to hike mobile phone call and data rates across all plans this year. Chairman Sunil Bharti Mittal said despite a healthy balance sheet, the rise in prices was due to lower returns on capital. Last month, the company raised the minimum billed price for 28-day phone service by 57%.
Delhivery: Japan’s SoftBank Group may sell its stake worth Rs 600 crore in Delhivery in a block deal, with Citigroup as a broker. According to reports, Delhivery shares may be offered at a 3-5% discount to the current market price.
Zydus Lifesciences: The pharmaceutical giant won approval from the USFDA to sell 2.5 and 5 mg tablets of apixaban, a drug used to prevent and treat blood clots. The drug will be manufactured at Zydus Group’s formulation manufacturing facility in Moraiya, Ahmedabad.
SBI: The state-owned bank raised $1 billion in its largest syndicated social loan to provide follow-on loans to ESG projects, affordable housing and self-help groups. The transaction is the largest environmental, social and governance (ESG) loan by a commercial bank in the Asia-Pacific region.
NHPC: The government has approved its largest-ever hydropower project worth Rs 31,900 crore in Arunachal Pradesh, which borders China, as India seeks to build renewable energy generation to meet growing electricity demand. The 2,880 MW Dipont project is estimated to take nine years to make.
Axis Bank: The private sector lender’s acquisition of Citibank’s India consumer business from CBNA and NBFC consumer business from CFIL will be effective from Wednesday, March 1. In March last year, Axis Bank had agreed to buy Citibank’s consumer business for Rs 12,325 crore.
Bharat Electronics: PSU Defence has signed an agreement with Nagpur-based Thales Reliance Defence Systems (TRDS) to manufacture and supply TR modules, radar LRUs and micromodules. TRDS-BEL has signed a framework supply agreement under the Make in India initiative and offset commitments under the Rafale India contract.
Zee Media: Zee Media Americas LLC, a wholly-owned subsidiary of the company, was incorporated in Delaware, USA, on February 27, 2023.
PNC Infratech: CARE Ratings reaffirmed its ‘stable’ rating on the bank loan of MP Highways, a subsidiary of PNC Infratech.
Gradiente Infotainment: The company is in talks to partner with BU Abdullah Group in the Middle East and Africa region. These efforts are part of the company’s Rs 1,800-crore diversification plan.
