Telecom Stocks: Supreme Court AGR judgment said that 10% upfront payment due by March 2021 is on total dues. This indicates that those telcos who have already paid 10% or more of total dues will have to make their next payment in 2022.
Infosys: Increased U.S. hiring commitment to 25,000 jobs by 2022. It will hire 12,000 American workers over the next two years. Till date, it has created 13,000 jobs in the U.S. and will target experienced technology professionals as well as recent graduates from major universities, liberal arts colleges, and community colleges.
Coal India: Monthly shipments rise for the first time in six months. Offtake up 9.3% to 44.34 MT. Production up 7.1% at 37.17 MT. Coal Minister Prahlad Joshi said that the company will invest over Rs 1.22 lakh crore by 2023-24 on projects related to coal evacuation, infra, exploration and clean coal technologies.
NMDC: Iron ore sales in August up 20% to 1.79 MT from 1.49 MT last year. Iron ore production up 15% to 1.62 MT from 1.41 MT.
Indian Oil Corporation: To invest Rs 1,268 crore for Grassroot Needle Coker Unit at its Paradip Refinery in Odisha. It will be entering the niche product segment for the first time. Calcined Needle Coke is used to produce graphite electrodes for deployment in the high temperature electric arc furnaces of the steel industry.
Mukand: Board approved sale of upto 51% stake in company’s arm Mukand Sumi Special Tubes to the promoter group over a period of 12 months at a consideration of not less than Rs 571.91 per share aggregating to Rs 1,212.95 crore.
Embassy Office Parks REIT: Board approved issuance of NCDs worth Rs 1,500 crore in one or more tranches.
Apollo Hospitals: Demerged its standalone pharmacy business which will now be known as Apollo Medicals. Both entities have filed certified copies of respective NCLT orders sanctioning the scheme with the Registrar of Companies. Effective date of scheme is September 1.
Cosmo Films: Board approved resuming further investment into the new line for Specialized BOPET film at its Aurangabad plant which was on hold since November 2018. The revised project cost will be Rs 300 crore and will be financed through a mix of internal accruals and loans. The commercial production will commence by the second quarter of FY23.
JSW Energy: Pritesh Vinay appointed as the CFO of the company from September 16.
Just Dial: Board approved proposal to amend a clause in the memorandum of association of the company, where the company intends to enable online and offline distribution of assurance products, mutual funds, and other financial products on its platforms.
V-Mart Retail: To consider raising capital on September 5.
Nifty Earnings Today: Coal India
Non-Nifty Earnings Today: Arvind Fashions, Dish TV, Infibeam, Jubilant Foodworks, Sadbhav Engineering, Zuari Agrochem
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