Stocks in the news

Paisalo Digital: Elara India Opportunities Fund reduced stake in the company to 1.76% from 4.37% earlier by selling 2.6% stake via open market transaction.

UPL: Company completed the pre-payment of $410 million of 3.25% Senior Notes due October 2021. This prepayment is in line with its commitment to reduce debt.

Jindal Steel & Power: Company gets 'regular supplier' status from Indian Railways to supply 60kg 880 grade (90UTS) Rails.

IFGL Refractories: ICRA upgraded credit rating assigned for Rs 173 crore line of credit of the company.

Jindal Stainless Hisar: Board of directors of Jindal Stainless (JSL) and Jindal Stainless (Hisar) (JSHL) approved the merger of JSHL into JSL. As per the approved share swap ratio, 195 equity shares of JSL will be issued for every 100 equity shares of JSHL.

IIFL Securities: Company to open its Rs 90-crore share buyback on December 30.

Jindal Stainless Limited: The Board of Directors of Jindal Stainless and Jindal Stainless (Hisar) (JSHL) have approved the merger of Jindal Stainless (Hisar) into Jindal Stainless. As per the approved share swap ratio, 195 equity shares of Jindal Stainless will be issued for every 100 equity shares of Jindal Stainless (Hisar). With the appointed date of April 1, 2020, the merger process is expected to be completed in H2 FY22. Merged entity to have stainless steel melt production capacity of 1.9 Million Tonnes Per Annum. The merger will also induce a simplified capital structure, expanding the turnover of the merged business to Rs 20,000 crore.

Jindal Steel & Power: Indian Railways has awarded Regular Supplier status to the company for 60 kg 880 grade (90UTS) Rails. With this, Indian Railways, its subsidiary and track laying contractors can source 60kg 880 grade (90UTS) Rails manufactured by JSPL and utilise them for their ongoing and upcoming projects.

UPL: Has completed the pre-payment worth $410 million of 3.25% Senior Notes due October 2021. The pre-payment, which concluded on December 28, 2020, was done using the cash on its balance sheet. This prepayment is in line with its commitment to reduce debt.

Sadbhav Engineering: A meeting of equity shareholders to be held on January 29, 2021 to consider and approve the Scheme of Amalgamation of Sadbhav Infrastructure Project with Sadbhav Engineering and their respective Shareholders and Creditors.

NLC India: Has issued and allotted 10,000 Commercial Papers of face value of Rs 5 lakh each, aggregating to Rs 500 crore.

APL Apollo Tubes: CARE Ratings has revised the credit rating of long-term bank facilities of the company to AA-/Stable and has reaffirmed the credit rating of short-term bank facilities at A1+.

Gujarat State Fertilisers & Chemicals: India Ratings and Research has affirmed the rating of AA+ on long-term bank facilities and the rating of A1+ on short-term bank facilities of the company.

Torrent Pharmaceuticals: The company has redeemed and repaid secured NCDs of Rs 166.70 crore out of the total NCDs of Rs 500 crore on December 29.