Stocks in the news

Board Meetings

Shivom Investment & Consultancy: The board will meet on December 9 to consider and approve quarterly earnings.

HAL: The board will meet on December 9 to consider and approve the interim dividend.

HKG: The board will meet on December 9 for general purposes, considering an increase in authorised capital and the preferential issue of shares.

ICICI Bank - The company approved the sale of up to 2.21 percent stake in ICICI Securities via OFS.

YES Bank - Brickwork Ratings upgrades rating of Tier I Subordinated Perpetual Bonds (Basel II) to BWR BB+/ Stable.

JSW Steel - November crude steel output at 13.32 lakh tonnes, up 3 percent YoY.

Tata Steel - S&P revises company outlook to 'stable' from 'negative' and affirms 'B+' rating.

Paisalo Digital - Meeting on December 11 for the issuance of NCDs on a private placement basis.

ICICI Securities: ICICI Bank has approved selling another 2.2% stake in the broking firm through an Offer for sale. The floor price of 440 rupees per share is a 4.5% discount to Tuesday's closing price. The OFS opens for non-retail investors today and for retail investors tomorrow.

JSW Steel: Crude steel production up 3% to 13.32 lakh tonnes in November. Average capacity utilisation in November at 89%. The company said shortage of iron ore remained a key constraint in achieving higher capacity utilisation.

Dr Reddy's Laboratories: U.S.-based Exelixis has in-licensed the company's wholly-owned subsidiary Aurigene's Novel CDK7 inhibitor and has filed an investigational new drug application with the U.S. FDA for phase I clinical trials of the molecules used in treatment of advanced solid tumours. Exelixis will make an option exercise payment of 12 million dollars to Aurigene, who will be eligible for clinical development, regulatory and sales milestones as well as royalties on sales. Aurigene will also retain limited development and commercial rights for India and Russia.

TCS: Launches new blockchain-based, digital bank guarantee platform in Israel. The platform looks to improve cycle times, reduce fraud and enhance transparency. Bank Hapoalim - Israel's largest bank that manages more than 30% of the total bank guarantees in the country, has signed up as the anchor customer for the platform.

Gujarat Industries Power: The district collector of Kutch has approved the allotment of land measuring 4750 hectares to develop a renewable energy park having a capacity of 2,375 MW. This will be for a period of 40 years on a leasehold basis with a scheduled completion of 50% of the total capacity within a period of three years and the entire capacity within a period of five years.

Tata Steel: S&P affirms company's rating as B+. Outlook for the company and its subsidiary ABJA Investment has been revised to stable from negative. The stable outlook reflects that the company's earnings would improve over the next 18 months, such that its key financial metrics would be at levels appropriate for the current rating. S&P also said that while Tata Steel has adequate headroom at the current rating, but high leverage limits further upside.

Hindustan Aeronautics Ltd: ICRA and CARE Ratings have reaffirmed A1+ ratings on the proposed Commercial Paper issue worth Rs 2,500 crore.

IRB Infrastructure: Acuite Ratings & Research has assigned AA-/Stable rating on total bank facilities worth Rs 2,600 crore.

Yes Bank: Brickwork Ratings upgraded the rating of Tier-I Subordinated Perpetual Bonds (Basel II) to BB+/Stable from D. The rating upgrade factors in improvement in capitalisation ratios of the bank, strong shareholder base and experienced board members.

Indian Bank: Raised tier-1 capital fund worth Rs 1,048 crore through private placement of Basel-III compliant AT-1 perpetual bonds. Coupon payable annually stands at 8.44%.