Stocks in News: Key Developments in Welspun Enterprises, Tata Motors, PNB, and Others

Key Developments in Stocks in News

The markets traded flat on Friday, showing little movement despite favorable global cues. In today's trade, shares of BEL, L&T, PNB, Nuvama Wealth, IDFC, IndusInd Bank among others will be in focus due to various news developments.

Company Highlights

• L&T: Fabless chip company L&T Semiconductor Technologies expects manufacturing of semiconductor products designed by it to start in the next two years.
• Reliance Industries: The ministry of Information and Broadcasting has approved the transfer of licenses relating to non-news and Current Affairs TV channels held by Viacom18 in favor of Star India.
• Biocon: US health regulator, US FDA, issued four observations to the company's Bengaluru facility, which was inspected from September 23 to September 27.
• Tata Motors: Tata Motors held a groundbreaking ceremony of its new production facility to manufacture cars and SUVs at Panapakkam in Tamil Nadu.
• Nuvama Wealth: Nuvama Wealth Management witnessed a series of block deals on Friday where Morgan Stanley, Goldman Sachs, and Smallcap World Fund Inc bought shares at a combined cost of Rs 1,235 crore.
• PNB: State-owned Punjab National Bank has raised Rs 5,000 crore through an issue of equity shares to qualified institutional players.
• Welspun Enterprises: Welspun Enterprises emerged as L1 (lowest) bidder for a BMC contract worth Rs 1,990 crore.
• IDFC First Bank: IDFC First Bank's board approved the amalgamation of IDFC FHCL with IDFC Limited.
• Adani Enterprises: Adani subsidiary acquired a 74% stake in Cococart ventures for around Rs 200 crore.
• IndusInd Bank: IndusInd Bank approved the reappointment of Sumant Kathpalia as MD and CEO for a further period of 5 years.