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Stocks in news: Poonawalla Fincorp, Biocon, JSW Steel, Kotak Mahindra Bank and more

Indian benchmark indices are likely to open higher today as SGX Nifty rose 88 points to 17,693 amid positive global cues. On September 16, Sensex closed above the 59,000 mark for the first time, led by gains in banking stocks. Nifty too ended above 17,600 level, with 28 of 50 components ending in the green.

During the day, Sensex touched an all-time high of 59,204 and Nifty reached an all-time peak of 17,644. Later, Sensex ended 417 points higher at 59,141 and Nifty advanced 110 points to 17,629.

Here are the stocks that are likely to be in focus today.

Poonawalla Fincorp: 

Poonawalla Fincorp Managing Director Abhay Bhutada resigned from the company with immediate effect, the company told the stock exchanges on Thursday. The announcement regarding Bhutada's resignation came just a day after he, along with seven others, were barred from the securities markets by SEBI for alleged "insider trading".

Poonawalla Fincorp said its board has accepted Abhay Bhutada's resignation, and now he ceases to be a director and key managerial personnel in the company. It said the trading window under the company's "Code of Conduct For Prohibition of Insider Trading' will remain closed for dealing in securities of the company for the "designated persons and their immediate relatives" with immediate effect from 16 September 2021 to 18 September 2021 (both days inclusive).

JSW Steel: 

The company announced that it has raised $1 billion by issuing Sustainability Linked Bonds (SLBs) in the overseas market.  The company said in a statement that it has become the first company in the steel sector globally to issue a US-denominated SLB.

"The company raised a total of $1 billion in the US bond markets through a RegS/144A issuance which was subscribed by high-quality institutional investors across Asia, Middle East, Europe and the US," said JSW Steel.

Biocon: 

Biocon Biologics, a subsidiary of Biocon, on Thursday said it will offer around 15 per cent stake to Serum Institute Life Sciences at a post-money valuation of about USD 4.9 billion. Serum Institute Life Sciences (SILS) is a subsidiary of Serum Institute of India (SII).

Kotak Mahindra Bank:

 The bank announced the acquisition of German carmaker Volkswagen''s captive vehicle finance business for an undisclosed sum.

The deal involves the private sector lender''s in-house NBFC Kotak Mahindra Prime acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio from Volkswagen Finance (VF), as per an official statement.

Hero MotoCorp: 

The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from September 20, 2021. The price hike has been necessitated to offset the impact of steadily increasing commodity prices.

The price hike across the range of motorcycles and scooters will be up to Rs. 3,000. The exact quantum of increase will depend on the model and the market.

Bharti Airtel: 

Telecom dispute appellate body TDSAT on Thursday stayed the telecom department''s demand of Rs 1,376 crore from Bharti Airtel in unpaid past dues that defunct telco Videocon Telecommunications owed.

The dues were of Videocon Telecommunications, whose spectrum was acquired by the Sunil Mittal-led carrier in 2016. And so the Department of Telecommunications (DoT), post-Supreme Court verdict on the adjusted gross revenue (AGR) last year, asked Airtel to pay the dues that arose on that spectrum.

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