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Indian equity benchmarks on Thursday snapped their seven-day winning streak after the Federal Reserve raised borrowing costs for the fourth time this year and indicated two more hikes next year.
The S&P BSE Sensex fell 0.14 percent or 53 points to 36,432 and the NSE Nifty 50 Index declined 0.14 percent or 16 points to 10,952.
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- Dr Reddy’s Laboratories: Aquestive and Indivior said they would file a petition with the U.S. Court of Appeals for the Federal Circuit for hearing on the ruling to vacate the preliminary injunction that enjoined Dr. Reddy’s from launching its generic buprenorphine/naloxone sublingual film.
- Bharti Airtel’s board approved sale of up to 59.12 crore equity shares, representing 32 percent stake of Bharti Infratel owned by the company to its arm Nettle Infrastructure Investments. After the deal, Bharti Airtel to own 18.33 percent stake in its Infratel arm and Nettle Infrastructure Investments and the public will hold 35.18 percent and 46.49 percent, respectively.
- Infosys appointed Nilanjan Roy as company Chief Financial Officer with effect from March 1 2019, while Jayesh Sanghrajka will be the deputy CFO, from the same date. The tech company’s arm and Qatar National Bank also announced implementation of digital banking solutions for the bank.
- NHPC Limited said 520 MW power station in Himachal Pradesh would be under complete shutdown from three months with effect from Dec. 20 for repair and maintenance work.
- Bosch said it will would close Karnataka’s Bidadi Plant from Dec. 28-29 due to reduction in volumes seen, as a result of decline in the customer’s requirement. The company said that there will no financial impact on account of proposed suspension of operations.
- Power Finance Corporation’s board approved proposal to buy Government of India’s entire shareholding in REC.
- Entertainment Network (India) said due to a fire breakout at Common Transmission Infrastructure at Mumbai, terrestrial broadcasting has been disrupted at the company’s Mumbai radio station and other private broadcasters in Mumbai.
- Coal India said it would pay interim dividend of Rs 7.25 per share aggregating to Rs 4500 crore to its shareholders with an implied dividend yield of 3 percent. The company has fixed Dec. 31 as the record date.
- Indian Hume Pipe received Letter of Acceptance for constructions of drinking water supply projects worth Rs 502.89 crore in Andhra Pradesh for the state’s Water Supply Corporation. The project will be completed within 24 months.
- Indiabulls Real Estate entered into an agreement with real estate private-equity Blackstone to divest up to 50 percent stake in two office assets in Gurugram at aggregate value of Rs 464 crore.
- HT Media’s board approved to acquire 25 percent stake in Next Mediaworks’ promoters for Rs 45.15 crore and to additionally acquire 26 percent stake, by triggering an open offer to the public shareholders. The board also gave nod to acquire 48.6 percent stake in Next Radio.
- JSW Steel said it would infuse Rs 63.5 crores in Vardhaman Industries to pay the creditors as per the Resolution Plan by NCLT. The entire shareholding of Vardhaman Industries will be reduced by way of capital reduction and it will be delisted.
- Artemis Global Lifesciences received NCLT direction to conduct meetings with shareholder and creditors on Jan. 27 for amalgamation of the company and its three arms.
- CARE Ratings received the SEBI notice for conduct of adjudication proceedings in relation to credit ratings assigned to Infrastructure Leasing & Financial Services Ltd. and one of its subsidiaries.
- Infrastructure Leasing & Financial Services sought expression of interests for monetization of education business and Alternative Investment Fund management business. AIF business manages assets worth Rs 13,340 crore.
- Escorts Group increased its stake in Optunia Power Infrastructure from 49 percent to 99 percent, by acquiring 2.94 crore shares at face value of Rs 10 per share.
- Mercator sold vessel for $7.6 million and said that proceeds of this sale would be used to reduce debt and liabilities.
- Time Technoplast received power cable-ducts orders worth Rs 150 crore from various EPC Contractors.
- Mayur Uniquoters’ CFO Manish Kumar Dwivedi resigned from his post with effect from Dec. 19
- Tata Consultancy Services implemented payments operations solutions for Japan based-MUFG Bank.
- HCL Technologies partnered with Israel based Cloudify to bring 5G network solutions to telecom providers.
- Infibeam Avenues and IBM India executed agreement to develop, implement and promote blockchain applications to Indian clients on Linux platform.
- Dhanuka Agritech’s board determined buy-back of 13.12 percent of equity share capital at a price of Rs 550 per share aggregating to Rs 82.5 crore.
- Borosil Glass Works’ board approved winding up of Dubai arm ‘Borosil Afrasia FZE’.
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Source: Global Economy