Pre Market Analysis: Dalal street likely to open lower; RIL, Raymond, IndiGo and Dr Reddy’s in news today

Reliance Industries: The telecom arm of conglomerate Reliance Jio Infocomm is planning to raise up to Rs 8,000 crore by selling corporate bonds in the local market as early as next week, people with direct knowledge of the matter said, according to a news report by Economic Times. The corporate bond sale proceeds will be utilised to clear previous dues for purchasing spectrum in the 2014 and 2015 auctions by the government. These upcoming bonds will be in five-year, three year and two-year tenors, bearing interest rates in the range of 6.2% and 5.35%, according to the news report.

Tata Consultancy Services: The IT major said it has achieved all the 18 Microsoft Gold Competencies, demonstrating the breadth and depth of its expertise on Microsoft Technologies. Microsoft Competencies ensure that partners are prepared to meet customers’ needs and have demonstrated robust capabilities within a Microsoft solution area.

Raymond: The company said that it has incorporated a step-down subsidiary Ten X Realty Ltd (TXRL) to carry on real estate business for the development of land and properties at Thane, Maharashtra. In order to fund TXRL, the board of the company at its meeting approved and passed a resolution to infuse funds up to Rs 150 crore in more than one tranches over a period of time.

IndiGo: The budget airline announced a special five-day year-end sale across 150-plus domestic flights on 6E network. The sale will be effective from Dec 27 to 31, 2021, and it will offer customers fares on domestic flights starting at Rs 1,122. The sale is valid on travel from January 15 to April 15 of 2022.  The customers can avail one free change under this offer, if changed more than 3 days prior to departure.

Sun Pharmaceutical Industries: The company said that it is planning to set up a new manufacturing facility in Andhra Pradesh. The drug maker’s founder Dilip Shanghvi and his team met Chief Minister of Andhra Pradesh YS Jagan Mohan Reddy to discuss the setting up of an end-to-end manufacturing facility in the state, according to a statement.

Dr Reddy’s Laboratories and Aurobindo Pharma: The two drug makers have received emergency-use authorisation from the Drugs Controller General of India to manufacture and market the oral anti-viral drug Molnupiravir capsules for the treatment of adult patients with COVID-19.

Sterlite Power: The company said that it has acquired the Nangalbibra-Bongaigaon inter-state transmission project from PFC Consulting. Through Nangalbibra-Bongaigaon Transmission Ltd, which is a Special Purpose Vehicle (SPV), the company will execute the inter-state transmission system (ISTS) project which it won through tariff-based competitive bidding (TBCB) in October 2021, the company said.

GR Infraprojects: The company has emerged as L-1 bidder for the tender invited by Noida Metro Rail Corporation, for part design and construction of elevated viaduct and five elevated stations, of Noida-Greater Noida Metro Rail Project.

India Grid Trust: The consortium of IndiGrid 1 and IndiGrid 2, wholly owned subsidiaries of India Grid Trust, has completed the acquisition of 100 percent paid-up capital and management control of Kallam Transmission, from REC Power Development and Consultancy.

AU Small Finance Bank: The lender said it has appointed former RBI Deputy Governor H R Khan as an independent director on its board. The appointment is for a period of three years subject to the approval of shareholders, the bank said in a statement.

Jammu & Kashmir Bank: The lender said its board of directors has appointed Baldev Prakash as the MD & CEO for three years. His appointment will be effective from the actual date of his taking charge, the bank said. The board also appointed R K Chhibber as an additional director on the board of the bank.