Pre Market Analysis: Dalal Street may open higher; SBI, Tata Motors, Apollo Tyres and CEAT in news

State Bank of India (SBI): The country’s largest lender is considering offloading pools of non-performing retail loans worth less than 10 billion rupees ($132 million) to asset reconstruction companies, Reuters reported. SBI also expects the country’s bad bank, an ARC which is focused on resolving larger corporate soured loans, to start submitting binding offers for bad loans worth more than Rs 500 billion.

Tata Motors: The automaker said that TPG RISE Climate, a private equity fund, has subscribed to 3.75 crore compulsorily convertible preference shares of the face value of Rs 1,000 each in its subsidiary Tata Passenger Electric Mobility.

Apollo Tyres and CEAT: The country’s antitrust agency raided offices of tyre companies of India’s Apollo Tyres, CEAT and Germany’s Continental AG, for alleged competition law violations, Reuters reported citing four sources. One of the sources said that the case was related to an antitrust investigation into the use of unfair trade practices and rigging of bids while supplying tyres for public transport vehicles in Haryana.

Tata Steel: The steel major said that it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. An asset transfer agreement has been signed between the two companies, according to a regulatory filing.

Tejas Networks: The company owned by the Tata Group firm will acquire 64.40% stake in semiconductor firm Saankhya Labs for Rs 283.94 crore in an all-cash deal. The initial acquisition of Saankhya shares is expected to close within the next 90 days.

Reliance Jio, Vodafone Idea and Airtel: Reliance Jio and Vodafone Idea reported a month on month fall in mobile subscribers, while Bharti Airtel reported gains in January as per data released by Telecom Regulatory Authority of India. Jio’s subscriber base declined by 9.3 million to 406.3 million. Vodafone Idea lost 3.89 lakh subscribers and ended the month at 265.12 million customers. Airtel’s subscriber numbers increased by 7.14 lakh to 356.4 million customers.

Sundram Fasteners Ltd: The company’s powertrain components division has been recognised as supplier of the Year by General Motors (GM) under its 30th Annual Supplier of the Year awards. This is the ninth time the Chennai-based auto component major has received the coveted recognition, underscoring its consistent excellence in the quality and ability to meet global engineering benchmarks.

Meanwhile, Sundram Fasteners announced that the Ministry of Heavy Industries has approved the application submitted by the Company under the Component Champion Incentive Scheme of the Production Linked Incentive (PLI) Scheme for manufacturing Advanced Automotive Technology (AAT) components.

Nazara Technologies: A company’s subsidiary. Nazara Pte Ltd (Nazara Singapore), will invest $2.5 million in BITKRAFT Funds. Out of which, $0.875 million will be invested upfront while the balance investment amount of $1.625 million will be deployed over three years.

Godrej Properties: The realty firm said it has acquired a 9 acres land parcel in Pune to develop a housing project with an estimated revenue of Rs 1,400 crore. The project has a developable potential of about 1.7 million square feet of saleable area.

Indian Overseas Bank: Chennai-based public sector lender has raised Tier-II Bonds of Rs 665 crore, it said in a statement. The money will be used for business growth.

Karnataka Bank: The private sector lender said it has raised Rs 300 crore by issuing bonds on private placement basis. The fresh capital is expected to strengthen their capital planning process and comply with Basel-III norms.