Pre Market Analysis 27-09-2021

HDFC Bank: The private sector lender is planning to double its presence in rural areas to two lakh villages. The bank is also likely to recruit 2500 people in the next six months. Rahul Shukla, Group Head of Commercial and Rural Banking, said that the rural and semi-urban markets present a sustainable long-term growth opportunity.

ICICI Prudential Life Insurance: The company is in talks for onboarding the Account Aggregator system, a financial data sharing platform, which will be regulated by the Reserve Bank. “It is a big enabler and there are some discussions. We will have to see operationally where exactly we are,” Deepak Kinger, Chief – Risk and Compliance, ICICI Prudential Life Insurance Company (ICICI Pru Life), told PTI.

Vodafone Idea: Ravinder Takkar, the telecom company’s MD and CEO, said that the government wants the company to compete in the market and there should be at least three private service providers in the telecom sector. He added that the government has no interest in owning or acquiring or running any other telecom company.

Jindal Steel and Power Limited (JSPL): The company will start mining activities at Kasia iron ore block in a month, its Managing Director V R Sharma said. He said the company will also put up a slurry pipeline from the pithead to its steel plant in Angul, which will help JSPL with 5-6 million tonnes of iron ore per year.

Hindustan Aeronautics Ltd: The public-sector enterprise has signed a lease agreement with Alliance Air Aviation Limited for two Civil Do-228 aircraft for regional operations in Arunachal Pradesh, which will give a boost to India’s Regional Connectivity Scheme. The company said this development opens a new vista in civil aviation for HAL and it is keen to increase its footprint in the regional civil aviation by engaging a greater number of HAL Do-228 by air operators of the country.

SpiceJet Ltd: The airlines said it has introduced a new “interim fixed salary system” for captains and first officers and pilots who fly more than the stipulated minimum hours will be paid overtime. Some pilots contested the assurance given by the company and claimed that they were being paid a third or a half of their pre-COVID-19 salaries. This was despite the company achieving an occupancy rate of over 85 per cent on passenger flights and being among the largest air cargo carriers during the pandemic.

InterGlobe Aviation: The London Court of International Arbitration has given the final arbitration award with respect to the spat between IndiGo promoters, Rahul Bhatia and Rakesh Gangwal, and no directions have been issued to InterGlobe Aviation, the parent of IndiGo airlines. In a regulatory filing, InterGlobe said it is in receipt of the final arbitral award, dated September 23, issued in the arbitration proceedings wherein the company was also named as a respondent.

HDFC: The mortgage lender has sold some shares, invoked by it of Ansal Housing, to recover its dues. The company said it has sold 12,67,504 shares, which is 2.13 per cent of the paid-up share capital of Ansal.