Pre Market Analysis: Dalal Street may open flat; SBI, Paytm, IndiGo and RBL Bank in news today

State Bank of India (SBI): The country’s biggest lender said that it will acquire about 10% stake in the India International Clearing Corporation (IICC). SBI said it is expected to complete up to 9.95 per cent stake, subject to a maximum investment of Rs 34.03 crore, by end of March 2022 in IICC.

SBI Cards and Payment Services and Paytm: Both have joined hands for card tokenisation to protect data of the cardholders. SBI Card said the card tokenisation facility is available only on Android NFC (near field communication) devices.

RBL Bank: The lender has formed a panel comprising two board members, chairman of its nomination & remuneration committee and an external expert, to search and find a suitable candidate for the lender’s MD and CEO post, according to a regulatory filing. As of now, Rajeev Ahuja is acting as the interim MD and CEO after Vishwavir Ahuja was sent on leave.

IndiGO (InterGlobe Aviation Ltd): Shareholders of the company have voted to remove curbs on promoter share transfer, indicating the end of a feud at India’s largest domestic airline. The amendment to InterGlobe’s Articles of Association (AoA) is expected to lead to the exit of co-founder Rakesh Gangwal, who has been locked in a battle with co-founder Rahul Bhatia.

Dish TV: The satellite service provider, which held its annual general meeting (AGM) on December 30, said that it would declare the shareholder voting results only after further directions from the Bombay High Court. Dish TV is in a legal tussle with its largest shareholder, Yes Bank, at various forums including National Company Law Tribunal (NCLT), the High Courts, and the Supreme Court.

Power Grid Corporation of India Ltd (PGCIL): The public-sector enterprise has approved Rs 322 crore investment proposal for expansion of POWERGRID telecom into data centre business, according to its exchange filing. The data centre will come up at Manesar.

LIC, GIC Re and New India: The insurance regulator IRDAI said that the three state-owned insurers continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22. It said D-SIIs are perceived as insurers that are too big or too important to fail. Furthermore, it said D-SIIs should be subjected to additional regulatory measures to deal with the systemic risks and moral hazard issues.

Jindal Steel & Power Limited (JSPL): The Competition Commission of India (CCI) said that it has approved the acquisition of 96.42 per cent equity shareholding in Jindal Power Limited, a subsidiary of JSPL, by Worldone Private Limited. Worldone is an investment holding company which has investments in various listed and unlisted companies.

IDFC First Bank: IDFC First Bank said that its board has favoured the merger IDFC Ltd and IDFC Financial Holding Co Ltd (promoter group) with the bank. The bank in an exchange filing said that its proposal is subject to the approval of the board of directors, shareholders, creditors and statutory and regulatory approvals of the respective entities.

Biocon Ltd: The company’s arm Biocon Biologics Ltd said that its partner Viatris has won favourable decisions from a US federal court in Sanofi’s challenge over unpatentability of five device patents for disposable insulin injection pen. “The decision of the US federal court in favour of our partner Viatris, on all the five Sanofi Lantus SoloSTAR device patents is a vindication of our long-held position on intellectual property,” Biocon Biologics dCEO Shreehas Tambe said.