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Tuesday, April 20, 2021

Targeted actions: Indian Overseas Bank, Future Enterprises, Central Bank, UCO Bank, Axis Bank, Adani Green, HAL

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Investors will continue to monitor the rise in COVID-19 cases, the ongoing vaccination campaign, oil prices, movements of the rupee against the US dollar and other global signals.

The shrewd futures were trading at 14,856, up 110 points or 0.75%, on the Singapore Stock Exchange, suggesting an opening of the spread for BSE Sensex and Nifty 50 on the first trading day of FY22. Investors will continue to monitor the rise in COVID-19 cases, the ongoing vaccination campaign, oil prices, movements of the rupee against the US dollar and other global signals. Wednesday’s market weakness didn’t have much of an impact on the market’s short-term uptrend, said Nagaraj Shetti, technical research analyst, HDFC Securities. “We don’t expect major weakness from here and any further declines are likely to form a higher bottom around 14600-14500 which could eventually pull the market towards the 14,900 hurdle again. The immediate support is placed at 14620 ”, he added.

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Indian Overseas Bank: The Overseas Bank of India, in its BSE file, said it had received a capital injection of Rs 4,100 crore from the government for the central government’s contribution to the preferential allocation of the bank’s shares. in fiscal year 2020-2021, as a government investment.

Future companies: Future Enterprises (FEL) said it had failed to repay interest of Rs 15.95 crore on its non-convertible debentures (NCDs). This will be the second default by a Future Group entity in a month, after Future Consumer failed to repay bondholders in February this year.

Central Bank of India: The bank informed that the Indian government forwarded the sanction of the President of India for the release of Rs 4,800 crore to the Central Bank of India for the central government contribution to the preferential allocation of the shares during for the 2020-2021 fiscal year.

Bank of India: The bank in an ESB infill informed that the Government of India has injected a capital of Rs 3000 crore into the Bank of India for the purpose of the preferential allocation of equity shares after obtaining shareholder approval during the extraordinary general meeting and other related regulatory approvals.

UCO Bank: The government of India has passed on its sanction for the release of Rs 2,600 crore for the central government contribution to the preferential allotment of UCO Bonk shares.

Adani companies: Adani Enterprises announced on Wednesday that it had incorporated a wholly-owned subsidiary, Vizag Tech Park Ltd (VTPL), with authorized share capital of Rs 5 lakh, to develop a data center and business park.

Axis Bank: Axis Bank entered into a share purchase agreement on March 31, 2021 for the sale of 100% of the capital of its subsidiary Axis Bank UK Limited to OpenPayd Holdings Ltd.

Adani Green Energy: Adani Green Energy Limited has completed the acquisition of 100% of the share capital and all securities of Surajkiran Renewable Resources Private Limited from Skypower Southeast Asia III Investments Ltd and Skypower Southeast Asia Holdings 2 Ltd.

Hindustan Aeronautics Ltd: HAL in its BSE file, said that despite the COVID-19 pandemic, the company had experienced revenue growth of around 6% in fiscal year 2020-2021 due to the productivity improvement after suspending operations for a month at the start of the year

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