Stocks in focus on September 9, 2020

New Delhi: Markets pared intra-day gains to end in the red on Tuesday 52 points lower on Tuesday amid weak global cues.

The 30-share BSE index ended 51.88 points or 0.14 per cent lower at 38,365.35 while the broader NSE Nifty slipped 37.70 points or 0.33 per cent to 11,317.35.

Here are Stocks in focus on September 9, 2020

Power Grid

The Cabinet Committee on Economic Affairs (CCEA) on Tuesday approved asset monetisation of subsidiaries of Power Grid Corporation of India Ltd (PGCIL) through infrastructure investment trust which would help the firm garner Rs 7,000 crore in the first lot. According to the statement, this is the first time any PSU in the power sector will undertake asset recycling by monetising its assets through the InvIT model and using the proceeds to fund the new and under-construction capital projects. This approval would help the PGCIL to monetise in the first lot, assets with gross block value of more than Rs 7,000 crore.

IRCTC 

The government plans to sell about 15-20 per cent stake in IRCTC via offer for sale (OFS) and would like to complete the transaction in minimum number of tranches. Last month, the Department of Investment and Public Asset Management (DIPAM) had invited bids from merchant bankers by September 10 for managing the sale in Indian Railway Catering and Tourism Corp (IRCTC). However, it did not disclose the quantum of stake on offer in the Request for Proposal (RFP).

Happiest Minds Technologies

The initial public offer of IT services firm Happiest Minds Technologies was subscribed 8.40 times on the second day of bidding on Tuesday. The Rs 702-crore IPO, received bids for 19,53,36,630 shares against a total issue size of 2,32,59,550 shares, according to data available with the NSE. The category meant for Qualified Institutional Buyers (QIBs) was subscribed 47 per cent, while non-institutional investors portion received 3.96 times subscription and retail individual investors 38.85 times.

Wipro 

Wipro on Tuesday said it plans to set up a Digital Innovation Hub at Düsseldorf in Germany that will serve as the IT services major”s flagship centre in Europe. The proposed Digital Innovation Hub will offer digital transformation expertise to companies in Germany, enabling organisations to cross skill and upskill besides supporting talent development in local communities, a statement said.

HCL Technologies

IT services major HCL Technologies on Tuesday said it has opened a global development centre in Colombo, Sri Lanka, and expects to hire over 3,000 people in the next few years for the facility. The new centre was inaugurated by Sri Lanka Prime Minister Mahinda Rajapaksa and Indian High Commissioner to Sri Lanka Gopal Baglay via a virtual ceremony, a statement said.