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Sensex falls after record highs: Shares of UPL, Vedanta, JSPL gain

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News24

LAST UPDATED: Dec. 30, 2020, 1:19 p.m.

New Delhi (Anish Yande): Sensex fell slightly after reaching record highs in Tuesday’s session. The benchmark index fell by 80 points reaching a low of 47,473.85 on Wednesday. Nifty 50, fell from its previous close of 13,980 by 0.20 percent. Check which stocks to keep a watch on today.

UPL:

The chemicals manufacturer completed its pre-payment of $410 million on December 28th. The pre-payment consisted of 3.25% senior notes, which were due on October 2021. The move is a part of UPL’s efforts to reduce debt. 

UPL had a gross debt of Rs 31,817 crore on October 30th, according to figures released for investors. The company used the cash available on its balance to repay its debt. 

JSPL:

The Indian Railways declared the steel and energy company as a  ‘regular supplier’. Jindal Steel and Power Ltd have become the first private company in India to receive the status. In a statement, JSPL said that JSPL has become the ‘regular supplier’ for Indian Railways to provide rails with 60 kg 880 grade (90UTS) rails.

The subsidiaries and contractors of Indian Railways can secure 60 kg 880 grade (90UTS) rails for upcoming projects. 

Vedanta: 

Promoters/ promoter groups of Vedanta Group have pledged their holdings in the company to repay debt. The promoters would raise USD 1.4 billion to repay the debt that was coming up for maturity. 

The rest of the promoter funds would be used to reduce debt in the promoter group’s firms.

Godrej Consumer Products: 

The company said that it would commence the production of home cleaning products. Godrej Consumer Products has launched a new brand Godrej ProClean, for producing cleaning products. 

The brand would be providing surface cleaning and disinfecting products. The home cleaning and sanitization segment have grown considerably during the pandemic. 

Future Group:

Future Group has confirmed that it has started getting large ordered from Reliance Industries. CEO of Future Group, Kishore Biyani, in an email to his employees on Tuesday, said that Future Group was receiving orders after the finalization of the deal between the two companies Future Group and Reliance Industries. 

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