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Stocks to keep an eye on today: NHPC, Infosys, Power Grid Corp, Indian Bank



News24

LAST UPDATED: Jan. 14, 2021, 2:14 p.m.

New Delhi (Anish Yande): Sensex continued to chart a high as the markets opened on Thursday. The benchmark index rose to a record high of 49,599.48. The index is rising, with experts stating that it would cross the 50k mark within the upcoming weeks. Meanwhile, Nifty 50 rose by more than 15 points to 14,580 on Thursday, after declining following the opening bell.

NHPC: 

NHPC, the Indian Hydropower company, signed a Definitive Agreement for implementation for a takeover of another company. NHPC formally inked the Definitive Agreement with the Jalpower Corporation.

The Jalpower Corporation is currently developing a hydroelectricity project in Sikkim. The company is implementing a 120 megawatts Rangit Stage-IV Hydroelectric Project. 

Earlier, a bench in National Company Law Tribunal, Hyderabad, approved the takeover of Jalpower Corporation by NHPC. NHPC would be issuing a consideration of Rs 165 Crore for the takeover.

Indian Bank:

The Indian Bank raised Rs 2,000 crore through bonds at a coupon rate of 6.18 percent per annum. The banking company raised Tier-II capital funds. The Private Placement of Basel-III compliant Tier-II Bonds led to the aggregation of funds of up to Rs 2,000 crore. 

Power Grid Corporation:

The Power Grid Corporation has signed the ‘Termination Agreement’ between Parbati Koldam Transmission Company and Reliance Infrastructure.

The agreement would be terminating the Shareholders’ Agreement between Reliance Infrastructure and Parbati Koldam. Through the agreement, a new joint venture company named PKTCL would be established. Reliance Infrastructure had planned to sell its stake of 74 percent to another company. 

Infosys:

Infosys had posted its quarterly results recently for the quarter ended on December 31, 2020. The company had better earnings than anticipated, with a rise of net profit to Rs 5,197 crore in Q3FY21. Comparatively, the earnings of the IT major have been recorded at Rs 4,845 crore in Q2FY21.

The rise in profit was recorded at 7.3 percent on a quarter-on-quarter basis. Infosys had recorded a revenue growth from Rs 25,927 crore in its recent quarter. The revenue of the IT major rose to Rs 24,570 crore as compared to the previous quarter. 

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