Top 5 stocks in focus on June 5: From Vedanta, SBI to Idea Cellular, here are newsmakers
Vedanta Limited: Anil Agarwal-led Vedanta has announced that it has acquired control of Electrosteel Steels Ltd (ESL) by depositing the upfront amount Rs 5,320 crore in the escrow account of ESL.
These stocks have come under focus on Tuesday and they may show some positive or negative impact on the market. Here are the 5 stocks that are in the news on June 5, 2018:
Vedanta Limited: Anil Agarwal-led Vedanta has announced that it has acquired control of Electrosteel Steels Ltd (ESL) by depositing the upfront amount Rs 5,320 crore in the escrow account of ESL. Of this, Rs 1,765 crore will be funded by the way of equity infusion and remaining Rs 3,555 crore will be used as an inter-corporate loan. Vedanta has acquired Electrosteel Steels under the Insolvency and Bankruptcy Code (IBC), making it the second successful resolution under the new IBC law.
State Bank of India (SBI): Enforcement Directorate (ED) has slapped a penalty of over Rs 7 crore on the bank. The bank was penalised for alleged violations of the Foreign Exchange Management Act (FEMA) regulations.
Idea Cellular: Telecom department (DoT) has approved the foreign direct investment (FDI) limit in the company to 100 per cent from 67.5 per cent. The approval clears the way for its merger with Vodafone India. The merger will create Vodafone India the number 1 telecom company by customers and revenue market share by replacing existing Bharti Airtel
NIIT Limited: The company has signed a five-year long-term learning and development agreement with the US-based Pitney Bowes.
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Sugar Mills: According to sources, the government can announce a relief package of Rs 7,000 crore for debt-ridden sugar mills to clear the payment of arrears to sugarcane farmers. Currently, the Sugar mills have the arrears of around Rs 22,000 crore. In addition, the government may also increase the import duty on Sugar from existing 50 per cent to 100 per cent.