Stocks to Watch: TCS, Bajaj Finance, Dabur India, ONGC, Cipla, Vedanta
TCS: Tata Consultancy Services (TCS) fixed the record date for its ₹17,000 crore share buyback plan on 25 November, the company said in its stock exchange filing on Wednesday. The IT major, on October 11, had announced to buyback up to 4,09,63,855 fully paid-up equity shares of face value of ₹1 each at ₹4,150 per equity share for an amount equivalent to ₹17,000 crore.
The fifth share buyback of the Tata group company in the last six years, will represent 1.12% of the total paid-up equity share capital, at ₹4,150 per equity share. Bajaj Finance: The Reserve Bank on Wednesday directed Bajaj Finance to stop sanction and disbursal of loans under its two lending products eCOM and Insta EMI Card, with immediate effect.
"This action is necessitated due to non-adherence of the company to the extant provisions of Digital lending guidelines of the Reserve Bank of India, particularly non-issuance of Key Fact Statements to the borrowers under these two lending product," RBI said in a statement. Dabur India: In a relief to FMCG major Dabur, two of its foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as a defendant in multiple lawsuits filed in a US court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues.
However, lawsuits filed against its third international subsidiary Namaste Laboratories LLC, would continue. ONGC: India's top oil and gas producer ONGC plans to invest about ₹1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday.
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