Stocks to Watch: Vedanta, Zee Ent, TCS, SBI, L&T, and Tata Communications
Vedanta: Foxconn Technology Group has pulled out of its joint venture with Vedanta Ltd which had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit. The 60:40 partnership could have set up the country’s first semiconductor manufacturing unit under the $10 billion government-backed financial incentive scheme and was once estimated to be ahead of two other consortia in the fray for getting the sops.
Zee Entertainment: The Mumbai bench of the National Company Law Tribunal has reserved its order on the proposed merger between Zee Entertainment Enterprise and Sony Pictures (Culver max Entertainment), according to people familiar with the matter. The merger has so far been opposed by financial creditors like Axis Finance, IDBI Bank and JC Flower ARC, on the grounds that Zee had not paid their outstanding dues.
Appearing for ZEE, senior counsel Janak Dwarkadas said that the public shareholding of ZEE is 96.01%, of which 70% is by public institutions. TCS: Tata Consultancy Service (TCS) has been postponing the onboarding of several lateral hires by at least three to four months, according to a media report.
The IT giant has been making lateral hires with 1.8 to 15 years of experience. All these hires had been initially facing a one-month delay in onboarding, however, according to the media report, these people are now facing at least a three-month delay in onboarding.
Over 200 lateral recruits across cities including Bangalore, Pune, Kochi, Bhubaneswar, Delhi NCR, and Indore have been impacted. State Bank of India: State Bank of India (SBI) today said it proposes to sell 2% stake by offloading 40 lakh shares in depository organisation
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