Indian stock markets were trading in the positive zone on Tuesday amid heavy buying in telecom stocks. At 10:51 am, the benchmark S&P BSE Sensex was trading at 40,401.88, up 117.70 points, or 0.29%, while the Nifty 50 index stood at 11,915.30, up 30.80 points, or 0.26%.
Bharti Airtel, Vodafone Idea, SBI Life, Tata Steel, Infosys and Sterling and Wilson were among the key stocks in news today. Read on to know more:
Bharti Airtel, Vodafone Idea: Bharti Airtel Ltd shares jumped over 6%, while those of Vodafone Idea Ltd surged over 21% after the two companies said they will increase tariffs effective 1 December 2019.
SBI Life: SBI Life Insurance Co. Ltd declined 7% on reports that PE firm Carlyle Group, which had acquired 9% stake in the company in March this year, is planning to sell 3% of the firm through the block deal route on Tuesday.
Tata Steel: Tata Steel Ltd shares fell 0.7% on reports that the company is planning to cut around 3,000 jobs across its European operations as it wrestles with excess supply.
Sterling and Wilson: Sterling and Wilson Solar Ltd shares was locked in 10% lower circuit. The company said no reduction was sought in the inter-company loan by the promoters from the company as mentioned in various media coverages.
Infosys: Infosys Ltd shares inched up 1% after COO UB Pravin Rao clarified to CNBC-TV18 that there were no structured layoffs in the company.
Zee Entertainment: Zee Entertainment Enterprises Ltd shares dropped 2.8% after Brickwork Ratings India downgraded credit rating for 6% Cumulative Redeemable Non-Convertible Preference Shares to AA+ (Credit Watch with Negative Implications) from AAA earlier.
Prestige Estates: Prestige Estates Projects Ltd shares climbed 4% after its subsidiary acquired 28.99% stake in DB Realtors Private Ltd.
PNB, Union Bank: Shares of Punjab National Bank (PNB) and Union Bank of India rose up to 2% after the two banks said they had received an in-principal approval from the government for their amalgamation with other public sector banks.
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