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Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
UPL is attempting a turnaround with a $400 million rights issue and a strategic backer after being excluded from the Nifty 50 due to market-cap issues. The company's stock is trading at 2017 levels amid challenges like sluggish demand, declining sales, and a heavy debt burden, which rose to ₹29,931 crore in FY24. Despite a slight easing in net debt, rising finance costs and a stretched working capital cycle continue to weigh heavily on its prospects.
UPL's net debt reached Rs 27,531 crore as of September 2024, with leverage ratios worsening in FY24 due to declining earnings. The company plans to raise approximately Rs 5,489 crore through a rights issue and a stake sale in Advanta Enterprises to alleviate its debt burden, although global product prices remain pressured by excess supplies from China.
Dr Reddy’s Labs, JSW Steel, Tata Power, PSP Projects, Strides Pharma, UPL, and Aegis Logistics are in focus on Thursday due to significant market developments. PSP Projects is set to see a major shift as Adani Infra (India) has signed agreements to acquire up to a 30.07% stake from promoter Prahladbhai S Patel for Rs 685.4 crore, alongside an open offer for an additional 26% stake at Rs 642.06 per share.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Zomato to join Sensex replacing JSW Steel from December 23
Zomato Limited
IRCTC
LTI Mindtree
IDFC First Bank Limited
Samvardhana Motherson International Limited
PB Fintech Limited
PI Industries Limited
Jio Financial Services Limited
BPCL
HDFC Life
Adani Green Energy Limited
Ashok Leyland Limited
JSW Steel Limited
APL Apollo Tubes Limited
HAL
UPL
Suzlon Energy Limited
Adani Power Limited
IND
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13:39 22.11.2024
UPL faces challenges but seeks recovery with new funding and support
06:38 22.11.2024
UPL seeks recovery through rights issue and stake sale amid debt concerns
04:05 22.11.2024
Adani Infra to acquire significant stake in PSP Projects for Rs 685 crore
Strides Pharma Science Limited
AEGIS LOGISTICS LIMITED
Dr Reddy’s Labs
Tata Power
JSW Steel Limited
UPL
PSP Projects Limited
IND
Prahladbhai S Patel
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15:16 20.11.2024
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