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Stocks in Focus: Vedanta, Jio Financial Services, NBCC India and Others

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The GIFTY Nifty futures were trading flat during the early hours before the opening of the markets on Friday. Domestic Indices are expected to open on a similar flat-to-positive range amid tepid global cues.

The benchmark equity indices, NSE Nifty 50 and S&P BSE Sensex, extended their two-day gaining streak on Tuesday, with Nifty Midcap 100 and Small Cap 100 indices hitting fresh record highs. The Nifty gained 46.1 points or 0.24% to close at 19,574.90 points, while the Sensex ended at 65,780.26 after adding 0.23% or 152.12 points.

Here are some stocks that will likely remain in the limelight on September 6.

GAIL (India): The Central Bureau of Investigation (CBI) arrested the executive director of GAIL, K B Singh and four others, including the director of Advance Infrastructures, Surender Kumar, on Tuesday in an alleged Rs 50 lakh bribery case in which money was paid to favour some contractors in GAIL’s two gas pipeline projects. 

Jio Financial Services (JFS): JFS will be removed from 19 NSE Indices, including the Nifty50, after the market closes today, as the stock did not hit the lower price band on two consecutive trading days on the NSE. The exchange informed that even if the stock hits the lower circuit on September 6, the exclusion will not be deferred further. 

Power Grid Corporation of India: The public sector electric services company has been announced as the winning bidder for the 20 GW interstate transmission system project on a build, own, operate and transfer (BOOT) basis in Rajasthan under tariff-based competitive bidding. It will build a transmission system to evacuate electricity from Rajasthan’s renewable energy zones (REZs) and a new substation in Dausa. 

NBCC (India): The state-owned construction company has inked a memorandum of understanding (MoU) with the Kerala State Housing Board to develop a 17.9-acre land parcel in Marine Drive, Kochi. The project value is around Rs 2,000 crore. 

Vedanta: The Zambian Government has agreed to return control and ownership of Konkola Copper Mines (KCM) to Anil Agarwal-owned Vedanta Resources, the parent company of Vedanta. The mines’ assets have reserves of 16 million tonnes of contained copper.

Union Bank of India and Bank of Baroda: The Indian Renewable Energy Development Agency (IREDA) has signed MoUs with public sector banks, Union Bank of India and Bank of Baroda, to co-finance renewable energy (RE) projects, including both established and emerging RE technologies.

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