Stocks in the news: HCL Tech, Maruti Suzuki, Power Finance, Jet Airways and JSW Steel

HCL Technologies: International Business Machines Corp said it will sell some of its software products business to HCL TechnologiesNSE -3.67 % for $1.80 billion. The software products in scope represent a total addressable market of more than $50 billion, IBM said in a statement.

NTPC: Power company NTPC is likely to acquire the Central government’s stake in SJVN Ltd, according to PTI. However, the acquisition deal is stuck because of resistance from the Himachal Pradesh (HP) government, the report said.

Bampsl Securities: Markets regulator Sebi imposed a fine of Rs 5 lakh on Bampsl Securities for violating disclosure norms regarding the change in shareholding of Kay Power Paper.

Power Finance Corporation: In the second merger of public sector undertakings under this government, the Cabinet Committee on Economic Affairs (CCEA) on Thursday approved sale of the government’s 52.63 per cent stake in REC Ltd to Power Finance CorporationNSE -2.44 % for an estimated Rs 15,000 crore.

Jet Airways: Jet Airways’ management on Thursday promised its employees to clear all their salary dues by April of next year, according to a report by ET. As much as 75 per cent of October salaries will be cleared in December with a part being paid on Thursday, the airline informed its staff. The remaining 25 per cent of the October salary and 75 per cent of salaries for November will be cleared in January.

NHPC: State-owned NHPC has bagged debt-laden Lanco’s 500 MW Teesta hydro power project under insolvency proceedings for a tentative value of Rs 900 crore, PTI report said. NHPC is expected to complete the takeover in the next three to four months and can finish the project in three to four years as its construction is almost 50 per cent complete, the report added.

JSW Steel: Citi downgraded JSW Steel to ‘Sell’ from ‘Buy’ with a revised target price of Rs 290. The global financial services firm sees leverage and valuation worries in the sector.

Maruti Suzuki: BofA Merrill Lynch maintained ‘Underperform’ rating on Maruti Suzuki with a target price of Rs 6850. “Weak urban demand continues to drag overall volumes. With weak pricing, EPS risks remain,” BofA Merrill Lynch said.

Revision in upper circuit limit: The BSE revised circuit limit of HEG, Graphite India, Dilip Buildcon, Emami Realty and VIP Industries to 20 per cent from 10 per cent earlier.

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