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Aditya Birla Group to invest $500 million in Vodafone Idea as revival signal strengthens
Aditya Birla Group is injecting ₹4,730 crore into Vodafone Idea (Vi) through a preferential allotment, bolstering the telecom operator's financial standing. This capital infusion follows Kumar Mangalam Birla's return as chairman and aims to support Vi's efforts to compete with rivals Reliance Jio and Bharti Airtel.
Stocks in news: Adani Enterprises, Tata Motors PV, Tata Steel, Jio Financial, ITC Hotels
Markets extended their rebound for a second consecutive session on Thursday, buoyed by supportive global cues and selective buying in heavyweight stocks. Banking majors played a crucial role in the relief rally, while IT stocks remained under pressure. Several companies, including Adani Enterprises, Tata Motors PV, and JSW Steel, were in focus due to significant block deals and financial results.
Closing Bell: Market sinks on ceasefire worries; Nifty below 23,800, Sensex tanks 950 pts
On the sectoral front, oil & gas, PSU Bank, Infra, Consumer Durables, and Private Bank shed between 0.4-2%, while metal, power, pharma added 0.5-1%. L&T, Interglobe Aviation, HDFC Bank, Shriram Finance, Jio Financial are among biggest losers on the Nifty, while gainers included Dr Reddy's Labs, Hindalco, Bajaj Auto, Bharat Electronics, ONGC. Nifty Midcap and Smallcap ended on a flat note.