Stocks in Focus on Feb 28: Bharti Airtel, Hindalco & More

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Stocks in Focus on Feb 28: Bharti Airtel, Hindalco & More
Credit: © Reuters.

By Malvika Gurung -- Biocon (NS: BION ): Subsidiary Biocon Biologics will acquire the US-based global healthcare company Viatris’ biosimilars business for up to $3.3 billion to create a fully integrated global biosimilars enterprise.

Bharti Airtel (NS: BRTI ): The telecom giant’s shareholders have approved the issue of preferential shares to Google (NASDAQ: GOOGL ) for buying a stake of 1.28% in the company by investing about Rs 7,500 crore. Besides, Airtel has agreed to buy a 4.7% stake in Indus Towers from the British telco Vodafone (LON: VOD ).

Hindalco Industries (NS: HALC ): The aluminium company has partnered with the Brazilian company Terrabel Empreedimentos for divesting its entire shareholding in the subsidiary Hindalco Do Brazil Industria Comercia de Alumina LTDA.

Indian Oil (NS: IOC ): The state-owned oil refiner plans to set up three new plants in Northeast India for ramping up its LPG bottling capacity by almost 53% to 8 crore cylinders/year by 2030.

Indus Towers (NS: INUS ): British telecom major Vodafone will sell 4.7% of its stake in the telecom infrastructure provider to Indian telco Bharti Airtel and the proceeds will be in the beleaguered telco Vodafone Idea (NS: VODA ) for clearing its dues in the company.

Fortis Healthcare (NS: FOHE ): Rating agency CRISIL (NS: CRSL ) has upgraded the healthcare company’s long term rating from A+ to AA-, while its short-term rating has been upgraded to A1+.

Rain Industries (NS: RAID )s: The chemicals company’s consolidated net loss stood at Rs 97 crore in the quarter ending Dec 2021, compared to a net profit of Rs 307 crore in the year-ago period. However, its net sales surged 52.5% YoY to Rs 4,026 crore in the period.

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