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Tata Teleservices on Tuesday said it will convert the interest on deferred AGR dues into equity shares, giving the central government a 9.5 per cent stake in the firm. The interest comes out to be Rs 850 crore as per the company’s estimates.

In the international market, gold was trading with gains at USD 1,809 per ounce and silver was flat at USD 22.63 per ounce.

Corporate profitability, as defined by the earnings before interest, taxes, depreciation and ammortisation (Ebitda) margin, likely dropped 100-120 basis points (bps) on-year and 70-100 bps sequentially in the third quarter ended December 31, 2021, Crisil’s analysis of 300 companies indicates.

The partially convertible rupee settled at 73.91/$1 as against the previous close of 74.03/$1. The Indian currency moved in a band of 73.81-74.27/$1 in the course of the day.

​​The initial public offering (IPO) comprises fresh issue of equity shares aggregating up to Rs 50 crore and an offer-for-sale of up to 70,30,962 equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP).

Tata Teleservices has AGR dues of Rs 16798 crore of which it has paid Rs 4,197 crore and had opted for the 4-year AGR and spectrum payment moratorium. "Following conversion, it is expected that the Government will hold approx. 9.5% of the total outstanding shares of the Company",said the operator.

Nifty50 on Tuesday climbed for the third straight session in what was a volatile day for the market. The index ended up forming a bullish candle on the daily chart. Analysts said the upside hurdle of 18,200 is intact. The index may find support around 17,900-950 level, they said.

"So some of these banks are gaining market share and that is coming at the cost of the PSU banks."

The 30-share pack Sensex rose 221.26 points or 0.37 per cent to close at 60,7616.89. Its broader peer NSE Nifty climbed 52.45.80 points or 0.29 per cent to 18,055.75.

Veliath’s name did not figure among investors at the end of September quarter.