PB Fintech, Yes Bank, Adani Green Energy, Vedanta, Hero MotoCorp, Eicher Motors, Orchid Pharma stocks in focus
时间:2024-09-29 04:43:36 阅读(143)
Indian benchmark indices BSE Sensex and NSE Nifty 50 could start the week’s last trading session in red. SGX Nifty hinted at negative open for the domestic share market as Nifty Futures traded 50 pts or 0.26% lower at 18925 on the Singapore Exchange. On Thursday, the Sensex jumped 185 pts to 63,284, while the Nifty rose 54 pts to settle at 18,812. “Nifty after moving up by 4% in last 8 sessions can witness some consolidation around the 19k mark. Expect momentum to continue in global sectors like IT and Metals. Also, real estate, cement, and building material stocks are expected to do well on the back of strong housing demand,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.Stocks in focus on 2 December, Friday
PB Fintech: SoftBank Group reportedly plans to sell a 5% stake in India’s PB Fintech Ltd, the parent of online insurance aggregator Policybazaar, through a block deal. The block deal on Friday could be at a base price of 440 rupees per share. PB Fintech’s shares closed at Rs 461 on Thursday. SoftBank owns a more than 10% stake in PB Fintech through two of its units, according to exchange data.
Adani Green Energy: The Adani group company on Thursday said it has raised 27,954 million Japanese Yen (around Rs 1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said.
Vedanta: Vedanta is looking to go beyond manufacturing in India and aid development of user industries for aluminium as well as semiconductors and glass, which it will start making in the country soon. Odisha chief minister Naveen Patnaik laid the foundation stone for the Vedanta Aluminium Park at Jharsuguda on Thursday. The company is also in talks with the state government to set up an electronics cluster to manufacture television sets, smartphones, laptops and other electronic items which use semiconductor and glass.
Yes Bank: The private lender on Thursday said that the Reserve Bank of India (RBI) has given a conditional approval to private equity firms Carlyle Group and Advent International to acquire 9.99% stake each in the lender. The proposed investment is by CA Basque investments, which is a part of the Carlyle Group and Verventa Holdings, an affiliate of funds managed by Advent.
Reliance Capital: Two independent valuators of debt-laden Reliance Capital (RCap) have pegged the liquidation value of the firm at Rs 13,000 crore, which is more than double the value of the binding bids it received. According to Duff & Phelps, the former Anil Ambani group company is valued at Rs 12,500 crore as a core investment company (CIC) and that by RBSA at Rs 13,200 crore.
Hero MotoCorp: The two-wheeler manufacturer sold 3.9 lakh units in November 2022, a growth of 12% over the corresponding month of the previous year. The company had sold 3.49 lakh units in November 2021. Hero expects the momentum to build-up in coming quarters on favorable economic indicators, including encouraging farm activity and positive consumer sentiments along with upcoming marriage season.
Eicher Motors: The company sold 70,766 motorcycles in November 2022, registering a 37% growth over 51,654 units sold in same month last year, but exports dropped 27 percent on-year to 5,006 motorcycles.
SJVN: The public sector company said its subsidiary SJVN Green Energy has signed a Memorandum of Understanding with Grid Corporation of Odisha for developing 1,000 MW hydroelectric projects and 2,000 MW solar power projects in Odisha by incorporating a joint venture company. The development of these projects will attract an investment of Rs 20,000 crore and is expected to generate 4,207 million units (MUs) in first year and a cumulative generation of around 96,797 MUs over a period of 25 years.
Also Read: Domestic investors turn net sellers in Nov, offload equities worth Rs 6300 cr; FIIs buy shares worth 22500 cr
Orchid Pharma: The company’s board has approved qualified institutional placement (QIP) issue to raise Rs 500 crore. With this QIP placement, the Dhanuka group, which took over the company in 2018, is also meeting its mandatory obligation to dilute 15% stake in Orchid Pharma by March 2023.
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The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)
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