Stocks to watch: Voda Idea, Godrej Properties, PFC, AU Small Fin Bank, BPCL

The SGX Nifty was trading 65 points higher at 15,225 on Wednesday, indicating a firm start for the benchmark indices.

Here are the top stocks that are likely to be in focus today:

Godrej Properties: The company, on Tuesday, launched a qualified institutional placement (QIP) issue to raise up to Rs 3,750 crore through the sale of shares.

Vodafone Idea: The telecom operator is in the advance stages of processing order for network capacity expansion in six circles through Chinese telecom gear makers, according to industry sources aware of the development, a PTI report said.

Max Healthcare Institute: The company closed its QIP issue and finalised the issue price at Rs 195.40 per share.

AU Small Finance Bank: The lender launched its qualified institutional placement (QIP) issue on March 9 and fixed the floor price at Rs 1,181.06 per share.

PFC: board to meet on March 12 to consider interim dividend for FY21.

Magma Fincorp: The shareholders of Magma Fincorp approved the company’s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group.

Power Grid: Power Grid Corporation of India Ltd (PGCIL) has acquired Ramgarh New Transmission Ltd (RNTL), the Project SPV (special purpose vehicle) to establish transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW).

Indian Bank: The state-owned lender, on Tuesday, said its committee of directors has given approval for raising up to Rs 4,000 crore through share sale. Shareholders of the bank on March 2 had given approval for the capital raising.

BPCL: ICICI Prudential Mutual Fund picked up 13.8 million shares of for a total of Rs 608 crore. Trust sold 126 million shares of the company. Names of other buyers couldn’t be ascertained.

Adani Ports: The acquisition of Sarguja Rail and a 31.5 per cent stake in Gangavaram Port by Adani Ports and Special Economic Zone (APSEZ) will not materially affect credit quality, Moody’s Investor Service said on Tuesday.

Bank of Baroda: Aquaculture technology venture Aquaconnect on Tuesday said it has partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.

Bharat Forge: The company has made further investment of Rs 4 crore in its associate company – Aeron Systems by way of purchasing 39,000 equity shares of face value Rs 10 each at a premium of Rs 1,015.64. Consequently, the company’s stake in Aeron has been increased from 26 per cent to 36 per cent.

Nalco: The company board will meet on March 15 to consider interim dividend for FY21.

Jubilant Foodworks: The company’s wholly owned subsidiary, Jubilant Foodworks Netherlands B.V., has successfully completed the acquisition of 100% of Fides Food Systems Coöperatief U.A., Netherlands which holds 32.81 per cent equity shares in DP Eurasia N.V.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link