Stocks to watch on September 25: GIFT Nifty on the NSE IX was trading 54 points, or 0.27 percent, higher at 19,696.5, indicating that Dalal Street was heading for a positive start on Monday. Here you’ll find a whole host of stocks that will be in the spotlight today for a variety of reasons.
National Bank of India: The country’s largest lender on Friday raised as much as Rs 10,000 crore through an infrastructure bond issue, with bids exceeding the initial target by more than five times. The bonds, which will have a coupon rate of 7.49%, will be used to finance infrastructure projects and affordable housing. This is the fourth issuance of infra bonds by SBI, underscoring the growing demand for such instruments from investors.
Dependent industries: Global investment firm KKR has invested Rs 2,069.50 crore in Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries, raising its stake from 1.17% to 1.42%. The investment values RRVL at a pre-money equity value of Rs 8.36 trillion. KKR’s investment will be used to fund RRVL’s expansion plans, including the launch of new stores, the rollout of new products and services and the development of its e-commerce platform.
Delta Corp: Casino operator Delta Corp received a tax bill from the government on Friday, demanding Rs 111.4 billion in taxes, interest and penalties for the period July 2017 to March 2022. The company is already facing heat over the recent imposition of a GST of 28% of the money gaming companies raise from customers. The company has said it will contest the tax returns.
Life insurance company: The state-run insurance company said it would appeal against a tax assessment of Rs 290 crore issued by the goods and services tax department of Patna, Bihar. The notice, issued on September 21, demands GST, interest and penalty for the period July 2017 to March 2022. The tax authorities have alleged that LIC has used the input tax credit (ITC) availed on the premium received by the company from policyholders.
Ambuja Cements: The Adani Group is negotiating with banks to refinance $3.5 billion in debt taken on to finance the Ambuja Cements acquisition, Bloomberg reported citing sources. The deal is expected to be one of the largest syndicated loans of the year in Asia. The refinancing is part of Adani’s efforts to reduce debt burden and improve financial health.
JSW steel: Caretta Minerals LLC, a U.S. subsidiary of JSW Steel, has entered into an agreement to sell its plant, equipment, property and mineral rights to West Virginia Properties for $24 million. JSW Steel said the sale was due to the fact that operating the mines was not economically viable in the absence of a mining lease and plant lease. The deal is expected to close in the coming weeks.
Bajaj Finance: Bajaj Finance Ltd. will convene a board meeting on October 5 to consider raising funds through a qualified institutional placement (QIP). The company plans to raise money through various methods, including preferential issuance and the QIP. The proposal is subject to regulatory approval, including approval from the company’s shareholders.
ICICI Lombard General Insurance: The company has appointed Sanjeev Mantri as its new Managing Director (MD) and CEO, effective December 1, 2023, or the date of approval by the Insurance Regulatory and Development Authority of India (IRDAI). Mantri will replace Bhargav Dasgupta, who has been appointed as vice president of the Asian Development Bank.
Blue star: The consumer durables maker has raised Rs 1,000 crore through its qualified institutional placement (QIP), which launched on September 18. The company has allotted 1.29 crore shares at an issue price of Rs 770 each, which is a discount of 1.84% to the QIP floor price of Rs 784.55 per share. The price is at the lower end of the discount range of up to 5% that Blue Star had mentioned at the time of the QIP opening.
IRCON: The state-owned company has entered into a contract agreement with Sri Lanka Railways for the procurement, installation, testing, commissioning and certification of a signaling and telecommunication system on the railway line from Maho Junction to Anuradhapura, under the Indian line of credit. The contract is worth $14.89 million and will be completed within 24 months of signing.
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