Stock to Watch Today - Rupeedesk Reports - 27.02.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: NBCC India, SpiceJet, Adani Green Energy, and others in news today.
NBCC India: The company has received the job assignment of a project management consultant (PMC) for complete planning, design, execution/ construction of buildings and its services and other maintenance and upgradation works of existing buildings under conventional or EPC contract mode, for various buildings at Motilal Nehru National Institute of Technology (MNNIT), Allahabad. The project is worth Rs 350 crore. Further the company secured total business of Rs 194.17 crore in January 2023.
Redington: Synnex Mauritius has offloaded entire 24.13% stake or 18.85 crore shares in company via open market transactions on February 24. Synnex Technology International Corporation, a Taiwan-based company engaged in the sales of computer, communication and consumer products, was the buyer for these shares in block trade, at an average price of Rs 170.45 per share. The stake sale was worth Rs 3,214.54 crore.
PVR: The multiplex chain operator has opened 11 screen multiplex in Lucknow, Uttar Pradesh. This will strengthen the company's foothold in Uttar Pradesh with 158 screens in 32 properties and consolidates the merged entity's presence in North India with 438 screens in 100 properties.
Edelweiss Financial Services: The company has received the shareholders’ approval for the proposed demerger of its Wealth Management business. The demerger will pave the way for listing of Nuvama Wealth Management (NWML), which was earlier known as Edelweiss Wealth Management. NWML will allot 1.05 crore equity shares to shareholders of Edelweiss Financial Services on proportionate basis as a consideration for demerger.
Tube Investments of India: Subsidiary TI Clean Mobility (TICMPL) has signed definitive documents with Tube Investments, Multiples Private Equity Fund III, State Bank of India along with other co-investors to raise capital up to Rs 1,950 crore in form of equity and CCPS. The total investment by Multiples, SBI and other co-investors would be Rs 1,200 crore. Tube Investments' total investment would be Rs 750 crore, of which Tube Investments has already invested Rs 639 crore by way of equity and ICD. Further, TICMPL plans to raise additional funding of Rs 1,050 crore by end of March 2024, thereby taking the total fund raise to Rs 3,000 crore.
The Phoenix Mills: Subsidiary Palladium Construction (PCPL) has completed acquisition of a prime land parcel approximately 5.5 acres, in Alipore, Kolkata, for Rs 414.31 crore. This acquisition provides the company to build a residential development of more than 1 million square feet of saleable area.
Adani Green Energy: Sunil Mehta has resigned as Non-Executive & Independent Director of the company with effect from February 24. With RBI approval, now he has been appointed as Part-time / Non-Executive Chairman of IndusInd Bank effective January 31, 2023. The bank asked him to relinquish his directorship in Adani Green Energy to avoid any conflict of interest, in view of on-going credit facilities extended by the bank to Adani Green Energy. IndusInd has extended credit facilities to Adani Green Energy prior to Sunil Mehta's appointment as director of IndusInd Bank.
Inox Green Energy Services: The company has acquired a majority stake of 51% equity shares in I-Fox Windtechnik India, an Independent O&M wind service provider. Accordingly, I-Fox has become a subsidiary of the company.
Welspun Corp: The company completed acquisition of Sintex Infra Projects (SPIL) and also reverse merger of Big Shot in to SPIL. Accordingly, Welspun Corp has become 100% shareholder of SPIL and the acquisition is in line with a strategic roadmap to transform and expand business into polymer products business. Big Shot has discharged Rs 30 crore in the form of upfront cash to the creditors of SPIL and further, SPIL has entered into definitive documents with the lenders for discharge of deferred consideration of Rs 20 crore in the form of unsecured loan.
DCM Shriram: The company has invested Rs 8.68 crore in ReNew Green (GJ Ten), In May 2022, the board of directors of the company had approved an equity investment of Rs 65 crore in special purpose vehicle for setting up a wind solar hybrid renewable power project.
SpiceJet: The board of directors of the company will meet again on February 27 to consider issuance of equity shares on preferential basis consequent upon conversion of outstanding liabilities into equity shares, and raising fresh capital through issue of eligible securities to qualified institutional buyers.
Piramal Enterprises: The company's board of directors on March 1 will consider the issue of secured, rated, listed, redeemable, non-convertible debentures up to Rs 100 crore along with an option to retain oversubscription up to Rs 500 crore, on a private placement basis.
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