Stock to Watch Today - Rupeedesk Reports - 16.03.2023
Buzzing Stocks: Ramkrishna Forgings, Sona BLW, Federal Bank, and others in news today.
Ramkrishna Forgings & Titagarh Wagons: Ramkrishna Forgings in consortium with Titagarh Wagons has been declared the lowest bidder (L1) by the Ministry of Railways for manufacturing and supplying of forged wheels under the 'Atmanirbhar Bharat' initiative. This tender is aimed at reducing the Indian Railway's import-dependence, by inviting the industry to set up a facility to produce these wheels, which will primarily be used for semi-high speed trains (Vande Bharat) and high-speed trains (bullet train). The Consortium will set up a manufacturing facility in India for forged wheel production and will supply approximately 1.6-million-wheel discs of different rolling stocks of Indian Railways over a period of 20 years at about 80,000 wheels per annum.
Federal Bank: The board of Directors of the lender will meet on March 18 to consider the proposal to raise funds by way of issue of unsecured Basel III Tier-II subordinate bonds in the nature of debentures, amounting to Rs 1,000 crore on a private placement basis.
Sarda Energy & Minerals: The company has received the consent to operate from Chhattisgarh Environment Conservation Board, Raipur, for expansion in existing rolling mill from 1.8 lakh tonnes per annum to 2.5 lakh tonnes per annum.
Sunflag Iron and Steel Company: The company has entered into long term power delivery agreements (PDA) with the 3 solar power producer companies. The company also executed share subscription and shareholders’ agreements with Renew Green Energy Solutions (promoter) and those 3 solar power producer companies for developing and operating renewable energy projects and deliver the power generated from its 71.34 MW solar photovoltaic projects to the company for 15 years extendable upto 25 years.
Mindspace Business Parks REIT: The company has completed the first REIT level green bond issuance in India. Mindspace REIT has raised Rs 550 crore with a tenor of three years and thirty days at a fixed quarterly coupon of 8.02% per annum payable quarterly. The issuance is rated AAA/Stable each by CRISIL Ratings and ICRA.
Sona BLW Precision Forgings: GIC Private Ltd on account of Government of Singapore and the Monetary Authority of Singapore acquired additional 5.13 percent stake in the auto ancillary company via open market transactions on March 13. With this, their shareholding in the company increased to 6.6 percent, up from 1.47 percent earlier.
TIL: Life Insurance Corporaion of India sold 2.12 percent stake or 2.12 lakh shares in the material handling equipment manufacturer via open market transactions. After stake sale, its shareholding in the company dropped to 8.07 percent, down from 10.199 percent earlier.
Sadbhav Engineering: Dwigesh Joshi has been appointed as Chief Financial Officer (CFO) of the company and is also appointed as additional executive director of the company for three years with effect from March 15. Jatin Thakkar has resigned as Chief Financial Officer of the company with immediate effect due to personal reasons. Thakkar has been appointed as an additional non-executive director of the company with effect from March 15 and will hold office up to the ensuing General Meeting of the company.
JSW Energy: The power producer has raised Rs 250 crore via non-convertible debentures as its Finance Committee has approved the allotment of 25,000 non-convertible debentures of Rs 1 lakh each. In October last year, the board had approved raising of funds upto Rs 2,500 crore via NCDs on private placement basis. The date of maturity is March 13, 2026.
Orient Paper and Industries: The board of directors of the company has approved the capital expenditure of Rs 475 crore towards modernization and debottlenecking of manufacturing facility at Amlai, Madhya Pradesh. The project will improve operating capacity of the paper mill to 400 tonnes per day and is likely to be completed in 24 months.
NIBE: The company has received four purchase orders worth Rs 57.33 crore from Larsen & Toubro. The company will manufacture bridge center module structure and other assemblies and sub-assemblies of modular bridge project. The said orders are expected to be executed by March 2024.
*Data Source : Govt, Nse ,Bse, Private News Channels and Websites Etc
