Profit Sheets

Stocks In the News: ONGC, Hero MotoCorp, Vedanta and others

March 30, 2022 10:10 AM

Stocks In the News: ONGC, Hero MotoCorp, Vedanta and others
Stocks In the News: Check out the companies such as ONGC, Hero MotoCorp, Vedanta and others making headlines before the stock market open.

Stocks In the News: Check out the companies such as ONGC, Hero MotoCorp, Vedanta and others making headlines before the stock market open.

ONGC: The government proposes to sell more than 9.43 crore equity shares (0.75 percent of total paid up equity) through offer for sale on March 30 and March 31.

The government also has an option to sell another lot of more than 9.43 crore equity shares via OFS, collectively representing 1.5 percent stake. The floor price for the offer has been fixed at Rs 159 per share.

Hero MotoCorp: The income tax (I-T) department is learnt to have found that two-wheeler maker Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore involving a property allegedly owned by a promoter of the company.

Meanwhile, the company has said it plans to increase prices of its motorcycles and scooters by up to Rs 2,000 from April 5, to offset the rise in commodity prices.

Vedanta: India Ratings and Research (Ind-Ra) said it has upgraded mining giant’s long-term issuer rating to ‘AA’ with a stable outlook. AA-rated instruments are considered to have a high degree of safety regarding timely servicing of financial obligations.

InterGlobe Aviation: Jiten Chopra has resigned as Chief Financial Officer (CFO) of the economic aviation company. The board has approved the appointment of Gaurav Negi as the new CFO.

Suraj Industries: The company informed that board has approved preferential issue of equity shares worth Rs 23.99 crore and convertible warrants worth Rs 7.99 crore. It also approved investment for up to 55 percent equity in Carya Chemicals & Fertilizers.

IL&FS: The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time.

RSWM: This Stocks In the News that the company has entered into definitive business transfer agreement with Pegasus Inland Container Depot Private Limited (PICDPL), for sale/transfer of private freight terminal (PFT) for Rs 33 crore.

Adani Group: This Stocks In the News that the  Gautam-Adani led Group has concluded financing for the first phase of Navi Mumbai international airport project by raising Rs 12,770-crore loan from the State Bank of India. It plans to commission the airport in 2024.

IndiGo: The low-cost airline has named Gaurav Negi as its chief financial officer and is giving additional responsibilities to chief strategy and revenue officer Sanjay Kumar following two senior level exits. Negi takes over from Jiten Chopra who is leaving the airline to pursue other interests, he is the third CFO at the airline in as many years.

Also Read : Hariom Pipe IPO : Dates, Issue Price, GMP, Subscription, Share Analysis and Allotment

Rail Vikas Nigam: This Stocks In the News that the company has signed memorandum of understanding (MoU) with wholly owned subsidiary of JK Cement – Jaykaycem (Central). The MoU is for development of approximately 50 km new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode.

SBI Life: Canda Pension Plan Investment Board (CPPIB) on Tuesday sold 0.56 per cent stake in the company for Rs 597 crore. It sold 5.58 million shares at Rs 1,068.35 apiece. Among the buyers were Aditya Birla Sun Life Mutual Fund, Avendus, ICICI Prudential MF, Singapore’s GIC and Goldman Sachs.

Can Fin Homes: The board revalidated approvals for issue of non-convertible debentures, on private placement basis up to Rs 2,265 crore.

L&T Technology Services (LLTS): The pure play engineering services unit of the L&T Group is betting big on Meta. This Stocks In the News that the  company is setting up a Centre of Excellence for Metaverse as well as creating a business unit for Meta. The CoE will be launched by July-August.

Coastal Corporation: The board has given its approval for fund raising up to Rs 50 crore through Rights issue.

Exide Industries: The board has approved merger of subsidiary Chloride Power Systems & Solutions with the parent company Exide Industries.

IRB Infrastructure Developers: The board has approved an implementation of Palsit Dankuni BOT project through the company’s associate IRB Infrastructure Trust. The company is the Sponsor of the Trust and holds 51 percent of stocks in the Trust while 49 percent is held by GIC affiliates.

Strides Pharma Science: R Ananthanarayanan has resigned as Managing Director & CEO of the company, to pursue his personal interests outside the organization. Arun Kumar, the founder and chairperson (Non-Executive Director) of the company, has been appointed as the Executive Chairperson & Managing Director.

Lemon Tree Hotels: This Stocks In the News that the company has signed a License Agreement for 132 room hotel project at Rishikesh in Uttarakhand under the company’s brand Aurika Hotels & Resorts – Luxury. The hotel is expected to be operational by March, 2025. Carnation Hotels, a subsidiary and the hotel management arm of the company will be operating and marketing this hotel.

IDBI Bank: The private sector lender will offload its balance 25 per cent stocks in Ageas Federal Life Insurance Company (AFLI) to Ageas Insurance International NV. The board of directors has approved to sell IDBI Bank’s entire stake of 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option by Ageas. In December 2020, IDBI Bank had sold a 23 per cent stake in an insurance joint venture to Ageas Insurance International JV for Rs 507 crore.

Further, IDBI Bank plans to raise capital up to Rs 3,000 crore through additional tier I (AT-1) bonds in 2022-23 (FY23) to meet regulatory norms and business growth. It will also raise up to Rs 1,000 crore via infrastructure bonds to fund projects and affordable housing.

Ruchi Soya Industries: The meeting of the board of directors of the company is rescheduled for March 31 for determining the issue price and the anchor investor issue price of follow-on public offer. Earlier it was scheduled on March 29.

Clean Science and Technology: The company has invested Rs 55 crore in its subsidiary Clean Fino-Chem, through rights issue.

Welspun Corp: Associate company ‘East Pipes Integrated Company for Industry’ (EPIC) in the Kingdom of Saudi Arabia (KSA), has won an order of SAR 497 million, from Saline Water Conversion Corporation (SWCC).

Religare Enterprises: The brokerage firm said its debt-ridden subsidiary Religare Finvest has defaulted on an interest payment due on March 28 for the non-convertible debentures. The company defaulted on an interest amount of Rs 2.41 crore.

Tata Consumer Products: This Stocks In the News that the  company announced reorganization of India and overseas business to simplify, align and synergize its business. It will buy 10.15 percent stake in Tata Consumer Products UK Group (TCP UK) for Rs 570.8 crore, from Tata Enterprises (Overseas) AG, Zug, Switzerland, a minority shareholder of TCP UK.

Rajratan Global Wire: Madhya Pradesh Industrial Development Corporation has revised the amount of Investment Promotion Assistance (IPA) from Rs 19.74 crore to Rs 22.92 crore under Madhya Pradesh Nivesh Protsahayan Yojana, 2014 / Investment Promotion Assistance Scheme to the company. The eligibility period of assistance is 7 years and the yearly sanctioned amount of IPA has been increased to Rs 3.27 crore from Rs 2.82 crore.

Punjab National Bank: The state-run bank’s board has approved a proposal to raise Rs 12,000 crore through issuance of bonds to fund business growth. The board approved raising of capital through issue of Basel III compliant AT-1 bonds up to Rs 5,500 crore and Tier II bonds up to Rs 6,500 crore, in one or more tranches, PNB said in a filing.

Jindal Stainless: The board has approved re-appointment of Ratan Jindal as the Chairman and Managing Director of the company for a period of five years.

Matrimony.com: The wedding portal launched the ‘Jodii’ mobile application to tap 400 million customers who access apps on their smartphones in vernacular languages. The ‘Jodii’ app will be available in 10 languages, the company said.

Read More : Veranda IPO: Dates, Issue Price, GMP, Subscription, Share Analysis and Allotment

Future Enterprises: The Kishor Biyani’s future group said it has defaulted on payment of Rs 19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by the company this month. The due date for payment of Rs 19.16 crore was March 28.

Stocks in F&O ban: PVR, Sun TV and Vodafone Idea stocks are the only stocks in the F&O ban period on Wednesday.

Leave a comment

Your email address will not be published. Required fields are marked *

Market Live Updates


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here


NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ITC 253.75 1.83 1,26,68,576
M&M 807.10 1.73 48,32,584
JSWSTEEL 728.65 1.55 42,75,780
TATACONSUM 776.30 1.36 21,46,724
HINDUNILVR 2,043.00 1.34 16,38,568
COMPANY LTP %CHNG VOLUME
HINDALCO 569.90 -4.98 1,67,38,310
DIVISLAB 4,431.15 -2.37 3,48,495
APOLLOHOSP 4,525.45 -1.94 8,77,622
RELIANCE 2,634.00 -1.46 33,99,115
CIPLA 1,014.65 -1.39 12,17,592