🔆Good Morning All🔆
💥 Morning Market News & Update
Stocks To Watch
🔹Adani Ports & SEZ: Board approves raising Rs 3,000 crore through NCDs. Gets approval from the Competition Commission of India for the acquisition of Krishnapatnam Port. Deal likely to be completed in Q2FY21. With regards to the deal with Snowman Logistics, the company said that both parties mutually agreed to not pursue the deal further. A settlement agreement has been signed. Adani Logistics will continue to be a minority shareholder in Snowman Logistics.
🔹Eicher Motors: Shareholders approve splitting one equity share of Rs 10 each into ten equity shares of Re 1 each. The expected time of the split is 2-3 months from August 11. Issued, subscribed and paid-up share capital of the company will rise to 27.3 crore shares from 2.73 crore shares.
🔹HDFC: Completes capital raise through its QUIP and issue of NCDs, aggregating to Rs 13,693 crore. It will receive an additional Rs 3,690 crore through securities premium it all warrants are exercised by the investors. Accordingly, maximum equity dilution would be up to 4.26% of enhanced equity share capital.
🔹Covid-19 Impact On Petronet LNG: Demand for regasified LNG has seen gradual recovery since the first week of June. The Dahej terminal operating at full capacity since lifting of the lockdown. Constrained to invoke Force Majeure for nine long-term cargos with its suppliers and discussions on the same are ongoing. The company also received requests under regasification contracts for deferment of deferment of third-party cargos to subsequent months.
🔹Orissa Mineral Development: Supreme Court has passed orders for the company to resume mining operations subject to necessary clearances and allowed the sale of undisposed stock following due procedure.
🔹MT Educare: Promoter Mahesh Shetty has offered to sell up to 17.83 lakh shares (2.47% equity) at a floor price of Rs 13.5 per share. The Offer For Sale for non-retail investors, shall open on August 12 and for retail investors on August 13.
🔹Muthoot Finance: Board to seek shareholders nod to increase borrowing limit to Rs 75,000 crore from Rs 50,000 crore on August 19.
🔹Chalet Hotels: Board approved amalgamation of its wholly owned arms Belaire Hotels and Seapearl Hotels with itself. Proposed opening of Westin Hotel at Hyderabad has been pushed back to 2021. All other projects have been put on hold. All hotel and retail properties in Mumbai, Bengaluru, Hyderabad and Pune are fully operational.
🔹Wipro: Completed the acquisition salesforce partner 4C.
🔹Hexaware Technologies: Announces strategic partnership with Freshworks for digital solutions.
🔹ONGC: Allotted NCDs worth Rs 1,000 crore.
🔹Vadilal Enterprises: India Ratings and Research has downgraded the company’s long-term issuer rating to ‘IND BBB’ from ‘IND BBB+’ while resolving rating watch negative.
🔹Gujarat Alkalies and Chemicals: Revised the caustic soda plant project (project implemented by GACL and NALCO) to Rs 2,300 crore from Rs 2,000 crore. Additional project cost will be funded by lenders and promoters in the debt-equity ratio of 70:30.
🔹Embassy Office Parks REIT: To consider raising debt on August 14.
🔹MPS: Board approves share buyback of up to 5.67 lakh shares or 3.04% of total equity. The buyback price of Rs 600 per share is a 51% premium to Tuesday's closing price. The record date for the Rs 34 crore buyback is set at August 24.
🔹KRBL: Board has discussed the potential hiving off of the company’s energy business into a newly formed legal entity. A draft restructuring proposal will be made in the due course of time
🔹Covid-19 Impact On Bharat Road Networks: Some Special Purpose Vehicles (SPVs) have applied for and availed moratorium on term-loans. The SPVs are taking appropriate measures including invoking the Force Majeure conditions to combat the impact of the pandemic.
🔹JMC Projects: Received EPC orders worth Rs 1,363 crore.
🔹Sequent Scientific: CA Harbor Investments makes an open offer to acquire 6.45 crore shares or 26% of the expanded voting share capital of the company from public shareholders. The open offer will run from August 25 - September 7.
🔹Non-Nifty Earnings Today: Aarti Industries, Aavas Financiers, Ashok Leyland, Aster DM Healthcare, Aurobindo Pharma, Bharat Forge, Brigade Enterprises, Cholamandalam Financial, Cummins India, eClerx, Graphite India, Gulf Oil, Kalpataru Power, SH Kelkar, NCC, Natco Pharma, MAS Financial, Tata Power #NIFTY50