Reliance Industries:
Reliance Industries Ltd has secured a significant contract under the government’s production-linked incentive (PLI) scheme to develop a 10 GWh battery storage project. This project is part of India’s push towards self-reliance in battery manufacturing. The PLI scheme, with a budget of ₹3,620 crore, attracted bids from major players, including Reliance Industries. This move is expected to bolster Reliance’s position in the energy and technology sectors.
Adani Enterprises:
Adani Enterprises Ltd’s first bond issuance aimed at individual investors has garnered substantial interest. The issuance, which targeted ₹800 crore, saw nearly ₹720 crore in subscriptions on its first day. The retail segment was fully subscribed, reflecting renewed investor confidence in the Adani Group following previous challenges.
Canara Bank:
Canara Bank successfully raised $300 million through a five-year bond issuance, marking its first bond issue in over five years. The bonds, priced at 125 basis points above the five-year US Treasury rate and offering a 4.89% semi-annual coupon, were oversubscribed by more than 2.5 times, indicating strong demand from investors.
Sona BLW Precision Forgings:
Sona BLW Precision Forgings, known as Sona Comstar, has set a floor price of ₹699.01 per share for its qualified institutional placement (QIP), reflecting a 3% discount from the previous day’s closing price. The QIP issue, launched on Wednesday, may include a discount of up to 5% at the company’s discretion.
Axis Bank:
Axis Bank has raised ₹3,925 crore through the sale of 10-year infrastructure bonds. The issuance, which includes a base size of ₹2,000 crore and an additional greenshoe option of ₹2,000 crore, features a coupon rate of 7.45%. This move provides long-term capital to support strong loan demand in a slower deposit growth environment.
Vedanta:
Vedanta received a long-term credit rating upgrade from ICRA Ratings, reflecting improved credit metrics. This upgrade follows Vedanta’s successful $1 billion QIP and $400 million OFS of Hindustan Zinc Limited. The rating upgrade to [ICRA]AA indicates positive credit outlook for the company.
General Insurance Corporation of India (GIC Re):
GIC Re’s offer for sale (OFS) saw bids totaling nearly ₹2,300 crore on its first day. The OFS aims to divest up to 6.78% of the government’s stake. The bids received cover 58 million shares, but the final divestment might be less than 3.4%, requiring additional divestments to meet the 25% public shareholding requirement.
Prestige Estates Projects:
Prestige Estates Projects raised ₹5,000 crore through a Qualified Institutional Placement (QIP). The company issued nearly 30 million equity shares at ₹1,674 per share, a discount of 4.62% to the floor price.
Allied Blenders and Distillers (ABDL):
ABDL has received board approval to acquire an 80% stake in a new venture with actor Ranveer Singh, focusing on luxury and premium spirits. The investment in the new entity is expected to reach up to ₹70 crore.
Mastek:
Capital Group sold a 5.6% stake in Mastek, raising over ₹475 crore. Concurrently, ICICI Prudential Mutual Fund acquired shares in Mastek, indicating its positive outlook on the company’s growth prospects.
These updates reflect significant movements and developments across various sectors, influencing stock performance and investor sentiment in today’s trading session.
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