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Order booster for PNC Infratech
PNC Infratech on Thursday announced receipt of Letters of Acceptance for two EPC projects from the National Highways Authority of India for an aggregate contract value of Rs 1,547.80 crore.
One of the orders is for construction of an eight-lane access-controlled expressway at NH-47 (a section of the Delhi-Vadodara Greenfield Alignment) EPC mode under the Bharatmala Pariyojana in Gujarat for a contract value of Rs 758.40 crore, with a completion time of 24 months.
The second order is for construction of another eight-lane access-controlled expressway at SH-63 near Pratap Nagar village, near Dodka village of Vadodara District, also on EPC mode under the Bharatmala Pariyojana, for a contract value of Rs 789.40 crore, again with a completion time of 24 months.
Analysts and shareholders will closely monitor the execution of the projects.
CanFin Homes: Fund-raising plans eyed
After market hours on Thursday, the board of CanFin Homes approved plans to raise funds through an issue of non-convertible debentures/bonds, up to an amount not exceeding Rs 4,000 crore, and an equity issue of Rs 1,000 crore, which would be through further issue of shares/ specified securities through rights/ qualified institutions placement and/or on preferential allotment basis. The board will place these recommendation to its shareholders at the Annual General Meeting, scheduled for September 2.
Results watch: Eyes on Asian Paints, ITC
Friday will see some 30 companies announcing their quarterly results. Among them are Ambuja Cements, Asian Paints, Atul, Bharat Road, CPCL, Crompton Greaves Consumer, Coromandel International, ITC, LMW, JSW Steel, Sintex Plastics, Welspun India, Texmaco Pipes, and Zee Entertainment.
Investors’ focus will be on Asian Paints, whose shares have tumbled in recent weeks, due to the Covid-19 induced shutdown. Most analysts expect the company’s net profit to drop by 75 per cent, and sales by 60 per cent.
After Hindustan Unilever disappointed street expectations, the focus has now shifted to ITC. Though most analysts expect a sharp decline in the company’s cigarette and hotel businesses due to the disruptions caused by the Covid-19 pandemic, they believe that the fast-moving consumer goods and personal care verticals may have performed better. If ITC outperforms market expectations, one can expect a sharp rally in the stock.
ICRA downgrade may impact Indian Terrain
Shares of Indian Terrain Fashions may come under pressure as the rating committee of ICRA, after due consideration, has downgraded the long-term rating Line of Credit to (ICRA)BBB+ from (ICRA)A- (pronounced ICRA A minus). ICRA has also downgraded the short-term rating LOC to (ICRA) A2 from (ICRA) A2+. The outlook on the long-term rating remains negative, ICRA further said.
Shares of Indian Terrain on Thursday closed at Rs 28.9 on the BSE.
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