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Key results: Infosys, Tata Elxsi, Tata Steel BSL
Close to a dozen companies will meet on Wednesday to consider their quarterly and half-yearly results for the period ended September 2020. The focus will be on Infosys. After TCS and Wipro came out with relatively stable numbers, analysts expect Infosys to report around 20 per cent profit growth.
Apart from Infosys, companies such as Aditya Birla Money, CHD Chemicals, DEN Networks, Goa Carbon, Gujarat Hotels, International Travel House, JTL Infra, Reliance Industrial Infrastructure, Tata Elxsi, Tata Steel BSL and Titagarh Wagons will declare their results.
Fund raising bodes well for NTPC
NTPC has decided to raise Rs.4,000 crore on October 15 through private placement of unsecured non-convertible bonds in the nature of debentures at a coupon of 5.45 per cent p.a. with a door-to-door maturity of five years on October 15, 2025.
The proceeds will be used for funding capital expenditure, refinancing existing loans and other general corporate purposes.
The bonds are proposed to be listed on both the NSE and BSE. Bond Trust Deed for these bonds will be duly executed as per the requirements of and within the period of time prescribed under the Companies Act and rules specified therein.
These bonds are issued under the approval obtained through the shareholders' resolution on September 24, 2020.
CCI nod may boost CG Power, Tube Investments
Shares of CG Power and Tube Investments will remain in focus as they have received the nod for a proposed takeover. The Competition Commission of India on Tuesday approved the takeover of CG Power and Industrial Solutions Ltd by Tube Investments of India Ltd, part of the Murugappa Group.
CG Power is facing financial stress and is in immediate need of funds to continue operations as a going concern, for which its lenders have initiated the process for resolution of stress in accordance with the Stressed Asset Directions.
In August, the CG Power board had accepted Tube Investment’s proposal to invest Rs 700 crore following a Swiss challenge bidding process, which was initiated by the lenders.
CG Power is a publicly listed entity with two major business units — power systems and industrial systems. The power systems business unit focusses on power transmission, distribution, power solutions, setting up of integrated power systems and associated services businesses.
UFO Moviez: Subsidiary investments in focus
Scrabble Entertainment Ltd, a wholly-owned subsidiary of UFO Moviez, has approved an investment of up to Rs 8 crore by way of equity and/ or non-cumulative optionally convertible redeemable preference shares and/ or any other instruments, over a period of up to two years in Mumbai Movie Studios Pvt Ltd.
Shareholders will closely monitor further developments.
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