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HDFC fund raising through QIP eyed
Housing Development Finance Corp Ltd (HDFC) on Wednesday said its board has approved the launch of a qualified institutional placement (QIP) offering to raise up to Rs 14,000 crore by selling equity shares and warrants, the lender said in an exchange filing.
The QIP will comprise equity share sale of Rs 10,000 crore and sale of warrants worth Rs 4,000 crore.
HDFC said the board has fixed a floor price of Rs 1,838.94 a share for the equity share sale. Shares of HDFC closed at Rs 1,776.90 on Wednesday.
Key Results: HPCL, Vodafone Idea, Adani Enterprises, Adani Power, Lupin, Whirlpool
Thursday will see close to 50 companies announcing their quarterly results. Among them are Adani Enterprises, Adani Power, BASF, Can Fin Homes, Dalmia Bharat, Deepak Nitrite, Esab India, Gujarat Pipavav, Gujarat State Petronet Ltd, HCL Infosys, HPCL, Honeywell Automation, Indian Hotels, IFB Industries, Jamna Auto Industries, Lemon Tree Hotels, Lupin, Mangalore Chemicals & Fertilizers, Pidilite, Rane Engine Valves, Sumitomo Chem, Torrent Power, Vodafone Idea and Whirlpool.
Retail outreach plans may keep Adani Gas in focus
The Adani Gas, Total joint venture is to soon seek the government’s nod for fuel retailing In India. The CEO of Adani Gas, Suresh Manglani, said gas sales rose significantly in July and would keep rising in the remainder of FY21. The joint venture company will soon seek Government authorisation for fuel and LNG retail sales.
This would reinforce the existing partners’ strategic partnership to develop one of the largest integrated gas utilities in the Indian energy market.
Total had acquired 37.4 per cent stake in Adani Gas to create one of India’s largest downstream energy partnerships. The significant synergies to be explored are gas distribution, fuel retail and LNG businesses, and was planned to set up 1,500 retail outlets.
Will Favipiravir launch lift Alkem Lab?
Alkem Laboratories (Alkem) has launched Favipiravir under the brand name ‘Alfluenza’ in India for the management of mild to moderate cases of Covid-19. Favipiravir is approved by the DCGI (Drug Controller General of India) for restricted emergency use in India.
Restricted use entails responsible medication use where every patient must sign a consent form before treatment begins.
Shares of Alkem may react positively to the development, as the number of Covid-19 cases in the country have been increasing.
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