Stocks

Stocks that will see action today (Sept 28)

KS Badri Narayanan Chennai | Updated on September 28, 2021

Buzzing stocks: RIL, Raymond, Paisalo, Whirlpool, Allcargo, Pondy Oxides, Websol, Zee Entertainment, REC,

Reliance Industries is in talks to buy a stake in Glance InMobi Pte, according to a Bloomberg report. RIL is considering investing about $300 million in the unicorn backed by Alphabet Inc.’s Google.

Whirlpool of India has entered into a share purchase agreement with Elica S.p.A to acquire an additional stake in Elica PB India. Elica PB India will become a majority-owned subsidiary of Whirlpool India and its financial statements will be consolidated within Whirlpool India. The transaction is expected to close by the end of September 2021. Both organisations will continue to run their operations similar to their current state. Whirlpool India currently owns a 49 per cent stake in the Elica PB India Private Limited and will acquire an additional 38 per cent equity interest for $57 million to bring its total equity ownership to 87 per cent. Whirlpool India initially acquired a 49 per cent equity interest in Elica PB India in 2018.

Paisalo Digital: State Bank of India has signed a Service Level Agreement with Paisalo Digital Limited National Corporate Business Correspondent of the Bank for promoting financial inclusion by providing banking services through kiosks. "Towards this objective of promoting financial inclusion and increasing the outreach, Paisalo Digital shall extend its services and reach to the vast under serviced segments of the market, specially in semi urban and rural parts of India," it said in a statement. As a national business correspondent for State Bank of India, PaisaLo will focus on building greater synergies and a more aggressive rollout.

Raymond: The obard of Raymond Ltd has approved consolidation of Tools & Hardware and Auto Components businesses into Engineering business for improving synergies and exploring monetisation options for deleveraging. The overall objective being value creation for shareholders. The engineering business has achieved scale and improved market share in both domestic and global markets. These businesses have demonstrated growth in EBITDA margins, generated free cash flows and are debt free.

Allcargo Logistics is considering selling a stake in its container shipping firm ECU Worldwide, according to a Bloomberg report. The company is working with an adviser on the sale of the stake. Allcargo is seeking a deal that would value ECU at about $1 billion.

Adani Enterprises: Adani Airport Holdings, a wholly owned subsidiary of the company, has signed share subscription agreement with April Moon Retail and its existing shareholders -Arjun Ahuja, Karan Ahuja, Aliya Ahuja and Kabir Ahuja - for the purpose of strategic partnership to operate duty free outlets in airports. Adani Airport Holdings to own 74 per cent of April Moon Retail.

Pondy Oxides & Chemicals Ltd has announced that the newly commissioned facility in existing plant located at Chittoor, Andhra Pradesh, has commenced its trial production on September 27. This will help the company to meet the ever growing demand of Copper. The company is also planning to enter other Non-Ferrous Metals area which will increase the company's turnover and profit in coming years.

State-owned REC has got shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures. "All resolutions as set out in the Notice of 52nd AGM of the company have been duly approved & passed by the shareholders with requisite majority," a BSE filing said on Monday. The funds would be raised on private placement basis in one or more tranches, according to the notice for 52nd Annual General Meeting (AGM) held on September 24, 2021

Impex Ferro Tech: Rare Asset Reconstruction Ltd has advised that pursuant to an Assignment Agreement (AA) on September 8, it has acquired the financial assets of Impex Ferro Tech together with all underlying security interest and all its rights & title and interest and benefits in respect therein from State Bank of India (SBI). Rare ARC has become entitled to recover from the borrower, the total dues of SBI along with interest at contractual rates, further interest and other charge from the said date till date of realisation.

Jindal Steel and Power: The credit rating agency, ICRA Limited, has upgraded its Rating from [ICRA]A with "stable" outlook to [ICRA]A+ with "Positive" outlook on the Long Term Bank Facilities and from "[ICRA]A1" to "[ICRA]A1+" for Short Term Bank Facilities of Jindal Steel and Power Limited. The ratings are upgraded to [ICRA]A+ with Positive outlook for Long Term Bank Facilities and [ICRA]A1+ for Short Term Bank Facilities.

Websol Energy System Limited is a listed Kolkata-based company that manufactures solar cells and modules. Websol Module has been approved by the MNRE, Government of India under the list of "Approved Module Manufacturer (ALMM) issued by the Government of India." Also the company has received approval of its module from BIS and IEC61215..

Gulshan Polyols has informed that it has received environment clearance for 500KLD along with Cogen Power Plant for the proposed project activity i.e Grain Based distilleries for Ethanol Blended Petrol.

Zee Entertainment: SEBI has confirmed its earlier directive passed against five persons wherein they were barred from the securities market for indulging in insider trading in the scrip of Zee Entertainment Enterprises. "Bijal Shah, Gopal Ritolia, Jatin Chawla, Gomti Devi Ritolia and Daljit Chawla are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders," SEBI said.

Published on September 28, 2021

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