Stocks that will see action on October 5

K.S. Badri Narayanan Chennai | Updated on October 05, 2021

Buzzing stocks: ICICI Lombard, Srei Infra, PNG Met Life, Bharti Airtel, PSU Banks, EID Parry, HFCL, Railway VIkas Nigam, Gufic Bio, Gokaldas Exports, JSW Energy, Elpro International

The rights issue from the telecom major Bharti Airtel will open on Tuesday (October 5) and close on October 21. Bharti Airtel shareholders, whose name had appeared on the record book of the company as on September 28, will receive one share for every 14 held at ₹535 per unit.

Shares of Bharti Airtel rights entitlement (RE) will open on Tuesday and close October 14 at the stock exchanges. Existing shareholders can sell RE through the window, while those who wish to participate in the ₹21,000 crore rights offering will get to buy the permit to apply. One RE gives a shareholder right to subscribe to one share in the rights issue programme.

SREI Infrastructure Fin: The Reserve Bank of India has superseded the Board of Directors of SREI Infrastructure Finance Limited and SREI Equipment Finance Limited, owing to governance concerns and defaults by the aforesaid companies in meeting their various payment obligations. Rajneesh Sharma, Ex-Chief General Manager, Bank of Baroda, has been appointed as the Administrator of the aforesaid companies.

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PNB Metlife: MetLife International Holdings, LLC has entered into a share purchase agreement with IGE (India) Private Limited and Elpro International Limited (BSE: 504000; “Elpro”) to acquire their total combined shareholding of 15.27 per cent in PNB MetLife India Insurance Company Limited.

The transaction is subject to all necessary regulatory approvals. The Dabriwala family, through their companies, IGE and Elpro, is one of the initial investors in PNB MetLife. Upon completion of the transaction, MetLife’s stake in PNB MetLife will increase to 47.325 per cent.

ICICI Lombard General Insurance: Societe Beaujon is planning to sell about 1.75 crore shares of ICICI Lombard General Insurance Company Ltd through block deal, according to media reports. The shares will be offered at ₹1,497.92-1,576.75 range, which represents a discount of 0-5 per cent to Monday’s closing price.

PSU Banks: The Reserve Bank has given licence to the ₹6,000 crore National Asset Reconstruction Company Ltd (NARCL). SBI, Union Bank of India, Indian Bank picked up 13.27 per cent stake each in the NARCL, while Punjab National Bank acquired about 12 per cent stake. Banks have identified around 22 bad loans worth ₹90,000 crore to be transferred to NARCL in the initial phase. The move will help kickstart operations of the bad bank.

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Info Edge (India) Ltd has approved the investment of about ₹15 crore, through its wholly owned subsidiary, in 4B Networks Private Ltd. This investment is in exercise of a right available to the company to subscribe 4,245 additional securities for an amount upto ₹15 crore.

The company already holds 19.9 per cent stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment.

JSW Energy Ltd has signed a contract with Senvion India, a leading manufacturer of wind turbines, for procurement of 591 MW of onshore wind turbines for the company’s under-construction pipeline of renewable energy projects. The supply of the turbines from Senvion will start by the second quarter of CY2022. The turbines will produce enough green energy to meet the annual electricity requirements of more than 450,000 households in the country.

HFCL has bagged an order amounting to ₹287.96 crore from RailTel Corporation of India for setting up of Secured Optical Packet Switched Network for Defense Forces. The Secured Optical Packet Switched Network should enhance the security of applications and provide latest state of the art technology, which will drive the security requirement of Defence Forces. The hardware and the software provided would be under warranty for 24 months.

Rail Vikas Nigam Limited has entered into an MoU on with Tata Steel in connection with implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to bankability of the SPV project, execution of definitive agreement and management approval.

Swelect Energy System has informed the exchanges that company’s subsidiary Swelect US has made an allotment of 36,000 shares $10 each amounting to total $360,000 to the conversion of outstanding principal loan amount together with accrued interest as on March 31, 2020, in favour of it.

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EID Parry India has approved an investment of ₹19 crore in the joint venture company – Algavista Greentech, and sale of the plant & equipment of the sugar factory at Pettavaithalai, Tamilnadu, which is not in operation.

Gufic Biosciences has approved the proposal for increasing capital expenditure to the tune of ₹200 crore out of which around ₹180 crore is proposed to be utilised for setting up of the new manufacturing unit and balance ₹20 crore for setting up the research & development facility, both in Indore, Madhya Pradesh.

Gokaldas Exports: The Board of Directors is scheduled to be held on October 7, 2021, to inter alia consider and approve the issue price, including a discount, if any thereto as permitted under the SEBI ICDR Regulations, for the Equity Shares to be allotted to qualified institutional buyers, pursuant to the Issue. The company launched its qualified institutional placement issue on October 4 and the floor price has been fixed at ₹194.58 a share.

Published on October 05, 2021

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