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Stock market today: HDFC Life Insurance plans to raise Rs 1,000 crore via non-convertible debentures to support the company’s growth. Photo: Bloomberg
Actions to watch, Thursday October 10, 2024: GIFT Nifty futures, trading with an advance of around 100 points at 25,201, compared to the last close of Nifty futures at 25,083, signaled a higher opening in Indian markets on Thursday.
In the meantime, here are some stocks likely to be in focus today:
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Adani Companies: The company has launched a qualified institutional placement (QIP) offering at a floor price of Rs 3,117 per share. The company aims to raise up to Rs 16,600 crore to finance various projects, including airport expansion. Lead book-running managers for the issue include SBI Capital Markets, Jefferies India and ICICI Securities.
Vedanta: The company repaid $869 million to bondholders, buying back bonds maturing in 2027 and 2028 ahead of their maturity as part of a liquidity management strategy. The move is expected to help the company save on interest costs.
JSW infrastructure: The company has received a letter of intent from the Maharashtra Maritime Board to develop a multi-purpose port in Palghar district. The project, costing around Rs 4,259 crore, is expected to create 1,500 jobs and is in line with JSW’s growth plan to significantly increase capacity by FY30.
ICICI titles: The National Company Law Tribunal has approved the delisting of ICICI Securities, following a plan that will make it a wholly-owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI securities held by them. Objections from minority shareholders were rejected.
Jio Financial Services: Jio Payments Bank, part of Jio Financial Services, has obtained a mutual fund distribution license from AMFI, allowing it to distribute direct mutual fund plans. This fits with Jio Financial Services’ broader strategy to expand into the financial services sector, including a joint venture with BlackRock.
Tata shares: Shares of Tata group companies will be in focus, following the death of its chairman emeritus, Ratan Naval Tata, on the night of Thursday, October 10.
HDFC Life Insurance: The insurer plans to raise Rs 1,000 crore through non-convertible debentures to support the company’s growth. The issue will be unsecured and listed on the National Stock Exchange.
Star Health and Allied Insurance: The company is under forensic investigation after a major data breach affecting 31 million customers. Star Health is cooperating with authorities and has taken legal action against the platforms facilitating the data leak.
Ola Electric: Following a surge in consumer complaints, the Ministry of Heavy Industries has sought information from the Indian Automotive Research Association regarding Ola Electric’s compliance with regulatory norms.
IRB Infrastructure Developers: The company plans to raise up to $200 million through the issuance of foreign currency notes to meet its financial needs. The Board of Directors has authorized the Executive Committee to oversee this fundraising effort.
Zee Entertainment Companies: The Independent Commission of Inquiry (ICC) set up by ZEEL found “no material irregularities” in the company after an investigation by SEBI into alleged misappropriation of funds. This follows the scrutiny of its chairman emeritus Subhash Chandra and its managing director and CEO Punit Goenka, for alleged misappropriation of funds of over Rs 2,000 crore.
IDFC: Swiss financial services firm UBS Group has acquired a 0.51 per cent stake in IDFC for around Rs 88 crore. This transaction comes after IDFC First Bank announced its merger with IDFC Ltd.
TAC Information Security: The cybersecurity company has added 200 new customers, including Microsoft and Lenovo, and aims to secure 10,000 global customers by March 2026.
First publication: October 10, 2024 | 7:08 a.m. STI