Summary:
Paytm, SPR Auto Technologies, Netweb Technologies, Jyoti CNC, Manipal Health and Highway Infrastructure are in focus following key corporate developments. Paytm may see a promoter stake sale, while SPR Auto and Netweb plan QIP fundraises. Jyoti CNC received approval for a ₹1,020.65 crore investment, Manipal Health agreed to a ₹130 crore Bengaluru acquisition, and Highway Infrastructure secured an ₹80.17 crore NHAI order.
Indo-MIM Likely To Remain In Spotlight After Reporting Strong Q1 Profit
Indo-MIM is likely to remain in the spotlight after reporting stellar quarter one (Q1) profits. Consolidated profit jumped 31.6% year-over-year (YoY) to ₹240.1 crore for the three months ended March 2023, against ₹182.4 in the year-ago period. Revenue also climbed 9.4% to ₹1,218.7 crore, compared to ₹1,114.1 crore in the same period last year.
The jump in the bottomline, compared to the top line, suggests improvement in the company’s profitability that should be watched out in the coming quarters.Indo-MIM share price
Paytm Promoter Entity May Offload 4.98% Stake In The Firm
Paytm could be in the spotlight after it emerged that Resilient Asset Management B.V., a promoter entity of Vijay Shekhar Sharma, is considering selling 4.98% in the firm. The said stake is reportedly valued at ₹1,535.10 per share, a deal that could interest many investors.
While the stake sale would improve the liquidity of the shares, investors would be watching out for the size of the transaction and the value at which the deal would happen.
SPR Auto And Netweb Technologies To Tap QIPs For Funds
SPR Auto Technologies India and Netweb Technologies India are poised to tap the Qualified Institutional Placement (QIP) window to raise capital. SPR Auto Technologies India opened its QIP on August 17, 2023, which has a floor price of ₹4,438.2 per share. According to reports, the company is targeting around ₹1,000 crore through the placement.
Netweb Technologies India has also opened its QIP window with a floor price of ₹4,885.90 per share. The company is hoping to raise around ₹1,200 crore with the placement, compared to a market cap of ₹2,221 crore. The fundraising will allow both firms to shore up their balance sheet while facilitating their respective growth strategies, despite potential dilution.
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Jyoti CNC Gets Approval For ₹1,020.65-Cr Investment Proposal
Jyoti CNC Automation gets approval for its ₹1,020.65 crore investment proposal under MeitY’s Electronic Components Manufacturing Scheme. The ₹1,020.65 crore proposed investment is set to be made in a phased manner over the next five years at its existing manufacturing facility in Rajkot.
The company is expected to benefit from the 25% capex incentive under the scheme, which should support expansion plans while strengthening its position in the domestic electronics manufacturing ecosystem.
Manipal Health To Buy Kinder Hospital’s Entire Businesses In Bengaluru
Manipal Health Enterprises has entered into an agreement to buy Kinder Hospital’s entire businesses and assets in Bengaluru for ₹130 crore. The acquisition is expected to strengthen Manipal’s presence in the city’s healthcare sector.
Highway Infrastructure Gets ₹80.17-Cr LOA From NHAI For Tamil Nadu Project
Highway Infrastructure has received a Letter of Award (LOA) from the National Highway Authority of India (NHAI) for constructing the Palayam Fee Plaza in Tamil Nadu, worth ₹80.17 crore. The order will add to the company’s order book, providing it with additional revenues in the near future.
