Summary:
Tata Capital, Cyient, Dabur India, Vedanta Iron & Steel, ITI and Edelweiss Financial Services are among the key stocks likely to remain in focus today. Investors will track developments related to fund raising, buybacks, promoter stake sales, regulatory updates and upcoming listings. These company-specific announcements could drive stock-specific action during the trading session.
A number of firms have been predicted to attract attention on Friday owing to corporate news that range from raising funds, purchasing back shares, regulatory announcements, as well as sales of promoter stakes among others.
Raising Funds and Capital Raising
Tata Capital has come into the limelight owing to the allotment of NCDs of ₹2,030 crore through a private placement by the non-banking financial institution. It is anticipated that such an exercise would enhance the financial capacity of the company to facilitate growth.
Ratnaveer Precision Engineering stated that it would undertake a raising of ₹330 crore through a rights issue of equity shares.
Edelweiss Financial Services reported that its NCD issue of up to ₹3,000 crore has closed prematurely owing to strong subscription levels from investors.
Corporates and Shareholders News
State-controlled telecommunications equipment manufacturer ITI received approval from the stock exchanges BSE and NSE for the issuance of 19.65 lakh shares at a premium of ₹290.25 each through preferential allotment to the company’s promoters.
GNG Electronics might continue to face some headwinds following the sale of a 3.9% stake by the company’s promoter, Vidhi S. Khandelwal, in the company, bringing her total holding down to 74.77%. Transactions by promoters are usually watched keenly by the investing community.
IT services company Cyient has set June 17 as the record date for a ₹720 crore share buyback plan that it has proposed.
Expansion and Business Activities
In order to boost overseas operations and facilitate expansion, SP Apparels signed a loan deal worth £4 million with its UK subsidiary.
On the other hand, Federal Bank introduced a new scheme called “FCNR Max” under the FCNR(B) deposits category, catering specifically to the needs of NRI customers.
Listings and Regulation News
One of the companies to come out of Vedanta’s demerger, Vedanta Iron and Steel, will see its shares hit the exchanges for the first time on June 15. This news is bound to draw investor interest in view of the ongoing reorganization at Vedanta.
Meanwhile, Dabur India continues to be in the spotlight with the US FDA issuing Import Alert No. 66-40 on its Silvassa plant. The firm has explained that the import alert is related to just a part of the plant that makes little contribution to revenues.
The above events are sure to influence stock specific trading in the coming hours.
