SGX Nifty hinted at a mildly negative start for Indian domestic indices, BSE Sensex and NSE Nifty. Edelweiss Financial Services, TII, IRB Infra stocks in focus.
Indian benchmark indices are likely to open on a mildly negative note, hinted SGX Nifty. On the Singapore Exchange, Nifty futures were in the red at the 17,515 level. In the previous session, Sensex closed in the red at 59,463, down 0.24% and the Nifty extended losses for a sixth session, closing at 17,465. “The domestic market is broadly demonstrating a lack of confidence, registering its sixth consecutive day of losses despite global markets turning green. Continued selling in the domestic market by FIIs is acting as an overhang in sustaining the early gains. Crude oil prices rallied as the prospect of lower Russian exports outweighed rising US inventory,” said Vinod Nair, Head of Research, Geojit Financial Services.
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Stocks in focus on 27 February, Monday
Adani Ports and SEZ
Adani Ports and Special Economic Zone crossed 300 MMT of cargo handling on 23 February 2023, in just 329 days, beating its own milestone from last year of 354 days. APSEZ has also met its sustainability commitments. Energy and emission intensity has been reduced by around 41% and water intensity by 56% from 2016 levels.
Religare Enterprises
Religare Finvest, subsidiary of Religare Enterprises, stated it is not in a position to service/ pay principal & interest amount on NCDs issued on private placement basis of Rs 10,00,000 each for cash at par for up to Rs 8 crore & allotted on 25 February, 2013. The debentures were set to mature on 24 February, 2023.
Dilip Buildcon
Dilip Buildcon sold 49% of its equity shareholding in DBL Chandikhole Bhadrak Highways Limited to Shrem InvlT for Rs 24.50 crore. The company also, through its subsidiary, executed an engineering, procurement and construction (EPC) agreement for “Rewa Bansagar Multi Village Scheme, District Rewa” with the Madhya Pradesh government for Rs 7947.06 crore over 24 months.
Welspun Corp
Sintex Prefab Infra set to acquire Big Shot Infra Facilities, a wholly owned subsidiary of Welspun Corp, by way of settlement of creditors: Rs 30 crore in upfront cash and Rs 20 crore in deferred consideration.
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Edelweiss Financial Services
The company received the shareholders’ approval for the proposed demerger of its Wealth Management business, paving the way for the listing of Nuvama Wealth Management, earlier known as Edelweiss Wealth Management. After listing, Edelweiss would continue to hold 14% in NWML and the shareholders of EFSL would hold 30% of the paid- share capital.
Tube lnvestments of India
To fuel its electric vehicle (EV) platform, TI Clean Mobility, a subsidiary of Tube lnvestments of India, has signed definitive agreements with co-investors, including Multiples Private Equity Fund III and State Bank of India, to raise up to Rs 1,950 crore in equity and Compulsorily Convertible Preference Shares (CCPS). With Tube Investments investing Rs 639 crore through equity and inter-corporate deposits, and the co-investors investing up to Rs 1,200 crore, the total investment will amount to Rs 1,950 crore. In addition, TICMPL plans to raise an additional Rs 1,050 crore by March 2024, bringing the total funds raised to Rs 3,000 crore.
Indiabulls Housing Finance
The firm will raise up to Rs 900 crore through the public issue of Non-Convertible Debentures (NCDs). The issue is set to open on 3 March and close on 17 March.
Power Grid
Directors approved various investments on Power Grid’s projects, totalling Rs 803.57 crore.
IRB Infra
Received a Letter of Award from National Highways Authority of India for upgrading NH-27 from Samakhiyali to Santalpur Section in Gujarat under BoT mode to a six lane, paved shoulder highway. The project consideration is Rs 2,132 crore and the company’s order book stands revised to approx. Rs 20,892 crore.
