Godrej Properties, Bank of India, NBCC, Waaree Renewable, and Ashoka Buildcon: Key Updates in the Indian Stock Market
In today's stock market, Godrej Properties, Bank of India, NBCC, Waaree Renewable, and Ashoka Buildcon are key players to watch. Each company has announced significant updates that could impact their stock performance.
Godrej PropertiesBank Of IndiaNbccWaaree RenewableAshoka BuildconReal Estate MumbaiNov 27, 2024
Bank of India, a state-owned bank, has successfully issued long-term infrastructure bonds worth ₹5,000 crore on a private placement basis. The issue saw an overwhelming response, with bids totaling ₹13,700 crore, leading to an oversubscription of 6.85 times the base issue size of ₹2,000 crore. The bank has decided to accept bids worth ₹5,000 crore at a coupon rate of 7.41% per annum. A total of 5 lakh bonds, each with a face value of ₹1 lakh, will be issued.
NBCC, a state-owned construction firm, has entered into a Memorandum of Understanding (MoU) with Housing & Urban Development Corporation Ltd (HUDCO) for the development of a 10-acre institutional plot in Noida Sector 62. NBCC will act as the project management consultant, and the project has an estimated cost of ₹600 crore.
Waaree Renewable, a solar energy solutions provider, has received a term sheet for the execution of engineering, procurement, and construction (EPC) of a ground mount solar PV project with a capacity of 2012.47 MWp DC. The total estimated value of the order is approximately ₹12,33.5 crore (excluding taxes). This order involves the development and implementation of a large-scale renewable energy project. The timeline for project completion will be mutually decided between the parties involved.
Ashoka Buildcon, an infrastructure company, announced contrasting updates today. The National Highways Authority of India (NHAI) canceled the bid for the Kharagpur-Chandrakona-Ghatal road project (Package-1) in West Bengal due to administrative reasons, as Ashoka Buildcon was the sole bidder. However, the company has also received a significant new order, details of which are yet to be disclosed.
Sonata Software, a global IT services and technology solutions company, has secured a multi-million dollar modernization deal from a global leader in access solutions. The transformation deal will integrate and standardize the client’s APAC business processes across 13 countries, ensuring seamless operations and real-time engagement with customers, suppliers, distributors, and partners.
Natco Pharma, a pharmaceutical company, has completed the sale of approximately 14.38 acres (72,358 square yards) of land in Ranga Reddy district, Telangana, for ₹115.57 crore, including infrastructure costs. The company confirmed that the land and building sold were not part of its operational assets and that the transaction will not impact its business operations.
Hero MotoCorp, a leading automotive company, has launched a new initiative, the Hero For Startups (HFS) program, aimed at fostering innovation in the automotive industry. The program seeks to identify and support promising startups with the potential to shape the future of mobility. Selected startups will gain exclusive access to Hero MotoCorp’s state-of-the-art R&D facilities in Germany and India, along with the company’s vast network of dealers, suppliers, and partners.
Vedanta, a diversified metals and mining company, has seen an upgrade in its corporate family rating (CFR) to B2 from B3 by Moody’s Ratings. The rating for its senior unsecured bonds has also been raised to B3 from Caa1. The outlook remains stable, highlighting Moody’s expectation that Vedanta will continue to manage its debt maturities effectively and maintain its financial stability.
Padam Cotton Yarns, a company in the textile products sector, has announced the issuance of 38,73,000 bonus shares with a face value of ₹10 each, in a ratio of 1 1. Shareholders will receive one equity share of ₹10 for every one existing equity share they hold, subject to approval from shareholders.
KEC International, an infrastructure company, has secured turnkey orders worth ₹1,704 crore in its Transmission & Distribution (T&D) business from Power Grid Corporation of India Ltd (PGCIL). The projects include the design, supply, and installation of 765 kV transmission lines and GIS substations, further bolstering KEC’s leadership in the T&D sector.
PCBL, a carbon black maker, has received approval from the Government of Andhra Pradesh for the allocation of 116.62 acres of land at Naidupeta MPSEZ for establishing a rubber black and value-added chemicals manufacturing unit. The land is priced at ₹1,948 per square metre, subject to the de-notification of the Naidupeta SEZ and adherence to specified conditions.
Frequently Asked Questions
What is Godrej Properties planning to do in the stock market?
Godrej Properties is planning to raise up to ₹4,000 crore through a Qualified Institutional Placement (QIP) by selling up to 5.5% of its equity, or approximately 1.54 crore shares, at an indicative price of ₹2,595 per share.
What significant financial move did Bank of India make recently?
Bank of India successfully issued long-term infrastructure bonds worth ₹5,000 crore on a private placement basis, with bids totaling ₹13,700 crore, leading to an oversubscription of 6.85 times the base issue size.
What is the new partnership announced by NBCC?
NBCC has entered into a Memorandum of Understanding (MoU) with Housing & Urban Development Corporation Ltd (HUDCO) for the development of a 10-acre institutional plot in Noida Sector 62, where NBCC will act as the project management consultant.
What major project has Waaree Renewable secured?
Waaree Renewable has received a term sheet for the execution of engineering, procurement, and construction (EPC) of a ground mount solar PV project with a capacity of 2012.47 MWp DC, valued at approximately ₹12,33.5 crore (excluding taxes).
What updates did Ashoka Buildcon announce regarding its projects?
Ashoka Buildcon announced the cancellation of the Kharagpur-Chandrakona-Ghatal road project bid in West Bengal due to administrative reasons and the receipt of a significant new order, details of which are yet to be disclosed.
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