The country's largest lender State Bank of India has raised ₹7,000 crore by issuing Basel III compliant bonds
Indian Oil Corporation will invest ₹17,825 crore to implement Petrochemical and Lube Integration at its Gujarat Refinery
NEW DELHI :
Here’s a list of top ten stocks that may be in news on Tuesday:
State Bank of India: The country's largest lender has raised ₹7,000 crore by issuing Basel III compliant bonds. "The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020 accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable...debt instruments in the nature of debentures aggregating to ₹7,000 crore, to bond subscribers," SBI said in a regulatory filing. The allotment of bonds to the subscribers took place on the same date i.e. September 21, 2020, it added.
Indian Oil Corp: Country's largest oil marketing company Indian Oil Corporation will invest ₹17,825 crore to implement Petrochemical and Lube Integration at its Gujarat Refinery. "The integration of Polypropylene and Lube Oil Base Stock (LOBS) units will enhance the petrochemical and specialty products integration index of Gujarat Refinery," said Shrikant M Vaidya, Chairman, IOCL at the company's 61st annual general meeting.
GMM Pfaudler: Promoter group of the company that includes Pfaulder Inc., Millars Machinery Company Private Limited and Urmi Patel, have proposed to sell 40.93 lakh equity shares representing approximately 28.00% of the total paid up equity share capital via offer for sale (OFS). Base offer is for 25.7 lakh shares (17.59%), with an oversubscription option of 15.22 lakh shares (10.41%). The floor price for the OFS has been fixed at ₹3,500 per share.
HDFC Bank: The lender said it is aware of a complaint filed against the bank and its three employees in the United States recently, but denies the allegations and intends to “defend itself vigorously". HDFC Bank expects its response to the lawsuit to be due in early 2021, it said in a regulatory filing.
NBFCs: Fitch Ratings on Monday took rating action on the long-term issuer default ratings of four non-bank financial companies. Shriram Transport Finance Company’s rating has been affirmed at 'BB' and Rating Watch Negative (RWN) has been removed. IIFL Finance Limited 'B ' rating has been maintained on RWN. Manappuram Finance rating has been affirmed at 'BB-' and RWN has been removed. Muthoot Finance's rating has also been affirmed at 'BB' but RWN has been removed. The agency has kept stable outlooks on Manappuram and Muthoot.
Mahindra & Mahindra: US-based automobile distributor HAAH Automotive Holdings has reached out to India’s Mahindra & Mahindra Ltd (M&M) with an offer to invest $258 million in the latter’s Korean subsidiary SsangYong Motor Company, according to a report by the news agency Korean Investors. The report said that Indian automobile manufacturer, which owns 75% stake in SsangYong Motor, is considering the proposal submitted by HAAH last week.
HSIL: The company has approved the proposal for buyback of fully paid up equity shares of face value of ₹2 each at a maximum buyback price of ₹105 per equity share for an aggregate amount of ₹70 crore. The maximum buyback offer size represents 7.19% of the aggregate of the total paid up equity share capital.
JSPL: The company clarified on media reports regarding certain transactions undertaken between 2014 and 2016 saying that all transactions entered into by the company were part of routine business activities and all the transactions had proper underlying assets. All such transactions are done strictly within the required legal framework and as per the law of the land, it added.
Reliance Capital: Lenders to Reliance Capital Ltd (RCL) have appointed SBI Caps and JM Financial to sell the assets of the company after the Anil Ambani-owned firm defaulted on its debt repayment to debenture holders and other creditors, Business Standard reported.
Agriculture companies: Amid protests over farm bills, the Cabinet Committee of Economic Affairs (CCEA) on Monday approved hiking Minimum Support Price (MSP) for rabi crops.
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