Mankind Pharma announces IPO price range of Rs 1026-1080/share
Mankind Pharma, the manufacturer of Manforce Condoms and other popular healthcare products, has announced the share price range for its upcoming initial public offering (IPO). Private equity firm ChrysCapital, which backs the company, has set the share price range between Rs 1,026 and Rs 1,080 per share, valuing the company at Rs 43,264 crore at the upper end of the band. The IPO, which consists of an offer for sale of up to 40.06 million shares, will open for subscription on April 25 and close on April 27. The firm plans to raise as much as Rs 4,326.36 crore at the upper end of the price range.
Tata Steel engages in offshore green loan talks for up to $400M
Tata Steel Ltd., one of India’s leading steelmakers, is reportedly in discussions with several lenders, including Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc., to secure a green loan worth up to $400 million. According to unnamed sources, the loan’s funds will be used for capital expenditure and could have a tenor of around five years.
GMR Group, India’s largest domestic private airport operator, is partnering with its French partner, Groupe ADP, to upgrade the retail experience at its airports worldwide. The move is aimed at boosting non-aeronautical revenue at airports such as Delhi, which cross-subsidizes airport charges with 30% of its non-aeronautical revenue. The two companies plan to leverage Groupe ADP’s expertise in design to create the next generation of retail at airports, with the aim of keeping Indian consumers shopping in Indian airports rather than at outstation hubs.
Mahindra Finance plans Rs 8,000 Cr debenture raise in FY24
Mahindra & Mahindra Financial Services (Mahindra Finance) has announced plans to raise up to Rs 8,000 crore through debentures in FY24 to support the growth of its business. This move is in addition to the credit lines it already holds for bank funding, as reported by Rating agency CRISIL.
Adani Ports gets ‘buy’ rating from CLSA, target price raised to Rs 790
Adani Ports and SEZ has received a “buy” rating from brokerage firm CLSA, with the target price raised to Rs 790 from Rs 700, according to CNBC TV18. The company has adjusted its capital expenditure plans for fiscal years 2022 to 2025 and is now focusing on reducing its net debt/EBITDA ratio to 2.5x, the report said. With the Adani group’s concerns easing, Adani Ports and SEZ is set to refocus on its core business, with guidance for double-digit growth in its EBITDA for fiscal years 2022 to 2024.
BVG India wins 100 MW SJVN green energy solar project BOS order
SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, has signed an agreement with BVG India Ltd for a balance-of-system (BOS) package for a 100 MW solar project in Punjab, according to a statement by Nand Lal Sharma, Chairman and Managing Director of SJVN. This marks SGEL’s first awarded BOS contract, with a total value of INR 132.64 crores.
Bajaj Electricals stock soars on massive block deal
Bajaj Electricals Ltd experiences a significant surge of almost 3% in its shares, which is the largest jump since March 3rd, during the morning trade on April 19th, due to a massive block deal where approximately 2.14 million shares, equating to 1.9% of the company’s stake, were traded.
Zomato clarifies shutdown of Blinkit stores, stock surges 5%
Zomato, the popular online food delivery platform, has provided clarity on the temporary unavailability of the Blinkit instant groceries app, which led to the shutdown of several Blinkit stores. The company attributed the disruption to changes made to the delivery partner payout structure across the Blinkit business. Zomato revealed that the changes were made to improve customer experience, address the needs of delivery partners, and reduce fraudulent activities by a few delivery partners in the system.
JK Tyre invests Rs 800 Cr to boost annual output to 34 Million units
JK Tyre and Industries is set to increase its current capacity by 2 million units per annum by the end of the financial year 2023-24 in response to growing demand from automakers. To achieve this, the Indian tyremaker will be investing Rs 800 crore in a scaling-up exercise, according to a senior company official who spoke to Moneycontrol.
Mastek Q4 Results 2023: PAT of Rs 72.57 Cr Consolidated
Mastek releases Consolidated Quarterly Results for March 31, 2023. Mastek has announced an increase in total income from Rs. 664.69 Crores as of December 31, 2022, to Rs. 708.77 Crores as of March 31, 2023. The net profit for the company has decreased from Rs. 64.18 Crores as of December 31, 2022, to Rs. 72.57 Crores as of March 31, 2023. However, the earnings per share (EPS) have improved, increasing from Rs. 20.95 on December 31, 2022, to Rs. 23.48 on March 31, 2023, according to the company’s statement.
NBCC bags Rs 208 Cr infrastructure project from PWD Puducherry
NBCC (India) Limited has been awarded a significant infrastructure project worth INR 208 crore by the PWD Puducherry. The project involves comprehensive design, engineering, and project management consultancy (PMC) services for various infrastructure works.
ICICI Securities Q4 Results 2023: Net Loss of Rs 262.68 Cr Consolidated
ICICI Securities releases Consolidated Quarterly Results for March 31, 2023. ICICI Securities has announced an increase in total income from Rs. 879.88 Crores as of December 31, 2022, to Rs. 885.21 Crores as of March 31, 2023. The net profit for the company has decreased from Rs. 280.95 Crores as of December 31, 2022, to Rs. 262.68 Crores as of March 31, 2023. However, the earnings per share (EPS) have improved, increasing from Rs. 8.68 on December 31, 2022, to Rs. 8.12 on March 31, 2023, according to the company’s statement.
Tata Communications Q4 Results 2023: PAT Down to Rs 326.03 Cr Consolidated
Tata Communications releases Consolidated Quarterly Results for March 31, 2023. Tata Communications has announced an increase in total income from Rs. 4559.09 Crores as of December 31, 2022, to Rs. 4630.45 Crores as of March 31, 2023. The net profit for the company has decreased from Rs. 393.88 Crores as of December 31, 2022, to Rs. 326.03 Crores as of March 31, 2023. However, the earnings per share (EPS) have improved, increasing from Rs. 13.82 on December 31, 2022, to Rs. 11.44 on March 31, 2023, according to the company’s statement.
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