Stocks in Focus on January 14: Bharti Airtel, Hindalco to JP Power; here are the 5 Newsmakers of the Day
Bharti Airtel, Delta Corp, Hindalco, Adani Group and ICICI Bank are expected to remain newsmakers throughout the intraday trade session.
Key benchmark indices hit record highs on Monday, January 13, 2020, supported by positive global shares. But certain stocks made news after the market was closed and can make an impact on the indices when it reopens on Tuesday, January 14, 2020. Here is a list of five such stocks:
Bharti Airtel: The telecom firm's board is scheduled to meet today to consider and determine the issue price of the qualified institutional placement (QIP) and the issue price and other terms of the foreign currency convertible bonds (FCCBs).
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Delta Corp: Q3 profit grew 9 per cent to Rs55.1 crore against Rs50.5 crore (YoY), while revenue remains unchanged at Rs 205.1 crore against Rs205.2 crore. However, the EBITDA fell from Rs85.5 crore to Rs79.1 crore and margin stood at 38.5 per cent against 41.7 per cent.
Hindalco: Novelis has plans to raise around Rs11,200 crore ($160 crore) by selling bonds. The proceeds will be used to partially find the acquisition of Aleris Corp and refinance on an old debt. Novelis is the wholly-owned US unit of Aditya Birla Group company Hindalco.
Adani Group in Focus: Adani Group is in talks with Anil Ambani-led Reliance Power for the acquisition of Vidharbha Industries Power (VIPL). VIPL is a subsidiary of Reliance Power which supplies electricity to Adani Electricity Mumbai and it operates two 300 megawatts (MW) units at Butibori in Maharashtra, but it has not been generating any power since mid-January.
ICICI/JP Power: ICICI Bank Limited has withdrawn its application for initiating the Corporate Insolvency Resolution Process from National Company Law Tribunal against the Jaiprakash Power Ventures Ltd. The lenders led by ICICI Bank has restructured the debt by converting much of it into equity or convertible instruments. With this, the outstanding debt of the company has reduced to Rs5,800 crore from Rs11,000 crore.
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