Stocks in Focus on January 22: Bharat Dynamics, Graphite India to Piramal Enterprises; here are expected 5 Newsmakers of the Day
Bharti Airtel, Piramal Enterprises, Graphite India, Bharat Dynamics and Gati or Allcargo Logistics are expected to remain newsmakers throughout the intraday trade.
Domestic Indian markets, Nifty and Sensex, furthered losses for the second straight session on Tuesday, January 21, 2020, as IMF downgraded India's growth forecast and investors were worried over subdued corporate results. But certain stocks made news after the market was closed and can make an impact on the indices when it reopens on Wednesday, January 22, 2020. Here is a list of five such stocks:
Bharat Dynamics: Government to disinvest 15% stake through OFS.
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Gati/Allcargo Logistics: The Board of Directors of Gati has approved the allotment of 1.33 crore equity shares each to Allcargo Logistics Limited on a preferential basis at Rs75 per share, in aggregating to the consideration of Rs100 crore. With this, Allcargo has acquired around 13% stake in Gati Ltd. Besides, Allcargo has also announced an open offer to acquire an additional up to 26% stake in the company from public shareholders. This development comes even as a cloud of uncertainty hangs on the gate of the deal.
Graphite India: Brookfield Asset Management, Prestige Estates and PE funds are in talks with carbon and graphite maker Graphite India to buy its 25 acres of prime land in Bengaluru, Karnataka. With this land sale, Graphite India is likely to raise around Rs2000-2,500 crore.
Bharti Airtel: The company on Tuesday said it has received the approval from Department of Telecommunications (DoT) for increasing the limit of foreign investment up to 100% of the paid-up capital of the Company from 49 per cent allowed earlier. It added, the aforesaid approval read together with the RBI approval dated July 03, 2014, granted to the Company allows the FPIs/FIIs to invest up to 74% of the paid-up capital of the Company.
Piramal Enterprises: The company in its stock exchange filing said, its Rs 3,630.85 crore rights issue, which closed on Tuesday, was oversubscribed. The total applications from ASBA and non-ASBA have exceeded the issue amount to eligible equity shareholders and therefore oversubscribed. The company had plans to raise Rs3,650 crore from the rights issue by offering it at Rs1,300 apiece.
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