Stocks in Focus on November 8: Raymond, Bajaj finance to PNB Housing finance; here are the 5 Newsmakers of the Day
Bajaj Finance: The company on Thursday approved the allotment of 21,794,871 equity shares of face value Rs2 each to eligible qualified institutional buyers at the issue price of Rs3,900 per equity at a discount of Rs119.78 per equity share (equivalent to 2.98%). The allotment will help the company in raising around Rs8499 crore.
The Sensex on Thursday, November 7, 2019, scaled yet another lifetime peak while the Nifty closed above the key 12,000-mark after five months. Domestic equity benchmarks climbed as investors cheered the government's latest reforms push and progress on US-China trade negotiations. Equity benchmark BSE Sensex today rose 183.96 points to scale a fresh closing peak of 40,653.74 tracking gains in metal, energy and banking stocks. Similarly, the broader NSE Nifty ended with a gain of 46 points, at 12,012.05. However, certain stocks came in news after the market was closed for trading purposes and can have an impact on the indices when it reopens on Friday, November 8, 2019. Here is a list of five such stocks:
Raymond Limited: Raymond on Thursday announced the demerger of its core lifestyle business into a separate entity that will be listed through mirror shareholding structure. The new company will control the business of branded textile, branded apparel and garments. While, the existing company will retain Real Estate project, Thane land bank, engineering businesses of Auto Components and Tools & Hardware, Denim and FMCG business. Every shareholder of Raymond Ltd. will be issued the shares of the new company in the ratio of 1:1. The move will create a clear demarcation of Lifestyle & other businesses leading to the simplification of the Group structure. In a separate development, the company announced that it is raising Rs350 crore by allotting equity shares and compulsorily convertible preference shares (CCPS) to an associate company JKIT, against the infusion of net proceeds of JKIT land sale that was announced in October 2019.
Bajaj Finance: The company on Thursday approved the allotment of 21,794,871 equity shares of face value Rs2 each to eligible qualified institutional buyers at the issue price of Rs3,900 per equity at a discount of Rs119.78 per equity share (equivalent to 2.98%). The allotment will help the company in raising around Rs8499 crore.
Telecom Stocks: Telecom stocks will be in focus today as reports are there that telecom companies are likely to pay around 10% more in dues to the government than previously estimated following the Supreme Court's verdict on adjusted gross revenue (AGR). Total dues pegged at Rs1.3 lakh crore by the telecom department can go up due to the change in the definition of AGR. This action could delay the auctions of spectrum.
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CanFin Homes: Baring PE Asia has emerged as the sole bidder to acquire a controlling stake in CanFin Homes. CanFin Homes is a subsidiary of Canara Bank and the bank will sell its entire 29.99% of the company. Aditya Birla Capital and Warburg Pincus, two other contenders, have pulled out from the race on Thursday.
PNB Housing Finance: PNB Housing Finance on Thursday said that LIC has invested Rs2,500 crore in the company through the issue of secured redeemable non-convertible debentures (NCDs). This issuance is through private placement basis with a door to door tenure of 10 years and the proceeds will be utilised by the Company for its normal course of business operations.
09:39 AM IST