IGI Logo

Market Updates

The Markets are expected to open marginally lower today as trend in SGX nifty indicate a negative start for the broader index after Nifty flat at 19,674 on monday.

HDFC AMC:

The company will invest Rs 25 crore in unit HDFC AMC International to help it meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under IFSC rules.

Tata Steel:

Moody's raised the steelmaker's long-term rating to Baa3 from Ba1 and outlook to stable from positive. It said the upgrade reflects expectations of continued strength in the company's credit profile and considerable deleveraging through gross debt reduction. The rating agency expects Tata Steel to maintain conservative financial policies with well-balanced capital allocation and financal metrics.

Indian Hotels:

The company will invest $11.5 as equity in Dutch subsidiary Ihoco BV to help it repay debt and for other operations. Fortis Healthcare: The company will acquire a 99.9% stake in Artistery Properties Pvt. for Rs 32 crore.

Welspun Corp:

Unit Sintex will set up water tanks and PVC pipe facilities in Telangana with up to a Rs 350 crore investment. Kalpataru Projects International: The company will raise Rs 150 crore via NCDs through private placement.

Sheela Foam:

The company plans to raise up to Rs 1,200 crore via QIP. It will allocate 1.11 crore shares at Rs 1,078 apiece. GR Infraprojects: The bids for two projects worth Rs 3,613 crore won by the company in February are annulled.

Strides Pharma:

The board approved spinning off the oral soft gelatin contract manufacturing business into Stelis Biopharma. The new entity will be called OneSource. Shareholders will get one share of OneSource with a face value of Rs 1 apiece for every two shares of face value Rs 10 each held in Strides Pharma.

DB Realty:

The company will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty, and BD And P Hotels for more than Rs 2,300 crore, with the intent to enter the hospitality business.  

Please refer disclaimer at http://www.aretesecurities.com/

SEBI Regn. No.: INM000012740