All You Need To Know Going Into Trade On March 17

Stocks To Watch

• Vedanta: Vedanta Resources has raised the open offer price for buying shares in the company to Rs 235 per share, nearly 4% higher than the Tuesday's closing of Rs 226.55. In January, Vedanta Resources had offered to buy up to 10% in the company at Rs 160 apiece. The offer size has also been increased to 651 million shares representing 17.5% stake in Vedanta Ltd. The open offer will start on March 23 and will close on April 7.
• SBI Cards & Payment Services: CA Rover holdings is looking to sell 3.8 crore shares of SBI Cards and Payment services, according to terms of the deal obtained by Bloomberg News. The number of shares amount to 4% of the total equity. Shares will be offered between Rs 981 to Rs 1,020 each as per the terms. The price represents a discount of as much as 4% to Tuesday's closing price. As per the December quarter shareholding pattern, CA Rover Holdings held 15.8% stake in SBI Cards.
• Tata Communications: OFS for non-retail investors gets 220% the demand as compared to the shares on offer. There was demand for 5.63 crore shares as compared to the 2.56 crore on offer for the Non-retail investors. The OFS opens for retail investors today. The government will exercise the greenshoe option to sell another 6% of the total equity.
• BPCL: Has declared second interim dividend of Rs 5 per share of Rs 10 each for FY21. The record date for the same is March 27, 2021.
• State Bank of India: RBI has levied a penalty of Rs 2 crore on the bank for contravention of regulations on employee remuneration.
• BEML: Has received export orders worth $23 million from Cameroon and Bangladesh for supply of construction equipment. The Government of Cameroon has ordered 71 units of construction equipment consisting of Bulldozers, Excavators, Wheel Loaders, Motor graders and Compactors for their Cassava Farm Project. The order from Government of Bangladesh is for supply of construction equipment consisting of Wheel Dozer for their construction, Repair and Maintenance of Road and Infrastructure projects.
• GMM Pfaudler: To pay Rs 584.6 million to acquire assets of HDO Technologies Ltd. The transaction is for an 11.9 acre manufacturing facility located in Vatva, Ahmedabad. The acqusition will enhance capacity and augment capabilities in heavy engineering.
• India Grid Trust: Board has approved fund raising of up to Rs 5,300 crore in one or more tranches through various sources including term loans, public and private issuance of NCDs subject to receipt of necessary approvals from statutory, regulatory and other authorities. Further the board will meet on March 23 to discuss the matters related to the rights issue.
• HG Infra Engineering: Has been declared L-1 bidder by National Highways Authority of India for construction of greenfield highway project in Telangana.
• Magma Fincorp: Magma HDI General Insurance Company, insurance JV of the company, has approved capital raise of up to Rs 250 crore by way of preferential issue to third party investors subject to requisite statutory and regulatory approvals.
• Bharat Forge: Kalyani Rafael Advanced Systems, a joint venture between Kalyani Group and Rafael Advanced Defense Systems of Israel, has rolled out its first batch of Medium Range Surface to Air Missile for the Indian Army and the Air Force. Further the company has acquire Kalyani Powertrain, of Kalyani Group, which will act as the Special Purpose Vehicle to carry out the Electric Vehicle business.
• Ruchi Soya Industries: Has appointed Sanjay Aggarwal as Chief Financial Officer of the Company from March 15.
• IOL Chemicals and Pharmaceuticals: Has appointed Sanjay Chaturvedi as Chief Executive Officer of the company from March 16, 2021.