Stocks to Watch: Check out the companies making headlines before the opening bell today.
InterGlobe Aviation: Promoter Shobha Gangwal intimated exchanges that her shareholding in the operator of low-cost airline IndiGo reduced to 2.99%, from 7.04% earlier after selling of 4.05% stake or 1.56 crore shares via block sale on February 16.
JK Tyre & Industries: The tyre maker plans to raise Rs 240 crore by executing a subscription and policy rights agreement with International Finance Corporation for issuance of 24,000 compulsorily convertible debentures (which carries an interest rate of 6% per annum, compounded cumulatively on a quarterly basis) at face value of Rs 1 lakh each of the company to IFC by way of a preferential issue on a private placement basis.
Bharat Petroleum Corporation: BPCL is planning to raise up to Rs 1,500 crore this financial year (FY23) through private placement of unsecured non-convertible debentures subject to market conditions. The debentures are proposed to be listed on Debt Market segment of BSE and National Stock Exchange of India.
BEML: The state-owned metro rolling stock manufacturer has signed an agreement with the Delhi Metro Rail Corporation (DMRC) led SPV. The SPV is shortlisted for constructing the Bahrain Metro Rail Project Phase-1. Company will be responsible for manufacturing and supply of metro rolling stock and DMRC will provide expertise in project development, budgeting and facilitating of contractual obligations.
Asian Paints: Subsidiary Asian Paints (Polymers) has entered into an agreement with the Gujarat government to set up a manufacturing facility for vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) at Dahej. It will make necessary disclosures on any material developments in this regard from time to time.
Camlin Fine Sciences: Thomas Videbaek has resigned as Non-Executive Independent Director of the company with effect from February 23, 2023. He resigned due to personal reasons including the logistics around board meetings and other commitments
GR Infraprojects: The company is emerged as L1 (lowest) bidder for two projects, for which tenders were invited by the National Highways Logistics Management. The projects include development, operation, and maintenance of Ropeways from Gaurikund to Kedarnath and from Govind Ghat – Ghangaria – Hemkund Sahib in Uttarakhand on Hybrid Annuity Mode, with a cost of Rs 1,875 crore and 1,738 crore respectively.
Duke Offshore: The company has received a contract for it’s vessel Duke Express. The contract is awarded by a multinational corporation and will be executed in The Republic of Maldives where the vessel will provide support for dredging operations. The vessel will be relocated abroad and the contract will commence in March 2023 for a period of one year plus optional extensions.
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