JKB Financial Services Ltd.

As on : 23-Jun-2023

Market Commentary - Stock Alert
23-Jun-2023 08:35

Vedanta, Wipro, BPCL, Godrej Properties in spotlight

Vedanta: Vedanta clarified that media reports indicating that the company is selling its Sterlite Copper Plant, Thoothukudi are wrong, baseless and incorrect. Sterlite Copper is a national asset and had contributed to 40% of India's copper. As the Country has become a net importer of copper, which has adversely impacted inter-alia the downstream and ancillary industries and hence, there has been a growing demand for Vedanta-Sterlite Copper to restart its operations.

Wipro: Wipro announced the inauguration of its new office at Sable Park, Century City, in Cape Town, underscoring its commitment to clients in the region.

BPCL: A meeting of the board of directors of the company will be held on 28 June 2023 to consider the various modalities for capital infusion including rights issue, for achieving energy transition, net zero and energy security objectives.

Godrej Properties: Godrej Properties announced the enhancement in the Commercial Paper (CP) limits to Rs 2000 crore from Rs 1750 crore by ICRA and CRISIL. Additionally, ICRA has assigned long-term rating of AA+(?stable?) for fresh Non-Convertible Debenture (NCD) of INR 2000 crore.

Landmark Cars: TPG Capital is reportedly looking to exit its investments in auto retailer by selling its about 11% stake through a block deal valued at about Rs 300 crore. The private equity firm would sell over 4.4 million shares on Friday, as per reports.

PNB Housing Finance: The board of directors of PNB Housing Finance approved issuance of Non - Convertible Debentures in tranches aggregating up to Rs 5,000 crore on private placement basis.

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