The S&P BSE Sensex rose 350.16 points or 0.61% at 57,943.65. The Nifty 50 index gained 103.30 points or 0.60% at 17,325.30. But certain stocks came in the news after the market was closed.
The benchmark indices closed near the day’s high on Tuesday, March 29, 2022, supported by positive global stocks. The S&P BSE Sensex rose 350.16 points or 0.61% at 57,943.65. The Nifty 50 index gained 103.30 points or 0.60% at 17,325.30. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, March 30, 2022. List of such Stocks:
IPO Update
- Hariom Pipes IPO: Hyderabad-based Hariom Pipe Industries Ltd will launch its initial public offering for subscription today. The company has fixed the price band for its initial public offering at Rs 144-153 per share. The public issue will close on April 5, 2022. The IPO comprises a fresh issue of up to 8.5 million shares and at the upper end of the price band, the firm will raise around Rs 130.05 crore (Total Fresh issue). Retail investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter. The proceeds will be used to fund capital expenditure and working capital requirements.
- Veranda Learning Solutions IPO: The Rs 200-crore initial public offerings (IPO) of the Chennai-based Veranda Learning Solutions was subscribed 0.74 times on Tuesday, the first day for bidding. Qualified Institutional Buyers (QIBs) portion was subscribed 0.05 times, while the Non-Institutional Investors portion and the Retail Individual Investors (RIIs) portions were was subscribed 0.85 times and 4.15 times. The public order will remain till March 31, 2022. The company has fixed the price band of Rs 130-137 per share.
- Uma Exports IPO: The Rs 60 crore initial public offering (IPO) of the company was subscribed 4.17 times on Tuesday, the second day for bidding. Qualified Institutional Buyers (QIBs) portion was subscribed 100 per cent, while the Non-Institutional Investors (NIIs) portion was subscribed 0.94 times while Retail Individual Investors (RIIs) was subscribed 5.62 times. The public offer will close today. Uma Exports Ltd has set the price band for its public issue at Rs 65-68 a share. The company will utilise Rs 50 crore out of this to fund its working capital requirements. The market lot size is 200 shares.
Read More: Hemani Industries files draft papers, to raise Rs 2,000 crore via IPO
ONGC: The government will this week sell up to 1.5% of its stake (0.75% Base + 0.75% Green Shoe Option) in the country’s top oil and gas producer ONGC to raise about Rs 3,000 crore. The Offer For Sale (OFS) by the government will be open on March 30 and 31, 2022. The floor price for the OFS has been set at Rs 159 per share. This price is at a 7 per cent discount to the Rs 171.05 stock closing price of ONGC on the BSE on Tuesday.
Tata Consumer / Tata Coffee: Tata Consumer Products Ltd (TCPL) on Tuesday announced a reorganization of India and overseas business to simplify, align and synergize its business. This plan includes the demerger of the plantation business of Tata Coffee Limited (TCL) into TCPL Beverages & Foods Limited (TBFL), a wholly-owned subsidiary of TCPL and the merger of the remaining business of TCL, consisting of its extraction and branded coffee business with TCPL, with the demerger to happen as the first step and merger to happen as the immediate second step, both being proposed through a composite scheme of arrangement. Under the scheme, shareholders of TCL (other than TCPL) will receive an aggregate of 3 equity shares of TCPL for every 10 equity shares held by them in TCL. This will be carried out through the issuance of 1 equity share of TCPL for every 22 equity shares of TCL in consideration for the demerger. For the merger, 14 equity shares of TCPL will be issued for every 55 equity shares of TCL, it added. This will enable the consolidation and 100% ownership of the branded, extractions & plantations business of TCL into TCPL and its wholly-owned subsidiary. Deal at a premium of 13.7% as per CMP. Besides, the Board of Directors of TCPL have also approved the purchase of a 10.15% minority interest in its UK subsidiary, TCP UK, from Tata Enterprise (Overseas) AG, Switzerland (TEO). Stakes of Tata Enterprises (Overseas) Switzerland will be bought for Rs 571 crore.
IDBI Bank: The Board of Directors of IDBI Bank Ltd. on Tuesday granted in-principle approval for divestment of the Bank’s stake upto 11.10% of the paid-up share capital of National Securities Depository Ltd. (NSDL). Besides, the board also approved to sell of IDBI Bank’s entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas) pursuant to the exercise of Call Option by Ageas.
Hero MotoCorp: The world’s largest two-wheeler manufacturer has provided its clarification on the media report related to the false expenses claim said that the allegations made in the press report are not borne out of any document that has been served on us or our internal documents. Therefore, we categorically deny the speculative press reports. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably. Hero MotoCorp is a law-abiding corporate, with robust internal financial controls and its financial statements are duly audited. Besides, Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from April 5, 2022. The price revision will be up to Rs. 2,000 and the exact quantum of increase will be subject to a specific model and the market. The price revision has been necessitated to partially offset the impact of increasing commodity prices.
BEL: The state-run Bharat Electronics Ltd has secured a contract worth Rs 2,000 crore from the defence ministry for the development of advanced electronic warfare equipment.
Ruchi Soya Industries: The company has announced the revised timeline for determining the issue price and the anchor investor issue price of its Follow on Public Offer (FPO). The meeting of the board of directors of the company is rescheduled for March 31, 2022. Earlier it was scheduled for March 29, 2022.
Supreme Petrochem: The Record Date for the Scheme of Reduction of Equity Share Capital of the Company has been fixed for Friday, April 8, 2022. Under the scheme, the equity share capital of the company will come down from Rs 94.02 crore to Rs 37.60 crore. This will be done by reducing the face value of the equity shares from the existing Rs 10 per share to Rs 4 per share, pursuant to the Order of the Hon’ble National Company Law Tribunal, Mumbai Bench, Mumbai.
Read More: ANMI urges SEBI to extend timelines for seeding PAN with Aadhaar in investors, industry interest
Welspun Corp: The company’s associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has announced that it has won an order of SAR 497 Million (Rs 100 crore) including value-added tax from Saline Water Conversion Corporation (SWCC).
Tata Power / Adani Power: The electricity generation and distribution companies like Tata Power and Adani Electricity, reportedly, would raise tariffs from the next financial year for its consumers in Mumbai. Tata Power is likely to raise its electricity tariff by Rs 1.10 a unit while Adani’s price will rise between Re 0.15 to 0.25 per unit. Rising coal prices has mandated this hike in the price.
RVNL: RVNL has entered into an MoU with Jaykaycem (Central) Limited, a wholly-owned subsidiary of JK Cement Limited, for the development of approx. 50 km new Railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. Besides, the company has also signed a Memorandum of Understanding(MoU) with Bharat Electronics Limited(BEL) for collaboration towards indigenizing imported components/equipment in line with the ‘Make in India’ policy and give a boost to ‘Atmanirbhar Bharat’ vision of Government of India.
SBI Life Insurance Company: Canada Pension Plan Investment Board sold 55.83 lakh shares at Rs 1,068.35/share. Deal value stands at Rs 596.5 crore.
