Stocks to watch on June 11th: Indian markets may continue to consolidate on Tuesday in the absence of a decisive trigger. At 7:43 am, GIFT Nifty was up 29 points at 23,276 level.
Interglobe Airlines: Rahul Bhatia's promoter InterGlobe Enterprises is expected to sell around 2% stake in the company through a block deal, reports said on Tuesday. The stake sale value could be around $394 million, with the promoters selling 7.7 million shares at a floor price of Rs 4,266 per share.
RVNL, Siemens India: Siemens-RVNL consortium has received letter of acceptance (LoA) from Bangalore Metro Rail Corporation Ltd. for engineering, supply, installation, testing and commissioning of traction substation, 33 KV distribution including auxiliary substation, 750 V DC tertiary traction electrification. SCADA system for Phase 2A and Phase 2 B. The project is worth Rs 394.2 crore.
PTC Industries: The company has partnered with leading organizations under the DTIS initiative in the Indian defense and aerospace sector to advance the 'Make in India' initiative.
APL Apollo Tube: BluPine Energy has entered into a power purchase agreement (PPA) with APL Apollo Building Products to set up a 61.65 megawatt (Mw) solar power plant in Chhattisgarh. APL Apollo Building Products is a subsidiary of APL Apollo Tubes. APL Apollo will hold a 26% stake under BluPine Energy's special purpose vehicle (SPV) group captive structure for the project, along with other buyers.
NLC India: The Board, at its meeting held on Monday, June 10, 2024, approved financing foreign currency loans in any foreign currency up to a limit of $600 million through the direct route through external commercial borrowings (ECB). Additionally, the Board of Directors approved the following: Issue corporate guarantees or comfort letters to NLC India Green Energy Limited, a wholly owned subsidiary and Neyveli Uttar Pradesh Power Limited, a principal subsidiary of the Company, as per requirement. It also gave in-principle approval to invest up to Rs 994.50 crore in one or more installments in NLC India Renewables Limited, a wholly-owned subsidiary of the company.
Vodafone Idea: The debt-ridden telecommunications company announced that it would hold a board meeting on June 13 to consider proposals to preferentially issue shares or convertible bonds to suppliers. The company has been reporting widening operating losses and a slight increase in annual revenue.
Tata Motors: The company is offering significant discounts on various popular models including Tiago, Altroz, Nexon, Harrier and Safari. For select MY2024 units, discounts and benefits amount to up to ₹55,000.
Power grid construction: The company has successfully implemented the ‘Reliable Communications Plan for the Central Sector in the Northern Region’ since April 1st.
One 97 communication: Paytm founder and CEO Vijay Shekhar Sharma is reaching out to his old colleagues and trusted lieutenants to revive the company. Amid reports of internal discord and regulatory upheaval, Sharma is taking control of a range of verticals to revive growth, reduce customer churn and strengthen trust among partners, sellers and customers.
PVR Innox: The multiplex chain is focusing on growing food and beverage (F&B), which is its fastest-growing segment. The multiplex operator has partnered with EazyDiner to offer customers up to 25% discount on popcorn, Pepsi and more when paying through EazyDiner.
Suzlon Energy: The company has made it clear that there were no financial irregularities or compliance violations within the organization following the resignation of independent director Marc Desaedeleer. Desaedeleer raised issues of corporate governance within the company in his resignation letter.
Foodworks rejoices: Domino's master franchise operator in India plans to double its store count to 4,000 in the next four years. The company is targeting around 200 new stores in India every year to achieve its medium-term target.
Infosys: GitHub, the Microsoft-owned developer platform, has partnered with Infosys to launch the first GitHub Center of Excellence (CoE). The goal of this collaboration is to accelerate the software production process by working with global systems integrators (GSIs).
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