Adani Ports Fitch Ratings on Thursday affirmed its ‘BBB-‘ rating on Adani Ports and Special Economic Zone Ltd with a stable outlook. Just two months after a report by the US-based Hindenburg Research, the shares and bonds of the Adani Group fell massively. The rating agency said the controversial report has limited near-term impact on APSEZ’s funding cost. “Fitch Ratings has affirmed the long-term foreign-currency issuer default rating (IDR) of India-based port operator Adani Ports and Special Economic Zone Ltd (APSEZ) at ‘BBB-‘. The outlook is stable.”
tocks to watch:
Interglobe AviationNo-frills airline IndiGo is hoping to fly 100 million passengers and plans to have 350 aircraft in its fleet in the next financial year, according to a presentation by the airline at an analysts/investors meet on Thursday. At the same time, the airline is looking to end the current financial year with around 306 aircraft in the fleet with an estimated passenger volume of over 85 million. As per the presentation, the number of destinations is expected to go up to 115, with around 10-15 destinations likely to be added to the network during the year as against 104 in FY2023.
Vedanta: Vedanta will consider fifth interim dividend for FY23 financial year on March 28. The meeting of the Board of Directors is to be held on this day. The Company has fixed a record date to determine the eligible shareholders. Vedanta has a good track record of paying dividends to its investors. In its regulatory filing, Vedanta said, “The Board of Directors of the Company (the “Board”) is proposed to consider and approve the Fifth Interim Dividend on Equity Shares on Tuesday, March 28, 2023, if any, for the financial year for 2022-23.”
Adani PowerAdani Power on Thursday said it has sold 100 per cent stake in Support Properties Pvt Ltd (SPPL) to AdaniConnex Pvt Ltd (ACX) at an enterprise value of Rs. 1,556.5 crores. “The parties to the proposed transaction (for which a binding memorandum of agreement was earlier signed) have executed a share purchase agreement and concluded the transaction,” said the BSE filing. Enterprise valuation (100 per cent stake in SPPL) was estimated at Rs. 1,556.5 crore, subject to adjustment on the closing date.
Patel EngineeringPatel Engineering Limited emerges as successful bidder for Dibang Multipurpose Project 3,637.12 crore in Arunachal Pradesh, which will be done in a joint venture. The company’s share in this order 1,818.56 crore, according to a regulatory filing. “Patel Engineering Limited (PEL) has emerged as L1 bidder in the opening of financial bids through e-reverse auction for the tender invited by NHPC Limited for construction of civil works for LOT-4: comprising of Head Race for Dibang Tunnel. The multipurpose project is 2880 MW (12 X 240 MW), located in Arunachal Pradesh, India,” the company said in a statement.
spicejet: Low-fare airline SpiceJet is set to sell more shares to reduce its liabilities, Chairman and Managing Director Ajay Singh said. “We are flexible. We will talk to our partners and see what they prefer to do. But, despite this, we need to grow our balance sheet,” Singh said in response to a question at the CAPA India Aviation Summit. And that is what we are trying to do, to renegotiate contracts, raise funds and restructure investors and lenders in India and abroad.
Canara BankCanara Bank on Thursday said it has sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to another venture partner State Bank of India (SBI). 121.29 crores. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent). Canara Bank said in a regulatory filing that it has received full consideration amount equal to 121.29 crore on Thursday for the sale of its stake. The Bengaluru-based state-owned bank executed the agreement for sale on November 11, 2022.
Hindustan Aeronautics: The government’s offer for sale (OFS) of a part of its stake in Hindustan Aeronautics Ltd was subscribed 4.5 times in view of strong demand from non-retail investors, according to NSE data on Thursday. It received bids for 237,600 shares, while 526,000 shares were offered. The indicative price for the bids was more than the minimum value of 2,468.98, 2,450 per share. If fully subscribed, information about OFS will be available 2,800 crores to the exchequer.
Bajaj Hindustan SugarBajaj Hindustan Sugar Ltd on Thursday said it has acquired 98 per cent stake in Phenyl Sugars by converting existing preference shares. 350 crore in equity shares. The company has converted 3,50,03,927 redeemable non-cumulative convertible preference shares. sum of 100 350.04 crore in equity shares of 35,00,39,270 equity shares 10 each PSL. In a regulatory filing, the company informed that it has acquired 98.01% stake of Phenyl Sugars Limited (PSL) by converting existing preference shares into equity shares.
Vascon Engineers: Vascon Engineers Ltd said on Thursday that it has been beaten 158 crore contract from Uttar Pradesh Public Works Department (UP PWD). As per the company filing, the work has to be completed within 18 months from the date of receipt of the acceptance letter. In the filing, Vascon Engineers said, “It has received an acceptance letter 158.09 crore from Superintending Engineer PMGSY Circle, UPPWD, Prayagraj, Uttar Pradesh for Design, Engineering, Procurement and Construction (EPC) of District Kargar at Amethi, Uttar Pradesh.
