Stocks in Focus on September 22: Domestic equity benchmarks on Monday, September 21, 2020, plunged more than two per cent led by losses in Reliance Industries, ICICI Bank and Bharti Airtel amid a massive global selloff. The 30-share BSE index, Sensex, ended 812 points or 2.09 per cent lower at 38,034. The NSE Nifty also fell 254 points or 2.21 per cent to finish at 11,251. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Tuesday, September 22, 2020. List of such five stocks:
Triggers: Certain events, like Angel Broking, CST Station redevelopment, GMM Pfaudler and AGM, can create positive/negative reactions in the share market when it opens today. Find them in detail:
Angel Broking IPO: Angel Broking will open its maiden public issue for a subscription today, i.e. on September 22, 2020, and the public offer will close on September 24, 2020. The price band for the issue has been fixed at Rs 305-306 per share. The company seeks to raise up to Rs 600 crores through the issue which consists of a fresh issue of Rs 300 crore and an offer for sale (OFS) of Rs 300 crore.
CST Station Redevelopment: First pre-bidding meeting for the redevelopment of Mumbai’s iconic Chhatrapati Shivaji Maharaj Terminus (CST) station will be held today, September 22, 2020, sources. The redevelopment cost of the station (mandatory cost) including the cost of financing and contingency is Rs 1,642 crore. For the first time, funding agencies have also been invited to participate in the CST Station Redevelopment project. IRSDC, the nodal agency of the Indian Railways, is in talks with NIIF (National Funding agency). According to sources, the IRSDC is also in talks with pension/ funding agencies. Besides, L&T, Tata Constructions has also been approached & the project is discussed as Mumbai CST Station is a megaproject that has a Heritage Structure too. There is a target to complete the project within four years from which the project is awarded.
GMM Pfaudler: The offer for sale (OFS) of the company will open today for non-retail investors and on September 23, 2020, for the retail investors. GMM Pfaudler seeks to offload around 25.71 lakh equity shares (representing approximately 17.59% stakes) worth Rs 1,433 crore through the OFS. The OFS price has been fixed at Rs 3,500 per share (33% discount to the current market price of Rs 5,230 per share). It also has an option of selling another up to 15.21 lakh equity shares representing approximately 10.41% of total paid-up equity share capital of the Company.
AGM: Annual General Meeting of companies, namely Aegis Logistics Ltd, Balrampur Chini Mills Ltd, GAIL (India) Ltd, Info Edge (India) Ltd, JK Tyre & Industries Ltd, Power Grid Corporation of India Ltd, PTC India Ltd, Symphony Ltd and Speciality Restaurant, are scheduled to be held today.
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Chemcon Speciality + CAMS IPO Update
Chemcon Speciality Chemicals IPO Update: The Rs 318-crore IPO of Chemcon Speciality Chemicals was subscribed 5.19 times on the very first day of bidding, which is September 21, 2020. The price band for sale has been fixed at Rs 338-340 per share. The public issue consists of a fresh issue of Rs 165 crore and an offer for sale (OFS) of up to 45,00,000 equity shares.
CAMS IPO update: The Rs 2,244 crore initial public offering (IPO) of Computer Age Management Services (CAMS) was subscribed 82 per cent on Monday, the first day of subscription. The price band for the issue has been fixed at Rs 1,229-1,230 per share. The company will raise Rs 2,244 crore through an offer for sale.
Telecom stocks (Bharti Airtel/Vodafone Idea): The Department of Telecom (DoT) on Monday said the telecom operators have to make 10% payment of the total AGR dues by March 31, 2021. The 10% payment to be made by this March will be calculated on total AGR liability,” a DoT official told PTI. Vodafone Idea will have to pay Rs 5,825 crore, while Airtel will have to pay Rs 4,398 crore.
HSIL: The Board of Directors of HSIL has approved the proposal for buyback of fully paid-up equity shares worth Rs 70 crore from open market through Stock Exchanges. The rate for the buyback has been fixed at Rs 105 per share. The Maximum Buyback Offer Size represents 7.19% of the aggregate of the total paid-up equity share capital and free reserves. After the buyback, the promoter’s share will increase from 54% to 59.38% in the company.
Aarti Drugs: The board has decided October 1, 2020, as the Record Date to determine the eligible shareholders entitled to receive the bonus shares. September 30, 2020, will be the ex-date for the bonus. The board of directors of Aarti Drugs Ltd had earlier approved the recommendation of issue of bonus shares in the ratio of 3:1, i.e. three bonus equity shares for one fully paid-up equity share.