Check out the companies making the biggest headlines before the bell
GAIL India | State-owned natural gas company GAIL India and Ranchi Municipal Corporation have signed concession agreement for setting up compressed biogas plant in Ranchi. As per the agreement, GAIL would set up compressed biogas (CBG) plant for processing 150 tonnes per day of organic municipal solid waste (MSW). The plant will produce 5 tonnes of compressed biogas per day and approximately 25 tonnes of fermented bio manure per day, it added. CBG plant would be beneficial for people of Ranchi by producing clean & green fuel and will be a step towards Aatmanirbhar Bharat, GAIL said in its BSE filing. The announcement was made post market hours so the stock did not react to the news on March 18. The stock closed 2.31 percent lower at Rs 135.15 on March 18. It hit a 52-week high of Rs 157.95 on March 8, 2021, and a low of Rs 65.70 on March 19, 2020. The market-cap of the company stood at Rs 60,954.57 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 135.27-132.13, while resistance is placed at Rs 143.52-148.63, data from Moneycontrol.com showed.
Godrej Industries | Godrej Industries informed exchanges that the rating agency ICRA has assigned ‘AA’ rating to the company’s proposed issue of non-convertible debentures of up to Rs 1,500 crore, the company said in an exchange filing. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations, and such instruments carry very low credit risk. This news came in after market hours on March 18 so the stock did not react to it. The stock closed 0.66 percent higher at Rs 509.50 on March 18. It hit a 52-week high of Rs 521 on March 16, 2021, and a low of Rs 234 on May 7, 2020. The market-cap of the company stands at Rs 17,145.95 crore. In terms of technical, the current rating by Moneycontrol on the stock is very Bullish. The important support levels for the stock are placed at Rs 500.83-495.07, while resistance is placed at Rs 512.58-518.57, data from Moneycontrol.com showed. (Image: godrejindustries.com)
Deepak Nitrite | Deepak Nitrite said the rating agency CRISIL has upgraded its long-term rating outlook for the bank loan facilities of Rs 750 crore, from ‘AA-/Positive’ to ‘AA/Stable. CRISIL has re-affirmed short-term rating of the company as ‘A1+’, Deepak Nitrite said. This news came in after market hours on March 18. The stock closed 2.46 percent lower at Rs 1,485.75 on March 18. It hit a 52-week high of Rs 1,691.55 on March 4, 2021, and a low of Rs 310 on March 19, 2020. The market-cap of the company stands at Rs 20,264.60 crore.
ICRA | PPFAS Mutual Fund through its Parag Parikh Flexi Cap fund acquired 2,01,655 equity shares in the rating agency ICRA at a price of Rs 2,780.04 per share, as per the bulk deals data available on the NSE. The stake buy represented a 2 percent of total paid-up equity of the company. PPFAS Mutual Fund through its Parag Parikh Long Term Equity Fund also held 1.87 percent equity shareholding in ICRA, as per the December quarter shareholding pattern. The data was available for public in late evening so the stock did not react to it. The stock closed 0.23 percent lower at Rs 2,790.85 on March 18. It hit a 52-week high of Rs 3,140 on January 15, 2021, and a low of Rs 1,968 on April 3, 2020. The market-cap of the company stood at Rs 2,693.51 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Bullish. The important support levels for the stock are placed at Rs 2,763.57-2,729.28, while resistance is placed at Rs 2,828.57-2,859.28, data from Moneycontrol.com showed.
Nava Bharat Ventures | Nava Bharat Ventures has acquired 13,66,970 equity shares of itself through open market transaction at a price of Rs 69.98 per share on March 18, the bulk deals data available on the NSE showed. The stake buy represented a 0.77 percent of total paid-up equity capital of the company. This news came in after market hours on March 18. Earlier this month, diversified company Nava Bharat Ventures had bought 41,52,847 equity shares, representing 2.35 percent of total paid-up equity, via three bulk deals. The stock closed 1.37 percent higher at Rs 70.10 on March 18. It hit a 52-week high of Rs 76.25 on February 26, 2021, and a low of Rs 32.40 on March 24, 2020. The market-cap of the company stands at Rs 1,235.28 crore. In terms of technicals, the current rating by Moneycontrol on the stock is very Bullish. The important support levels for the stock are placed at Rs 67.63-66.02, while resistance is placed at Rs 72.23-75.22, data from Moneycontrol.com showed.
Indo Count Industries | Indo Count Industries’ project management committee has approved expansion of its bed linen capacity by around 20 percent from its existing annual capacity of 90 million meters to 108 million meters by debottlenecking and balancing its facilities. Further, the company said it proposed to make a brownfield investment for adding commensurate cut & sew facilities and for enhancing the capacity for top of the bed (TOB) products. “This will entail a capex of around Rs 150 crore. The existing spinning unit will also be modernised with compact spinning technology, which will entail a capex of Rs 50 crore,” said the company, adding post modernisation, this capacity will also be used for captive consumption in the company’s home textiles unit. Indo Count said the total capex would be around Rs 200 crore and will be funded by a mix of internal accruals and debt and is expected to be operational in second half of FY22. This news came in after market hours on March 18. The stock closed 3.80 percent lower at Rs 113.80 on March 18. It hit a 52-week high of Rs 171.75 on December 8, 2020, and a low of Rs 21.85 on March 25, 2020. The market-cap of the company stands at Rs 2,246.41 crore.
Vaibhav Global | The Shop TJC Limited, UK, a step-down subsidiary of the Vaibhav Global, has acquired E-retailer Shop LC GmbH, Germany (100 percent subsidiary) to expand business in Germany by selling the products to the retail consumers via television and ecommerce websites, said Vaibhav Global in its BSE filing. The company has acquired 25,000 equity shares of 1 euro each at a total consideration of 25,000 euro. The subsidiary acquired equity shares of Shop LC GmbH in cash and payment was made through banking channels, said Vaibhav Global. This news came in after market hours on March 18. The stock closed 6.46 percent lower at Rs 3,858 on March 18. It hit a 52-week high of Rs 4,850 on March 17, 2021, and a low of Rs 490 on March 24, 2020. The market-cap of the company stands at Rs 12,553.22 crore.
Hathway Cable & Datacom | Hathway Cable & Datacom has entered into an agreement for disposing its entire 50 percent stake (5,000 equity shares having face value of Rs 10 each) of Net 9 Online Hathway, a joint venture company, on March 18. The company has received a consideration of Rs 99 lakh after selling stake in the joint venture company, said Hathway in its BSE filing. Subsequent to the sale, Net 9 Online Hathway have ceased to be a joint venture of the company. The company said it had sold its entire shareholding of 50 percent in Net 9 Online Hathway, to other existing joint venture partners – Satish Walke (13.33 percent stake), Deepak Panchal (18.33 percent) and Albert Dias (18.34 percent). This sale does not fall within the purview of related party transaction, it added. This news came in after market hours on March 18. The stock closed 3.41 percent lower at Rs 29.70 on March 18. It hit a 52-week high of Rs 57.45 on July 22, 2020, and a low of Rs 10.70 on March 24, 2020. The market-cap of the company stands at Rs 5,257.21 crore. (Image: Shutterstock)
Future Retail | The Supreme Court will hear a special leave petition filed by Amazon in the case involving the Future Retail-Reliance Industries deal in the last week of April 2021. On 18th March, Amazon mentioned the matter and informed the apex court that the pleadings in the matter have been completed and requested the court to fix the matter for hearing. The petition filed by the e–commerce major had challenged an earlier division bench order of the Delhi High Court. Meanwhile, as part of the detailed reasons for passing the earlier status quo order, the single judge of the Delhi High Court on March 18 imposed a cost of Rs 20 lakh on Future, to be deposited with the PM Relief Fund. Justice JR Midha held that Future Retail, Future Coupons, Kishore Biyani and others violated the emergency award. It issued a show cause notice to Biyani and others asking why they should not be detained in civil prison. The stock closed at Rs 62.05, down Rs 2.50, or 3.87 percent on March 18. It has touched a 52-week low of Rs 60.80. Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Moneycontrol.com
Minda Industries | The company has issued Commercial Paper of Rs 50 crore with allotment date 18 March 2021, due for maturity on 16 June 2021. This is in line with the management’s efforts to bring down the finance cost. The company also announced that the Board of Minda TG Rubber has issued 11,11,506 new equity shares to the joint venture partner Toyoda Gosei Co., Japan. Accordingly, Minda TG Rubber will no longer continue as subsidiary of the company. Minda TG Rubber will be an associate of the Company with revised shareholding. The stock price closed at Rs 552.20 on March 18.
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