NEWS UPDATE

Reliance Industries:
Rights issue subscribed 1.59 times, amounting to an overall commitment of Rs 84,000 crore for the Rs 53,124.2 crore issue. Public portion subscribed 1.22 times. Allotment of equity shares will take place on or about June 10. Rights shares expected to be listed on BSE & NSE on or around June 12.

🔹GAIL:
Signs an accord for tri-generation projects with EESL. The 50-50 venture will involve natural gas-fired generators to produce electricity.

🔹HDFC Life:
Standard Life Insurance is offering 4 crore shares of the company in a block trade. Price is set between Rs 490-501.35 per share, which is a 0-2.3% discount to Wednesday's closing price. The total sale may fetch $266 million, as per data

🔹VST Tillers and Tractors:
 Power Tillers sales up 24% in May to 1,750 units while Tractors sales rise 20% to 633 units.

🔹DB Corp: CARE Ratings has downgraded long-term and short-term bank facilities worth Rs 320 crore, from CARE AAA to CARE AA+ with outlook remaining stable. The revision in the rating factors in CARE’s belief that advertisement income, which constituted around 70% of company’s total operating income in FY20, would be to be notably weaker in Q1FY21, and is expected to remain muted for rest of the year as well.


🔹Jindal Steel and Power: May steel sales up 26% to 7.97 lakh tons, on a consolidated basis, driven by exports.

🔹Oil India: Clarified on the blowout at Baghjan well, stating that the company is currently engaged in the blowout control process and the wells are self-insured.

🔹JK Cement: To consider raising capital via NCDs on June 17.

🔹Persistent Systems: To accelerate and develop cloud solutions to customers along with IBM.

🔹Arvind: Raised Rs 75 crore via issue of NCDs.

🔹NLC India: Raised Rs 1,200 crore by issuing commercial paper.

🔹Chennai Petrochem: Board has recommended a proposal to Indian Oil Corporation for implementing the 9 MMTPA refinery project at Cauvery basin refinery through a joint venture at an estimated cost of Rs 28,983 crore. Board has given in-principle approval for incorporation of a joint venture with the company and Indian Oil Corporation holding 25% stake each while balance to be held by financial/strategic/public investors. Company will invest up to Rs 2,500 crore in the venture. LPG division of company is working partially, while cylinder manufacturing is working at 10% capacity.

🔹Shree Renuka Sugars: Board approved proposal of raising funds via external commercial borrowings from its holding company Wilmar Sugar Holdings to refinance company’s existing debt. Board also increased borrowing limit from Rs 6,000 crore to Rs 10,000 crore.