RIL, HDFC Bank, Jet Airways, Future group, Macrotech Developers
NEW DELHI: Here is a list of 10 actions that could be in the spotlight on Thursday:
Trusted industries: Reliance Industries Ltd launched its mega bond sale on Wednesday as it sought to raise $ 3 billion to $ 5 billion from foreign investors. It will be the biggest bond sale ever by an Indian company using money overseas and the country’s first fundraiser of the year. The proceeds will be used primarily to refinance existing debt with a probable benefit in terms of financing costs.
HDFC Bank: Private sector lender HDFC Bank has sold ??2,188 crore in distressed retail loans to Asset Reconstruction Companies (ARCs) over the past three quarters in an effort to clean up its book. The retail portfolio consisted primarily of personal and auto loans.
Group of the future: The Delhi District Court on Wednesday suspended the arbitration proceedings initiated by Amazon.com Inc. in Singapore against Future Group, its ex-partner, for breach of contracts, thus offering a respite to the indebted Indian retailer.
Jet airways: Acting Managing Director and “responsible director” of Jet Airways (India) Ltd, Sudhir Gaur, resigned before the airline could even take off under its new promoters. The development comes weeks after the Jala-Kalrock Capital consortium said it hoped to resume operations in 2022.
Macrotech Developers: The real estate major, known as Lodha Group, expects to repay its offshore bonds worth $ 225 million or ??1,678 crore in full over the next four months ahead of the March 2023 deadline. It also plans to significantly repatriate its UK investment to India in fiscal year 2022-2023.
NHPC: A promotion agreement has been signed between NHPC and Green Energy Development Corporation of Odisha (GEDCOL) for the formation of a joint venture for the development of 500 MW floating solar energy projects in various water reservoirs in Odisha.
Mahanagar gas: Life Insurance Corporation of India acquired a 2% stake in the company through open market transactions, increasing its stake to 7.01% from 5% previously.
Airline stocks: Indian airlines are facing a double whammy. While analysts expect carriers to report losses in the December quarter due to high fuel costs, air passenger traffic, which had increased every month since last June, appears to be plummeting due to of the third wave of covid-19 infections.
FMCG actions: Prices for consumer staples (FMCGs), such as cookies, milk-based edibles and personal care items, could continue to rise this quarter as companies try to weather headwinds from the inflation.
Videocon Industries: A bankruptcy appeals court overturned the winning bid by billionaire Anil Agarwal, led by Twin Star Technologies, to take over Videocon Industries Ltd, following pleas by some creditors that the money offered imposed a large ??62,000 crore haircut on the banks. The National Company Law Appeal Tribunal (NCLAT) has asked the creditors to initiate a new sale of Videocon for the recovery of their unpaid bills. ??64,637.6 crores.
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