Tag: trending stocks

Peninsula Land shares rally nearly 17% on plans to raise ₹150 crore via OCDs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Peninsula Land have rallied nearly 17% after the company announced a fundraising proposal of up to ₹150 via optionally convertible debentures.

In a filing to the stock exchanges on May 10, the real estate firm informed the bourses that its Annual General Meeting (AGM) will be held on June 3, 2024, to consider a proposal to raise funds through the allotment of optionally convertible debentures.

The company said that the unsecured OCDs will be issued on a preferential basis by way of private placement to Arsenio Strategies Pvt Ltd.

Peninsula Land also said that a total of 2.65 crore OCDs in two tranches will be issued to Arsenio Strategies Pvt Ltd. The 2.65 crore issue will be done in two tranches to raise ₹150 crore.

The first tranche of the issue will comprise 1.99 crore OCDs and the second tranche will comprise an issue of 66,37,168 OCDs. The face value of the OCDs is ₹56.5 each.

The Proposed Investor shall have the option to convert the OCDs into fully paid-up equity shares of face value ₹2 each of the Company at any time within a period of 18 months from the date of allotment, the company informed the bourses.

Shares of Peninsula Land gained as much as 16.84% to hit an intraday high of ₹69.99 apiece on the BSE. However, the realty stock pared early gains and traded 14.56% higher at ₹68.63 apiece at 12:46 pm.

The Ashok Piramal Group company has announced setting up a real estate firm in collaboration with Alpha Alternatives and Delta Corporation.

The new firm will be engaged in undertaking residential re-development in the Mumbai Metropolitan Region (MMR) and plotted development in neighbouring areas of MMR like Alibaug, Khopoli, Karjat and Pune. The new entity will have an aggregated funding of ₹765 crore.

The company informed the exchanges that it plans to deploy the funds raised via debentures in entities being jointly set up by Peninsula Land, Delta Corp Limited, and Alpha Alternatives Fund Advisors LLP and its affiliates.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This telco stock has doubled investor money in 3 months. Do you own it?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea shares surged nearly 9 percent Monday to scale a fresh 52-week high amid the reports that the Department of Telecom (DoT) has released Vodafone Idea’s bank guarantees (BGs) to the tune of Rs 12,000 crore.

The Bombay Stock Exchange (BSE) on Friday sought a clarification from the beleaguered telco. Replying, Vi said, the news item is “factually incorrect”. In the telecom reforms package announced by the government on September 15, one of the measures was the rationalisation of bank guarantees.

The government had reduced BG requirements against license fees and other similar levies. It had said there are no requirements for multiple BGs in different licensed service areas regions of the country and that one BG would be enough. A licensed service area is a geographic region in which telcos can provide services.

Regardless, the stock surged to Rs 15.88—an intraday and 52-week high—a level last seen in April 2019. In the past five trading sessions, the stock has surged nearly 40 percent and over nearly 60 percent in the past month. The stock has outperformed the S&P BSE Sensex benchmark, which has declined over 6 percent in the last month.

Meanwhile, the telecom companies’ trade volume (on both exchanges combined) surged to 189 crores. It is higher than Friday’s volumes of 138 crore when the shares were up 12 percent. It is also higher than the weekly average (98 crore) and monthly average (49 crore).

Vodafone Idea’s share price has been going through the roof ever since the company increased prepaid tariffs by 20-25 percent. The increase came into effect on November 25.

The reports of the telecom department returning bank guarantees had also sent the stock surging last Friday. The stock had risen over 12 percent in the last hour of trading.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vodafone Idea shares surge 12%, hit 52-week high; here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea stocks surged over 12 percent, hitting a 52-week high in the last hour of trading on the Bombay Stock Exchange on Friday. The stock rallied on account of the telecom department returning bank guarantees to the tune of Rs 12,000 crore to Vodafone Idea.

The Department of Telecommunications (DoT) will return BGs worth Rs 20,000 crore that Vodafone Idea and Bharti Airtel had furnished to cover spectrum payments. Since the spectrum payments have been deferred as per the new relief package, DoT will ask the telcos to furnish the BGs a year before the deferred period is up.

Reduction in BGs will benefit the telecom companies by decreasing banks’ exposure to Vodafone Idea. Currently, they have an exposure worth Rs 14,000 crore in the company. It would further help the company to raise credit and boost its chances of survival. IDFC First Bank and Yes Bank have the highest exposure to the debt-laden telco. The State Bank of India also has an exposure of Rs 11,000 crore.

The stock opened at Rs 12.81 and closed to Rs 14.40, rising 12.5 percent. In the past five sessions, the stock has risen over 20 percent, as a flurry of positive pieces of news brought traders back to the stock of this debt-laden telecom company. Meanwhile, the benchmark Sensex has been underperforming as it rose 0.8 percent.

In the past two weeks since the telco announced hiking the tariff rates, the stock has clocked returns worth 33 percent. The tariff hikes will increase the company’s average revenue per user (ARPU), which in turn, will lighten its financial strain.

On Thursday, the results of the one-time spectrum charge case (OTSC case) had pumped the stock 6 percent higher in the first two hours of trade.

The telcos owe Rs 40,000 crore to the DoT and the hearing of the Supreme Court was to clarify whether the government is withdrawing the demand. If the government withdraws the demand, both Vodafone Idea and Bharti Airtel would benefit.

All of this would add up to the relief package government provided to the telecom industry in September. Under the relief package, Vodafone Idea chose to der the payment of adjusted gross revenue (AGR) and spectrum dues by four years.

Meanwhile, according to the exchange filing, the exchange has sought clarification from Vodafone Idea with reference to news appeared in www.telecom.economictimes.indiatimes.com dated December 3, 2021 quoting “The telecom department has so far released Rs 6,000 crore BGs to both telcos, of which Rs 3,500 crore has been returned to Airtel and Rs 2,500 crore to Vodafone Idea. The reply is awaited.”

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vodafone Idea shares surge ahead of Supreme Court hearing on OTSC case

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea shares were trading higher as focus shifted to the stock ahead of the One-time Spectrum Charge (OTSC) case hearing in the Supreme Court today.

The stock gained over 6 percent to Rs 13.4 per share.

The OTSC issue has been affecting the telecom sector since 2008 when the government decided to levy the amount retrospectively, leading to a demand of Rs 40,000 by the Department of Telecommunication.

The government in October had sought time from the apex court to reconsider continuing with its appeal against a telecom tribunal’s order that said the OTSC could be levied prospectively, not retrospectively.

Despite government measures, most telecom service providers are suffering losses and a one-time spectrum charge would lead to a financial burden of Rs 40,000 crore, the DoT had told the apex court in October when it sought time to reconsider its decision to levy the amount.

If the government decides to withdraw the charges, Bharti Airtel and Vodafone Idea will benefit from it. In the hearing today, the government will clarify if it has made the decision to withdraw the demand.

At 10:43 am IST, the Vodafone Idea shares were trading Rs 13.12, 3.5 percent higher on the Bombay Stock Exchange. The stock has been trading higher since the company announced tariff hikes to the tune of 22-25 percent. In the past five days, the stock has risen over 12 percent.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vodafone Idea surges 10% in 5 days; here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea share price continued its uptrend on Tuesday, with the telecom stock rising over 3 percent to trade at Rs 11.57 on the Bombay Stock Exchange (BSE) after global brokerage Credit Suisse upgraded its target price. In the past five trading sessions, the VI stock price has rallied over 10 percent, hitting a fresh nine-month high of Rs 11.95 on the BSE on Monday after the company increased its prepaid tariff by 20-25 percent with effect from November 25.

On Monday, the stock had risen to the highest level seen since February 21, 2021. It had hit a 52-week high of Rs 13.80 on January 15, 2021. The stock has risen 13 percent in the past month, 32 percent in the last six months, 2 percent so far this year, and over 14 percent over the past year.

At 12:20 am, the stock was down over half a percent to Rs 11.13, having pared earlier gains. In comparison, the benchmark index was up over 0.3 percent. The combined trading volume of NSE and BSE has surged 28 crores Tuesday, having risen to 82 crores on Monday.

Meanwhile, Credit Suisse has raised the target price on the stock from Rs 8 to Rs 7 per share. The brokerage has an underperform call, meaning the shares are expected to do slightly worse than the market returns. It also said the company will need $700-$800 over the next six months to meet its repayment obligations.

Last week, the telco had hiked its prepaid tariff plans by over 22 percent across the board. Its entry-level plans had undergone a 25 percent hike. In an exchange filing, the company had said the new plans will start the improve the average revenue per user (ARPU) and help address its financial stress.

Credit Suisse, however, said the tariff hikes and the relief package by the government will not fundamentally alter its long-term debt issues. And as the cash flows remain constrained, its ability to invest in 5G and fibre will also be limited, thus affecting its long-term growth outlook.

The telecom industry has been battling mounting debt and losses from the past two years on the back of expensive spectrum charges and hefty regulatory dues. One such due was the aggregated gross revenue or the AGR dues. It is a revenue-sharing mechanism between the telecom operators and the government. Telecos are expected to pay a percentage of their AGR to the government.

However, all this while, the definition of AGR dues was contested. While the government wanted to include non-telecom revenue in the AGR, the telecoms objected. Finally, in the relief package announced by the government in September, the authorities removed non-telecom revenue from the definition. And deferred the payments of AGR dues by four years.

However, even after removing some hefty regulatory dues, Vodafone Idea owes Rs 23,400 to various debtors. It is expected to pay Rs 2,600 crore interest to banks. And Rs 6,000 crore for the redemption of non-convertible debentures in December.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Devyani International shares jump over 7%; Jefferies initiates ‘buy’ rating; check target price

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Devyani International Ltd share price jumped nearly 7.5 percent on Tuesday in early deals. The stock of the KFC, Pizza Hut and Costa Coffee operator opened 2.6 percent higher at Rs 142.70, from its previous close of Rs 139.05, and hit the day’s high at Rs 149.40. So far this year, the stock has corrected 23 percent.

Investor sentiment in the stock improved sharply as brokerage house Jefferies initiated a ‘buy’ rating with a target price of Rs 240 per share. It said the company is among the top quick-service restaurant players in India with portfolio of brands such as KFC and Pizza Hut among others. The brokerage has forecast an estimated EBITDA CAGR of 37 percent for FY20-24.

Devyani International had launched its Rs 1,838-crore initial public offering in early August and garnered a stellar subscription of 116.71 times, generating bids for 1,313.79 crore equity shares against an offer size of 11.25 crore equity shares.

The Devyani International stock price was listed at Rs 141 on the BSE and Rs 140.90 on the National Stock Exchange, against the issue price of Rs 90 per share on August 16.

Meanwhile, benchmark indices Sensex and Nifty50 jumped on Tuesday, tracking positive global cues. At 11.14 am, Sensex traded 360 points higher at 57,621, while the Nifty50 surged 107 points to trade at 17,161.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cipla, AstraZeneca, Pfizer, others rally as focus shifts to pharma on emergence of new COVID variant

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of pharmaceutical and healthcare companies like Solara, AstraZeneca, Cipla surged over 6 percent on Friday in an otherwise negative market — the sharpest drop in seven months — on reports of a fast-spreading COVID-19 variant that emerged in South Africa.

The World Health Organisation (WHO) warned of the new and possibly vaccine-resistant COVID variant B.1.1.529. According to primary research findings, the variant harbours a constellation of mutations and thus, is likely to have a higher transmission rate than the Delta variant.

The S&P BSE Healthcare index rose over 2 percent even as Sensex declined 2.5 percent as the investor focus shifted to pharma stocks amid the reports of the new variant.

The shares of Solara Active Pharma — a pure-play API company — surged over  8 percent, rising to an intraday high of Rs 1,175. At 11:15 am, the stock was trading over 7.5 percent higher at Rs 1,168.

AstraZeneca India, a research-based biopharma company and COVID-19 vaccine maker, was also up over 8 percent, rising to an intraday high of Rs 3,280. At 11:15 am, the stock was trading over 6 percent higher at Rs 3,224.

Cipla India, a large-cap pharma company, rose as high as 6.5 percent to Rs 958.7. Panacea Bio, a manufacturing partner of Russia’s RDIF for the sale of Sputnik V vaccine in India, also rose over 5 percent, hitting an intraday high of Rs  202.15.

Also Read | Heavily mutated COVID-19 variant emerges in South Africa: What we know about B.1.1.529 and its impact on India

Pfizer India, a COVID-19 vaccine maker, saw an increase of 5.5 percent in share price. The stocks rose to an intraday high of Rs 5,168. At the time of writing, it was up over 4 percent to Rs 5,111.

Glenmark Pharma, headquartered in Mumbai, also witnessed a surge of 4 percent as it rose to a high of Rs 551.5. At 11:30, it was up over 1.5 percent to Rs 538. Laurus Labs, a pharma and biotech company, also rose 4 percent to Rs 555. At 11:30, the stock was up over 1.3 percent to Rs 541.

The shares of Dr Lal Path Labs, a diagnostics test provider, surged over 6.5 percent to Rs 3,650. It was up over 4 percent to Rs 3,566 at the time of writing.

Also Read | Sensex, Nifty50 tank as new COVID variant spooks investors; here’s what else is hurting D-Street

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vodafone Idea shares decline 6%, Airtel down 3%; Why telco stocks are down

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea and Bharti Airtel shares declined over 6 and 3 percent, respectively, on Friday as Indian shares registered their biggest meltdown since early April. The benchmark 30-share BSE Sensex tumbled over 1,300 points as wary investors resorted to selling amid mounting fears over the discovery of a new coronavirus variant in South Africa that threatens to stall fragile global recovery.

Vodafone Idea shares declined 6.4 percent, falling as low as Rs 10.90. It was trading at Rs 11 at 10:40 am. Bharti Airtel shares declined 2.8 percent, falling as low as Rs 743.90. The stock was trading at Rs 748.05.

Earlier this week, Trai data showed that Vodafone Idea lost 10.77 lakh subscribers during September, while Bharti Airtel added 2.74 lakh subscribers. Compared to Airtel’s subscriber base of 35.44 crore in September, Vodafone Idea’s subscriber base has come down to 26.99 crore.

Vodafone Idea had recently raised entry-level tariffs by up to 25 percent as the debt-laden telco battles liquidity issues. Vodafone Ideas’ basic plan which costs Rs 79 earlier with a validity of 28 days will now cost Rs 99.

Nifty and Sensex are down over 2 percent Friday after the World Health Organisation flagged a new COVID variant — B.1.1.529 — indicating a large number of mutations in the new variant with an unusually large number of mutations. South Africa has already detected 22 cases of the new variant, the National Institute for Communicable Diseases said.

On Thursday, the Indian government asked all states and union territories to conduct rigorous screening and testing of all international travellers from South Africa, Hong Kong and Botswana where multiple cases of a COVID-19 variant B.1.1529 have been reported.

At 10:40 am, Sensex was down over 1,372 points to 57,422 and Nifty had weakened 411 points to 17,124. Broader markets have also declined with midcaps falling over 796 points or 2.30 percent to 30,129.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Industries shares jump over 6%; here’s why

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Reliance Industries settled jumped well over 6 percent on Thursday, a day after the conglomerate announced that its board has decided to implement a Scheme of Arrangement (Scheme) to transfer Gasification Undertaking into a wholly-owned subsidiary (WOS).

“The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in the energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery,” RIL said in a regulatory filing.

“Repurposing the Gasification assets will help use syngas as a reliable source of feedstock to produce these chemicals and cater to growing domestic demand, resulting in an attractive business opportunity,” the statement read.

According to the company, as the hydrogen economy expands, RIL will be well positioned to be the first mover to establish a hydrogen ecosystem.

The Scheme will also enable RIL to evaluate unlocking the value of syngas, with a collaborative and asset-light approach involving induction of investor(s) in the gasifier subsidiary and capturing value of upgradation in RIL through partnerships in different chemical streams, the company said.

The appointed date of the Scheme is March 31, 2022.

Speaking on CNBC-TV18, Centrum Broking’s Probal Sen said, “We currently have a target valuation of around Rs 2,565 with the ‘hold’ kind of rating. The green energy initiatives, we value at about 2.50 times, EV to capital employed, which delivers about Rs 290 a share EV. In the O2C segment, we have always valued at a slightly lower number than the $75 billion EV that was floating around. Our target valuation provides an EV of around 63 billion, which translates to I think around Rs 750 a share.”

RIL’s share price closed Thursday’s trade quoting at Rs 2,501 apiece, up 6.36 percent, on NSE. The stock opened at Rs 2,373 and hit the day’s high at Rs 2,502. After today’s surge, the RIL stock has surged over 27 percent in the past six months.

Also, catch all the live updates from the stock markets today with CNBC-TV18.com’s blog

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Note: The story has been updated with RIL share closing price

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Why Vodafone Idea and Bharti Airtel are surging in trade today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vodafone Idea, Bharti Airtel shares surged on Wednesday amid reports that the telecom department is likely to return bank guarantees to the telcos even for the matters currently under sub judice.

The Department of Telecommunications (DoT) may inform the Supreme Court (SC) that it will return bank guarantees (BG) of the telecom companies, an Economic Times report said. A bank guarantee ensures if the debtor fails to settle a debt, the bank will cover it.

According to the report, DoT will return these BGs in addition to the guarantees telecoms had furnished to cover spectrum payments. The spectrum payments have been deferred for four years under the new relief package for the industry. The government will ask the telecoms to furnish fresh bank guarantees a year before the deferred period is up, the report said.

Airtel and Vodafone Idea reacted to the news surging over 3 and 5 percent, respectively. At 10 am, Airtel shares were trading at Rs 778 on NSE, up 2.5 percent. The shares touched an intraday high of Rs 780. Vodafone Idea was up 3 percent to Rs 10.95, after rising as high ad Rs 11.10.

Vodafone Idea

Brokerage house CLSA has an underperform call on Vodafone Idea, with a target at Rs 11 per share. An underperform call means shares are expected to be slightly worse than the average market return.

It said the latest tariff hikes can boost the telecom’s revenue by 10 percent. And the entry tariff hike can further boost the revenue by 7 percent. Vodafone Idea announced tariff hikes Tuesday by 25 percent, in line with what Bharti Airtel had announced Monday.

Analysts said these tariff hikes were overdue for repairing the average revenue per user (ARPU) of the cash-strapped telecom companies.

The telecom industry is laden with debt and dealing with mounting losses from the past two years as the telecom operators had to purchase expensive spectrum and payout hefty regulatory dues. The government had offered a lifeline to the sector when it released the telecom relief package in September.

In the relief package, the government announced a temporary prohibition on the payment of AGR dues. AGR or the aggregated gross revenue is a revenue-sharing mechanism between the telecom operators and the government. The companies are expected to pay a percentage of their AGR to the government.

However, for a long time, the definition of AGR was contested. While the government wanted to include non-telecom revenue in the AGR, telecoms were against it.  In the relief package, the government removed non-telecom revenue from AGR and deferred the payments of AGR dues by four years.

The shares of Vodafone Idea have surged over 5 percent in the past month even as Sensex plunged over 3 percent.

Bharti Airtel

Meanwhile, Sushil Kedia, the founder of Kedianomics continues to remain bullish on the sector. “They (telecom stocks) did not come down at all in this market correction. So we will continue to ride them with trailing stops,” he said. 

Mehraboon Irani, a market expert shared similar views. He is “very positive” on the telecom story in India. However, he said buying Bharti Airtel as a trading bet is not a good idea. But he recommended holding if investors want a proxy in the telecom sector. He also predicted the stock to move higher from its current levels.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow