Companies and Markets

Companies & Markets

Chalet Hotels Rs 1,641-cr IPO to open on Tuesday

K Raheja Group-promoted Chalet Hotels announced a Rs 1641.18 crore initial public offering of equity shares in the price band of Rs 275 to Rs 280 per share of Rs 10 face value.

Chalet Hotels’ IPO is scheduled to open on January 29 and close on January 31, 2019.

Chalet Hotels is owner, developer and asset manager of high-end hotels in key metro cities in India. The IPO consists of fresh issue of equity shares of the company aggregating up to Rs 950 crore and an offer for sale of up to 24,685,000 equity shares by the promoter group family  members.

Budget, Q3 earnings, global factors to drive stocks

The stock market is likely to track a host of key domestic and global events this week like the interim Budget for 2019-20, January derivatives expiry, quarterly earnings from bluechips and the US Fed interest rate decision, say experts.

";Market may extend the range bound movement as global risk factors like the US-China trade talks and growth concern continued to gain investors' attention," said Vinod Nair, Head of Research, Geojit Financial Services.

 A lot of events are lined up - like the Budget, Federal Open Market

NCLT allows Guild Builders to top up shares of Omaxe

In a recent development, National Company Law Tribunal (NCLT) Bench, Chandigarh, has allowed Guild Builders to continue to further top up more shares of realty firm Omaxe to meet top-up or margin call requirements if needed. Guild Builders is the parent company of real estate major Omaxe Limited.

Vodafone Idea rights issue by February-end; smooth sailing seen

Vodafone Idea Ltd's upcoming rights issue of Rs 25,000 crore will hit the market in February-end to partly pare its rising debt currently at around Rs 1.14 lakh crore and meet the spectrum dues to the government and is expected to be fully subscribed on the non-promoters' portion or the public part of the issue, market sources said.

More trouble for debt MFs as two IL&FS SPVs default on payment

In fresh trouble for mutual funds from infrastructure contagion, two special purpose vehicles of IL&FS subsidiary IL&FS Transportation Networks (ITNL) have defaulted on debt repayment.

The two special purpose vehicles (SPVs) are Jharkhand Road Projects Implementation Company (JRPIC) and North Karnataka Expressway (NKEL). The two SPVs have, in turn, demanded a refund of debt payments from IL&FS Trustees.

Rescue plan for gas-based power plants in works

The government proposes to use the National Clean Energy Fund (NCEF) to support gas-based power projects, including the 31 stressed ones, as it looks to launch one of the biggest rescue operations for these clean fuel-run power plants that are on the verge of complete shutdown in the absence of fuel and viable power purchase agreement.

GIC, New India OFS to hit market this fiscal

The government is determined to push the public issues of listed insurance majors, GIC and New Indian Assurance, this fiscal.

The department of investment and public asset management (Dipam) will appoint merchant bankers for offer for sale (OFS) of shares in the two insurers next month, official sources said.

The move is to augment the current selloff proceeds of Rs 35,000 crore, which is way below the budget target of Rs 80,000 crore.

Zee shares seen coming under more pressure

In a bid to allay market fears, the Subhash Chandra-led Essel Group late on Sunday said it has "arrived at an understanding" with its lenders to ensure that it is not declared a defaulter in the event of Zee group stocks taking a further beating on the bourses.

Uptrend seen continuing

The market made modest gains after trading in a narrow range for most part of the trading session. The S&P BSE Sensex ended 86.63 points or 0.24 per cent higher at 36,195, the Nifty-50 Index rose 18.30 points or 0.17 per cent to settle at 10,849. Both the BSE Mid-Cap and BSE Small-Cap indices ended lower.

The market breadth was negative as 952 shares rose while 1547 shares fell. Yes Bank surged 8.39 per cent, Reliance Industries 1.61 per cent and TCS 1.17 per cent. Tata Motors was down 2.72 per cent and Sun Pharmaceutical Industries 1.92 per cent.

MSCI may reduce India weight in emerging market index

Global provider of capital market indices, MSCI, has proposed changes to foreign ownership investment limits for India securities. Once changes are accepted this will reduce India weight in the MSCI Emerging Market index by 0.23 per cent to 8.55 per cent from 8.78 per cent.

Constituent stocks of the MSCI Market Index may get impacted, with proposed changes to computing calculation methodology for foreign ownership limits, as mentioned in a consultation paper released.