Shares of Hindalco, on Tuesday, rose nearly 4 per cent to hit an intra-day high of Rs 327.65 on the BSE after the firm announced plans to deleverage its balance sheet and came out with a capital allocation framework for growth Capex, debt reduction and shareholders’ returns. Allocation towards growth capex is considered at $2.5-3 billion over the next five years. It will be ensured that all new investments are in line with the strategic intent of the company and the return on such investments is well above the cost of capital. The company has no large inorganic growth plans through acquisitions, it said in an investor presentation.
Shares of billionaire Mukesh Ambani s Reliance Industries (RIL) rose 2 per cent to hit an intra-day high of Rs 2,048.70 on the BSE after the company said it has begun the process of carving out the O2C business into an independent subsidiary and expects to get the necessary approvals for the same by the second quarter of the next financial year.
The company said the O2C business will be turned into a separate entity that will be 100 per cent owned by RIL and will result in no change in the company s shareholding.
It further added that it will focus on new energy and new materials business “towards its vision of clean and green energy development.” RIL plans to go net carbon zero by 2035.
Shares of Thomas Cook (India) extended their winning run to the third straight session on Monday as they rose by 6 per cent in intra-day trade to Rs 50.25 on the BSE following the firm s fund-raising plans. In the three days, shares of the firm have added over 10 per cent.
The travel services firm on Saturday said it plans to raise up to Rs 450 crore via the issue of Optionally Convertible Cumulative Redeemable Preference shares (OCCRPS) through private placement.
The company s board approved the issuance of up to 45,00,00,000 OCCRPS of the face value of 10 each to Fairbridge Capital (Mauritius) Ltd, the promoter of the company, through private placement on a preferential basis, Thomas Cook said in a regulatory filing.
Read more about NTPC snaps 4-day winning streak, declines 3% on profit-taking on Business Standard. In the last four trading sessions, the stock has risen nearly 10 per cent
Shares of Jagran Prakashan surged 18 per cent to Rs 57.65 in intra-day trade on Monday after the company on Saturday informed exchanges that its board would mull buyback plan during its next Board meeting. The meeting of Board of Directors of Jagran Prakashan Limited is scheduled to be held on Tuesday, March 02, 2021, inter-alia, to consider the proposal for buyback of the fully paid-up equity shares of the Company, as well as matters related/ incidental thereto, the company said in an exchange filing. The company also announced the closure of trading window from Saturday, February 20, 2021, till the conclusion of 48 hours from the conclusion of the Board meeting to be held on Tuesday, March 02, 2021.