Market News
Stocks to watch on November 28: NBCC, HUDCO, Godrej Properties, KEC International, Waaree Technologies and more
.png)
4 min read | Updated on November 28, 2024, 08:29 IST
SUMMARY
Godrej Properties on Wednesday launched its qualified institutional placement (QIP) to sell equity shares to investors for raising up to ₹6,000 crore to fund its growth plan. Last month, the company's board approved raising up to ₹6,000 crore through the issue of securities. The panel also approved the floor price for the QIP issue, being ₹2,727.44 per equity share.
Stock list
State-owned NBCC has signed an MoU with HUDCO to develop a 10-acre industrial plot in Noida at a cost of ₹600 crore.
This suggests that the NIFTY50 index will open 118 points lower.
On the global front, Asian shares were subdued on Thursday, and the dollar was on the defensive after US data showed progress in slowing inflation had stalled even as the economy remained resilient, raising doubt over the path the Federal Reserve could take next year.
US stock markets will be closed today and will remain closed early on Friday, November 29, as well, in observance of the Thanksgiving holiday.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.07% lower, with Japan's Nikkei up 0.46%.
Last month, the company's board approved raising up to ₹6,000 crore through the issue of securities.
The panel also approved the floor price for the QIP issue, being ₹2,727.44 per equity share.
Godrej Properties' share price closed at ₹2,833.05 apiece on Wednesday, down 2.35% from Tuesday.
In a regulatory filing on Wednesday, NBCC said it has "signed an MoU with HUDCO for the development of a 10-acre institutional plot at Noida sector-62 as Project Management Consultant.".
The tentative cost of the project is about ₹600 crore, it added.
A BSE filing said the order was awarded by a domestic company engaged in the development and implementation of renewable energy projects.
According to the filing, the value of the order is approximately ₹12,33,47,78,778 (excluding taxes).
The project aims to integrate and standardise the client’s business processes across 13 countries in the APAC region, enabling seamless operations and real-time engagement with customers, suppliers, distributors, and partners, it said.
The company confirmed that the land and building sold were not part of its operational assets and that the transaction would not impact its business operations.
The company had proposed to set up the factory with an investment of ₹3,718 crore back in September. It sought land in the special economic zone at a cost of ₹1,948 per square metre, according to an exchange filing.
The rating agency has upgraded the corporate family rating of the company from B3 to B2. Moody's has also upgraded the rating on the senior unsecured bonds issued by Vedanta Resources to B3 from Caa1.
About The Author
Next Story
