Stocks on Focus: Vi, RBL Bank, Jindal Stainless, Edelweiss, Vedanta, KEC International

There are some important factors that will guide the domestic equities on Thursday. These include the Services PMI for March, weekly F&O expiry, and global cues. As of 7:30 AM, Gift Nifty futures were up 53 points at 22,596 levels. In the global market, Asian shares including the Nikkei and Kospi were up by 1.7 percent and 1 percent respectively.

Vodafone Idea: The telecom service provider announced on Wednesday, in an exchange filing, that its shareholders have approved a proposal to issue securities worth approximately Rs 20,000 crore. This announcement came a day after the company's virtual Extraordinary General Meeting (EGM). With this approval, the telecom firm is on track to complete the equity fundraising by the end of June. Once the equity fundraising is completed, Vodafone Idea plans to raise additional debt, bringing the total funding to a potential Rs 45,000 crore. This fundraising is crucial for the company's plans to launch 5G services.

RBL Bank: A private sector bank has recently reported that it received deposits worth Rs 1,03,454 crore for the quarter ending in March FY24. This is a 22 percent increase as compared to the same period from the previous year and a 12 percent increase from the previous quarter, as shown in preliminary figures. The bank's advances for the quarter amounted to Rs 85,640 crore, marking a 19 percent year-on-year increase and a 5 percent quarter-on-quarter rise. Retail advances saw a 29 percent year-on-year growth, while wholesale advances grew by 7 percent year-on-year for the quarter. Within the wholesale segment, commercial banking experienced a 17 percent year-on-year growth. The proportion of retail to wholesale advances was roughly 58:42.

Jindal Stainless: On Wednesday, the company announced its plan to sell its entire 26 percent stake in Jindal Coke by September this year. In the first sale, the company has already sold 4.87 percent of its shares in Jindal Coke for over Rs 36.49 crore. JSL Overseas has acquired these shares at the same price, as per a regulatory filing. Additionally, Jindal Stainless has obtained a majority stake in the Spanish firm Iberjindal. The company had already approved the acquisition of up to 100 percent stake in Iberjindal S.L., a Spain-based subsidiary, and the divestment of a 26 percent equity stake in its associate company, Jindal Coke Ltd (JCL) in January.

Edelweiss Financial Services: CLSA Global Markets Pte Ltd., a foreign investor, has acquired 2,72,10,507 equity shares in Edelweiss Financial Services through open market transactions. This purchase represents 2.88 percent of the company's paid-up equity and was made at an average price of Rs 69.16 crore. The total value of this transaction is Rs 188.18 crore. On the other hand, The Pabrai Investment Fund IV LP, a foreign portfolio investor, sold 2,72,08,207 equity shares at an average price of Rs 69.15 per share, amounting to a total of Rs 188.14 crore.

Vedanta: The company has recently increased its alumina refining capacity to 3.5 million metric tonnes per year. They have launched a new alumina refinery in Lanjigarh, Odisha with a capacity of 1.5 million metric tonnes per year. This new facility is part of their expanded 3 million metric tonnes per year plant. This expansion will increase the total production capacity of the Lanjigarh refinery from its current 2 million metric tonnes per year to 5 million metric tonnes per year.

Som Distilleries and Breweries: The board of directors of Som Distilleries and Breweries has approved a stock split. As per the decision, the existing equity shares of the company, which currently have a face value of Rs 5, will be split into shares with a face value of Rs 2 each. The aim of this move is to increase the involvement of retail investors and improve the liquidity of the company's shares.

KEC International: The infrastructure EPC major has received new orders of Rs 816 crore across its various businesses, including orders for the supply of towers in the United States of America, setting up steel plants in Northern India, and plants for carbon derivatives in Eastern India.

Union Bank of India: The Dubai International Financial Centre (DIFC) branch of Union Bank of India has successfully secured a syndicated term loan worth $500 million, which includes an over-allotment option, or "green shoe", of $100 million. The loan is divided into two tranches with durations of 3 and 5 years. This marks the bank's first foray into raising a syndicated term loan at an international centre. As of April 3, the bank has already drawn $100 million from Tranche A under this arrangement.

GMR Power and Urban Infra: The company has collaborated with Shree Naman Developers to establish a joint venture named Portus Ventures. The new entity's responsibility would be to design, operate, and maintain superstructures on land parcels located at the Mumbai International Airport (MIAL) site. GMR Power and Urban Infra have invested 26 percent of the total paid-up capital of Portus Ventures, which amounts to Rs 26,000.

Avenue Supermarts: The company that operates D-Mart reported a standalone revenue of Rs 12,393.46 crore for the quarter ending in March FY24. This marks a 19.9 percent increase compared to the Rs 10,337.12 crore recorded in the same period last year. As of March 2024, the company operates a total of 365 stores.

Bharat Forge: Bharat Forge Ltd has announced the appointment of Amit Kalyani as Vice Chairman and Joint Managing Director for an additional five-year term, starting on May 11, 2024. This decision was made during a board of directors meeting and is subject to shareholder approval.