Rail Vikas Nigam is in the business of executing all types of railway projects, including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges and institution buildings, among others. Rail Vikas Nigam Ltd. started trading at Rs 18.65 per share, a 1.8 percent discount to its issue price on the Bombay Stock Exchange. The stock is poised to recover its opening losses as it moves higher to trade at Rs 19.35 apiece. RVNL IPO was a four day maiden offer opened on March 29. It received the bids from retail and institutional investors. The IPO fetched about 480 crore from the sale of 12.12 percent of its stake for the government. Investors subscribed about 2.5 times the shares reserved for them, while qualified institutional b

Nilesh Shah of Kotak Mahindra Asset Management Company said that Essel group is debt-laden in seven of the eight fixed maturity plans, the controlling shareholders of the Zee Group of companies-in their portfolio, the asset manager is returning more than the amount they had collected along with some appreciation. Nilesh Shah said, “it’s only in one FMP which has matured today where I am returning about 0.6 percent less.” “It is only a matter of time until the unit holders receive their money on the maturity of the FMPs,” Shah added. “If they can afford a little bit of time or delay, we are quite hopeful they will recover all their dues.” “As we work with the promoters of Essel group, where we have taken their personal guarantee and have an upside sharing if there is a strategic sale in Ze

Bajaj Energy along with Lalitpur Power Generation Company, Tuesday filed for a initial public offering with the market regulator Sebi with a plan to raise ?5,450 crore through offer. The company did not say when they plan to open the IPO. Normally it takes months to get the Sebi clearance for an initial public offer. The offer comprises fresh issue of share up to ?5,150 crore by the company and an offer-for-sale of equity shares by Bajaj Power Ventures aggregating up to ?300 crore. Bajaj Power owns 100 percent in Bajaj Energy, which is into developing, financing and operating thermal power plants with a gross installed capacity of 2,430 mw. This 2,430-mw capacity comprises 450 mw from five operational plants of 90 mw each, owned and managed by Bajaj Energy and 1,980 mw from the power plant owned and mana

L&T Finance on Tuesday said it has raised Rs3,238.48 crore through non-convertible debentures. The wholly owned subsidiary of L&T Finance Holdings said these non-convertible debentures (NCDs) have been rated stable by Icra, CARE and India Ratings.The company raised a total of ?3,238.48 crore worth of subscriptions, which is 6.48 times of the base issue size of ?500 crore.The issue was oversubscribed on the first day of tranche 2 issue on 8 April, it said in a release. The first tranche of the NCD was oversubscribed on day one 6 March 2019 when the company had raised ?2,228.06 crore, around 4.45 times of the base issue ( ?500 crore). Read EquityPandit’s Nifty Outlook for the Week

Polycab India Ltd.’s Rs 1,345-crore initial public offering subscribed nearly 52 times on its final day of bidding today, driven by huge demand from non-institutional investors. While the portion reserved for non-institutional bidders subscribed 110.74 times, the qualified institutional buyers category received 93.09 times more demand for shares on offer. The retail investors category subscribed 4.24 times. Shares earmarked for employees subscribed 3.16 times The wire-maker offered nearly 2.5 crore equity shares at Rs 533-538 apiece. Some of its promoters, including the World Bank’s lending arm International Finance Corporation, sold stake through the IPO. The maiden offer was a combination of offer-for-sale and fresh issue. The company will use the funds raised via fresh issue for debt repayment and wo

Hindalco Industries Ltd.said it will shut its Jharkhand facility for sometime as one of the worker went missing and four people sustained injuries when a red mud storage wall at the plant collapsed. To ease the situation operation has been suspended to assess the happening and effort are on to clear the spillage. The company’s clarification comes after The Telegraph newspaper report stated that more than 20 workers were feared buried after a spillover of liquid industrial waste from its aluminium plant. The report also raised concerns over the liquid waste running into the Subarnarekha river that was less than 100 meters from the site. Muri Plant produces 3.8 lakh tonnes of alumina and contributes 13 percent to the company’s overall production. The alumina maker, however, denied any material impact on the

The State bank in a statement said that it had reduced the lending rates by a marginal five basis points across all tenors, effective April 10. The revised one-year marginal cost of funds-based lending rate stands at 8.50 percent down from 8.55 percent earlier. The lender has also cut interest rates on housing loans up to Rs 30 lakh by 10 bps. Accordingly, the interest rate on housing loans below Rs 30 lakh will be in the range of 8.60-8.90 percent, from 8.70-9 percent earlier. The move follows a 25 basis points cut in repo rate by the Reserve Bank in its first monetary policy review announced last week. In the February policy review also the monetary authority had lowered the key rates by a similar quantum. In a 4:2 majority vote, the central bank had cut the repo rate to 6 percent from 6.25 percent earl

On Tuesday, The National Company Law Appellate Tribunal said it may direct global steel major to deposit Rs. 42,000 crore as per its bid for acquiring Essar steel. A two-member bench led by Justice S J Mukhopadhyay said that the company may have to deposit the amount in a separate account either before the NCLAT or NCLT Ahmedabad bench. "ArcelorMittal India, successful resolution applicant, would file an affidavit for implementation of plan," the bench said. It further said, "The Appellate Tribunal may direct the successful resolution applicant to deposit money in one or another account in next date of hearing". The bench also directed the operational creditors and financial creditors of Essar Steel to file a chart next week, detailing their claims approved by resolution professional and CoC. "Financi