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SpiceJet, IOC, Go Fashion, BoI, Concor are in Focus

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Major benchmarks will likely start trading on a slightly positive note, tracking their global peers. At 7:30 am, SGX Nifty June futures were quoted at 18,685, suggesting that the Nifty 50 opened more than 50 points higher.

SpiceJet: Wilmington Trust, one of SpiceJet’s aircraft lessors, has applied to the National Company Law Tribunal (NCLT) to initiate insolvency proceedings over the airline’s non-payment of dues. The first hearing in the case will be held today.

Go Fashion: The Indian arm of US venture capital firm Sequoia Capital plans to sell a 10% stake in Go Fashion (India) worth Rs 625 crore. The deal will likely be block traded at a floor price of Rs 1,135 per share on Monday.

Tata Motors: The company has set July 29 as the record date for determining members’ entitlement to the FY23 final dividend.

Container Corporation of India (Concor): The divestment of state-owned enterprises could be delayed indefinitely as the process hits an interministerial hurdle. Two officials familiar with the developments said that the Ministry of Railways is not interested in the proposed 30.8% stake sale.

Maharashtra Seamless: The company has voluntarily prepaid an outstanding long-term loan of around Rs 234 crore (~$28.38 million) on June 9, 2023, and is now completely debt free.

Amara Raja: The Group is poised to expand its presence in the lead-acid battery sector by increasing production capacity and looking to increase its market presence in West Asia, East Asia, Southeast Asia and Africa through organic and non-organic models. It has a roadmap to increase its lead-acid sales by 150% to $3 billion over the next five years.

Indian Oil (IOC): The company has taken half of the gas offered by Reliance Industries and its British partner bp in a recent bunker auction.

Dalmia Bharat: The company plans to spend about Rs 19,000 crore to expand its cement capacity to 120 million tonnes per annum (mtpa) by 2031 to capitalise on the infrastructure and real estate boom, said managing director and chief executive Puneet Dalmia.

Bank of India (BoI): The public sector lender plans to raise up to Rs 3,000 crore in capital through secondary bonds this financial year. The bank’s board has also approved a proposal to raise up to Rs 6,500 crore in FY24, of which Rs 4,500 crore will be raised through additional primary bonds/equity and the balance of secondary bonds.

Allcargo Logistics: The company acquired a 30% stake in Gati-Kintetsu Express from KWE-Kintetsu World Express and KWE Kintetsu Express.

Maan Aluminium: The company has set July 27 as the record date for determining the eligibility of shareholders entitled to a 1:5 stock split and a 1:1 bonus issue.

Cochin Shipyard: The company has secured a contract worth Rs 300 crore from the Indian Navy for MR/Mid-Life upgrades on Indian Navy ships.

Titagarh Rail Systems: The company approved a proposal to raise Rs 288.8 crore through a preferred allotment of shares to Smallcap World Fund Inc.

Shriram Properties: The real estate firm’s CMD, M Murali, said sales bookings for the current financial year would rise 25% from last year’s record Rs 1,846 crore due to strong housing demand.

Future Enterprises: The company has sought expressions of interest for its manufacturing, trading and leasing operations across India’s retail infrastructure. The last date to receive interest is June 25, and the provisional list will be announced on July 5.

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