This Article is From Jul 03, 2014

Coal India, Prime Focus, Hexaware in Focus Today

The Nifty opened higher today driven by positive sentiments. Foreign investors have been on a buying spree in Indian shares and purchased equities worth Rs 1,291 crore in cash market on Wednesday. Investors say there are high expectation of a reform-oriented budget from Finance Minister Arun Jaitley.

Here are the stocks likely to see action today

  1. Prime Focus: Reliance MediaWorks and the promoters of Prime Focus will each infuse fresh equity capital of Rs 120 crore into Prime Focus at Rs 52 per share. A mandatory open offer for 26 per cent of Prime Focus at Rs 52 per share has been announced. Prime Focus shares closed at Rs 54.65 yesterday.

  2. Coal India reported 108 metric tonne production in the April-June quarter of FY15, a growth of 5 per cent y-o-y and its Q1 offtake came in at 120 metric tonne, a growth of 3.7 per cent y-o-y. However its production missed target by 4 per cent and offtake missed target by 9 per cent.

  3. Maruti Suzuki India and Mahindra & Mahindra: Renault hiked prices of Duster, Scala and Pulse by 1 per cent. This may have a positive impact on sales of Maruti and M&M.

  4. Jaiprakash Associates launched a QIP (Qualified Institutional Placement) to raise $250 million (Rs1,500 crore) on Wednesday. The price band of the QIP is Rs 70.24-Rs 74. The proceeds of the QIP will mainly be used to retire debt.

  5. Apollo Tyres is planning to expand its truck and bus radial tyre capacity at Chennai plant to 8,900 tyres per day from 6,900 tyres now. The company will seek shareholder approval to raise up to $200 million through issue of shares.

  6. GMR Infrastructure launched a QIP to raise $200 million with a green shoe option of $100 million. Offer price of QIP is Rs 31.50 -Rs32.40 compared to Wednesday's closing price of Rs 33.75. Promoters of the company will also subscribe to 18 crore warrants, entitling up to 18 million shares, under preferential allotment. GMR will use the proceeds to pay back part debt.

  7. JSW Energy is set to acquire Lanco Infratech's 1,200 mw Udupi Power in coastal Karnataka for about Rs 5,700 crore.

  8. NCC has sought market regulator Sebi's approval to raise up to Rs 600 crore through right issue.

  9. Jet Airways has appointed Subodh Karnik as its chief operating officer. Jet Airways' chairman Naresh Goyal's wife Anita Goyal will also join the board.

  10. Hexaware Technologies: Bank of America Merrill Lynch (BofAML) has downgraded the stock to underperform with a target price of Rs 135 per share. The brokerage says there is negative risk-reward ratio in the stock post the outperformance in this year till date. The brokerage expects its revenue outlook to weaken in future and new initiatives taken by the company likely to take time to deliver.



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