The fund-raise happened within the initial price guidance of 10.07%. The funds will be used to partially refinance $606 million of its outstanding 13.875% notes due in 2028, people aware of the development said.
Posts in category Economic Times
Varanium Cloud, MD barred from securities markets (22-10-2024)
In May this year, Sebi passed an interim order that barred Varanium Cloud and its Managing Director (MD) Harshawardhan Hanmant Sabale from the securities market.
Debt funds pricing in a rate cut step up bets on long end of yield curve (22-10-2024)
Mutual funds have broadly stepped up their bets in longer-duration government bonds in 2024 as the likelihood of interest rates being lowered – even if with a slight delay – brings the prospect of reaping capital gains on sovereign debt. An analysis of public factsheets released by five large mutual funds shows a significant increase in modified duration and average maturity of gilt funds, indicating confidence that interest rates, and consequently bond yields are heading lower in coming months.
Hyundai remitting IPO proceeds weighs on rupee (22-10-2024)
Outflows caused by Hyundai Motor routing funds to its parent in South Korea after the IPO also put pressure on the rupee, dealers said. The automaker is listing its stock in the biggest-ever IPO in the country – and the biggest initial share sale in the world in 2024.
Hyundai India to list today, runaway gains unlikely (22-10-2024)
As of Monday evening, the unofficial grey market premium (GMP) – the price over the IPO price in the unofficial market that investors pay for the shares before listing – of Hyundai bounced to ₹90, or 5% of the IPO price of ₹1,960. It had fallen to a discount of ₹30 on Friday.
Weak Q2, concerns over asset quality drag private banks (21-10-2024)
Kotak Mahindra Bank dived 4.7% and RBL Bank plunged 13.8%. HDFC Bank shares advanced 2.6%, emerging as sole gainer in Bank Nifty index, which shed 0.3%. Benchmark Nifty ended 0.3% lower at 24,781 in choppy trades.
Boeing shares rise 3% after labor offer but analysts wary of worker pushback (21-10-2024)
Boeing shares rose by 3% as a new labor contract proposal raised hopes of ending a month-long strike affecting 737 MAX production. The contract includes a 35% pay hike over four years and bonuses but may still face resistance from workers. Analysts predict increased costs for Boeing, and production delays continue.
Ahead of Market: 10 things that will decide stock action on Tuesday (21-10-2024)
Nifty50 and Sensex ended lower due to weak earnings and renewed profit-booking. Key resistance and support levels indicate heightened volatility, while mixed bullish and bearish signals show a rangebound market. High activity and varied interests are noticeable across different stocks, revealing a cautious market sentiment.
CG Power Q2 Results: Net profit drops 10% to Rs 220 crore (21-10-2024)
CG Power and Industrial Solutions reported a near 10% decline in consolidated Q2 FY2024 PAT to Rs 220 crore, down from Rs 244 crore a year ago. Despite this, the company saw a 21% increase in sales to Rs 2,413 crore and a 42% rise in order intake to Rs 3,302 crore.
Balu Forge Q2 Results: Ashish Kacholia portfolio company delivers 107% YoY jump in PAT (21-10-2024)
Balu Forge Industries reported a 107% YoY rise in consolidated net profit for Q2FY25 to Rs 48 crore, driven by a 60% increase in revenue and expanded EBITDA margins. The company benefits from the China+1 strategy and is investing in new capabilities to fuel future growth.