Bharat Electronics surges 11% after
brokerage views
Shares of Bharat Electronics surged in
morning trade after brokerage firm BofAML maintained "Buy" with a
price target of Rs109, implying a potential upside of 43% from the last regular
trade, as per media reports.
The company in an interview with a news
channel stated that it would maintain 12-15% revenue growth for next three
years, while the operating margin could grow 17-19% for the next three years.
IndusInd Bank gets all regulatory
approvals to acquire IL&FS Securities Services
IndusInd Bank has received all regulatory
approvals for its proposed acquisition of IL&FS Securities Services, a
subsidiary of IL&FS, the bank informed the exchanges through a filing on
Wednesday.
"Accordingly, all regulatory
approvals for an acquisition of IL&FS Securities Services are now in
place," IndusInd Bank said in a press note.
"The closure of the transaction is
underway, which is subject to the fulfillment of all conditions precedent
specified in the share purchase agreement.
Titan stock shines ~3% after brokerage
firm hikes target price
Shares of Titan rose ~3% on the NSE in the
afternoon session, as brokerage firm, Morgan Stanley raised target price on the
stock on strong growth expectations in festive season.
It has maintained its “Overweight call” on
the stock and raised target price to Rs1,250 from Rs1,120 earlier, implying 57%
potential upside, the research firm said.
The firm expects policy measures that
discourage cash transactions to eventually benefit the large organised
jewellery players, with Titan gaining market share in jewellery segment, as per
media reports.
PNB to consider Rs5,431cr govt capital
infusion on Sept 27
Shares of Punjab National Bank (PNB)
gained 1.5% on the BSE in the afternoon session as the board of PNB will
consider capital infusion of Rs5,431cr by the government on September 27.
“The Board of Directors of the Bank is
scheduled to meet on 27th September, 2018, for considering infusion of
Rs5,431cr by Government of India by way of preferential issue of Equity share
and Fixing date of Extra Ordinary General Meeting (EGM) for obtaining
shareholders' approval in this regard at a price determined in terms of SEBI
(ICDR) Regulations,
Reliance Industries’ arm acquires stake
in NetraDyne
Reliance Industries’ wholly owned
subsidiary Reliance Industrial Investments and Holdings has acquired some stake
in NetraDyne, a US based company, for $8mn.
"The company has subscribed to
40.58lakh compulsorily convertible preferred shares of NetraDyne Inc at $1.9711
a share, for cash aggregating to $8mn," the company said in press note to
the exchanges on Wednesday.
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