Stocks in focus today: ZEEL, Ambuja Cements, Vodafone Idea, IIFL Finance

Stocks in focus today: ZEE Entertainment Enterprises Ltd (ZEEL), Ambuja Cements, Vodafone Idea, IIFL Finance, Power Grid, and Biocon shares are expected to remain in news today. Stock Markets will open in Thursday after remaining closed for Ram Navami on April 17, 2024.

Ambuja Cements

Gautam Adani’s family infused an additional Rs 8,339 crore in Ambuja Cement to help the cement maker’s manufacturing capacity. “The promoters of the company – Adani family – has fully subscribed to the warrants program in the company by further infusing Rs 8,339 crore, thereby infusing a total amount of Rs 20,000 crore,” it said.

ZEEL

ZEE Entertainment Enterprises Ltd (ZEEL) announced to streamline its structure and appoint its MD and CEO Punit Goenka Punit Goenka as the direct charge of critical verticals, including domestic broadcast business. ZEEL to have four key business segments — broadcast, digital, movies and music. “The Board has reviewed and approved the lean organisation structure proposed by the MD & CEO, which aims at streamlining the organisation and improving efficiencies across the business,” ZEEL Chairman R Gopalan said.

Vodafone Idea

Ahead of its mega FPO opening to public investors, Vodafone Idea announced raising about Rs 5,400 crore from around 60 anchor investors. The investors include, GQG Partners Emerging Markets Equity Fund, Fidelity, UBS Fund Management, Abu Dhabi Investment Authority, Australian Super, Troo Capital, Morgan Stanley, Citigroup Global Markets Mauritius, and Jupiter Fund Management, Motilal Oswal Mutual Fund, HDFC Mutual Fund, SBI General Insurance and Quant Mutual Fund, were allocated shares in the anchor round.

IIFL Finance

IIFL Finance declared raising Rs 1,272 crore via rights issue at a price of Rs 300 per share. It may be noted that the Reserve Bank of India (RBI) has barred NBFC from sanctioning or disbursing gold loans.

Biocon

Biotechnology firm Biocon has partnered with Brazil-based Biomm SA for the commercialisation of its diabetes drug in the Latin American nation. The company will undertake the development, manufacturing and supply of Semaglutide (gOzempic), and Biomm will be responsible for obtaining regulatory approval and commercialization in the Brazilian market.

Power Grid

Power Grid Corporation of India board has approved a proposal to raise up to Rs 12,000 through the issuance of bonds in one or more tranches in 2024-25. “Committee of Directors for Bonds in their meeting held on today i.e. on 17th April 2024 has approved the raising of Bonds as Unsecured, Non-convertible, Non-cumulative, Redeemable, Taxable Powergrid Bonds Issue(s) during FY 2024-25 in one or more tranches/series up to Rs 12,000 crore,” a BSE filing said.

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