Top stocks in focus: Deepak Nitrite, REC, Equitas SFB, NHPC, L-;T

22 Mar 2022 , 07:48 AM

Deepak Nitrite: ICRA has upgraded the long term rating from ‘AA-‘ to ‘AA’, and re-affirmed the short term rating at ‘A1+’ for Rs756.27 crore bank facilities of Deepak Phenolics, a wholly owned subsidiary of the company. The outlook on the long-term rating has been revised to Positive from Stable.

REC: The company approved the market borrowing programme of Rs85,000 crore under different debt segments for the financial year 2022-23.

Equitas Small Finance Bank: The board has approved a Scheme of Amalgamation between Equitas Holdings and Equitas Small Finance Bank.

NHPC: Life Insurance Corporation of India sold a 2.03 percent stake in the company via open market transactions. With this, LIC’s stake in the power generation company stands at 7.23%, down from 9.26% earlier.

L&T: The board on March 24 will seek approval for raising funds including through issue of debt securities as part of the company’s refinancing programme.

Godawari Power & Ispat: The company has signed a Share Purchase Agreement with Hira infra-Tek (HITL) to acquire 44,54,621 equity shares of Hira Ferro Alloys (HFAL) from HITL at a price of Rs224 per share. With this, the company’s stake in HFAL will be increased from 56.45% to 75.66%.

Shankara Building Products & APL Apollo Tubes: APL Apollo Tubes announced a minority equity investment by its subsidiary APL Apollo Mart in Shankara Building Products. The investment will be through a combination of purchase of secondary promoter shares and proposed preferential allotment of convertible warrants. Total investment by APL Apollo Mart in Shankara Building Products will be up to Rs180.5 crore including an immediate investment of Rs101.8 crore.