News Overview

The IPO, valued at Rs 834 crore, comprises only an offer-for-sale of 2.95 crore equity shares by the Rathee family

The entire proceeds from the IPO, excluding IPO expenses, will go to selling shareholders

The Uttarakhand Power Corporation Limited (UPCL) plans to acquire this power at a tariff of Rs 2.57 per unit from SJVN's 1,000 MW Bikaner Solar Project.

At the same time in the previous fiscal year, Apollo Tyres reported a consolidated net profit of Rs 179.39 crore in a regulatory filing.

The regulator also authorised Bharti Enterprises Ltd (BEL) to pick up a 48.54% ownership in Bharti Management Services Ltd (BMSL).

According to a press statement from Shree Cement, the company's operating revenue of Rs 4,585 crore represented a 21% increase from Rs 3,781 crore in the previous year.

The filing also said that preference shareholders will be entitled to a participatory dividend.

Comparing the net profit sequentially, it increased by 5% from Rs 3,597.1 crore reported in the current fiscal year's first quarter.

Voltas said that the news of the planned sale was "totally incorrect and blatantly false, with no factual basis whatsoever" in a statement that was issued to both exchanges.

Recommendation: Buy; Target Price: Rs 590