GAGA Share Market News

[hfe_template id='11223'] [ad_1] The markets extended Wednesday's rebound on the weekly expiry day, ending with modest gains. In today's trade, shares of IndiGo, JSW Steel, Adani Green, Indus Towers, Dr Reddy's, Patanjali Foods among others will be in focus due to various news developments and third quarter results. IndiGo, JSW Steel, DLF, Godrej Consumer Shares of IndiGo, JSW Steel, DLF and Godrej Consumer will be in focus as the companies will announce their third quarter results later today. Adani Green Adani Green Energy reported a 85% year-on-year jump in its December quarter consolidated net profit at Rs 474 crore versus Rs 256 crore posted in the year ago period. ZEE ZEE Entertainment Enterprises (ZEEL) reported 180% year-on-year (YoY) growth in its consolidated net profit at Rs 164 crore in the third quarter, while operating revenue declined 3% YoY to Rs 1,979 crore. Indus Towers Indus Towers to enter EV charging infrastructure sector as the company l...

[hfe_template id='11223'] [ad_1] After the government’s approval of a significant bank guarantee waiver for spectrum payments provided a lifeline to Vodafone Idea, global brokerage firm Citi assigned the debt-laden telecom operator a "buy" rating with a target price of Rs 13 per share, indicating a potential 70% upside from current levels. The government’s decision to waive the requirement for bank guarantees on spectrum acquired in auctions from 2012 to 2021 has provided a crucial boost to Vodafone Idea, easing the financial pressure on the struggling telecom giant, Citi noted. Prior to this move, Vodafone Idea was required to submit bank guarantees worth nearly Rs 24,800 crore for spectrum dues, a burden that had hindered its ability to secure debt funding. Citi noted that this waiver addresses a critical roadblock for Vodafone Idea, paving the way for improved funding prospects. The waiver also benefits Indus Towers, where Citi has maintained a "positiv...

[hfe_template id='11223'] [ad_1] UK-based telecom operator Vodafone PLC on Thursday completed its exit from Indus Towers by selling a 3% stake in the company for around Rs 2,800 crore in a block deal. The fund raise, Vodafone said, will be used to to repay debt in Vodafone Idea (Vi). Following the block deal, shares of Indus Towers rallied up to 5% while Vodafone Idea shares were trading around 2% lower. In the block deal carried out this morning, around 8 crore shares of Vodafone Idea changed hands at an average price of Rs 354 per share, according to TV reports. "The proceeds from the Placing will be used firstly to repay Vodafone's outstanding borrowings of $101 million to Vodafone's existing lenders, secured against Vodafone's Indian assets," Vodafone said in a statement. The telco said it intends to contribute the residual proceeds from the sale after repayment of Vodafone's outstanding borrowings towards an issue of new equity shares by Vi...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers are likely to be in focus on Wednesday after the Competition Commission of India (CCI) approved Bharti Airtel's plan to increase its stake in Indus Towers, following the telecom infrastructure company's share buyback. "The Commission approves an increase in the percentage shareholding of Bharti Airtel Ltd (Bharti Airtel) in Indus Towers Ltd (Indus Towers) to 50.005% pursuant to buyback of shares by Indus Towers," CCI said in a release. The buyback, which began on August 14, involves purchasing over 5.67 crore shares at Rs 465 each, representing approximately 2.107% of the total equity shares. Currently, Bharti Airtel holds a 50% stake in Indus Towers, according to exchange data. The telecom infrastructure company reported a 71.7% year-on-year rise in consolidated net profit to Rs 2,224 crore for the September 2024 quarter. Notably, Q2 FY25 included a write-back of Rs 1,077 crore in provisions for d...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers rallied 6.2% to a day’s high of Rs 412.45 on the BSE after global brokerage firm Citi suggested buying the stock on any dips, with a target price of Rs 500 and a maintained buy rating. Citi stated that the amount of past dues that VI repays to Indus in Q2 FY25 should ideally rise quarter-on-quarter, given the tariff hikes. The firm also recommends using any weakness in the share price as an enhanced buying opportunity, citing an attractive dividend yield of 6-7%. Last week, global brokerage firm BofA set a target price of Rs 450 for the stock. In its comments on the AGR decision, the firm noted that there is no direct impact on Indus, but a derivative effect may occur, with no expected impact on tenancy growth. However, a multiple de-rating is likely. There is only a low possibility of a lump-sum payment or any special dividend at this time. On September 19, the stock fell by 14% during the intraday session followin...

[hfe_template id='11223'] [ad_1] Indus Towers, which announced its Rs 2,700 crore-share buyback earlier in July, has opened the bids for the same on Wednesday. The bidding will close on August 21. Eligible shareholders can now bid for the buyback. The last date of completion of settlement of bids will be on or before August 28. “In accordance with the Buyback Regulations, the Company has e-mailed the Letter of Offer today, i.e., August 13, 2024, to Eligible Shareholders holding Equity Shares of the Company as on August 09, 2024 (i.e. the Record Date),” stated the company filing to the exchanges. Small shareholders are entitled to one equity share for every 4 shares held on the record date. The ratio of buyback entitlement for the general category shareholder is 5 equity shares for every 139 shares held on the record date. Axis Capital is the manager to the buyback while KFin Technologies is the registrar to the same.This is the second instance of the company proceeding w...

[hfe_template id='11223'] [ad_1] Benchmark BSE Sensex rose by nearly 286 points to close at a record high while Nifty settled above the 24,950 level on Wednesday. Stocks that were in focus include names like Godrej Properties, which gained 1.32%, Ambuja Cements, which rose 1.01%, and Indus Towers, whose shares declined 3.03% on Wednesday. Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today. Godrej Properties Godrej Properties is currently exhibiting a positive chart pattern with high trading volumes, indicating strong investor interest. The stock is supported at 3200 and 3150 levels, providing a solid base for potential upward movement. On the resistance front, the stock faces hurdles at 3300 and 3350. A sustained move above these resistance levels could signal a further bullish trend. Given the positive chart setup and high volume, Godrej Properties appears to be poised...

[hfe_template id='11223'] [ad_1] Shares of Indus Towers jumped 5.3% on the BSE today to a fresh 52-week high of Rs 447.30 after the company announced that it will consider a share buyback in its upcoming board meeting. “The Board of Directors will also consider, inter alia, the following agenda at its meeting: To consider and approve the proposal for buyback of fully paid-up equity shares of Rs. 10/- each of the Company, including matters related/ incidental thereto, (‘Buyback’). In accordance with the applicable provisions under the Companies Act, 2013, the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, as amended, and other applicable laws (if any),” said the company in its filing to the exchanges. The board meeting will be held on Thursday, July 30, 2024. The company's board of directors will also approve the unaudited financial results for the quarter ended June 30, 2024. If the board approves the buyback of shares, it will be ...