Reliance to Raise $1.7 B in Bond Offering, PVR in Talks with DLF

Mukesh Buch
20 May, 2015
New York City

Reliance Industries sought shareholder approval to raise $1.7 billion in a convertible bond offering. PVR is in talks to acquire movie theater chain from DLF for as much as $90 million. Bharat Forge net soared 71%. Tata Power net swung to profit.

[R]6:00 PM Mumbai – Reliance Industries sought shareholder approval to raise $1.7 billion in a convertible bond offering. PVR is in talks to acquire movie theater chain from DLF for as much as $90 million. Bharat Forge net soared 71%. Tata Power net swung to profit.[/R]

Stocks in Mumbai opened higher and extended gains in the session and the rupee eased.

Markets in Asia closed mixed and indexes in Japan closed at 15-year highs on the back of sustained stock buying from the Bank of Japan.

Rupee weakened 15 paisa to 63.82 against one U.S. dollar.

The Sensex Index jumped 191.68 or 0.7% to close at 27,837.21. The CNX Nifty rose 57.60 or 7% to 8,423.25.

Gainers & Losers

Bajaj Finance Limited rose 0.4% to ₹4499.15 after the home loan services provider said net in the fourth-quarter soared 28.4% to ₹230.98 crore.

Net revenues in the quarter surged 31.4% to ₹1,445.05 crore.

Bharat Forge Limited plunged 3.9% to ₹1,237.90 after the safety components maker said net in the fourth-quarter soared 71% to ₹203 crore.

Net revenues in the quarter climbed 31% to ₹1,224 crore.

Glenmark Pharmaceuticals Ltd increased 0.9% to ₹907 after the Reserve Bank of India allowed foreign investor to buy up to 49% stake in the company.

Jamna Auto Industries Limited climbed 4.6% to ₹252.20 after the commercial vehicles maker said net in the fourth-quarter soared 422.18% to ₹15.30 crore.

Net revenues in the quarter climbed 39.4% to ₹342.03 crore.

Kirloskar Industries Limited surged 7.3% to ₹575.05 after the iron castings maker said net in the fourth-quarter soared 102.6% to ₹6.24 crore.

Total revenues in the quarter climbed 58.4% to ₹11.88 crore.

Pidilite Industries Ltd. declined 4.5% to ₹567.60 after the adhesive and paint maker said net in the fourth-quarter advanced 10.3% to ₹80.64 crore.

Net revenues in the quarter increased 4.2% to ₹1,052.51 crore.

PVR Limited rose 0.8% to ₹653.70 after the largest retail entertainment theaters operator said it is in negotiations to acquire multiplex chain DT Cinemas, a subsidiary of DLF Ltd. for about ₹500 crore.

Reliance Industries Limited increased 1.3% to ₹907.40 after the conglomerate plans to raise up to ₹10,000 crore through non-convertible debenture offering.

In a regulatory filing with the Bombay Stock Exchange, the company sought approval of capital raising from shareholders and announced annual general meeting on June 12.

Steel Strips Wheels Limited soared 6.1% to ₹320.50 after the wheel maker received an order up to 40,000 wheels for about $1 million per annum from Canadian passenger car aftermarket for the supply of wheels.

Tata Power Company Limited advanced 2.1% to ₹77.40 after the largest integrated power company said net in the fourth-quarter swung to profit of ₹159.14 crore compared to a loss of ₹145.33 crore.

Total revenues in the quarter slipped 8.1% to ₹8,227.14 crore.