Stocks to Watch: JSW Steel, Whirlpool, SpiceJet, Coal India, Titagarh Rail Systems
JSW Steel: The steelmaker is in talks to pick up a 20% stake in Australia’s Blackwater coal mine from Whitehaven Coal for around $1 billion, said two people aware of the discussions. The companies are yet to decide on the final valuation.
If the parties reach an agreement, the deal is expected to close by the end of this financial year, the people said. Whirlpool of India: The white goods manufacturer's promoter, Whirlpool Mauritius Ltd, will sell 24% stake worth $451 million ( ₹3,745 crore) in the company through a block deal on Tuesday, as per a term sheet reviewed by Mint.
The liquidity from the stake sale will help the American multinational company pare its debt and deleverage its balance sheet. The block deal will be offered at a floor price of ₹1,230 per share, representing a 7.6% discount from Monday’s closing price of ₹1,331.20 on the NSE.
SpiceJet: The Supreme Court on Monday slammed SpiceJet for failing to clear its dues to Credit Suisse, ordering the low-cost airline to pay up by 15 March and asked its chairman Ajay Singh to appear before it a week after making the payment. The apex court took critical note of reports indicating that SpiceJet, in collaboration with Busy Bee Aviation, had submitted a bid to acquire bankrupt airline Go First.
The court directed SpiceJet to pay $1.25 million to Credit Suisse, after the investment bank informed the Supreme Court that it was to receive $15 million from SpiceJet by 15 February, but had received only $13.75 million. Coal India: The state-run coal miner will bid for three blocks in critical minerals auctions conducted by the country’s mines ministry in February, Chairman and Managing Director P M Prasad told analysts in a post-earnings conference call on Monday.
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