Stocks to Watch: RIL, Adani Group, IndiGo, Tata Steel, Bank of India, Paytm
Reliance Industries: Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion. The discussions of India's largest retailer with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end of this month, according to a report by news agency Reuters. Out of that, QIA last month announced a $1 billion investment and KKR & Co this week $250 million.
Adani Group: The Adani Group is in talks with global banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd, with lenders divided into three categories, in what could be one of Asia’s largest syndicated loan deals of the year. The global banks are likely to refinance a total of $3.5 billion, according to a report by Bloomberg News. The ports-to-power conglomerate would repay at least $300 million on the original Ambuja facility.
InterGlobe Aviation: Interglobe Aviation - the operator of low-cost IndiGo airlines, has received approval from the DGCA to wet-lease 11 A320 aircraft, according to CNBC-TV18. This comes amid IndiGo grounding nearly 40 planes due to a Pratt & Whitney engine issue, the report said. Earlier this week, Pratt's owner RTX had said that it would have to pull a total of 600 to 700 engines off their Airbus A320neo jets for lengthy quality inspections between 2023 and 2026.
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