Stocks to Watch: SBI, Adani Ports, Jio Financial Services, Bajaj Auto, Vedanta
State Bank of India: India’s largest lender State Bank of India (SBI) is looking to tap the US bond markets to raise $500-750 million. SBI is planning to raise funds through Regulation S bonds, and the roadshows could begin as early as next week. Bank officials have held discussions with about six bond arrangers.
Adani Ports: Adani Ports and Special Economic Zone Limited (APSEZ) on Wednesday said that its board of directors has approved raising up to ₹5,000 crore through a public issuance of non-convertible debentures. These debentures, each with a face value of ₹1,000, will be issued in one or more tranches, the company informed the exchange houses. Separately, the company has elevated CEO Karan Adani to the role of Managing Director, a position which was held by Chairman of Adani group Gautam Adani.
Jio Financial Services: The joint venture entity of Jio Financial and BlackRock Financial Management has filed papers with the Securities and Exchange Board of India (Sebi) to launch mutual fund businesses in India. An update on mutual fund approval status from Sebi as of 31 December 2023, lists Jio Financial Services and BlackRock Financial Management among the applicants under consideration for a mutual fund licence. Bajaj Auto: Has said that its board will consider a share buyback at its meeting on 8 January.
The maker of Pulsar motorcycles conducted a ₹2,500 crore buyback of its shares in July 2022 at ₹4,600 apiece through the open market route. This time, though, managing director Rajiv Bajaj has indicated that the buyback is likely to be far bigger. The company had cash reserves of ₹17,500 crore, with net free cash flow addition of ₹3,600 crore in Q2FY24.
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