Stocks to Watch: SBI, Reliance, Delta Corp, Bajaj Finance, JSW Steel
State Bank of India: The country's largest lender raised a whopping ₹10,000 crore through an infrastructure bond issue on Friday, with bids exceeding the initial target by over five times. The bonds, which will carry a coupon rate of 7.49%, will be used to fund infrastructure projects and affordable housing. This is the fourth infra bond issue by SBI, underscoring the growing demand for such instruments from investors.
Reliance Industries: Global investment firm KKR has invested ₹2,069.50 crore in Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries, increasing its stake to 1.42% from 1.17%. The investment values RRVL at a pre-money equity value of ₹8.36 trillion. KKR's investment will be used to fund RRVL's expansion plans, including the launch of new stores, the rollout of new products and services, and the development of its e-commerce platform.
Delta Corp: Casino operator Delta Corp received a tax notice from the government on Friday, demanding ₹111.4 billion in taxes, interest, and penalties for the period July 2017 to March 2022. The company is already facing heat from the recent imposition of a 28% GST on the money collected by gaming companies from customers. The company has said that it will challenge the tax notice.
Life Insurance Corporation: The state-owned insurer said it would appeal a tax notice of ₹290 crore issued by the Goods and Services Tax authority of Patna, Bihar. The notice, issued on September 21, demands GST, interest, and penalty for the period July 2017 to March 2022. The tax authority has alleged that LIC did not reverse the input tax credit (ITC) availed on the premium received by the corporation from policyholders.
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