Stocks to Watch: Vi, RBL Bank, Jindal Stainless, Edelweiss, Vedanta, KEC International
Vodafone Idea: The telecom services provider announced in an exchange filing on Wednesday that its shareholders have given the green light for a proposal to issue securities amounting to approximately ₹20,000 crore. This announcement came a day after the company's virtual Extraordinary General Meeting (EGM). With this approval, the telecom firm is on track to wrap up the equity fundraising by June's end.
Once the equity fundraising is completed, Vodafone Idea plans to raise additional debt, bringing the total funding to a potential ₹45,000 crore. This fundraising is vital for the company's plans to launch 5G services. RBL Bank: The private sector bank has reported a deposit amount of ₹1,03,454 crore for the quarter ending in March FY24.
This represents a growth of 22 percent compared to the same period last year and a 12 percent increase from the previous quarter, according to preliminary figures. The bank's advances for the quarter amounted to ₹85,640 crore, marking a 19 percent year-on-year increase and a 5 percent quarter-on-quarter rise. Retail advances saw a 29 percent year-on-year growth, while wholesale advances grew by 7 percent year-on-year for the quarter.
Within the wholesale segment, commercial banking experienced a 17 percent year-on-year growth. The proportion of retail to wholesale advances was roughly 58:42. Jindal Stainless: The company announced on Wednesday its intention to divest its entire 26% stake in Jindal Coke by September this year.
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