Auto stocks, RIL, Bharti Airtel, IOCL in focus

March 01,2021

Auto stocks will be in focus today as sales data for the month of February will be released.

Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries (RIL), announced that it has acquired additional equity stake in its investee company skyTran Inc. (skyTran) for a consideration of $26.76 million increasing its shareholding to 54.46% on a fully diluted basis.

Bharti Airtel informed that its wholly owned subsidiary Airtel Digital has agreed to subscribe to 5,000 equity shares (10%) in Ferbine Private Limited on February 25, 2021.

The board of Indian Oil Corporation (IOCL) at its meeting held on 26 February 2021 approved an investment of Rs 32,946 crore to expand the capacity of Panipat Refinery. This capital infusion is expected to increase the capacity of refinery to 25 MMTPA from 15 MMTPA.

NLC India on Friday announced that it has raised Rs 300 crore through issue of commercial paper.

Spandana Sphoorty Financial has allotted 12,000 non-convertible debentures (NCDs) worth Rs 120 crore to IIFL Income Opportunities Fund - Series 2.

Affle (India) on Saturday announced that its board has approved raising upto Rs 1080 crore through further issue of securities including warrants and bonds.

ICRA has reaffirmed its rating on United Spirits (USL)'s long term/short term fund based/non-fund based facility worth Rs 3,425 crore at '[ICRA]AA+ (Stable) /[ICRA]A1+'.

ICRA has reaffirmed the credit ratings on DCB Bank's Basel III compliant Tier II bonds programme of Rs 550 crore at '[ICRA] A+ (hyb)' with a stable outlook.

Acrysil informed that capacity expansion of 100,000 units at Bhavnagar plant in Gujarat has been completed. The commercial production of additional 100,000 units has commenced from 25 February 2021.

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