Shares of Suzlon Energy Ltd, Indian Oil Corporation (IOC) and Adani Green Energy Ltd will remain in news on Wednesday morning ahead of their board meetings on fundraising in the next two days.
Sulzon Energy had on Tuesday said that its board of directors would meet on Friday to consider and approve capital raising by way of one or more or combination of permissible methods. The company board will also seek approval of the shareholders, if required. The announcement came post Tuesday's market hours.
Adani Green Energy will consider raising funds during its board meeting on Thursday. In a BSE filing, Adani Green had on Monday said its board would consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company.
On the other hand, Indian Oil Corporation Ltd (IOC) said a meeting of its board members is scheduled on Friday to consider raising of capital through right issue of equity shares to meet the capital expenditure plan for its various projects. The issue, if considered, will be subject to various statutory approvals as may be required, the largest state-owned oil refiner in the country said post market hours.
"As per SEBI (Prohibition of Insider Trading) Regulations 2015, the above, being Unpublished Price Sensitive Information requires closure of trading window for Insiders of the Company. However, it may be noted that the trading window for dealing in securities is already under closure from 15th July 2023 till 48 hours after the financial results for the quarter ended 30t June 2023 are filed with stock exchanges," IOC said in BSE filing.
IOC is expected to report operationally strong June quarter results due to sharp recovery in marketing margins, which Prabhudas Lilladher expects at Rs 9 per litre (blended margins) against Rs 3 in the March quarter. It sees profit for June quarter at Rs 10,347.20 crore against a loss of Rs 1,992.50 crore in the year-ago quarter. Sales are seen falling 12.7 per cent YoY to Rs 1,95,814 crore from Rs 2,24,252 crore in the same quarter last year. Margin is seen at 9.1 per cent against 0.6 per cent YoY, Prabhudas Lilladher said in its results preview note.
Meanwhile, the boards of Solara Active Pharma Sciences, Gretex Corporate Services and Tierra Agrotech will meet today to consider rights issue. Inflame Appliances and TV Vision boards will meet on Thursday to consider preferential issue of shares. Companies such as Vuenow Infratech and Sharpline Broadcast will consider preferential issue of shares on Friday.
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