The PSP Projects company is planned to raise Rs.244 cr from QIP, Investors set price is Rs.670 per share it is 5% discounted to current price. Company is yet to reveal what is going to do after the funds raise through QIP.
PSP Projects witnessed a nearly 4 percent surge in its share price during the initial trading session on April 23, following the announcement of its launch of a qualified institutions placement (QIP) aimed at raising Rs 244 crore.
PSP Projects Market Price is moving in Ascending channel and market has rebounded from the higher low area of the channel
The company has set a floor price of Rs 682.59 per share for the QIP, with a provision to offer a discount of up to 5 percent to investors. The indicative issue price for the QIP stands at Rs 670 per share.
The floor price is the minimum price at which the company can offer its shares in a QIP, as mandated by regulatory guidelines. It ensures that the company does not undervalue its shares during the offering process.
The indicative price, on the other hand, represents the initial estimate of the share price at which the company intends to offer its shares during the QIP. It serves to provide potential investors with an initial understanding of the likely pricing of the offering.
PSP Projects’ board approved the QIP on February 9, and shareholders’ approval was obtained through a postal ballot on April 4. Subsequently, the company’s fundraising committee convened on April 22 to finalize the opening of the issue, set the floor price, and approve the preliminary placement document.
Details regarding the utilization of the proceeds from the fundraising initiative are yet to be disclosed by the company.
Tejas Network: “Tejas Network Surges 20% to 52-Week High on Strong Q4, Emkay Ups Target”
The Tejas Network reported Q4 profit is Rs.146.78 cr and robust profit against the loss of Rs.11.47 cr in the last quarter. The profit comes from BSNL 4G, Bharat Net and Railway telecom networks. This orders are supported by TCOM and TCS for this company. Chinese Telecom networks are replaced by Tejas Networks in the Foreign business level. So Robust profit come at this quarter.
TEJAS NETWORKS Market Price is moving in Ascending channel and market has reached higher high area of the channel
On April 23, shares of Tejas Networks surged by an impressive 20 percent, reaching a notable milestone of hitting a 52-week high of Rs 1,088.25 on the National Stock Exchange (NSE). This surge came on the heels of the company’s robust earnings report for the quarter ending March 2024, which surpassed market expectations in terms of both margins and revenue.
By 10:11 am, shares of Tejas Networks had locked at the 20 percent upper circuit, with pending buy orders totaling 25,679 shares and no sellers available. Over the past year, the stock has demonstrated remarkable growth, rallying approximately 65 percent, outperforming the benchmark Nifty 50 index, which saw a 26 percent increase during the same period.
Tejas Networks attributed its stellar performance to several key factors, including the successful execution of BSNL’s 4G project, robust growth across all product segments, particularly in the wireless business, and the company’s favorable positioning amidst the government’s initiatives such as the push for local manufacturing and the Production-Linked Incentive (PLI) scheme. Additionally, strong endorsements from TCom and TCS facilitated the acquisition of new clients.
The global trend towards replacing Chinese telecom equipment also contributed to Tejas Networks’ impressive numbers in Q4FY24.
Analysts at Emkay Global foresee Tejas Networks’ revenue for FY25 to be four times that of FY24, primarily driven by BSNL and BharatNet execution. In light of the company’s outperformance against revenue estimates, Emkay Global revised its revenue forecast for FY25 and FY26 upward by 6 and 7 percent, respectively. Furthermore, the brokerage increased its EBITDA margin estimate by 150-10 basis points due to the margin beat in Q4.
Tejas Networks reported receiving a Rs 32.66 crore incentive under the PLI scheme for telecom and networking products in FY23. Its EBITA surged by a remarkable 669 percent year-on-year to Rs 248 crore in the January-March quarter, and its order book stood at Rs 8,221 crore by the end of Q4.
M&M Finance: “M&M Finance Plunges 8% on Board Meeting Deferral After Rs 150 Cr Fraud”
The M&M Finance company, one of the branch in the North- East region has identified Rs.150cr fraud happened in the retail vehicle loan and detected by Auditing. By misappropriate KYC registerations and proper documents missing in the issuing loan amounts, now Company funds has go for illegal usage, So Today Company Board meeting is postponed and informed to exchange theft identified and concern person is arrested, now we rectified this problem as early as possible, do proper actions and in future this types of illegal usage of funds will be avoided.
MAHINDRA & MAH FIN Market Price is moving in Ascending channel and market has reached higher low area of the channel
On April 23, M&M Financial Services witnessed a significant 8 percent decline in its share price during early trading hours. This downturn followed the company’s decision to postpone its scheduled board meeting, initially slated for the same day, to deliberate on its fourth-quarter results. The postponement was prompted by the discovery of fraudulent activities at one of the company’s branches located in the North East region of India.
The fraudulent activity involved the forgery of Know Your Customer (KYC) documents pertaining to retail vehicle loans, leading to the misappropriation of company funds. At 10:02 am, shares of M&M Finance were trading at Rs 266.70 on the National Stock Exchange (NSE). The news of the fraud sparked apprehension among investors, resulting in a notable surge in trading volumes, with 84 lakh shares changing hands on the exchanges, significantly exceeding the one-month daily traded average of 27 lakh shares.
In a notification to the stock exchange, M&M Finance disclosed that the fraudulent activity had resulted in the misallocation of company funds, estimating the financial impact to be approximately Rs 150 crore. The company promptly initiated corrective measures in response to the situation and informed the exchanges that several individuals involved in the fraud have been apprehended.
The company has identified necessary corrective actions and has informed exchanges that a few persons involved have been arrested.
In light of these developments, the company’s Audit Committee and Board Meeting, originally scheduled for the same date, will address other agenda items, including discussions on raising aggregate borrowing limits and issuing Non-Convertible Debentures (NCDs). Additionally, the annual earnings conference call has been deferred.
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