The Cochin Shipyard company received the order of US Navy Vessels repairing worth of Rs.150cr, US Navy group has visited and evaluation of Capability for repair of Vessels and given the order for this company.
COCHIN SHIPYARD Market Price is moving in Ascending channel and market has reached higher high area of the channel
The share price of Cochin Shipyard surged to its 52-week high of Rs 1,135.55 during early trading hours on April 8 following the announcement of the signing of the Master Shipyard Repair Agreement (MSRA) with the United States Navy.
The MSRA represents a non-financial agreement aimed at facilitating the repair of US Naval vessels under the Military Sealift Command (MSC) at Cochin Shipyard Limited (CSL). CSL earned qualification for participation in the MSRA following a comprehensive evaluation and capability assessment conducted by the US Navy – Military Sealift Command.
In a separate development, Cochin Shipyard had previously secured a contract with the Indian Navy in February for the execution of medium refits on two naval vessels. This Rs 150-crore contract entails dry-docking, refitting, and equipment upgrades onboard the ships.
JSW Energy: JSW Energy Stock Rises 2% After Raising Rs 5,000 Crore via QIP
The JSW Energy said QIP raise of Rs.5000 Cr is closed and 97 QIP investors invested at the price of Rs.485 per share. The Goldman Sachs invested 1356.10Cr and Nomura India invested Rs.500.15 cr.
JSW ENERGY Market Price has broken Ascending channel in upside
The Company said we use this capital for building large power projects and 20GW Energy generation, 40GWh Storage capacity by 2030, and carbon neutrality by 2050.
JSW Energy’s stock saw a 2 percent increase following the closure of its Qualified Institutions Placement (QIP) on April 6, which raised a substantial amount of Rs 5,000 crore. As of April 8, at 9:20 am, the stock was trading at Rs 609.8, marking a significant rise. Over the past year, the stock has shown impressive growth, increasing by over 140 percent.
In a regulatory disclosure made on April 6, JSW Energy announced the successful conclusion of its QIP, with the allotment of 10.3 crore equity shares to 97 qualified institutional buyers at an issue price of Rs 485 per share. Notably, Goldman Sachs invested Rs 1,356.10 crore in equity shares, while Nomura India acquired shares worth Rs 500.15 crore.
Pritesh Vinay, the Director of Finance and Chief Financial Officer of JSW Energy, expressed gratitude for the enthusiastic response from high-quality institutional investors. He emphasized that the successful mobilization of Rs 5,000 crore in growth capital underscores JSW Energy’s commitment to disciplined capital allocation, efficient project execution, operational excellence, and a promising pipeline of growth projects.
The funds raised through the QIP will further fortify JSW Energy’s robust capital structure, enhance financial flexibility, and accelerate its ambitious growth plans. This marks the company’s first equity raise since its listing in 2010.
JSW Energy aims to significantly expand its generation capacity to 20 GW and energy storage capacity to 40 GWh by 2030, with a long-term goal of achieving Carbon Neutrality by 2050. The company’s strategic utilization of the QIP proceeds aligns with its vision for sustainable growth and innovation in the energy sector.
Bandhan Bank: Bandhan Bank Plummets 9% on CEO Resignation
The Bandhan Bank CEO and MD Chandra Shekar Ghosh is step down from his position and his position expired at July 09. He said searching for New CEO for his position and better successor for his bank growth role. Jefferies Brokerage company said Ghosh replacement of CEO is heavy loss for Bandhan Bank, New CEO for his position will lead to slower growth and potential less for Bandhan bank in coming years.
BANDHAN BANK Market Price is moving in Descending channel and market has fallen from the lower high area of the channel
Shares of Bandhan Bank witnessed a sharp decline of 9 percent during the initial trading session on April 8, in response to the announcement of the resignation of Chief Executive Officer and Managing Director, Chandra Shekhar Ghosh.
The bank disclosed that Ghosh would step down upon the conclusion of his current tenure in early July. In an exclusive interview with Money control, Ghosh clarified that his decision to resign was voluntary, and the bank had initiated the process of searching for his successor.
The news of the CEO’s resignation unsettled brokerage firm Jefferies, which cautioned about the uncertainty surrounding the appointment of a new CEO. Jefferies expressed concerns that such uncertainty could potentially lead to slower growth and higher credit costs for the bank. The brokerage also stressed the importance of an efficient succession plan, noting that many top executives at Bandhan Bank were relatively recent additions.
In response to these developments, Jefferies revised its price target for the bank’s stock downward by more than 41 percent to Rs 170, considering Ghosh’s resignation as an unexpected development. The new price target suggests a potential downside of over 14 percent from the stock’s previous closing price.
Despite the Board’s approval for Ghosh’s reappointment as MD & CEO for another three years in November, Ghosh, who boasts over 30 years of experience in microfinance and development, is poised to retire on July 9. In his resignation letter, included in the bank’s regulatory filing, Ghosh expressed his intention to pursue a broader strategic role within the group.
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