NEW DELHI: State-owned
Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP). The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing.
The issue had opened on February 25, 2021 and closed on Tuesday.
The committee in its meeting last week had approved raising up to Rs 4,500 crore through an issue of equity shares through QIP.
The lender said total seven buyers were allotted more than five per cent of the equity shares offered in the issue.
The index witnessed profit booking in the last hour of the trade on Tuesday, February 9, 2021. Nifty ended with a minor loss to close at 15,109. Nifty, Bank Nifty and Financial Nifty indices have been forming candle with the small body for the last three consecutive sessions, which indicates that bullish momentum is getting lost. Post Budget, markets have registered a sharp rally and still, there is no sign of reversal seen as of yet. Nearest support for the Nifty is seen at 5 days EMA which is placed at 14,929, and unless that is breached on a closing basis, the trend should be considered bullish only. On the upside, Nifty faces resistance at 15,470 which happens to be 161.8% retracement of the entire fall seen from January 2020 (12,430) to March 2020 (7,511).
Auto stocks: Stocks of auto companies will be in focus after the government approved a policy to scrap more than 15-year-old vehicles owned by government departments and PSUs. The same will come into effect from April 2022.
GAIL: The firm plans to launch an InvIT of its two gas pipelines between Dahej and Bengaluru ahead of a proposed splitting of the pipeline business from the gas marketing function, according to a PTI report.
ICICI Securities: The firm reported a profit of Rs 267 crore in Q3FY21 against Rs 137.2 crore in Q3FY20. Revenue jumped to Rs 620.11 crore from Rs 422.24 crore YoY.
Even as economic activity began to look up in the December quarter, Bank of Baroda (BoB) may not have been able to leverage on it, fear analysts. The lender, which is scheduled to report its December quarter results (Q3FY21) on January 27, may report muted earnings on the back of moderate treasury gains, higher operating expenses, and elevated provisions. Picture at the bourses, however, is different. The stock price of the lender outran the benchmark Nifty50 and sectoral Nifty PSU Bank index, during the quarter under review, by surging 50 per cent on the NSE. In comparison, the Nifty and the PSU Bank index are up 24 per cent and 37 per cent, respectively, ACE Equity data show.
Banking stocks were under pressure during Tuesday s trading session as the Reserve Bank of India (RBI) has warned about a double-digit rise in gross non-performing assets (GNPA) by September 2021. Investors turned cautious as this will further impact earnings of the banking sector led by higher provisions and deteriorating asset quality. At around 11.31 am, Nifty Bank was trading at 31,896.35 down 102.55 points or 0.32%. The index has tumbled to an intraday low of 31,725.85. Private banks saw most selling pressure compared to the state-owned banks. Nifty PSU Bank was trading at 1,818.85 up 0.91% and Nifty Private Bank was down 0.49% at 17,613.20. On Nifty Bank, Bandhan Bank was the top underperformer down nearly 3% followed by Kotal Bank which tumbled by nearly 2%.