Stocks in News : Richa Knits, Shringar Cinema

Richa Knits listing today, Ambani brothers eyes Shringar Stake

Richa Knits Ltd. is listing today on BSE and NSE. The allotment was made at Rs. 30 per share. The issue was subscribed 1.7 times. Investment Guru expects the stock to open today between Rs. 32-34 range. Investors are advised to book profits on listing.

RIL, ADAG eye Shringar cinemas
The Reliance Anil Dhirubhai Ambani group (ADAG) and the Reliance Industries group are in separate discussions with the promoters of Shringar Cinemas to buy a substantial stake in the company, people close to the talks said. The Shroff family, which is in the film exhibition business under the ‘Fame’ umbrella, is in talks with the representatives of both the groups for selling a large stake. The promoters now own about 47.5%. Read More

Reliance may spin off assets in K-G basin
Reliance Industries plans to spin off its assets in the Krishna-Godavari (K-G) basin into a separate company. The move is seen as a precursor to the induction of a strategic investor in the proposed entity. Reliance’s natural gas reserves in the K-G basin are estimated to be more than 50 trillion cubic feet (tcf), against previous estimates of 35 tcf. In case Reliance Industries decided to invite a strategic partner, Chevron would be the preferred choice. Read More

Welspun group lines up Rs 6,400 cr for Orissa
Welspun Power and Steel Ltd and Welspun Anjar SEZ Ltd, two companies of the $1 billion Welspun Group, today signed separate memoranda of understanding with the Orissa government for setting up a 3 million tonne steel and pipe plant and an integrated textile park in the state. The combined investment in the projects is pegged at Rs 6,403.80 crore.Read More

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