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Stock Alert

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Bharti Airtel, Kotak Bank, Coromandel International in spotlight
(08:23, 27 May 2020)

Bharti Airtel shares will be in focus. Bharti Telecom has yesterday, 26 May 2020 sold 2.75% stake in Bharti Airtel to institutional investors through an accelerated book building process in the secondary market. The total sale proceeds of over Rs 8433 crore was over-subscribed multiple times with healthy mix of all categories of investors, long only and hedge fund investors across geographies in India, Asia, Europe and the United States of America (US), Bharti Telecom said in a statement.

The sale proceeds will be utilized to fully repay debt at Bharti Telecom which was raised primarily to finance the acquisition of Bharti Airtel equity shares in the past. With Bharti Telecom becoming a zero debt company, Bharti Airtel's credit profile will also be augmented as it will stand to benefit from deleveraging on a consolidated basis including any debt of promoter holding company. Post transaction, Bharti Group and Singtel (the promoter group) will continue to own a majority stake in Bharti Airtel at 56.23%.

Kotak Mahindra Bank shares will be in focus. The Issuance Committee of the Board has amongst others passed resolution approving the opening of the Qualified institutions placement of equity shares on 26 May 2020.

Coromandel International's consolidated net profit jumped 112.18% to Rs 234.20 crore on 8.84% rise in total income to Rs 2,881.25 crore in Q4 March 2020 over Q4 March 2019.

Deepak Nitrite's consolidated net profit jumped 88.39% to Rs 172.30 crore on 4.04% rise in total income to Rs 1,057.74 crore in Q4 March 2020 over Q4 March 2019.

Kewal Kiran Clothing's consolidated net profit dropped 21.67% to Rs 15.76 crore on 6.93% fall in total income to Rs 130.50 crore in Q4 March 2020 over Q4 March 2019.

S H Kelkar and Company's consolidated net profit dropped 35.12% to Rs 12.71 crore on 2.6% fall in total income to Rs 273.54 crore in Q4 March 2020 over Q4 March 2019.

Hind Rectifiers said the company has now resumed full manufacturing operations at Dehradun Plant with effect from 25 May 2020 with all the safety guidelines/directives issued by the Central/State Governments and local administration to safeguard the employees, labourers and all other stakeholders to prevent the spread of COVID-19.

Praj Industries said that in view of current situation of COVID 19 pandemic, the company's board has decided to cancel the proposal of buy-back of shares.

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