Saturday, October 17
Schloss Bangalore-operated The Leela brand of luxury hotels has announced a price band of Rs 413-435 for its upcoming initial public offering (IPO), which will be available to bid for the public from May 26 to May 28.The issue includes a fresh issue of shares aggregating to Rs 2,500 crore and an offer for sale (OFS) of up to Rs 1,000 crore, making the total issue size of Rs 3,000 crore.Shareholders can make a bid of a minimum of 34 shares and in multiples of 24 thereof.Anchor investor bidding will start from May 23, a day before the issue opens for public subscription.The offer is being made through a book-building process, and the shares of the company are proposed to be listed on the NSE and BSE.The company intends to utilise Rs 2,300 crore from the IPO proceeds to repay or prepay borrow
Shares of Bharat Electronics (BEL) surged over 4% to hit a fresh 52-week high of Rs 379.7 on Wednesday after brokerage firm Nuvama retained its ‘Buy’ rating and raised the target price to Rs 430 from Rs 385, citing strong Q4 results and a robust outlook.Nuvama noted that BEL's Q4 margins rose to 30.6% from 26.7% QoQ, surpassing Street expectations of 24.7%. The management has maintained its guidance of 15% revenue growth and 27% operating profit margin, reflecting continued optimism.The brokerage believes BEL has more positive triggers than risks and sees further potential for a re-rating as the company continues to outperform its own and the Street’s profitability estimates. Nuvama added that the timely execution and sustainability of large orders in the pipeline, coupled with impro
