Today’s highlighted stocks include IIFL Finance, ZEEL, Ambuja Cements, and Vodafone Idea

Currently trending stocks are ZEE Entertainment Enterprises Ltd (ZEEL), Ambuja Cements, Vodafone Idea, IIFL Finance, Power Grid, and Biocon shares. On April 17, 2024, the stock market will reopen on Thursday after being closed for Ram Navami.

Ambuja Cement

The Adani family contributed an extra Rs 8,339 crore to Ambuja Cement in order to increase the cement manufacturer’s production capacity. It said that the Adani family, the company’s proprietors, had completely committed to the warrants programme by contributing a further Rs 8,339 crore, for a total infusion of Rs 20,000 crore.

ZEEL

The announcement was made by ZEE Entertainment Enterprises Ltd (ZEEL) to reorganize its management and name Punit Goenka as CEO and MD. Punit Goenka is in direct control of vital sectors, such as the home broadcasting industry. Four major business divisions will comprise ZEEL: broadcast, digital, film, and music. “The lean organization structure, which aims to streamline the organization and improve efficiencies across the business, has been reviewed and approved by the Board,” ZEEL Chairman R Gopalan said.

Vodafone

Before its massive FPO opened to the general public, Vodafone Idea said that it had raised around Rs 5,400 crore from nearly 60 anchor investors. Shares in the anchor round were allotted to investors, including GQG Partners Emerging Markets Equity Fund, Fidelity, UBS Fund Management, Abu Dhabi Investment Authority, Australian Super, Troo Capital, Morgan Stanley, Citigroup Global Markets Mauritius, and Jupiter Fund Management.

IIFL Finance

IIFL Finance said that it has raised Rs 1,272 crore at a price of Rs 300 per share via a rights issuance. It should be mentioned that NBFC is no longer able to approve or pay out gold loans due to an order from the Reserve Bank of India (RBI).

Biocon

Biocon, a biotechnology company, has teamed up with Biomm SA, a Brazilian company, to commercialize its diabetic medication in that country. Semaglutide (gOzempic) will be developed, manufactured, and supplied by the firm; Biomm will handle getting regulatory clearance and launching the product on the Brazilian market.

Grid Power

A proposal to raise up to Rs 12,000 via the sale of bonds in one or more tranches in 2024–2025 has been accepted by the board of Power Grid Corporation of India. The raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid Bonds Issue(s) during FY 2024–25 in one or more tranches/series up to Rs 12,000 crore was approved by the Committee of Directors for Bonds in their meeting held today, April 17, 2024, according to a BSE filing.