5 midcap stocks that investors should have on their radar on 29 June!

5 midcap stocks that investors should have on their radar on 29 June!

by 5paisa Research Team Last Updated: 2022-06-29T10:36:58+05:30 IST

Check out the midcap companies making headlines in the morning trade session. 

Among the midcap companies, Brigade Enterprises, Route Mobile, Federal Bank, Manappuram Finance, and GMR Infrastructure, are among the stocks in the news on Wednesday. Let us see why!

Brigade Enterprises: The company is in the news as it has signed a joint development agreement (JDA) to develop 2.1 million sqft of residential apartments in Chennai. The land is spread over 15 acres and is located at Perumbakkam, a fast-growing residential area in Chennai. The company is expecting revenue realizations of Rs 1,500 crore from this project in five years and also aims to generate revenue of Rs 6,000 in the next five years. At 9:30 am on Wednesday, the stock was trading at Rs 440.55, down 1.3% or Rs 5.4 per share.

Route Mobile: Another stock that has been in the news lately is Route Mobile. The company in its board meeting on 28th June 2022 approved the share buyback programme. It approved buyback of equity share of the face value of Rs 10, the maximum buyback share price is fixed at Rs 1,700, and the total buyback will be Rs 120 crore carried out through open market transactions. At 9:30 am on Wednesday, the stock was trading at Rs 1,268.00, down by 4.57% or Rs 60.70 per share. 

Federal Bank: This midcap private bank was in the news for considering fund raising. In a meeting to be held on June 30, 2022, the board will be considering raising funds through the issuance of debt securities. It will be also mulling over raising equity capital through the means of rights issue, private placement and others. For Q4 FY22, the total income was up by 4.04% and the profitability grew by 16.3%. At the time of writing, shares of the company were trading at Rs 90.55, down by 1.3%.

Manappuram Finance: This financial services provider NBFC is also in news for fund raising. The meeting Board of Directors of the company is scheduled to be held on 30th June 2022, inter-alia to consider and approve the issuance of secured, rated redeemable non-convertible debentures of up to USD 100 million (approximately Rs 780 crore). At 9:50 am on Wednesday, the stock was trading at Rs 85.65, down 2.06% or Rs 1.8 per share.

GMR Infrastructure: GMR Infrastructure Ltd is a major player in the infrastructure sector, with world-class projects in India and abroad. Delhi International Airport Limited (DIAL), a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Infrastructure Limited (GIL), announced that it had successfully completed the issuance of 5 years Non-Convertible Debentures (NCDs) amounting to Rs 10 billion. The NCDs have been priced at an interest rate of 9.52% per annum payable monthly for an initial period of 36 months and thereafter 9.98% per annum payable monthly and have been subscribed by eligible investors. At the time of writing, the stock was trading at Rs 34.80, slightly down by 0.3%.


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