5 midcap stocks that investors should have on their radar on July 27
Check out the midcap companies making headlines in the morning trade session.
Among the midcap companies, AU Small Finance Bank, Shoppers Stop, Symphony Ltd, JSW Energy and Yes Bank are among the stocks in the news on Wednesday. Let us see why!
As per the latest exchange filing, AU Small Finance Bank is planning to raise funds through the issue of Subordinated, Rated, Listed, Unsecured, Redeemable, Non-Convertible Bonds in form of subordinated debts categorized as Tier II Capital in compliance with Basel II framework on Capital Adequacy in one or more series. The meeting of the board of directors of the bank is scheduled to be held on July 29, 2022, to consider and approve the same.
On Tuesday, after the market hours, Shoppers Stop reported its results for the quarter ending in June 2022. On a consolidated basis, the company has reported a net profit of Rs 22.83 crore in Q1FY23 as against a net loss of Rs 104.89 crore for the same quarter in the previous year. The topline increased to over 3-fold at Rs 954.00 crore for Q1FY23 as compared to Rs 269.50 crore for the corresponding quarter of the previous year. Owing to this stellar performance, the share price of Shoppers Stop has exhibited a significant rally.
Symphony Ltd, the world’s largest manufacturer of air-coolers, is trending on the bourses today. In the previous trading session, the company reported that its board has approved the purchase of 920,000 ordinary shares of Symphony AU Pty (representing 5% of share capital) from its existing shareholder thereby making Symphony AU Pty a wholly owned subsidiary (100% shareholding) of the company for a pre decided consideration of $800,000 (equivalent to Rs 4.45 crore). This acquisition aims to convert SAPL into a wholly owned subsidiary by acquiring the remaining 5% of shares from the existing shareholder at a pre-decided time and price. The Board of Directors of the company at its meeting held on July 26, 2022, have inter-alia approved the same.
JSW Energy, which operates in the electric utility space, reported that the Resolution Plan submitted by the Company for Ind-Barath Energy (Utkal) Limited ('Ind-Barath'), has received the approval of the National Company Law Tribunal, Hyderabad on July 25, 2022. Ind-Barath owns a 700 MW under-construction thermal power plant in Odisha. This resolution plan was approved by the Committee of Creditors on October 14, 2019.
Last night, the bank informed BSE that the meeting of the Board of Directors of the Company is scheduled on Friday, July 29, 2022, to consider and evaluate the proposal for raising funds via rights issue, preferential allotment, qualified institutions placement or through any other permissible mode and/or a combination thereof as may be considered appropriate, subject to all such regulatory/statutory approvals.
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