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New Delhi, The government's 5.36 per cent share sale in Rail Vikas Nigam Ltd (<keyword id="240577" type="General" weightage="20" keywordseo="RVNL" source="Orion">RVNL</keyword>) was oversubscribed on the first day of issue with institutional buyers putting in bids worth about Rs 1,900 crore. In the two-day Offer-for-Sale (OFS), the government is selling 11.17 crore shares, representing 5.36 per cent stake at a floor price of Rs 119 apiece. The offer includes a greenshoe option of an additional 4.08 crore <keyword id="10985780" type="General" weightage="20" keywordseo="RVNL-shares" source="Orion">RVNL shares</keyword> or 1.96 per cent stake. On the first day of share sale, institutional buyers put in bids for 15.64 crore shares, as against the base issue size of 6.38 crore. At an indicative price of Rs 121.17 apiece, the bids are worth close to Rs 1,900 crore. Shares of RVNL closed at Rs 125.25, down 6.77 per cent over the previous close of the BSE. The government currently holds 78.20 per cent stake in RVNL. RVNL was incorporated in January 2003, as a 100 per cent owned public sector unit of the Ministry of Railways with the objective of raising extra-budgetary resources and implementation of projects relating to the creation and augmentation of capacity of rail infrastructure on a fast-track basis. So far in the current fiscal, the government has raised Rs 4,235 crore, including Rs 4,185 crore from share sale in Coal India. The full-year budget target from disinvestment is Rs 51,000 crore.

RVNL over-subscribed: Institutional buyers put bids worth Rs 1,900 crore

New Delhi, Feb 12 () State-owned Rail Vikas Nigam Ltd (RVNL) on Wednesday posted 62.9 per cent decline in consolidated net profit at Rs 103.48 crore for the quarter ended December 31, 2019.It had clocked a profit of Rs 279.51 crore in the year-ago period, RVNL said in a filing to the BSE.However, the income rose to Rs 3,773.13 crore from Rs 3,081.74 crore in the same period a year ago, the filing said. The company's stock closed at Rs 23.75, down 3.85 per cent, on the BSE. SID SID ANUANU

RVNL Dec qtr profit slumps 63 pc to Rs 103 cr

<ul><li>The SGX <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> was trading nearly a percent higher.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid mixed cues from the global market, Indian stock-market indices are likely to open lower on Friday. On Thursday, the Dow Jones Industrial Average fell 0.29% or 80.12 points, due to the newly-released US unemployment data. However, at 8:05 am, the SGX Nifty was trading nearly a percent higher. These are the <keyword id="6354298" type="DEFINITION" weightage="20" keywordseo="Stocks">stocks</keyword> to watch out for during the trading session on August 14: <keyword id="6357147" type="COMPANY" weightage="20" keywordseo="tata-steel">Tata Steel</keyword> Domestic steel major Tata Steel posted a consolidated net loss of ₹4,648.13 crore for the quarter ended June, mainly on account of reduced income. However, on a standalone basis, the company managed to maintain profitability despite a significant reduction in income. According to the filing, Tata Steel posted a standalone net profit of ₹1,193.27 crore in the quarter under review, down from ₹ 1,538.99 crore last year. The shares of Tata Steel ended flat yesterday. <keyword id="44555" type="CITY" weightage="20" keywordseo="BPCL">BPCL</keyword> Bharat Petroleum Corporation Ltd (BPCL), the highlight among the host of state-run companies put on the block by the government reported a 93% increase in its standalone net profit for the April-June quarter at ₹2,076.17 crore. The rise in profits was largely backed by a 43.22% fall in its total expenditure during the period under review to ₹48,284.06 crore. The shares of BPCL ended nearly 1% lower yesterday. <keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> The country’s largest two-wheeler maker Hero posted a 95.38% decline in consolidated net profit at ₹57.78 crore for the first quarter ended June 30, on account of lower sales due to the coronavirus pandemic. The total income during the quarter under review declined to ₹3,119.22 crore as compared with ₹8,410.41 crore in the year-ago period. The shares of Hero ended nearly 2% lower yesterday. <keyword id="80296" type="CITY" weightage="20" keywordseo="Eicher-Motors">Eicher Motors</keyword> Eicher Motors arm VECV acquired Volvo Group’s bus business in India for ₹100.5 crore. Definitive agreements have been signed for the integration of Volvo Bus India (VBI) business into VECV, Eicher Motors said in a statement. The company also reported a consolidated net loss of ₹55 crore for the first quarter ended June 30, with sales adversely hit due to COVID-19 pandemic. The shares of Eicher ended over 2% lower yesterday. Bank of India The board of the Bank of India has approved raising up to ₹8,000 crore by preferential issue, QIP, further public offer, etc. The shares of BoI ended over 1% lower yesterday. Jindal Steel and Power Jindal Steel and Power Ltd (JSPL) has started supplying head hardened (HH) rail to Rail Vikas Nigam Ltd (RVNL) for the Kolkata Metro’s Joka-Esplanade corridor. HH rails are used in high-speed freight corridors and metro rail projects. In a statement, JSPL said the company was selected by RVNL after a bidding process to supply 3,000 tonnes of HH rails for Kolkata metro rail tracks. The shares of JSPL ended nearly 2% higher yesterday. SpiceJet and IndiGo SpiceJet's passenger load factor in July was at 70% up from 68% in June. However, the market share declined from 16.8% in June to 15.7% in July. Similarly, IndiGo's passenger load factor in July was almost flat at 60.2%. However, its market share in July was up at 60.4% compared to 52.8% in June. The shares of SpiceJet and IndiGo ended over 2% and 12% higher, respectively, yesterday. Hindalco, Berger Paints, Glenmark Pharmaceuticals, Voltas These companies are slated to report their first quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/eicher-motors-registers-first-ever-net-loss-of-55-crores-in-at-least-a-decade/articleshow/77526012.cms" data-type="tilCustomLink">Eicher Motors registers first-ever net loss of ₹55 crore in at least a decade</a> <a href="https://www.businessinsider.in/business/startups/news/masayoshi-son-best-bet-for-future-profit-is-paypay-in-japan-built-on-vijay-shekhar-sharma-paytm-model-in-india/articleshow/77518892.cms" data-type="tilCustomLink">Masayoshi Son’s best bet for future profit is PayPay in Japan⁠ — built on Vijay Shekhar Sharma’s Paytm model in India</a>

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

Two <keyword id="10926" type="General" weightage="80" keywordseo="reliance" source="Orion">Reliance</keyword> group firms - Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) - have announced an open offer to acquire a 26 per cent additional stake in <keyword id="8109735" type="General" weightage="80" keywordseo="lotus-chocolate" source="Orion">Lotus Chocolate</keyword>. The firms will together acquire 33.38 lakh shares of <keyword id="71296" type="General" weightage="100" keywordseo="lotus" source="Orion">Lotus</keyword> Chocolate from the open market at a fixed price of ₹115.50 per share, said a notice by DAM Capital, which is managing the offer. The offer will aggregate to a total consideration of ₹38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday. The open offer starts on February 21 and closes on March 6, said the public notice. Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, had on Thursday closed at ₹149.35 apiece, which was the highest price in the last three months. RCPL is the FMCG arm and a wholly-owned subsidiary of RRVL. The open offer follows RCPL's announcement last week for the acquisition of 51% stake of the paid-up equity share capital of Lotus from the current promoter and promoter group at a price of ₹113 per share aggregating to ₹74 crore. After that, RCPL made a public announcement to acquire 26% stake in Lotus in accordance with the SEBI Takeover Regulations. RRVL is a subsidiary of Mukesh Ambani-led Reliance Industries and is the holding company of all the retail businesses under the <keyword id="6484187" type="General" weightage="50" keywordseo="ril" source="Orion">RIL</keyword> group. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-5g-services-are-now-available-across-72-indian-cities/articleshow/96788447.cms">Jio 5G services are now available across 72 Indian cities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lt-rvnl-ril-and-other-stocks-in-focus-on-friday/articleshow/96780357.cms">Sensex, Nifty50 to open flat amid concerns of further rate hikes – L&amp;T, RVNL, RIL and other stocks in focus on Friday</a>

Reliance makes open offer to acquire 26% stake in Lotus Chocolate

Mumbai, The Heavy Civil Infrastructure business of <keyword id="747920" type="COMPANY" weightage="20" keywordseo="LT-Construction">L&amp;T Construction</keyword> has emerged as the lowest bidder for a Package 4 of new broad-gauge line between <keyword id="47181" type="LOCATION" weightage="20" keywordseo="Rishikesh">Rishikesh</keyword> and <keyword id="1736871" type="PERSON" weightage="20" keywordseo="Karnaprayag">Karnaprayag</keyword>, sources privy to the development said. The scope of this <keyword id="27859" type="ORGANIZATION" weightage="20" keywordseo="engineering">engineering</keyword> and construction project includes completing <keyword id="1363043" type="PERSON" weightage="20" keywordseo="Tunnel-Work">tunnel work</keyword> by Tunnel Boring Method (TBM) and New Austrian Tunnel Method (NATM) with formation, construction shaft and ancillary works from Chainage 47+360 to 63+117 Km in the Himalayan State of Uttarakhand. This will be the biggest Tunnel Boring Machine to be deployed in the Himalayan geology and the TBM bored tunnel length of 20.807 km is the maximum in any project in the region. The purpose of providing rail link between Rishikesh and <keyword id="831041" type="PERSON" weightage="20" keywordseo="Karanprayag">Karanprayag</keyword> is for facilitating easy access to pilgrimage centres situated in Uttarakhand, connecting new trade centre, development of hinterlands to serve the population there. The railway line traverses "very rugged Himalayan terrain", with the alignment oriented across and sometimes sub parallel to the major thrust zones of Himalaya with complex geological conditions. Project involves construction of 14.577 km upline and 13.123 km downline tunnel with embankment of approximately 800 meters at both ends. Out of 14.577 and 13.123 km; 10.49 Km and 10.317 km of tunnel will be excavated using two Brand New Hard Rock Tunnel Boring Machines (TBMs) of diameter 9.1 meters and balance tunnel will be excavated by <keyword id="1203105" type="COMPANY" weightage="20" keywordseo="New-Austrian-Tunnelling-Method">New Austrian Tunnelling Method</keyword> (NATM). The scope also includes construction of an Ellipsoidal construction cum Ventilation shaft of finished cross section of 79 square meters and depth of 32 meters. The company is already engaged in the construction of Rishikesh - Karanprayag Tunnel 2 package by RVNL comprising tunnels, bridges and formation works. This project, won by the Heavy Civil Infrastructure business of the company in December 2019, consists of the main tunnel with parallel escape tunnel and ballast-less track that runs inside the main tunnel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-hdfc-tech-mahindra-lt-bajaj-finance-iifl-securities-sun-pharma-and-others/articleshow/80107597.cms">Top stocks to watch — HDFC, Tech Mahindra, L&amp;T, Bajaj Finance, IIFL Securities, Sun Pharma, and others</a> <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/india/news/bharat-biotech-sees-rivals-conspiracy-in-all-the-criticism-for-the-approval-for-covaxin/articleshow/80099818.cms">Bharat Biotech sees rivals’ conspiracy in all the criticism for the approval for Covaxin</a>

L&T emerges as lowest bidder for Rishikesh-Karnaprayag railway project, to bag contract worth ₹3,000 crore

New Delhi, Mar 31 () The government has missed the collection target for the current financial year from CPSE disinvestment set in the Revised Estimates of Budget by about Rs 14,700 crore. In the current financial year 2019-20, the actual disinvestment mop-up has come in at Rs 50,298.64 crore. In the Revised Estimates (RE), the government had estimated the disinvestment proceeds at Rs 65,000 crore, thus a shortfall of around Rs 14,700 crore. In the Budget 2019-20, disinvestment revenue was pegged at Rs 1.05 lakh crore. However, in the RE, the projection was lowered substantially to Rs 65,000 crore. In the current financial year, the government has raised Rs 11,500 crore by way of strategic disinvestment of THDC and NEEPCO to state-owned power utility NTPC. Also, Kamarajar Port was sold for Rs 2,383 crore to Chennai Port Trust. While two follow-on offers of CPSE ETF fetched Rs 26,500 crore, Bharat-22 ETF garnered Rs 4,368 crore. Two initial public offerings (IPOs) -- RVNL and IRCTC -- helped garner Rs 1,113 crore, while RITES offer-for-sale (OFS) fetched Rs 1,130 crore. Buyback of shares by MOIL, MDL and SPMCIL fetched Rs 821 crore to the exchequer, while Rs 600 crore came in by way of remittances from SUUTI. Further, Rs 1,881 crore was procured by way of selling enemy shares. In the financial year 2015-16, the government had realised Rs 23,996.80 crore from CPSE disinvestment, lower than the Budget target of Rs 69,500 crore and RE of Rs 25,312 crore. In the financial year 2016-17, the government had missed the budgeted disinvestment target. While the Budget had pegged target at Rs 56,500 crore, the government was able to mop up Rs 46,247 crore. This was, however, higher than the target set in RE at Rs 45,500 crore. In 2017-18, it bettered the target of Rs 1 lakh crore and raised a record Rs 1,00,056 crore. In 2018-19, the disinvestment mop-up stood at Rs 84,972 crore as against the Budget target of Rs 80,000 crore. In 2019-20, after a gap of 2 years, the government has missed the disinvestment target set in Budget. For 2020-21 fiscal beginning April 1, 2020, the Budget pegged the disinvestment proceeds at Rs 2.10 lakh crore. This includes Rs 1.20 lakh crore from CPSE share sale and Rs 90,000 crore from share sale in public sector banks and financial institutions, including listing of insurance behemoth LIC. JD HRS

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RVNL over-subscribed: Institutional buyers put bids worth Rs 1,900 crore

PTI

RVNL Dec qtr profit slumps 63 pc to Rs 103 cr

PTI

Top stocks to watch today—IndiGo, SpiceJet, Hero MotoCorp, BPCL, Tata Steel, Glenmark Pharma and others

Navdeep Yadav

Reliance makes open offer to acquire 26% stake in Lotus Chocolate

PTI

L&T emerges as lowest bidder for Rishikesh-Karnaprayag railway project, to bag contract worth ₹3,000 crore

IANS

FY20 disinvestment mop-up at Rs 50,298 cr, govt misses RE target

PTI

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