Shares of Jindal Steel & Power ended down by 3.48 per cent at Rs 66.60 on the BSE.

Earlier in the day, the stock rose 3.55 per cent after JSW Energy said it will acquire JSPL’s 1,000-MW power plant in Chhattisgarh for Rs 6,500 crore.

The stock climbed 3.55 per cent to Rs 71.45 on the BSE. On the NSE, it gained 3.55 per cent to Rs 71.40.

Shares of JSW Energy ended flat after rising 2.1 per cent to Rs 68 earlier in the day.

Sajjan Jindal-led JSW Energy today said it will acquire JSPL’s 1,000-MW power plant in Raigarh, Chhattisgarh for Rs 6,500 crore with certain pre-arranged conditions.

The move will help the Naveen Jindal-led steel-to-power group pare debt burden. The consolidated debt of JSPL is around Rs 46,000 crore.

The deal, which was inked yesterday, is expected to be completed by June 30, 2018.

However, the enterprise value of the deal is Rs 4,000 crore plus net current assets and “which will be increased to Rs 6,500 crore plus net current assets, if certain pre-arranged conditions regarding fuel security and power off take are satisfied,” JSW Energy said in a statement.

Adani Ports

Shares of Adani Ports and Special Economic Zone slumped 11.98 per cent to Rs 207.65 as the company has announced that it plans to raise funds aggregating up to Rs 10,000 crore.

On the NSE, the stock plunged 12 per cent to Rs 207.25.

The company announced this along with the 2015-16 financial results on Tuesday.

Brokerage Elara Capital says the company’s revenue, operating profit and net income were all below its estimates after adjusting for the stake sale in Mundra Solar Tech Park.

Elara has “accumulate” rating on Adani, with a target price of Rs 271.

The median price target on the stock is Rs 265.5.

Kotak Mahindra Bank

Kotak Mahindra Bank shares ended higher by 0.49 per cent at Rs 711.85 as the lender has surpassed ICICI Bank in terms of market value.

Earlier, the stock jumped about 2 per cent and was one of the top gainers on the S&P BSE Bankex index.

The lender has surpassed ICICI Bank to emerge as the 3rd most valued bank as its market valuation soared to Rs 1.3 lakh crore ($19.67 billion).

Kotak shares have risen 7 per cent over the past two months since the central bank removed it from foreign investment ban list.

Investec Securities had said last month that Kotak remained its top pick, calling the lender well positioned to deliver consistent return-on-assets improvement starting FY2018.

Meanwhile, ICICI Bank’s shares have fallen 8 per cent since the private sector lender reported a decade-low quarterly profit on April 29.

HDFC Bank remains the biggest lender in terms of valuation, with a market cap of about Rs 2.8 lakh crore.

Shares of HDFC Bank were up 0.89 per cent, while ICICI Bank fell 2.98 per cent.

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