Market movers: What led to 20% jump in Zee Learn shares
Now reports suggest it is aiming to buy another company. A news channel on Thursday said Byju’s is looking to acquire 51 per cent in
, which operates through various schools and vocational educational institutions.
After the news report Zee Learn shares saw heavy buying the stock jumped 20 per cent upper circuit to Rs 19.60 on NSE. This took weekly gain for the stock to 33 per cent.
RIL falls as it raises record debt
2020: We will be a debt free company; 2021: We will be ‘net’ debt free company; 2022: We are raising $5 billion debt — A market observer on Twitter quipped on ’ debt plan in the last three years.
Reliance Industries on Thursday said it has issued US dollar-denominated bonds worth $4 billion in three tranches, marking the largest ever foreign currency note issue in India. The demand was so much that the issue was oversubscribed by nearly three times and with a peak order book aggregating $11.5 billion.
The basic idea behind the bond issue is to lock in low interest rates before the rates rise. The proceeds will be used primarily to refinance existing debt with a likely funding cost benefit. Parts of it can also be used for financing capital expenditure or general corporate purposes.
However, investors did not give the decision a warm welcome. Reliance Industries shares eventually ended the day down 2 per cent.
Goldman Sachs pats KPIT Tech
Recently, KPIT Tech has grabbed the attention of investors on Dalal Street. Now it has got the support of Goldman Sach who sees massive upside in the stock as the electric vehicle industry comes out of the shadows.
Goldman believes KPIT’s expertise in high entry barrier areas like L3-L5 autonomous driving, vehicle to anywhere connectivity, digital clusters and battery management system enhancement; combined with a strong talent pool position it well to gain wallet share in the rapidly growing R&D arena.
It set the 12-month target on the stock at Rs 1,040. On Thursday, the stock advanced over 9 per cent to Rs 648.20. It means the potential upside stands at 60 per cent.
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