The News International Team
Videocon Industries is looking to raise money via its D2H business. The company is planning to launch an initial public offering (IPO) worth Rs 700 crore by January-February 2015, said CMD Venugopal Dhoot, in an interview to CNBC-TV18. The IPO will value company at Rs 5,400 crore.
The Mumbai-headquartered company currently has a D2H base of around 90 lakh users which is likely to double over the next five years.
The company had earlier in the year sold 10 percent stake in its Mozambique plant to Oil India and ONGC Videsh for nearly Rs 15,000 crore. The board is yet to decide about how to use that money. The company may also look to cut down debt which currently stands at around Rs 22,000 crore.
Meanwhile, Dhoot says Videocon is likely to focus more on its Brazilian operations as the field there has 10 million barrel of oil and equivalents. He expects oil and gas discovery in Brazil. The Brazilian fields are expected to start production from FY16.
02:00pm Market Check
Equity benchmarks continued to trade in a tight range with the Nifty consolidating in 7850-7900 band ahead of Maharashtra and Haryana state elections that will be Wednesday. Banks and healthcare stocks supported the market while technology and HDFC twins remained under pressure.
The Sensex rose 13.94 points to 26398.01 while the Nifty declined 4.15 points to 7880.10. About 1309 shares have advanced, 1466 shares declined, and 107 shares are unchanged.
Shares of Axis Bank, State Bank of India, Bajaj Auto, BHEL, HUL, Hindalco and Tata Power topped the buying list, up 2-3.5 percent followed by Reliance Industries, Bharti Airtel, Gail and Coal India with 1 percent loss.
However, ITC, HDFC, TCS, Tata Motors, ONGC and Sesa Sterlite fell 1-1.7 percent.
DLF, BF Utilities, SBI, Sesa Sterlite, Axis Bank, Reliance Industries and Infosys were most active shares on exchanges.
In the midcap space, Den Networks, BF Utilities, NBCC, ABG Shipyard and Symphony shot up 7-19 percent while Risa International, HCC, Trinity Trade, Jyothy Labs and Hindustan National Glass declined 3-7 percent.