image source:- google finances Sobha Limited, one of India's prominent real estate developers, saw its shares rally nearly 8% on June 13, buoyed by a significant announcement from its board. The company's decision to greenlight a ₹2,000 crore rights issue sent its stock price soaring, reflecting investor optimism in the company's growth prospects. Understanding the Rights Issue In a move aimed at bolstering its financial base, Sobha Ltd announced plans to issue 1.2 crore shares at ₹1,651 each, representing a 20% discount to the previous day's closing price. This rights issue, set to commence from June 28 and conclude on July 4, aims to raise funds from existing shareholders. For every 47 fully paid-up shares held, eligible shareholders will be entitled to purchase 6 rights equity shares. The board's decision to offer shares at a discounted rate underscores Sobha's strategy to enhance liquidity and fortify its balance sheet amidst a dynamic market environment. Th...
India's GDP for the January-March quarter of FY24 hit 7.8%, surpassing market expectations and highlighting robust growth in the manufacturing sector. For the full fiscal year, the economy grew by 8.2%, reinforcing India's position as the world's fastest-growing major economy. This strong performance sets the stage for achieving the ambitious $5-trillion economy target in the next few years. Key Highlights Manufacturing and Sectoral Performance The manufacturing sector recorded a remarkable growth of 9.9% in FY24, recovering from a contraction of -2.2% in the previous year. This sectoral boom played a significant role in driving the overall GDP growth. Other notable sectors included: - Construction: Grew by 8.7% in Q4 FY24, up from 7.4% in the same period last year. - Agriculture: Slowed to 0.6% growth from 7.6% a year ago. - Services: Including trade, hotels, transport, and communication, saw a moderate growth of 5.1% in Q4, compared to 7% the previous year. - Financia...