As the trading week wraps up, several major companies are expected to draw investor attention on Friday, June 6, following a series of notable corporate developments.
IREDA Sets Floor Price for ₹5,000 Crore QIP
The Indian Renewable Energy Development Agency (IREDA) announced that its board has approved a floor price of ₹173.83 per equity share for its upcoming Qualified Institutional Placement (QIP), aiming to raise up to ₹5,000 crore. This capital-raising plan was previously cleared by the board in January and received shareholder approval in February. The QIP is set to open on June 5, targeting eligible institutional investors to support IREDA’s clean energy initiatives.
Coal India Signs Rail Infrastructure Pact
Coal India Limited (CIL) has entered into a non-binding Memorandum of Understanding with Indian Port Rail & Ropeway Corporation Ltd. The agreement, signed in Kolkata, focuses on the development of rail infrastructure for CIL and its subsidiaries. The collaboration is intended to streamline coal transportation and strengthen the company’s logistical framework.
SpiceJet Faces Insolvency Tribunal Directive
The National Company Law Tribunal (NCLT) has directed three aircraft lessors of SpiceJet—AWAS 36698 Ireland, AWAS 36694 Ireland, and AWAS 36695 Ireland—to submit valid Power of Attorney documentation. These lessors have filed insolvency pleas against the low-cost carrier over a ₹77 crore default dating back to April 2024. The tribunal’s directive highlights procedural irregularities in the filings and adds another layer of complexity to SpiceJet’s financial woes.
ICICI Prudential Life Sees Surge in Policy-Backed Loans
ICICI Prudential Life Insurance reported disbursing over ₹900 crore in loans against traditional policies during FY2024-25, serving more than 42,700 customers. This marks a 60% year-on-year increase in disbursements. The company emphasized that the loan-against-policy feature helps customers manage short-term financial needs while preserving their long-term savings plans.
Central Bank of India Acquires Stake in Future Generali Life
Central Bank of India has acquired a 25.18% stake in Future Generali India Life Insurance Company Ltd for ₹57 crore. The acquisition, involving over 65 crore shares, marks the bank’s strategic entry into the insurance sector. Following the transaction, Central Bank now holds a 25.28% stake in the insurer, which reported gross written premiums of ₹1,810.53 crore for FY24.
P&G Health Posts Strong Quarterly Growth
Procter & Gamble Health reported a 31% increase in net profit to ₹61 crore for the January-March quarter. Net sales rose by 23% to ₹304 crore compared to the same quarter last year. The company attributed the performance to strong brand-building efforts and improved supply chain and market operations. P&G Health also announced a change in its financial year, which will now align with the April–March fiscal cycle, with the current year covering a nine-month period from July 2024 to March 2025.
With these updates, the listed companies are expected to influence investor sentiment and trading volumes during the Friday session.
