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Vodafone Idea (Vi) has invited its shareholder to participate in the extraordinary general meeting (EGM) on April 2 to approve the company’s Rs 20,000 crore equity fund-raising plan. Last week, Vi announced that the company’s Board of Directors has approved a raising of Rs20,000 crore through a combination of equity and equity-linked instruments. These could be convertible debentures, warrants, or other securities convertible into Equity Shares, Global Depository Receipts, American Depository Receipts or Foreign Currency Convertible Bonds. The EGM will be conducted on April 2 to approve the same through audio-visual medium where shareholders can participate to pass the resolutions of the company. These resolutions shall soon be publicly available, Vi said in an exchange filing on Tuesday. Following the approvals, the company expects to complete the equity fund raise in the coming quarter, it had said last week. Promoters of the company will also participate in this round. Besides, Vi is also looking engaging with its lenders for tying-up the debt funding, which will follow the equity fund raise. Through a combination of equity and debt, the Company plans to raise around Rs. 45,000 Crores.

Nifty on Tuesday ended 49 points lower to once again form a Doji candle on the daily chart. The index is now in the process of retesting the breakout of 22,300 it gave last week.The index should move towards the next resistance zone of 22,450-500 either continuously from the current levels or maybe after a minor dip. Support for the index is now seen at 22,250-300 and 22,125-150 levels, said Tejas Shah of JM Financial & BlinkX.Open Interest (OI) data showed the call side had the highest OI at 22,500, followed by the 22,800 strike prices. Conversely, on the put side, the maximum OI was observed at the 22,200 strike price.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanThe hourly moving averages placed in the range 22,369 – 22,264 shall act as a crucial support zone and until Nifty manages to hold on to this zone, we can expect the next leg of upmove to resume. The initial target and immediate hurdle is placed at 22,460 – 22,530. The hourly momentum indicator has a negative crossover. It, however, has reached the equilibrium line indicating that the fall may have matured and once this consolidation has been completed, the upmove is likely to resume.Rupak De, LKP SecuritiesBulls and bears experienced another day of minor clashes without arriving at a definitive outcome. The sentiment remains positive, with the index staying above the short-term moving average. The momentum indicator RSI is showing a bullish crossover. For a potential rally towards 22,600 and beyond, Nifty needs to decisively breach the 21,400 level. On the downside, support is positioned at 22,200.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

After 22 days of closure due to ongoing farmers' protests, the Ambala-Chandigarh Highway has reopened to vehicular traffic following the removal of barricades by the Haryana administration. However, tensions persist as farmers plan to intensify their demonstrations by traveling to New Delhi by bus and train, starting Wednesday. The farmers, who initiated the "Delhi Chalo" march last month to demand legal assurance of Minimum Support Price (MSP) for crops, were halted by security forces at the Haryana-Punjab border, approximately 200 kilometers from Delhi, after clashes erupted at the Shambhu and Khanauri border points.Farmer leaders Sarwan Singh Pandher and Jagjit Singh Dallewal have issued a nationwide call for farmers to converge in Delhi on March 6 for protests. Additionally, they have announced a four-hour 'rail roko' agitation on March 10 to amplify their demands. Both leaders have vowed to intensify protests at existing sites until their demands are met.The Kisan Mazdoor Morcha (KMM) is spearheading the "Delhi Chalo" march, emphasizing the need for the government to guarantee MSP for agricultural produce. Pandher stressed the importance of farmers from distant states traveling to Delhi via trains and other means, particularly for those unable to access the capital with tractor trolleys.Regarding ongoing protests at Shambhu and Khanauri, Pandher reaffirmed the demonstrators' commitment to continuing their agitation until their demands are addressed. Pandher called for solidarity among Punjab panchayats, urging them to pass resolutions in support of the farmers' demands. He also encouraged villages to send tractor trolleys to bolster the protests at border points.

The initial public offer (IPO) of Zinc Oxide maker JG Chemicals, which opened for subscription earlier today, was fully booked so far on the first day of bidding. The retail portion of the issue was fully subscribed, while NII category followed closely with 93% subscription.There were no bids yet in the QIB category of the IPO, which closes on March 7.JG Chemicals IPO reviewAnalysts advised investors to subscribe to the issue as the company is a market leader with a strong customer base. At the upper price band, the issue is valued at an EV/EBITDA of 12.3x based on FY23 earnings."The favorable demand outlook in automotive, rubber and ceramics, along with expected revival of the chemical industry in early FY25, positions JG Chemicals for sustained growth and market leadership," said Arihant Capital, while recommending a subscribe.JG Chemicals IPO opens for subscription. Should you bid?JG Chemicals IPO price bandJG Chemicals has fixed a price band of Rs 210-221 per share for its maiden public offer. At the upper end, the company plans to raise Rs 251 crore.JG Chemicals GMPIn the unlisted market, the company's shares are trading with a GMP of Rs 60.Other detailsJG Chemicals Ltd is India's largest zinc oxide manufacturer, employing the French (indirect) process for production. It holds a 30% market share in India and is among the top ten global manufacturers.Offering over 80 grades, its products serve diverse industries including rubber, ceramics, paints, pharmaceuticals, and more. With decades of experience, it has built strong relationships with customers worldwide.Its subsidiary, BDJ Oxides, holds the coveted IATF certification, making it a preferred supplier for tyre manufacturers. The company caters to 200 domestic customers and 50 global customers spanning across more than 10 countries.For the nine months ended December 2023, the company's total income stood at Rs 491 crore and profit after tax was at Rs 18.5 crore. In FY23, total income jumped 27% year-on-year to Rs 794 crore, while profit increased 32% to Rs 56.8 crore.Centrum Capital, Emkay Global Financial Services, and Keynote Financial Services are the book-running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)