RIL, Coforge, GAIL, Tata Motors, Bandhan Bank, TVS Motors, and Others Published 3 minutes ago

Posted By: Vanshika Pathak Posted On: Aug 24, 2023

Stocks To Watch on August 24: GIFT Nifty on the NSE IX traded 7.5 points, or 0.04 per cent, higher at 19,512, signaling that Dalal Street was headed for muted start on Thursday. Here's a slew of stocks that will be in focus today for various reasons.

RIL: Qatar Investment Authority (QIA) will invest Rs 8,278 crore ($1 billion) in Reliance Retail Ventures Ltd (RRVL), the retail arm of Mukesh Ambani-led Reliance Industries, for a 0.99 per cent stake on a fully diluted basis. The investment, through a wholly owned subsidiary of QIA, will be made at a valuation of Rs 8.28 trillion ($100 billion), according to a release by RRVL.

In 2020, RRVL had raised Rs 47,265 crore from top global investors, including Silver Lake, GIC, PIF, KKR, Mubadala, General Atlantic, Abu Dhabi Investment Authority, TPG, and L Catterton, for a 10.09 per cent stake at a pre-money equity value of Rs 4.21 trillion, the company said.

Tata Motors: The CCI closed a case against Tata Motors on alleged abuse of its dominant position with respect to agreements with its authorised dealers.

Coforge: Promoter Hulst BV is looking to offload its entire 26.63 per cent stake in the firm via a block deal, reported CNBC Awaaz. The floor price has been fixed at Rs 4,550 per share, which is at a 7.4 per cent discount to Wednesday's closing price of Rs 4,913. The Netherlands-registered Hulst BV is owned and controlled by funds affiliated with BPEA (Baring Private Equity Asia). Hulst BV will sell 1.62 crore shares, taking the deal size to around Rs 7,400 crore.

GAIL: State-owned Gail India plans a capital expenditure of Rs 30,000 crore, mainly in pipelines, petrochemical projects and city gas distribution, over the next three years. The company's total capital expenditure for FY23 was Rs 10,000 crore. We are targeting to incur a capex Rs 30,000 crore in the next 3 years, mainly on pipelines, ongoing petrochemical projects, CGD projects, operational capex, equity contribution in group companies etc.," Gail CMD Sandeep Kumar Gupta told shareholders at the AGM.

Shree Renuka/EID Parry/Balrampur Chini: As per a Reuters report, India is expected to ban mills from exporting sugar in the next season beginning October, halting shipments for the first time in seven years, as a lack of rain has cut cane yields. India's absence from the world market would be likely to increase benchmark prices in New York and London that are already trading around multi-year highs, triggering fears of further inflation on global food markets.

NHPC: The state-owned entity has signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation (APGENCO) for implementation of pumped storage hydro power projects and renewable energy projects in Andhra Pradesh.

Vascon Engineers: The construction company has received Letter of Acceptance worth Rs 605.65 crore from Bihar Medical Services & Infrastructure Corporation, for construction of Lohia Medical College & Hospital including hospital and residential building, Supaul. The EPC work order has to be completed within 36 months from the date of receipt of Letter of Acceptance.

Bandhan Bank: Bandhan Bank on Wednesday announced it will enter the co-lending business, for which it will tie up with a couple of NBFCs. Announcing this at the bank's foundation day programme, its MD and CEO Chandra Shekhar Ghosh said the co-lending business will cover all verticals in which loans are given. “We have selected a couple of NBFCs, and will soon tie up with them," he said. Ghosh said the bank, which started its journey eight years ago, has 6,100 banking outlets across 35 states and Union Territories at present.

Muthoot Finance: Muthoot Fincorp Ltd (MFL), the flagship company of Muthoot Pappachan Group, on Wednesday said its new digital financial platform Muthoot Fincorp One will introduce insurance, personal loans, two-wheeler, and housing loans in six months. Muthoot Fincorp One has reported over 20,000 daily transactions, and over 200,000 app downloads. In six months, it plans to introduce these new products to reach 80,000 daily transactions, and a million app downloads.

Procter & Gamble Health: The FMCG company has reported a 28 per cent on year fall in its net profit to Rs 29.8 crore for quarter ended June (Q1FY23), due to higher material cost and one-time employee cost. Revenue from operations grew by 1.8 per cent year-on-year to Rs 301.2 crore during the quarter. The company announced a final dividend of Rs 50 per share for financial year ended June 2023.

TVS Motors: TVS Motor Co., maker of the iQube electric scooter is expanding its play in the e-two-wheeler market with the launch of its first born-electric two-wheeler, a crossover between a motorcycle and a scooter which is aimed at young customers in the premium-end of the Indian and international electric two-wheeler markets. The launch of TVS X will be followed by the introduction of the latest generation of iQube EV, as well as more products in electric three-wheeler cargo and even electric bicycle space, Sudarshan Venu, managing director, TVS Motor, said.

Oriana Power: Oriana Power has won a contract worth Rs 138 crore from Bharat Coking Coal Limited (BCCL) to set up a 20MW AC ground-mounted solar photovoltaic power plant at Dugdha washery area, Dhanbad, Jharkhand. The EPC phase of this project is slated for completion within 12 months. This comprehensive contract encompasses a spectrum of activities ranging from design and procurement of solar equipment to construction, meticulous testing, seamless commissioning, integration with the transmission network, and a steadfast five-year operation and maintenance commitment.

Torrent Pharmaceuticals: The US FDA has granted Voluntary Action Indicated classification to Torrent Pharma's manufacturing site in Dahej, Gujarat. The Dahej site was earlier placed under ‘Official Action Indicated (OAI)' classification based on a March 2019 inspection outcome. The site was re-inspected by the USFDA between May 17 and May 25, 2023 and the officials had issued Form 483 with two observations.

Source: News18
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Infosys, SJVN, SBI, Cipla, Apollo Tyres, DBC Bank, Zydus, and Others Updated 50 minutes ago

Posted By: Pawan George Posted On: Sep 21, 2023

Stocks To Watch on September 21: GIFT Nifty on the NSE IX traded 48 points, or 0.24 per cent, lower at 19,857.50, signaling that Dalal Street was headed for negative start on Thursday. Here's a slew of stocks that will be in focus today for various reasons.

Infosys: The IT major has tied up with NVIDIA to develop generative AI applications and solutions.

EMS: Water and sewage infra company EMS will list on Thursday. The issue price is Rs 211 and the stock is commanding a premium of 39 per cent in the grey market, as per ipowatch.com.

SJVN: The government will sell 96.667 million shares, or 2.46 per cent stake, in the company with an option to sell additional 2.46 per cent stake under offer for sale (OFS) route. At the floor price of Rs 69 a share, the sale of the entire 4.92 per cent stake will fetch over Rs 650 crore. The offer will open for non-retail investors today, and retail investors on Friday (Sept 22).

Cipla: An inspection by the USFDA, at the manufacturing facility of InvaGen Pharmaceuticals Inc., New York, USA, a wholly-owned subsidiary of the company, has concluded with five observations in Form 483. There are no repeat or data integrity (DI) observations. The company will address these comprehensively within stipulated time, Cipla said in a statement.

State Bank of India, KFin Technologies: SBI has appointed KFin Technologies as the Registrar and Share Transfer Agent (RTA) in place of existing RTA Alankit Assignments.

Sheela Foam: The QIP Committee has decided to open the QIP on September 20 at a floor price of Rs 1,133.99 per equity share. It will meet on September 25 to consider and approve the issue price of QIP.

DCB Bank: The Reserve Bank of India has accorded its approval to HDFC Asset Management Company to acquire aggregate holding of up to 9.5 per cent of the Bank. The AMC has been advised by the RBI to acquire the shareholding within a period of one year from the date of approval.

Apollo Tyres: The company has stopped bias and OTR tyre production at their manufacturing facility in Limda, Gujarat.

Zydus Lifesciences: Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) for Clindamycin Phosphate Gel USP, 1%, which is used to treat acne. Clindamycin Phosphate Gel USP, 1% had annual sales of $37 million in the United States (IQVIA MAT July 2023).

Shree Renuka Sugars: The Board will meet on September 23 to consider and approve entering into a binding agreement for investment in 100 per cent equity shares in a sugar manufacturing company located in Uttar Pradesh, India.

Source: News18
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HDFC Bank, RR Kabel, Tata Motors, Cipla, Coal India, Biocon, and Others Published 2 hours ago

Posted By: Tarun Kumar Posted On: Sep 20, 2023

Stocks to Watch on September 20: GIFT Nifty on the NSE IX traded 11 points, or 0.05 per cent, lower at 20,089, signaling that Dalal Street was headed for muted start on Wednesday. Here's a slew of stocks that will be in focus today for various reasons.

HDFC Bank: The Reserve Bank of India has approved the reappointment of Sashidhar Jagdishan as HDFC Bank managing director and chief executive officer for three more years till 26 October 2026, the bank said in a regulatory filing. Jagdishan joined the bank in 1996 as a manager in the finance function and became business head of finance in 1999. He was later appointed CFO in 2008. Prior to his appointment as CEO in October 2020, he was the group head of the bank in addition to overseeing other functions.

RR Kabel: RR Kabel is set to make its debut on stock exchanges today, and according to the latest trend in the grey market, the stock could be listed at a premium. The company has become the first IPO firm to complete its listing under the T+2 timeline. Under this norm, an IPO firm needs to complete its listing process within three working days from the closure of the IPO. The company's act was voluntary and SEBI has not made the deadline mandatory for IPO firms till November 30.

Tata Motors: Tata Motors on Monday announced that it will raise the prices of its commercial vehicles by up to 3%, its third hike this calendar year to offset the residual impact of post-input costs, according to a report published by Reuters. The price hike will be effective from October 1. The increased prices will be applicable across its range of commercial vehicles, the Indian automaker said.

Torrent Pharma/Cipla: India's Torrent Pharmaceutical is in preliminary talks with Apollo Global Management to secure a loan of up to $1 billion to help fund a planned bid for Cipla, two people briefed on the discussions said. Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said. Bernstein analysts have estimated that a deal for about 60% of India's No. 3 drugmaker could be worth as much as $7 billion - potentially India's largest pharma deal to date.

Adani Group stocks: The Supreme Court of India has received a fresh plea that questions the integrity of the existing expert committee looking into the Hindenburg report on Adani Group accusing it of stock manipulation. The plea sought that the apex court formulate a new panel comprising individuals with unblemished integrity and no conflicts of interest in the matter related to the Hindenburg report. The plea was filed by one of the petitioners, Anamika Jaiswal, through her advocate Ramesh Kumar Mishra.

Coal India/NHPC: State-run Coal India Ltd and India's largest hydropower company NHPC Ltd may join hands to explore the possibility of converting abandoned or closed mines into pump storage projects (PSP). A person aware of the development said the coal ministry under its plan to set up PSPs at “de-coaled areas", where all the coal has been mined, has directed Coal India to partner with NHPC and other related agencies. Coal India is currently in the process of appointing a consultant for the project.

Jindal Steel & Power: Naveen Jindal, the chairman of Jindal Steel & Power (JSPL), will be re-designated as a non-executive chairman, with effect from 1 October 2023, the company said in an exchange filing here on Monday. Jindal is currently acting as an executive director, designated as chairman, which is due to end on 31 September 2023, as per the exchange filing of the steel manufacturer. In his new role, Jindal would not be entitled to draw remuneration from the company, except for a sitting fee for attending the meetings.

Shree Cement: Leading cement company Shree Cement said on Tuesday that it is planning to issue Non-Convertible Debentures (NCDs) worth ₹700 crore on a private placement basis. The company's board of directors will consider approving the issuance of NCDs on September 25. The fundraising plan is expected to be part of the company's ₹7,000-crore capex plan in the next phase of growth, during which it aims to add an additional 12 million tonne of capacity.

Biocon: Biotechnology major Biocon Ltd., on Monday, appointed its Board of Director member, Peter Bains, as its new Group Chief Executive Officer. To take over the position, Peter Bains, stepped down from his role as non-executive independent director from the Board of Biocon Ltd with with immediate effect. He has over 30 years of experience in strategic and operational leadership, including at board, CEO and senior corporate levels.

Source: News18
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ONGC, Tata Steel, HCL Tech, LTIMindtree, Mazagon Dock, and Others Published 1 hour ago

Posted By: Vanshika Pathak Posted On: Sep 08, 2023

Stocks to Watch on September 8: GIFT Nifty on the NSE IX traded 16 points, or 0.08 per cent, higher at 19,783.50, signaling that Dalal Street was headed for positive start on Friday. Here's a slew of stocks that will be in focus today for various reasons.

Tata Steel: AVAADA Group said it has signed an agreement with Tata Steel Special Economic Zone Ltd (TSSEZL) to set up a green hydrogen and ammonia manufacturing unit in Odisha.

ONGC: State-owned ONGC will infuse about Rs 15,000 crore in OPaL as part of a financial restructuring exercise that will see gas utility GAIL being edged out of the petrochemical firm. ONGC currently holds 49.36 per cent stake in ONGC Petro-additions Ltd (OPaL), which operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21 per cent interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43 per cent.

HCLTech: HCLTech has signed a multiyear agreement with Siemens AG to provide the German high-tech giant with cloud services and modernise its information technology (IT) systems worldwide. HCLTech said on Thursday the deal will focus on automating the public cloud environment for Siemens. Financial details of the deal were not disclosed.

Samvardhana Motherson International: The company has inaugurated its new wiring harness facility located in Ras Al Khaimah Economic Zone (RAKEZ). His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah formally inaugurated Motherson's facility in the Emirate of Ras Al Khaimah (UAE).

Exide Industries: The company has invested Rs 100 crore in its wholly owned subsidiary, Exide Energy Solutions, by subscribing to its equity share capital on rights basis. Exide Energy Solutions manufactures battery cells of advanced chemistry and form factor, including but not limited to cylindrical, pouch, and prismatic, as well as manufacturing, assembling, and selling battery modules, battery packs, and other related activities.

Landmark Cars: The company has signed a Letter of Intent with Mahindra and Mahindra for opening a dealership in Howrah, West Bengal. This dealership will be established in one of the wholly owned subsidiary of Landmark Cars, namely Landmark Mobility Private Limited. This business will include sales and after-sales of Mahindra's Personal, Pickup and Supro range of vehicles in the areas of Howrah, Hooghly, Kolkata, North 24 Parganas and South 24 Parganas.

Tejas Networks: The company has received the mobilization advance of Rs 750 crore from Tata Consultancy Services, towards the supply of Radio Access Network equipment for BSNL's Pan-India 4G/5G network.

LTIMindtree: The company has launched two industry solutions, AdSpark and Smart Service Operations, to accelerate the time-to-market for businesses on the Salesforce platform.

Oricon Enterprises: The company has entered into agreements for sale of assets of its Petrochemical unit situated at village Niphan and Anandwadi, District Raigarh, Maharashtra with Narendra Plastochem for a consideration of Rs 19 crore.

Shemaroo Entertainment: Three officials of of the company-CEO Hiran Gada, joint managing director Atul Maru and chief financial officer Amit Haria-were arrested on Thursday by the Central Goods and Services Tax (CGST) department for fraudulently claiming Input Tax Credit (ITC) of Rs 70.25 crore. They were later released on bail. The CGST and Central Excise Department had carried out search operation at the premises of the company on September 05, 2023. The company is contesting allegations in accordance with the due process of law.

Cochin Shipyard: The company will participate in the “Antique Defence Conference” organized by Antique Institutional Equities Investment Trust of India (ITI Group) on September 08, 2023.

Mazagon Dock Shipbuilders: The company has signed a Master Ship Repair Agreement with the US government. The agreement is expected to open up voyage repairs for US Navy ships at the company.

Hitachi Energy: The company said it has won a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt solar photovoltaic power plant in Bikaner. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system.

United Breweries: United Breweries Limited (UBL), part of the Heineken Company, has appointed Vivek Gupta as managing director and chief executive officer effective from 25 September, the company announced in a release.

Source: News18
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Reliance, TCS, TVS Motor, Biocon, Safari, Tata Consumer, and Others Published 9 minutes ago

Posted By: Aditya Gogoi Posted On: Sep 07, 2023

Stocks To Watch On September 7: GIFT Nifty on the NSE IX traded 38 points, or 0.19 per cent, lower at 19,625, signaling that Dalal Street was headed for negative start on Thursday. Here's a slew of stocks that will be in focus today for various reasons.

Safari Industries: Global investment manager Investcorp sold its stake in luggage maker Safari Industries. It realised a total return of Rs 285 crore at 3.8x Multiple on Invested Capital (MOIC) from Safari Industries.

TVS Motor: TVS Motor Company has unveiled the latest addition and a new flagship to its iconic Apache line-up - TVS Apache RTR 310.

Tata Consumer Products: The Tata group company has refuted reports that said it is in talks to acquire a majority 51 per cent stake in the snack and sweet brand Haldiram.

Reliance: The company's retail arm, Reliance Retail Ventures (RRVL) has entered into a joint venture (JV) with actor Alia Bhatt's sustainable fashion clothing brand for kids and maternity wear, Ed-a-Mamma, to acquire a 51 per cent stake. According to a source, Ed-a-Mamma was valued at approximately Rs 150 crore. RRVL aims to establish a close collaboration with the founder, Alia Bhatt, and leverage the management strength of its subsidiary, Reliance Brands, to lead the business.

Tata Consultancy Services: TCS on Wednesday signed a strategic partnership valued at £800 million (about $1 billion) with the digital unit of Jaguar Land Rover (JLR) to help the luxury carmaker accelerate the modernisation of its IT infrastructure, and build a new technology architecture that will support its ‘Reimagine' strategy. The deal is signed for a period of next five years.

REC: State-owned REC on Wednesday said it raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC's Market Borrowing Programme of Rs 1.20 lakh crore for 2023-24.

In a separate statement, the company said it has signed a Foreign Currency Term Loan Agreement for $100 million with Export Import Bank of India (Exim Bank). This is the first term loan being extended by Exim Bank to REC. The loan has been tied up for a 5-year tenor and is benchmarked to SOFR.

Biocon: The company's subsidiary Biocon Biologics (BBL) said it has completed the integration of the acquired biosimilars business from Viatris in North America (United States and Canada) effective September 1, 2023.

Lemon Tree Hotels: The hotel company has announced its latest signing – Lemon Tree Hotel, Mashobra. The property is expected to be operational by Q1FY26 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels.

Power Finance Corporation: The company has fixed Thursday, Sept 21st as the record date for its bonus issue in the ratio of 1:4 that is 1 equity share will be issued for every 4 existing equity shares of the company.

PNC Infratech: The company's arm, PNC Raebareli Highways, will settle the NHAI dispute with a one-time settlement of Rs 107.17 crore. The settlement amount represents 65 per cent of the total ‘eligible disputes' amount.

Source: News18
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TCS, Vedanta, SpiceJet, Zee Ent, Paytm, Jio Financial, and Others Published 1 hour ago

Posted By: Ajay Rawat Posted On: Sep 06, 2023

Stocks to Watch on September 06: GIFT Nifty on the NSE IX traded 0.5 points, or 0.00 per cent, higher at 19,671, signaling that Dalal Street was headed for muted start on Wednesday. Here's a slew of stocks that will be in focus today for various reasons.

Jio Financial Services: Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, will be dropped from Nifty50, other indices, on September 7, the stock exchange NSE said on Tuesday. Shares of JFSL got listed on the stock exchanges on August 21 due to its spin-off from parent Reliance Industries. During the AGM, RIL announced that JFNSL will enter the insurance segment to offer life, general and health insurance products.

Tata Consultancy Services: Indian technology major Tata Consultancy Services on Tuesday said it has entered a multi-year partnership with agriculture and bio-energy company Lantmännen Ekonomisk Förening (Lantmännen) to transform its IT infrastructure. TCS on Tuesday said they will harmonise Lantmännen's digital workplace to support hybrid working for all users, and transform Lantmännen's global service desk to deliver 24×7 multi-lingual support.

Vedanta: Vedanta Resources Ltd (Vedanta) on Tuesday said it will restart copper operations in Zambia after a government decision in favour of the company. In a statement, the metal and mining giant said: “The ownership and management of Konkola Copper Mines (KCM) has been returned to the company following a historic decision by the Government of the Republic of Zambia". KCM is a world-class asset having reserves of 16 million tonnes of contained copper. It has a copper grade of 2.3 per cent, the company said.

SpiceJet: A day after SpiceJet Ltd announced allotment of 48.1 million shares on a preferential basis to nine lessors, the National Company Law Tribunal asked the crisis-hit airline to pursue its plan of issuing equity shares to settle its dues to aircraft lessors. On Tuesday, the NCLT also deferred the hearing of a plea filed by Celestial Aviation, one of the airline's lessors, for initiating insolvency proceedings against SpiceJet, to 15 September.

Zee Entertainment: Private lender IDBI Bank has filed an appeal against the NCLT order approving the merger of Zee Entertainment Enterprise Ltd (ZEEL) with Culver Max Entertainment, formerly Sony Pictures Networks India. The lender has moved the National Company Law Appellate Tribunal (NCLAT) against the order. Earlier, the Mumbai bench of the National Company Law Tribunal (NCLT) on August 10, 2023, approved the proposed merger, which would create the largest media entity in the country.

One97 Communications: One97 Communications Ltd, which runs the brand Paytm, reported a 20% year-on-year (YoY) growth in average monthly transacting users at 94 million in the July-August period from 79 million in the same period last year. In August 2023, Paytm disbursed loans worth Rs 5,517 crore ($667 million) through its lending platform, the company said in a press release. The company's merchant payment volumes increased by 43% year-on-year to Rs 3 trillion in July-August 2023.

Tata Power: Tata Power Renewable Energy Ltd (TPREL) will set up a 12-megawatt (MW) on-site solar project at Tata Motors' commercial vehicle manufacturing facility in Maharashtra. In a statement, TPREL said it has already signed a power purchase agreement (PPA) with Tata Motors in this regard. The project will generate 17.5 million units of electricity per annum mitigating over 12,400 tonnes of Co2 per annum.

Bikaji Foods International: Mumbai-based Lighthouse Advisors India on Tuesday divested a 1.3 per cent stake in Bikaji Foods International for nearly Rs 156 crore through an open market transaction. Lighthouse Advisors through its investment vehicle Lighthouse India Fund III sold the shares of Bikaner-based Bikaji Foods. According to the bulk deal data available with the BSE, Lighthouse India Fund III offloaded 32,42,070 shares, or a 1.3 per cent stake, in Bikaji.

Source: News18
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Hero MotoCorp

Posted By: Anita Mamgai Posted On: Sep 05, 2023

Stocks To Watch on September 5: GIFT Nifty on the NSE IX traded 4 points, or 0.02 per cent, higher at 19,603, signaling that Dalal Street was headed for muted start on Tuesday. Here's a slew of stocks that will be in focus today for various reasons.

Vishnu Prakash R Punglia: The stock will debut on the bourses today. The issue price is Rs 99 and the stock may list with up to 60 per cent premium, as per ipowatch.com.

Hero MotoCorp: The company will invest Rs 550 crore more in Ather Energy via its rights issue. The Splendor-maker, which currently holds 33.1 per cent stake in Ather, will see its shareholding rise in the company. The transaction is expected to be completed before the end of September.

Cipla: The drugmaker's South African subsidiary entered into a binding term sheet to acquire Actor Holdings (Pty), a privately owned pharmaceutical company specialising in consumer health and generic medicine. The consideration has been fixed at ZAR 900 million (approx $48.6 million, or around Rs 400 crore) in cash for 920 equity shares, representing a 100 per cent equity stake.

Besides, Torrent Pharmaceuticals has emerged as a frontrunner to acquire its rival Cipla with a non-binding offer that's more than 30 per cent higher than American private equity giant Blackstone's bid.

State Bank of India: Financial Services Institutions Bureau has recommended the name of Vinay M Tonse as managing director of SBI.

Escorts Kubota: The company will raise tractor prices effective September 16. The increase in prices will vary across models and geographies.

Indian Energy Exchange: The energy exchange has achieved total electricity volume of 8,469 million units in August, up 21 per cent from last year. The day ahead market volume in August increased by 7.3 per cent YoY to 3,810 million units, and the real time market volume grew by 21 per cent YoY to 2,738 million units, while the market clearing price jumped 33 per cent on-year to Rs 6.89 per unit.

Mahindra & Mahindra Financial Services: The company has recorded a 15 per cent year-on-year growth in disbursements at Rs 4,400 crore for August. The year-to-date (till August FY24) disbursements stood at Rs 20,950 crore, up 22 per cent over a year-ago period. The collection efficiency for August remained flat at 96 per cent YoY, while the stage-3 and stage-2 assets continued to remain rangebound compared to June 2023.

Mahindra and Mahindra: M&M is in advanced discussions with Volkswagen as it intends to use the german automaker's central MEB components such as e-drive and unified cells.

Yes Bank: The private lender has clarified and denied any role in settlement or negotiation after the sale of the loan portfolio to JC Flowers ARC. The association of the bank with JC Flowers ARC remains limited to the extent of its current shareholding, at 9.9 per cent.

Oil India: The state-run oil company approved a Rs 1,738 crore contribution for North East Gas Distribution Co, a joint venture in which it holds a 49 per cent stake.

BHEL: The company bagged an order for Electro-Mechanical (E&M) works for the country's largest capacity hydropower project, the 2,880 MW Dibang Multipurpose Project in Arunachal Pradesh.

Rail Vikas Nigam: The RVNL-MPCC JV emerged as the lowest bidder for all civil engineering works in the Varodara Division of Western Railway. The project cost is Rs 174.27 crore, and the contract is to be executed in two years. The company's share in the JV stands at 74 per cent, while MPCC's share is 26 per cent.

Tata Power: The company's unit, Tata Power Renewable Energy, signed a 26 MW solar power delivery agreement with Neosym Industry, to be set at Jamkhed, Maharashtra, and generate 59 MU of power per annum.

Bombay Dyeing: The company settled a dispute with Axis Bank over disputed land for Rs 149 crore and handed over 11,541 square metres of land to the lender. The settlement will enable independent and exclusive access to the bank's headquarters.

Gland Pharma: Ankit Gupta has been appointed as Vice-President (strategy and investments) with effect from Sept. 4.

Dabur: The FMCG major's unit, Dabur International, has decided to convert its existing branch, Dabur International Dubai, into a wholly owned subsidiary under the name of Dabur International FZE.

LIC Housing Finance: The company infused Rs 21.61 crore of incremental capital in LIC Mutual Fund Asset Management Company in a rights issue.

Dhanuka Agritech: The company launched an herbicide for sugarcane crops that has effective control of broad and narrow leaf weeds for the domestic market.

Ramco Cements: The company commissioned the balance of the 3 MW capacity of the Waste Heat Recovery System out of the 12 MW capacity in its Kolimigundla plant. With this, total operating capacity has gone up to 43 MW.

Delta Corp: Europe-based Societe Generale has bought 23.42 lakh equity shares or 0.88 per cent stake in the casino gaming company via open market transactions, at an average price of Rs 182 per share. Zerodha Broking sold 25.5 lakh shares or 0.95 per cent stake in the company at an average price of Rs 182.12 per share. Societe Generale held 1.43 per cent stake in Delta Corp as of June 2023.

Source: News18
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Infosys, RIL, ONGC, Tata Motors, Coal India, IDFC First, and Others Published 2 hours ago

Posted By: Ajay Rawat Posted On: Sep 04, 2023

Stocks to Watch on September 4: GIFT Nifty on the NSE IX traded 6 points, or 0.03 per cent, higher at 19,553.5, signaling that Dalal Street was headed for muted start on Monday. Here's a slew of stocks that will be in focus today for various reasons.

Kotak Mahindra Bank: Uday Kotak on 1 September announced to step down as managing director and chief executive officer of Kotak Mahindra Bank, and with this, the baton was passed to Joint Managing Director at Kotak Mahindra Bank — Dipak Gupta. Gupta will carry out the duties of the MD and CEO until 31 December, which is subject to the approval of the RBI and the members of the bank. Uday said he would continue as a non-executive director of the bank.

Reliance Industries: Indian billionaire Mukesh Ambani's Reliance Retail Ventures is in advanced talks with global investors to raise around $2.5 billion by the end of September, ahead of a potential stock market listing, people familiar with the matter told Reuters. Three sources said the target fundraising of $2.5 billion is part of a combined $3.5 billion target the firm has set for itself, a part of which - $1 billion - came from Qatar Investment Authority (QIA) and was announced last month.

Bajaj Auto: Bajaj Auto's subsidiary, Bajaj Auto Consumer Finance, has received the Certificate of Registration from the Reserve Bank of India (RBI) to start the business of the non-banking finance company (NBFC), the company informed the stock exchanges in its filing on September 1, according to MoneyControl reports. In 2021, Bajaj Auto announced the setting up of a 100 per cent captive finance subsidiary ‘Bajaj Auto Consumer Finance'.

Infosys: IT services company Infosys on Friday said it has completed the acquisition of Danske Bank's IT centre in India. Danske Bank chose Infosys as a strategic partner to drive digital transformation initiatives with speed and scale, and this follows the announcement of the collaboration made on June 26, 2023, a release by Infosys said. Danske Bank's IT centre in the country employs over 1,400 professionals.

ONGC: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to Rs 6,700 per tonne from Rs 7,100 a tonne. SAED on the export of diesel was increased to ₹6 per litre from Rs 5.50 a litre and on jet fuel or ATF to Rs 4 per litre from Rs 2, the notification said.

IDFC First: Rajiv Jain-led US-based boutique investment manager GQG Partners Llc, on Friday, acquired a 2.6 per cent stake in private lender IDFC First Bank Ltd for Rs 1,527.26 crore, raising the former's total fresh investment in Indian firms to over Rs 41,000 crore in a span of just six months. Through a bulk deal on the exchanges, Cloverdell Investment Ltd, an institutional shareholder in IDFC First, has sold 278.7 million shares or 4.2 per cent stake in IDFC First Bank for Rs 2,480.3 crore to several entities including GQG Partners.

Jio Financials: BSE on Saturday, September 2, revised Jio Financial Services' circuit filter from 5 per cent to 20 per cent and the filter will be effective from Monday, said the stock exchange in a notification. Circuit filters are a price range provided for each index. Jio Financial Services Ltd's shares were removed from all S&P BSE indices, including Sensex, before trading opened on Friday, September 1.

Tata Motors: Tata Motors posted a 3.5 per cent decline in PV sales. Tata Motors Limited sales in the domestic & international market for August 2023 stood at 78,010 vehicles, compared to 78,843 units during August 2022. Domestic sales of MH&ICV in August 2023, including trucks and buses, stood at 13,306 units. Total sales for MH&ICV Domestic & International Business in August 2023, including trucks and buses, stood at 13,816 units.

Biocon: Biotechnology major Biocon on Saturday said its unit has acquired Eywa Pharma Inc.'s oral solid dosage manufacturing facility in the US for USD 7.7 million (over ₹63 crore). Biocon Generics Inc. has acquired Eywa's Cranbury-based plant effective September 1 2023, the Bengaluru-based company said in a statement. The facility is acquired for a total consideration of USD 7.7 million, it added. As part of the acquisition, the existing workforce of the facility will transition into Biocon Generics Inc.

Coal India: Coal India on Friday reported a 13.2 per cent rise in its coal production last month at 52.3 million tonne (MT) of coal in August on a year-on-year basis. In August 2022, the public sector major produced 46.2 MT. So far in the current financial year (FY24), Coal India has produced 281.5 MT of the mineral, registering an 11 per cent growth compared to the same period last fiscal, said a company statement.

Source: News18
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Zomato, BHEL, ZEE, Sula Vineyards, Lupin, Aeroflex, RVNL, and Others Published 1 hour ago

Posted By: Anita Mamgai Posted On: Aug 31, 2023

Stocks To Watch on Thursday, August 31: GIFT Nifty on the NSE IX traded 5.5 points, or 0.03 per cent, lower at 19,473, signaling that Dalal Street was headed for muted start on Thursday. Here's a slew of stocks that will be in focus today for various reasons.

Aeroflex Industries: Flexible flow solution products maker Aeroflex Industries is expected to list at the bourses on Thursday, August 31. According to IPOwatch.com, the shares are commanding a grey market premium of Rs 65, or 36 per cent, over the issue price of Rs 180 per share.

Auto stocks: The government has decided to extend the deadline of production-linked incentive (PLI) scheme for automobile and auto component by another year to 2027-28. Centre has also decided to agree with the industry stakeholders to disburse the incentives on a quarterly basis, instead of annual plan, as per the scheme earlier.

Sula Vineyard: Verlinvest Asia PTE is seeking to divest up to a 12.56 per cent stake in Sula Vineyards Ltd through a block deal, reported suggested. The block deal may be happen in the price range of Rs 473 to Rs 508.7 per share.

KRBL, GRM Overseas, L&T Foods: India, on Wednesday, permitted exports of limited quantities of non-basmati white rice to Bhutan, Mauritius and Singapore, according to a notification by Directorate General of Foreign Trade. Bhutan will get 79,000 tonnes, Mauritius 14,000 tonnes and Singapore 50,000 tonnes.

SJVN: The project portfolio of SJVN & its associate companies now stands at an all-time high with 79 projects aggregating 55,814 MW and three transmission lines totaling 340 Kms spread across 13 states and 2 countries of the Indian sub-continent, the company said in its FY23 annual report on Wednesday.

In the next three fiscals, annual revenue of more than Rs 10,000 crore are expected to be generated from the operational Power Stations, it added.

Rail Vikas Nigam Ltd: RVNL has emerged as the lowest bidder (L1) in five projects of Maharashtra Metro Rail Corporation Limited. The cost of the projects is approximately Rs 256.20 crore.

Lupin: Lupin, and J&J will supply their versions of the tuberculosis drug bedaquiline at a significantly cheaper price in low- and middle-income countries, a global anti-tuberculosis group said on Wednesday. The United Nations-backed Stop TB Partnership said J&J's new price of $130 and Lupin's price of $194 for a six-month course of the treatment represented a 55% and 33% price reduction, respectively.

Mahindra Logistics: The Board has approved the appointment of Saurabh Taneja as the chief financial officer and key managerial personnel of the company with effect from 1 September 2023. It has also approved the appointment of Ashay Shah as senior management personnel and Head – LMD & Strategy of the company with effect from 1 October 2023.

Natco Pharma: The company has invested $2 million in ISCA, Inc, a Delaware-based corporation involved in pest control for agriculture. The strategic investment for a 5.79 per cent stake.

DreamFolks Services: India's largest airport service aggregator has announced a strategic partnership with one of the leading Visa service providers to offer premium lounges at Visa centers and Doorstep Visa service.

Bharat Heavy Electricals: BHEL has secured the order for setting up the 2×800 MW supercritical thermal power project Stage-II at Lara in Chhattisgarh.

Punjab National Bank: State-owned PNB, on Wednesday, launched a mobile application based on the GST Sahay scheme. With this integration, PNB became the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement.

Source: News18
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Zomato, ZEE, Airtel, Maruti, Suzlon, ONGC, Central Bank, and Others Published 1 hour ago

Posted By: Pawan George Posted On: Aug 30, 2023

Stocks to Watch on Wednesday, August 30: GIFT Nifty on the NSE IX traded 22.5 points, or 0.12 per cent, higher at 19,533.5, signaling that Dalal Street was headed for positive start on Wednesday. Here's a slew of stocks that will be in focus today for various reasons.

Zee Entertainment: According to reports, Securities Appellate Tribunal (SAT) will likely hear on Wednesday plea of Punit Goenka, former managing director & chief executive officer of Zee Entertainment Enterprises, against Securities and Exchange Board of India's (Sebi's) confirmatory order.

On 14 August, Sebi had in its confirmatory order restrained Punit Goenka and his father Subhash Chandra from holding any key managerial position in any listed company or Zee group entity until further orders.

Zomato: After Tiger Global, SoftBank Vision Growth Fund will likely offload 100 million shares of online food delivery platform Zomato through a block deal on Wednesday, according to reports. The size of the deal could be Rs 940 crore.

Bharti Airtel: Billionaire Sunil Mittal's backed telecom services provider Airtel Uganda Ltd, a subsidiary of Airtel Africa plc, plans to raise 800 billion Ugandan shillings (UGX) or $216 million in an initial public offering (IPO), it said in a statement on Tuesday.

Maruti Suzuki: Maruti Suzuki India expects to invest around Rs 45,000 crore to double its production capacity to 4 million units annually in the next eight years, company Chairman RC Bhargava said at the company's AGM on Tuesday.

TVS Supply Chain Solutions: The Board of Directors, on Tuesday, approved the appointment of R Dinesh, executive vice chairman, as the Chairman (in executive capacity) of the company with immediate effect. It has also approved the appointment of K. Ananth Krishnan and Narayan K Seshadri as independent directors.

The Board also approved the cessation of S Mahalingam from the position of chairman and independent director, and resignation of S Ravichandran from the position of non-executive director.

Suzlon: Due to devastating impact of the Covid-19 global pandemic and the resultant disruption of the global supply chain, Suzlon Energy has decided to downsize the 285 MW wind power project, bagged in May 2018, to 168 MW. The project was located at Kutch, Gujarat.

Lupin: Lupin Pharma Canada, a wholly-owned subsidiary of Lupin Limited, launched Propranolol LA (long-acting) capsules, 60 mg, 80 mg, 120 mg, and 160 mg, in Canada.

Minda Corp: Minda Europe B.V, Netherlands, a non-operative wholly-owned subsidiary company, has been closed voluntarily. The company says it will not impact consolidated financials of Minda Corporation Limited.

Anupam Rasayan: Chemical maker Anupam Rasayan close to acquiring Austria's ESIM Chemicals, reports suggested. Anupam Rasayan has signed exclusivity agreement with ESIM Chemicals for proposed buyout.

ONGC: Oil and Natural Gas Corporation plans to invest Rs 2 trillion ($24.17 billion) on clean energy projects in order to meet its 2038 net-zero carbon emissions goal.

Central Bank of India: Central Bank of India has entered into a strategic co-lending partnership with IKF Home Finance Ltd to offer MSME and home loans at competitive rates.

Gulf Oil Lubricants: In an interview with a TV channel, Ravi Chawla, the managing director and CEO of Gulf Oil Lubricants, said the company is looking to stretch into the EV mobility segment in India and across the globe. This comes after the Hinduja Group company, on Monday, announced acquiring a controlling stake in EV charger maker Tirex Transmission for Rs 103 crore.

Source: News18
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Zomato, RIL, Adani Group, Star Health, HCLTech, LTIMindtree, and Others Published 1 hour ago

Posted By: Tarun Kumar Posted On: Aug 29, 2023

Stocks To Watch On August 29: GIFT Nifty on the NSE IX traded 8 points, or 0.04 per cent, lower at 19,345, signaling that Dalal Street was headed for muted start on Tuesday. Here's a slew of stocks that will be in focus today for various reasons.

Reliance Industries, Jio Financial Services: Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on Monday announced the induction of the third generation of the Ambani family as directors on the company's board, viewed as the start of a succession.

Speaking at the company's annual general meeting, Mukesh Ambani told shareholders he would remain chairman and managing director (CMD) for five more years, and mentor the three to-be-appointed directors of the board.

Adani Group: An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds, Reuters reported on Monday. Meanwhile, the Supreme Court is set to hear the matter on Tuesday.

Zomato: Tiger Global, through its affiliate Internet Fund III Pte, has exited food delivery platform zomato by selling its entire stake through bulk deals on Monday.

Star Health: Mio IV Star has sold stake in Star Health, while Fidelity, among other funds, bought shares through bulk deals on Monday.

APL Apollo Tubes: The promoter will reportedly sell stake up to 2.63 million shares, or 0.85 per cent equity, via block deals. The floor price is likely at Rs 1,595 per share, a 4.3 per cent discount to the current market price.

Gokaldas Exports: Through its wholly owned subsidiaries, the company has entered into an agreement to acquire Atraco Group (Atraco) for $55 million, a leading manufacturer of apparel with a strong market position and customer relationships across the US and Europe. The transaction is expected to be closed by Q3-FY24 (Oct-Dec 23).

HCLTech: It has signed a ‘preferred professional services' agreement with Cloud Software Group to help implement, upgrade, and provide services for all TIBCO products for global enterprise customers.

GRM Overseas: Addressing investors' concerns on the impact of the Basmati rice export ban by the government, GRM Overseas said it anticipates no adverse impact on exports as the company primarily exports rice valued above $1,200 per tonne. However, there are some varieties of Basmati rice that may fall below this threshold, in line with government's guidance, we expect companies to be allowed to export such products subject to evaluation by the committee to be established.

SJVN: SJVN Green Energy, a wholly-owned subsidiary of SJVN, has received Letter of Awards from Assam Power Development Corporation Limited (APDCL) for three solar power projects of cumulative capacity 320 MW. The tentative cost of construction/development of these 320 MW projects is around Rs 1,900 crore.

Indiabulls Housing Finance: The company has repaid Rs 1,112.5 crore of bonds, which was availed in August 2013.

LTIMindtree: The company has announced a strategic collaboration with CAST AI, a SaaS company for cost optimisation for customers who run their cloud-native applications on Google Cloud, AWS, and Amazon Azure.

Indiabulls Real Estate: The Board has approved the appointment of Atul Chandra, who is presently the senior vice president of the company, as the chief operating officer (COO) w.e.f. August 28, 2023.

NBCC: The company has secured a contract worth Rs 66.3 crore from the Indian Medical Association (IMA).

Jet Airways: The National Company Law Appellate Tribunal (NCLAT), on Monday, extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways.

Source: News18
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