Stock to Watch Today - Rupeedesk Reports - 05.07.2022
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Stocks To Watch Today | Vedanta, Kotak Mahindra Bank, IndusInd Bank, and others in news today
Kotak Mahindra Bank: RBI imposes penalty on Kotak Mahindra Bank. The Reserve Bank of India has imposed a penalty of Rs 1.05 crore on Kotak Mahindra Bank for non-compliance of certain norms.
IndusInd Bank: RBI imposes penalty on IndusInd Bank. The Reserve Bank of India has imposed a penalty of Rs 1 crore on IndusInd Bank for compliance deficiency.
Vedanta: Vedanta's mined metal production increases 14% YoY in Q1FY23. The company in its BSE filing said its alumina production in Q1FY23 at Lanjigarh refinery increased marginally YoY to 4.85 lakh tonnes, up 1% YoY due to scheduled maintenance in April 2022. The cast metal aluminium production at smelters rose by 3% YoY to 5.65 lakh tonnes. Mined metal production grew 14% YoY to 2.52 lakh tonnes on account of higher ore production across all the mines and supported by better mill recovery. Total saleable production was at 268,523 tonnes, lower by 7% YoY due to debottlenecking activities in blast furnace-3 and gunning of blast furnace-2. Overall power sales increased by 32% YoY to 3,577 million units.
NMDC, MMTC, Tata Steel: Tata Steel completes acquisition of Neelachal Ispat Nigam. Tata Steel has completed acquisition of 93.71% stake in Neelachal Ispat Nigam Ltd (NINL) through its step-down subsidiary Tata Steel Long Products. The transaction cost is Rs 12,100 crore. NMDC successfully sold its 10.10% stake and MMTC transferred 49.78% stake in NINL to Tata Steel Long Products.
RCC Cements: RCC Cements managing director resigns. Sunil Kumar has resigned as managing director of the company due to pre-occupation elsewhere.
Kirloskar Ferrous Industries: Kirloskar Ferrous completes upgrade of mini blast furnace at Karnataka plant. The company has completed an upgrade of its mini blast furnace II ('MBF-11') at Koppal plant, Karnataka. And hence the operations of MBF-11 resumed from July 4. After an upgrade, the manufacturing capacity of pig iron in respect of MBF-11 has increased from 1,80,000 tonnes per annum to 2, 17,600 tonnes per annum and consequently total manufacturing capacity of pig iron at the company level has increased to 6.09 lakh tonnes per annum.
ISMT: ICRA assigns long term credit rating for ISMT's proposed bank facilities. ICRA has assigned long term credit rating as A- with stable outlook and short term rating as A2+ for its Rs 600 crore of fund based and non-fund based proposed bank facilities. The outlook is considered to have an adequate degree of safety regarding timely servicing of financial obligations and carry low credit risk.
Marksans Pharma: Marksans Pharma to consider share buyback proposal later this week. The company said a board of directors will hold a meeting on July 8 to consider the proposal for share buyback.
Beema Cements: Promoters to offload 15% stake in Beema Cements via offer for sale. Promoters Prasanna Sai Raghuveer Kandula and M/s Fortuna Engi Tech and Structurals (India) proposed to sell 48.91 lakh shares or 15% stake through offer for sale on July 5-6. The floor price for the sale will be Rs 75 per share.
Wherrelz IT Solutions: Wherrelz IT Solutions bags contract from Catalyst Trusteeship, Turmeric Vision. The company has signed an agreement with Catalyst Trusteeship to provide customised data management software, maintenance of server and other related supporting services. The agreement will continue for a period of one year or for successive one year period. The company also signed an agreement with Turmeric Vision to provide technical services including data updation on website, uploading videos and writeups on YouTube channel, maintenance of server and other related supporting services.
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