Stock to Watch Today - Rupeedesk Reports - 27.06.2023
Buzzing Stocks: Airtel, JSW Steel, Tech Mahindra, BLS International in focus today.
Bharti Airtel: The telecom major has announced changes in its leadership team in Airtel Business. Ajay Chitkara has resigned as CEO and will continue with the company until the third week of August. Consequently, Airtel Business will operate as three business and channel segments. Global business will be led by Vani Venkatesh, Domestic business by Ganesh Lakshminarayanan, and Nxtra Data Centers by Ashish Arora.
JSW Steel: After the approval for scheme of amalgamation by NCLT, JSW Vallabh Tinplate, Vardhman Industries, and JSW Steel Coated Products filed the said order with the Registrar of Companies. The said scheme has become effective from June 26. Accordingly, JSW Vallabh Tinplate & Vardhman Industries have merged with JSW Steel Coated Products, the subsidiary of JSW Steel, and ceased to exist from the effective date.
Tech Mahindra: The company’s step-down subsidiary LCC France SARL has approved a proposal to divest its 49% stake in SARL Djazatech along with its wholly owned subsidiary EURL LCCUK Algerie. The stake sale transaction is expected to be completed by July 10, 2023.
City Union Bank: The company has received approval from the board of directors for raising further capital to the tune of Rs 500 crore via qualified institutional placement (QIP).
BLS International Services: The outsourcing service provider said the board members of its subsidiary BLS E-Services have approved fund raising via initial public offering (IPO). The size of the offer, price and other details of the proposed IPO will be determined in due course. After the proposed IPO, BLS E-Services would continue to be a subsidiary of the company.
Aditya Birla Capital: The Aditya Birla Group company has opened its qualified institutional placement (QIP) issue with the floor price set at Rs 175.99 per share. Sources told CNBC-TV18 that the fund raising is likely to be at Rs 1,750 crore.
Dish TV: The cable and satellite distribution platform has received approval from the board members for appointment of Veerender Gupta as an additional director in the category of whole time director with effect from June 26. Veerender is currently the chief technology officer of the company.
SBI Life Insurance Company: Swaminathan Janakiraman has resigned as a director of the life insurance company with effect from June 26 after the Reserve Bank of India has appointed Swaminathan as Deputy Governor. He was the nominee director representing State Bank of India.
63 Moons Technologies: The Miri Strategic Emerging Markets Fund LP, the hedge fund owned by US-based Miri Capital Management LLC, has bought additional 3.54 lakh equity shares or 0.77% stake in the technology company via open market transactions at an average price of Rs 216.16 per share.
Aavas Financiers: Foreign portfolio investor Small Cap World Fund Inc has offloaded another 7.7 lakh equity shares or 0.97% stake in the housing finance company at an average price of Rs 1,437.74 per share, amounting to Rs 110.77 crore. So far in June, Small Cap World Fund Inc sold 3.5% stake in Aavas, against its shareholding of 7.99% as of March 2023.
Parag Milk Foods: Sixth Sense India Opportunities III, a venture capital fund managed by Sixth Sense Ventures, increased its shareholding in the milk products company, buying additional 7.83 lakh shares or 0.67% stake at an average price of Rs 132 per share. In previous session, the venture capital fund had bought 6.8 lakh shares or 0.58% stake in Parag Milk.
ICICI Prudential Life Insurance: The company has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), for not paying tax of Rs 492.06 crore pertaining to the period July 2017 to July 2022. The matter largely related to an industry wide issue of input tax credit and the company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws. It will take appropriate steps in due course to reply to the SCN and contest the matter. During the course of inquiry, the company deposited Rs 190 crore, without accepting any liability in this regard.
Godrej Properties: The real estate developer has received board approval for the placement memorandum for issuance of unsecured redeemable non-convertible debentures worth Rs 750 crore, consisting of base issue of Rs 500 crore with an oversubscription option of Rs 250 crore.
Sapphire Foods India: Sapphire holder is likely to sell three million shares via block deal at Rs 1,345-1,391 per share, according to term sheet agreements. The KFC and Pizza Hut's India holder seeks to raise $51 million via placement, the term sheet showed on June 26.
Navin Fluorine International: The specialty chemicals manufacturer said the board members will meet on June 30 to consider a proposal for raising funds via issuance of equity shares.
*Data Source : Govt, Nse ,Bse, Private News Channels and Websites Etc
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