Stock to Watch Today - Rupeedesk Reports - 15.09.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: NTPC, Bharat Forge, Tata Power, Lemon Tree Hotels & others in focus today.
NTPC: The state-owned power generation company has signed a supplementary joint venture agreement (JVA) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL), to amend the existing JV dated February 28, 2008, and make it an integral component thereof. The JV was signed by NTPC & UPRVUNL in 2008 for the formation of the Meja Urja Nigam (MUNPL) company. The supplementary JVA has been signed to develop the Meja Stage-II (2X660 MW), Obra 'D' Thermal Power (2X800 MW) & Anpara 'E' Thermal Power Plant (2X800 MW) projects, subject to techno commercial viability and necessary clearance and power purchase agreement (PPA) in place.
Tata Power: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with Xpro India, through a special purpose vehicle (SPV), for the development of a 3.125 MW AC group captive solar plant. The SPV will develop, operate, and maintain the said captive solar power facility. The said plant, in Achegaon (Maharashtra) is expected to produce 7.128 million units of electricity annually and will support the use of renewable energy for Xpro India’s polymer processing business.
GMM Pfaudler: The glass-lined reactors as well as non-glass-lined equipment maker, through its wholly owned subsidiary GMM Pfaudler US Inc, has entered into an agreement to acquire 100% stake in Professional Mixing Equipment Inc (MixPro). The company will pay $7 million for MixPro acquisition. The transaction will be funded through internal accruals and is expected to close by October 2023. Canada-based MixPro designs and manufactures innovative mixing solutions for a wide range of industrial applications.
United Spirits: The beverage company has filed appeal before Joint Commissioner Of Commercial Taxes, Bangalore, in respect of order passed by Additional Commissioner of Commercial Taxes (Enforcement) in the matter of applicability of GST rate on royalty income. This matter pertains to liveability of GST at the rate of 18% instead of 12%, on royalty received by the company towards the grant of right to use its trademarks to franchisee, for the period September 2017 to September 2021. The company does not expect any financial implications.
Sequent Scientific: The board of directors have approved sale of the company’s API facility at Thane, Maharashtra. The board also sought approval of shareholders for sale of the said API facility.
Gufic Biosciences: The company has been granted patent for an invention entitled "A Freeze Dried Parenteral Composition Of Omadacycline Tosylate and Process For Preparation Thereof. The patent is for 20 years effective from April 19, 2021.
AVG Logistics: Sixth Sense India Opportunities 11 has offloaded 96,904 crore shares in the logistics company via open market transactions at an average price of Rs 255.57 per share, and 11,62,477 shares at an average price of Rs 246.16 per share, which is equivalent to 10.69% stake worth Rs 31.09 crore. However, India Emerging Giants Fund Limited (Multi Opportunity), India Emerging Giants Fund, Blue Lotus Capital Multi Bagger Fund II bought 6 lakh shares or 5.09% stake in the company at an average price of Rs 246 per share.
CMS Info Systems: Foreign portfolio investor Small Cap World Fund Inc sold 18.57 lakh equity shares or 1.2% equity shareholding in the cash management and payment solutions company, via open market transaction at an average price of Rs 355.16 per share, amounting to Rs 65.97 crore. Small Cap World Fund Inc held 2.63% stake in CMS.
Bharat Forge: UAE-headquartered global aerospace and technology company Paramount announced a broadening of its development and manufacturing partnership with Indian industrial conglomerate, Bharat Forge and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in India for Paramount’s global customers. Their existing partnership produces KM4 armoured vehicles for the Indian Army. Also, the investment committee (Strategic Business) of Bharat Forge at its meeting held on September 14, approved additional investment in Kalyani Powertrain. The funds proposed to be infused in Kalyani Powertrain will be invested by KPTL in its wholly owned subsidiary Kalyani Mobility Inc. The company shall subscribe up to 5,00,00,000 equity shares of face value Rs 10 each of KPTL in a rights issue for an aggregate investment not exceeding Rs 500 million.
Patel Engineering: The Mumbai-based infrastructure company along with its Joint Venture partner has been declared the lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corporation. The company's share in the contract is Rs 99.98 crore. The project includes the construction of a pipeline distribution network for the Nira Deoghar Right Bank Main Canal and will be completed in a period of 30 months.
Schneider Electric Infrastructure: The company said the board of directors has approved the appointment of Udai Singh as Managing Director (MD) and chief Executive Officer (CEO) for three years with effect from September 15. In addition, Arnab Roy resigned as a non-executive director of the company effective from September 14.
Reliance Industries: The comapny is proposing to undertake shutdown of its units at Jamnagar for planned maintenance and inspection activities. It included, One Crude Distillation Unit & one Delayed Coking in SEZ refinery - for about 4 weeks starting from the fourth week of September 2023. Fluidized Catalytic Cracker in DTA refinery - for about 7 weeks starting from mid-September 2023; and Refinery Off Gas Cracker - for about 4 weeks starting from the last week of September 2023. All other units at Jamnagar will operate normally during this period and does not expect any material impact on overall operations of Jamnagar complex.
Bharti Airtel: The company has received an order from Joint Commissioner-CGST, Central Excise & CGST Commissionerate, Jaipur, levying penalty of Rs 2,43,42,631. The company will be challenging the order at appropriate appellate forum.
MedPlus Health Services: The Income Tax Department (IT Department) is conducting a survey at one of its subsidiary company. This has no impact on the operations of the company.
Infosys: The company has entered into a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years is estimated at USD 1.5 billion. This is subject to parties entering into a Master Agreement.
Lemon Tree Hotels: The hotel chain has signed license agreements for two new properties in Junagadh, Gujarat and Chitwan, Nepal under the brand Lemon Tree Hotel and Lemon Tree Resort, respectively. Lemon Tree Hotel in Junagadh is expected to be operational by FY25, and Tigerland Safari – A Lemon Tree Resort in Chitwan, Nepal is expected to be operational in FY24 itself.
Shoppers Stop: The department store chain will commence operations from its new Intune store in Hyderabad, with effect from September 15.
HG Infra Engineering: Ashutosh Mathur has resigned as Senior Vice President -Technical, and senior management personnel of the company. He resigned with effect from September 14 due to personal reasons.
Alkem Laboratories: The Income Tax Department is conducting a survey at some of the company's offices and subsidiaries. The company said it is fully cooperating with the officials of the IT Department. This has no impact on the operations of the company.
Kahan Packaging: The Mumbai-based bulk packaging solutions company will list its shares on the BSE SME on September 15. The stock will be traded in the Trade-for-Trade segment for 10 trading days. The issue price is Rs 80 per share.
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