Stock to Watch Today - Rupeedesk Reports - 18.12.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Tata Power, Mazagon Dock, United Spirits, Adani Enterprises, others in news.
Tata Power Company: Tata Power Solar Systems, a wholly owned subsidiary of Tata Power Renewable Energy, has signed a contract to supply 152 MWp DCR solar PV modules for NTPC's Nokh solar PV project in Rajasthan. The project order value is approximately Rs. 418 crore. NTPC is developing 3*245 MW (735 MW) Nokh Solar Park at Pokaran, Rajasthan.
Mazagon Dock Shipbuilders: The shipbuilding company has signed individual shipbuilding contracts with the European client for construction of three units of 7,500 DWT multi-purpose hybrid powered vessels. The contract is valued at approximately $42 million.
Adani Enterprises: Subsidiary AMG Media Networks has acquired a 50.50 percent stake constituting equity shares (Category I shares with voting rights) and equity shares (Category II shares without voting rights) each of IANS India for Rs 5.1 lakh. AMNL has also signed a shareholders’ agreement with IANS and Sandeep Bamzai, a shareholder of IANS.
PB Fintech: Softbank entity SVF Python II Cayman has sold 1,14,21,212 equity shares in the Policybazaar operator via open market transactions. SVF offloaded these shares at a price of Rs 800.05 per share, valued at Rs 913.75 crore. However, CNBC-TV18 reported that the Government Pension Fund bought 1.6 million shares of PB Fintech and the HDFC Mutual Fund picked 1.15 million shares at the same price.
United Spirits: The company has received a claim amounting to Rs 365.33 crore from one of its existing national institutional customers. The claim is in relation to a previously concluded settlement with the customer where all recovery claims made by the customer had been fully settled. The company is not in a position to determine the financial implication of this claim at this point of time.
PVR INOX: Plenty Private Equity Fund I, and Plenty Private Equity FII I have offloaded 18,38,757 equity shares or 1.87 percent of paid-up equity in the multiplex chain via block deals, at a price of Rs 1,753 per share. These shares are valued at Rs 322.33 crore. However, Norges Bank on Account of the Government Pension Fund Global bought some of these shares, picking 6,66,183 shares or 0.68 percent stake at same price.
PSU banks: A government document shared on social media has triggered speculation about possible PSU bank mergers between Union Bank and UCO Bank, and Bank of India and Bank of Maharashtra. The document, whose source couldn’t be verified, said that a Parliamentary committee will hold discussions with four PSU banks in the first week of January under banking laws, which govern mergers and acquisitions, among other things.
Zee Entertainment Enterprises: The media and entertainment company has requested Culver Max Entertainment (formerly known as Sony Pictures Networks India) and Bangla Entertainment to extend the date required to make the scheme effective, as per the terms of the merger cooperation agreement. These companies signed the said merger cooperation agreement in December 2021.
Sugar stocks in focus: The food ministry has issued a fresh order reversing the ban on the use of sugarcane juice for making ethanol and allowing the use of the juice as well as B-heavy molasses to produce the green fuel in the 2023–24 supply year. In a directive issued to all sugar mills and distilleries, the ministry said the oil marketing companies (OMCs) will issue a revised allocation of sugarcane juice and B heavy molasses-based ethanol for the 2023–24 supply year to each distillery.
Welspun Corp: The pipe solutions provider said its subsidiary Sintex BAPL has finalised an investment of up to Rs 807 crore to set up a manufacturing unit in Telangana through a wholly owned step-down subsidiary, Sintex Advance Plastics (SAPL). This investment will be spread over the next three financial years, starting in FY25. The project will be funded through a combination of debt and equity. The proposed investment is for manufacturing 59 KMTPA of plastic pipes, 5,300 MTPA of water storage tanks, and 8,900 MTPA sandwich-moulded tanks.
Zydus Lifesciences: The pharmaceutical company has received permission from the USFDA to initiate the Phase II clinical study of the NLRP3 inhibitor ZYIL1 in patients with Parkinson’s disease. Parkinson’s is a disease in which patients steadily lose control over their movements. In addition, the firm has also received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Lacosamide tablets. Lacosamide is indicated to treat partial-onset seizures.
Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Company sold 39,14,279 equity shares or 2.06 percent stake in the renewable energy company via open market transactions at a price of Rs 415.46 per share. However, Plutus Wealth Management LLP has bought 25 lakh shares or 1.3 percent stake in the company at a price of Rs 410 per share.
Mankind Pharma: The healthcare company has made an investment of 999,900 pounds in Actimed Therapeutics for an additional 1.29 percent stake. After this investment, the aggregate shareholding of the company in Actimed will be 10.19 percent. It is a strategic investment in the field of treatment of cancer cachexia, amyotrophic lateral sclerosis, and other muscle-wasting disorders.
Lupin: The pharma major has received approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Allopurinol tablets USP, 100 mg and 300 mg to market a generic equivalent to the reference listed drug (RLD), Zyloprim tablets, of Casper Pharma LLC. The product will be manufactured at Lupin’s Pithampur facility in India. Allopurinol tablets are used for the management of adult patients with signs and symptoms of primary or secondary gout.
Granules India: The US FDA has completed a GMP inspection of the facility of Granules Pharmaceuticals, Inc., a wholly-owned foreign subsidiary of the company, in Virginia, USA, during December 11–15, with five observations. Granules Pharmaceuticals does not anticipate any disruptions to its business.
Insecticides (India): The Government of India, The Patent Office, has granted the patent for an invention to Insecticides (India) entitled A Novel Isoxazole Compound or a Salt Thereof for 20 years with effect from November 29, 2018, i.e., the date of filing.
Landmark Cars: The auto retailer has received a Letter of Intent from MG Motor India for opening a dealership in Ahmedabad, Gujarat. This dealership will be established by its subsidiary, Aeromark Cars. This business will include sales and after-sales of MG cars. In addition, the company has also received approval from Mercedes-Benz India for opening a workshop in Hyderabad.
J Kumar Infraprojects: Ace investor Sunil Singhania-owned Abakkus has bought an additional 1.32 percent stake in the construction engineering company via open market transactions. Abakkus Diversified Alpha Fund and Abakkus Diversified Alpha Fund-2 have bought 5 lakh shares each in J. Kumar at a price of Rs 455.5 per share. However, Gaganbase Vincom offloaded 5 lakh shares in J. Kumar at the same price. As of September 2023, Abakkus Growth Fund-2 held a 2.65 percent stake in the company.
MSTC: The BLA Cell of the Ministry of Steel, Government of India, has appointed Manobendra Ghoshal as Chairman and Managing Director (CMD) of MSTC.
Updater Services: Foreign investor BofA Securities Europe SA sold 4 lakh shares in the company via open market transactions at an average price of Rs 303.5 per share. BofA held an 1.88 percent stake, or 12.52 lakh shares, in the company as of September 2023.
KFin Technologies: Foreign promoter General Atlantic Singapore Fund Pte Ltd has sold 1.7 crore equity shares, equivalent to nearly 10 percent of paid-up equity, in KFin, the registrar and transfer agency in the financial sector, via open market transactions. These shares were sold at a price of Rs 500.5 per share, valued at Rs 850.85 crore. However, ICICI Prudential Life Insurance Company, ICICI Prudential Mutual Fund, Societe Generale, and Unifi Capital-Blended Rangoli were buyers for some of the shares sold by General Atlantic, purchasing 70,41,842 equity shares, or a 4.13 percent stake in KFin, at a price of Rs 500 per share. IIFL Securities Limited Error Account also picked 29.55 lakh shares in the company at a price of Rs 504.41 per share.
Persistent Systems: The Vermont State Department of Taxes has imposed a penalty of $255.5 on the company's subsidiary for a shortfall in tax payments for FY21–22 due to an adjustment of the previous year's overpayment amount against liability from the previous year by the Department.
Presstonic Engineering: The company is set to list its equity shares on the NSE Emerge on December 18. The issue price is Rs. 72 per share. Its equity shares will be available for trading in the trade-for-trade segment.
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