Stock to Watch Today - Rupeedesk Reports - 20.12.2023
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Apollo Tyres, IndusInd Bank, Tech Mahindra, BPCL, Doms, others in news.
Apollo Tyres: Foreign portfolio investor White Iris Investment sold 2,85,79,542 equity shares, or a 4.5 percent stake, in the tyre manufacturing company through an open market transaction at a price of Rs 448.35 per share, valued at Rs 1,281.4 crore. However, Nippon India Mutual Fund picked up 1,20,44,000 equity shares, or a 1.9 percent stake, at the same price, amounting to Rs 540 crore. As of September 2023, White Iris Investment held an 8.04 percent stake, or 5,10,54,445 equity shares, in Apollo Tyres.
Tech Mahindra: Mohit Joshi assumed the office as Managing Director and CEO of Tech Mahindra effective December 20. The term of appointment of CP Gurnani as Managing Director and CEO of the company ended on December 19, and consequently, Gurnani ceased to be the Managing Director and CEO of the company.
IndusInd Bank: The private sector lender, is likely to sell up to 1.79 crore shares, or 2.86 percent equity, in Nippon AMC via block deals, CNBC-TV18 reported, quoting sources. The floor price has been set at Rs 426.60 per share, which is a 5 percent discount to Tuesday's closing price. The total offer size for the Nippon AMC stake stands at a substantial Rs 762 crore.
Embassy Office Parks REIT: Blackstone plans to exit Embassy Office Parks REIT, India's first publicly traded real estate investment trust, through a mega block deal of $833 million, multiple industry executives familiar with the development told Moneycontrol. Blackstone intends to sell their entire 23.6 percent stake in the firm through the block deal route. The floor price is Rs. 310 per share.
Bharat Petroleum Corporation: The oil marketing company has received board approval for setting up a polypropylene (PP) unit for the production of polypropylene at Kochi Refinery at a gross project cost of Rs 5,044 crore.
ABC India: Adani Properties sold 40,389 equity shares in the logistics company at a price of Rs 160.67 per share. As of September 2023, Adani Properties held 65,000 equity shares, or a 1.2 percent stake in ABC India.
RVNL: Rail Vikas Nigam and Kerala Rail Development Corporation JV emerged as the lowest bidders to upgrade and redevelop the Varkala Sivagiri Railway station in Kerala. The project costs Rs 123.26 crore, and the time period for the project is 30 months.
Doms Industries: The stationary and art products manufacturing company will list its equity shares on the bourses on December 20. The final issue price has been fixed at Rs. 790 per share. Analysts expect the stock to list with a 65 percent premium over the IPO price.
Varun Beverages: The company’s board has approved to acquire Beverage Company, South Africa (Bevco), for Rs 1320 crore with an option to accept minority co-investment from a large equity fund. Bevco manufactures and distributes PepsiCo's own-branded non-alcoholic beverages in South Africa. Additionally, the company also signed a MoU with the Jharkhand government to manufacture a plant in Pataru with an outlay of Rs 450 crore.
CONCOR: Container Corporation of India signed a MoU with DB Schenker India to collaborate on EXIM and domestic business. Through the MoU, the companies aim to provide sustainable supply chain practices in the logistics industry.
Deepak Nitrite: Subsidiary company, Deepak Phenolics, approved the execution of a binding term sheet with Petronet to offtake 250 KTPA of propylene and 11 KTPA of hydrogen from the Petronet Petrochemical Project at Dahej, Gujarat, for 15 years from the date of the first supply of propytene and hydrogen by PLL to DPL. Additionally, the company’s Vice President, HR & Admin, Shabnam J. Gaitonde, tendered her resignation from the company, citing personal reasons.
Jindal Saw: Foreign portfolio investor Cresta Fund has offloaded 20 lakh equity shares, or 0.6 percent stake, in the iron and steel pipes and pellets manufacturing company at a price of Rs 429.1 per share, valued at Rs 85.82 crore. Cresta held a 2.77 percent stake, or 88.67 lakh shares, in the company as of September 2023.
Astral: The promoter is looking to sell a 2-3 percent equity stake in Astral, CNBC-TV18 reported, quoting sources. The stake sale is expected to be worth Rs 1,000–1,500 crore and is likely to take place this week. The promoter currently holds a 55.85 percent stake in Astral.
Glenmark Life Sciences: The Competition Commission of India (CCI) said it cleared Nirma’s acquisition of the majority shareholding of Glenmark Life Sciences. The combination relates to the acquisition of the majority shareholding of Glenmark Life Sciences by Nirma.
India Shelter Finance Corporation: The affordable housing finance company, will debut on the BSE and NSE on December 20. Analysts told Moneycontrol that the stock may list with a 30 percent premium over the final issue price of Rs 493 per share.
Anupam Rasayan: The company approved a preferential allotment of 19,04,540 equity shares for Rs 945.11 per share to Rehash Industrial and Resins Chemicals, a promoter of the company. The company has already received approval from BSE and NSE to issue these shares on a preferential basis.
IREDA: The IREDA board approved raising unsecured, redeemable, non-convertible, non-cumulative, and taxable bonds worth Rs 500 crore at the base issue, with a green shoe option of up to Rs 1500 crore on a private placement basis. This is part of the company’s Rs 26,000 crore borrowing programme for 23–24.
Ajmera Realty & Infra India: Quest Investment Advisors bought 5,01,443 equity shares, or a 1.4 percent stake, in the real estate company via open market transactions. However, Fahrenheit Fun and Games sold 7 lakh shares in the company at a price of Rs 425 per share. Fahrenheit held a 7.05 percent stake, or 25 lakh shares, in the company as of September 2023.
KIOCL: The company stated that its pellet plant unit in Mangalore resumed operations on December 19. KIOCL suspended operations in the unit on December 12 due to the unavailability of iron-ore fines.
Religare Enterprises: Religare Finvest (RFL), a wholly owned subsidiary of Religare Enterprises, has been declared a fraud exposure by its lenders. RFL had filed a Writ Petition before the Delhi High Court with respect to the declaration of RFL’s account as fraudulent exposure by the lead bank. Now, the Delhi High Court has passed an order setting aside the declaration of the RFL’s account as fraud by the lead bank.
HCP Plastene Bulkpack: Madhu Prakash Parekh, being one of the promoters, will be selling 14,93,873 equity shares, representing 13.99 percent of paid-up equity, via offer-for-sale (OFS) on December 20–21. Non-retail investors can participate in OFS on December 20, and retail investors on December 21. The floor price of the offer will be Rs 200 per share.
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