Stock to Watch Today - Rupeedesk Reports - 01.01.2024
Stock to Watch Today - Rupeedesk Report
Stock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Innova Captab, Dr Reddy’s, HDFC Bank, Rel Power, Zomato, others in news.
Innova Captab: Canara Robeco Mutual Fund has picked up 9 lakh equity shares in the pharma firm through open market transactions at an average price of Rs 474.41 each, and Invesco Mutual Fund bought 6 lakh shares at an average of Rs 452.1 on the listing day. In total, they bought a 2.6 percent stake in Innova.
Dr Reddy's Laboratories: The step-down subsidiary Dr Reddy’s Laboratories, Inc has acquired 10,14,442 preferred A-1 shares of Edity Therapeutics, an Israel-based development stage biotechnology company, equivalent to 6.46 percent of the shareholding of Edity on a fully diluted basis. These shares were bought for $2 million. Meanwhile, Sanjiv Mehta has been appointed as an additional director on the board of the company for five consecutive years, effective December 29, 2023. Mehta was the CEO and Executive Chairman of Unilever Businesses in different parts of the world for 21 years from 2002–23.
Reliance Power: The company has transferred the development rights and associated physical assets of the proposed 1,200 MW KalaiII hydro-electric project at Lohit River Basin of Arunachal Pradesh to THDC for Rs 128.39 crore. The agreement has been signed with the Governor of Arunachal Pradesh, Kalai Power (a subsidiary of the company), and THDC India.
HDFC Bank: V. Chakrapani, the current Head of Internal Audit of the bank, superannuated on December 31, 2023. The bank has appointed Suketu Kapadia as the Head of Internal Audit in place of V. Chakrapani. Kapadia is expected to join the bank on or before April 1, 2024.
Zomato: The company has received three orders from the sales tax officer, Delhi, and deputy commissioner, Bengaluru, alleging short payment of GST along with applicable interest and penalty under the Central Goods and Services Tax Act, with an amount totaling to Rs 4.24 crore. These orders pertain to the financial year 2018.
SRF: The company said the fluorocarbon refrigerant gas capacity expansion project (HFC) has been commissioned on December 30 at a cost of Rs 317 crore. In July 2021, the board approved a project for the expansion of fluorocarbon refrigerant gas capacity with backward integration into a key raw material at Dahej.
PVR INOX: The Nippon Life India Trustee picked up 2 lakh equity shares, equivalent to 0.2 percent of paid-up equity, in the multiplex chain via open market transactions during July 25–December 27, 2023. With this, Nippon Life's shareholding in the company increased to 7.54 percent, up from 7.33 percent earlier.
SBI Cards and Payment Services: Shareholders have approved an appointment of Nitin Chugh as nominee director on the board of the company with effect from October 4, 2023. Nitin serves as Deputy Managing Director and Head of Digital Banking at the State Bank of India.
Vedanta: The company has received 2 orders worth Rs 48.82 crore, along with applicable interest and penalty of 10 percent of the GST demand, from the additional commissioner, GST and Central Excise Commissionerate, confirming the demand for GST input tax credit availed during FY 2017-18 and FY 2018-19 on account of interpretational issues in terms of relevant provisions of the Central Goods and Services Tax Act.
Karur Vysya Bank: The Reserve Bank of India has granted approval to ICICI Prudential Asset Management Company (ICICI AMC) for acquiring up to 9.95 percent of the paid-up share capital or voting rights of Karur Vysya Bank.
Dalmia Bharat: Subsidiary Dalmia Cement (Bharat) has received a GST demand order from the State Tax Officer, Lalgudi, Tamil Nadu, demanding a tax liability of Rs 62.38 crore along with a penalty due to alleged non-reversal of input tax credit by customers and a tax liability computed based on an alleged stock mismatch pertaining to FY 2017-18. This order has a financial impact on the subsidiary limited to the extent of Rs 62.38 crore, along with a penalty.
IDFC First Bank: The private sector lender has received board approval for making an application to the Reserve Bank of India (RBI) for the appointment of Pradeep Natarajan as the ‘Whole Time Director’ designated as the ‘Executive Director’ of the bank.
Azad Engineering: PCA Securities Investment Trust Co. Ltd., A/C PCA India Equity Fund, acquired 3,39,902 equity shares, equivalent to 0.57 percent of paid-up equity, at an average price of Rs 703.4 per share.
Yes Bank: Pertaining to the sale of the NPA portfolio to JC Flowers ARC on December 17, 2022, the private sector lender has received Rs 150 crore from a single trust in the security receipts portfolio.
Auto: Auto stocks including Tata Motors, Mahindra and Mahindra, Maruti Suzuki, Ashok Leyland, Hero MotoCorp, Bajaj Auto, TVS Motor, and Eicher Motors will be in focus on January 1 ahead of monthly sales data for December.
Godrej Properties: The Mumbai-based real estate developer has acquired 4 acres of land with a developable potential of approximately 0.7 million square feet of saleable area in Yeshwantpur, Bengaluru. The land was acquired through an outright purchase for the development of premium residential apartments.
Jubilant Ingrevia: The company has commissioned its multipurpose agro-intermediate plant to produce value-added derivatives in its manufacturing facility at Bharuch, Gujarat. The plant aims to cater to the growing demand for agro-intermediaries across the globe.
KPI Green Energy: The company has announced the issue of a bonus equity share in the proportion of 1:2 (one bonus equity share of Rs 10 each for every two existing equity shares of Rs 10 each fully paid up).
SJVN: Subsidiary SJVN Green Energy has commissioned a 75 MW Gurhah solar power project in Jalaun, Uttar Pradesh. It had bagged this 75 MW solar power project at a tariff of Rs. 2.98 per unit. A power purchase agreement for the same has been signed with Uttar Pradesh Power Corporation (UPPCL) for 25 years.
Fineotex Chemical: Subsidiary FSPL Specialities has acquired additional factory land of 7 acres at Ambernath, Maharashtra, for a total investment of Rs 35 crore funded by the company’s internal accruals. This plant will primarily cater to the growing demands of customers in the existing specialty performance chemical product line catering to textile, home care, cleaning, hygiene, and drilling specialty chemicals.
Central Bank of India: The public sector lender has signed a co-lending partnership with SMFG India Home Finance Company (formerly Fullerton India Home Finance Company) for MSME loans.
PTC Industries: The board of directors has approved the promotion and re-designation of James Michael Collins as Chief Technical Officer. James Michael Collins will be a senior manager. Further, the Board of Directors of the company will be meeting on January 3 to consider raising funds in one or more tranches.
Kolte-Patil Developers: Rajesh Anirudha Patil, the promoter, and Sunita Milind Kolte and Sunita Rajesh Patil, who are part of the promoter group, sold 22,80,132 equity shares in the Pune-based real estate developer, equivalent to 3 percent of paid-up equity. The shares sold were worth Rs. 110.8 crore.
Nippon Life India Asset Management: Prateek Jain has resigned as Chief Financial Officer of the company due to personal reasons, with effect from December 29.
Grasim Industries: The chemical division of the Aditya Birla Group company has commissioned an additional 1.23 lakh metric tons of annual capacity of advanced materials (epoxy resins and formulation) manufacturing capacity at Bharuch, Gujarat. With this expansion, the total capacity of advanced materials is 2.46 lakh metric tons per year. The expansion will facilitate the growth of the specialty chemical business of the company.
Macrotech Developers: The Deputy Commissioner of State Tax, Mumbai, has raised the Central Goods and Service Tax demand for Rs 91,60,63,334 including tax liabilities amounting to Rs 34,43,84,712 pertaining to July 2017 to March 2018.
CSB Bank: The bank increased its marginal cost of funds-based lending rates (MCLR) in the overnight tenor to 8.50 percent from 8.40 percent with effect from January 1, 2024. MCLR for the rest of the tenors remains the same.
RPP Infra Projects: The company has received a letter of acceptance for three new orders of construction of integrated storm water drain works in M1 and M2 components in Kovalam Basin in expended areas in Greater Chennai Corporation, Package 4, for the contract price of Rs 70.50 crore, Package 5, for Rs 53.17 crore, and Package 8, for Rs 59.92 crore. These orders are expected to be completed within 24 months from the appointed date.
GMR Power and Urban Infra: The company is extending a corporate guarantee in favor of the Indian Renewable Energy Development Agency (IREDA) and issuing a counter guarantee in favor of a scheduled commercial bank for the benefit of three SPVs of GMR Smart Electricity Distribution (GSEDPL), a wholly owned subsidiary of the company, for Rs 228 crore. On the basis of the counter guarantee issued by IREDA, a scheduled commercial bank will issue three performance bank guarantees (PBGs) in favor of UP DISCOMs, which are required to be submitted towards the implementation of the smart metering project.
Bandhan Bank: Upon conclusion of the Swiss Challenge Method, the private sector lender has transferred its housing finance NPA portfolio, having a DPD (days past due) of more than 180 days and an outstanding of Rs 719.69 crore (as of December 28, 2023), to an ARC for Rs 289.60 crore on an outright cash basis.
Nazara Technologies: Subsidiary Nodwin Gaming International Pte Ltd (Nodwin Singapore) has signed agreements for subscribing to a convertible note of Freaks 4U Gaming GmbH for Rs 33.26 crore to be paid in cash. Freaks 4U Gaming GmbH, domiciled in Germany, is a marketing services company for gaming and esports, delivering its services across the world.
Bondada Engineering: The company has received board approval for the acquisition of a 60 percent stake in Atpole Technologies, the leading manufacturer of advanced torque motors and controllers for EV 2 and 3-wheelers, drones, defense, and industrial application motors, for Rs 2.19 crore. After this transaction, Atpole will become a subsidiary company of Bondada Engineering.
Ramky Infrastructure: Srinagar Banihal Expressway (SBEL), a material subsidiary of Ramky Infrastructure, had entered into a one-time settlement of debt with lenders for a settlement amount of Rs 1,245.49 crore. The company has, till September 30, 2023, paid Rs 425 crore, and on December 30, 2023, it paid another Rs 330 crore, a cumulative total repayment amounting to Rs 755 crore. Lenders have consented and extended the due date for balance repayment of Rs 516.02 crore till January 30, 2024, without treating it as default.
Newgen Software Technologies: The company has received and accepted an order for the procurement of a loan-originating system (LOS) platform that includes accelerators (retail, MSME, collections, and SRM). The aggregate value of the said agreement is Rs 14.32 crore plus applicable taxes.
Alkem Laboratories: The pharma company has closed its operations at a St. Louis manufacturing facility in the USA owned by its step-down subsidiary, S&B Pharma LLC. Accordingly, all rights, title, and interest in the said land, improvements, and personal property with respect to the said facility are sold for $7.96 million to New Mill Capital Holdings LLC.
South West Pinnacle Exploration: The company has received a work order from Mineral Exploration and Consultancy, Nagpur, for core drilling work on coal in Chatra, Jharkhand. The aggregate value of the contract is Rs 7.36 crore. This is a short-duration project to be completed by June 2024.
A2Z Infra Engineering: The company has received a GST demand order of Rs 35.63 crore, including penalties, interest on delayed payments, and late fees, from the Goods and Services Tax Department. Further, interest on wrongly and excessly availed ITC (input tax credit) is to be calculated at an appropriate rate under the CGST Act.
Sameera Agro and Infra: The company will list its equity shares on the NSE Emerge on January 1. The issue price is Rs 180 per share. Its equity shares will be available for trading in the trade-for-trade segment.
Tera Software: The company has appointed D. Pravallika as Chief Financial Officer with effect from December 31, 2023.
Kaveri Seed Company: The company said the board of directors will be meeting on January 5 to consider the proposal of a buyback of equity shares of the company.
Cantabil Retail India: The company has opened 11 new showrooms and shops in India during December 2023. The total number of showrooms and shops for the company stands at 515.
Southern Online Bio Technologies: The company reappointed Devaiah Pagidipati as Chairman and Managing Director, subject to the approval of the shareholders, for three years, effective January 1, 2024.
SecureKloud Technologies: The company has defaulted in repaying the promoter's loan with a principal amount of Rs 10 crore and interest of Rs 1.57 crore.
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