Stock to Watch Today - Rupeedesk Reports - 20.06.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: HDFC AMC, Timken, Sun Pharma, IndiGo, 3i infotech & others in focus.
HDFC Asset Management Company: Abrdn Investment Management (formerly Standard Life Investments) is expected to exit HDFC AMC by selling entire 2.18 crore equity shares or 10.2% stake via block deals on June 20. The selling price is likely in the range of Rs 1,800-1,892.45 per share, a 0.0-4.9 percent discount to closing price of June 19. BofA Securities is the sole bookrunner for the transaction.
HDFC: The Corporation has executed definitive documents for sale of approximately 13.29 crore equity shares or 90% stake in HDFC Credila, to BPEA EQT group and ChrysCapital group, for approximately Rs 9,060.49 crore. After the proposed transaction, HDFC Credila will cease to be a subsidiary of the Corporation, and the Corporation’s shareholding in HDFC Credila will be less than 10%. The buyers are Kopvoorn BV (a part of the BPEA EQT group), and Moss Investments, Defati Investments Holding BV and Infinity Partners (which are part of the ChrysCapital group).
Sun Pharmaceutical Industries: Subsidiary Sun Pharma Canada Inc has received approval from Health Canada for WINLEVI (clascoterone cream 1%). WINLEVI is the first and only androgen receptor inhibitor indicated for the topical treatment of acne vulgaris (acne) in patients 12 years of age and older.
Timken India: Promoter Timken Singapore Pte Ltd is expected to offload 63 lakh equity shares or 8.4% stake in the ball and roller bearing manufacturing company via block deals on June 20. The floor price for the transaction is at around Rs 3,000 per share, a 14% discount to closing price of June 19. The offer size could be Rs 1,890 crore or $231 million. BofA Securities is the sole bookrunner for the transaction.
Aether Industries: The specialty chemical manufacturer has launched its qualified institutional placement (QIP) issue on June 19. The floor price for the offer has been fixed at Rs 984.90 per share by the fund raising committee. As per CNBC-TV18's sources, the fund raising is expected to be around Rs 750 crore.
Can Fin Homes: The housing finance company has received board approval for raising funds up to Rs 4,000 crore via debt instruments, and up to Rs 1,000 crore via qualified institutional placement (QIP), preferential allotment, or Rights issue. The board also sought approval for fund raising from shareholders. It has appointed Murali Ramaswami as an Additional Director (Independent Non-Executive Director), and Ajay Kumar Singh as an Additional Director and Whole–time Director designated as Deputy Managing Director with effect from June 19.
ITC: The company has entered into definitive agreements to acquire further 857 compulsorily convertible preference shares of Mother Sparsh, for Rs 11.54 crore. With this, its stake in Mother Sparsh will increase from 22% to 26.50%.
InterGlobe Aviation: The low-cost airline has placed an order for 500 Airbus A320 Family aircraft. The order will be delivered between 2030 and 2035. Now IndiGo’s order-book comprises a mix of A320NEO, A321NEO and A321XLR aircraft.
3i infotech: The technology service provider has received contract from the Indian private sector bank, for managed services partner for data center domain. Total contract value is Rs 42.60 crore, spread across two years.
IIFL Securities: The Sebi has banned brokerage IIFL Securities from onboarding new clients, in the stock broking operations, for two years. As per Sebi order, IIFL has mixed clients' funds with proprietary funds, used credit-balance client accounts to settle obligations of debit-balance client accounts, and used credit-balance client accounts to settle proprietary-trade obligations.
ITI: The telecom equipment company has signed a Tripartite MoU with Centre for Development of Telematics (CDOT), and Telecommunications Consultants India (TCIL), to synergize R&D efforts in telecommunications. Each project will be governed by a separate Project Agreement, in which TCIL will be the lead partner, C-DOT will be the technology partner and ITI will be the manufacturing partner.
Royal Orchid Hotels: The hospitality company has appointed Philip Logan as its Chief Operating Officer (COO). Logan will report directly to Chairman & MD Chander K Baljee.
Vishnu Chemicals: The company has announced shutdown of Vizag plant for routine maintenance and process refinements. The full operations of the unit are expected to resume in last week of June 2023.
Bharat Agri Fert & Realty: The company has received Commencement Certificate from Thane Municipal Corporation for construction of residential project. The management expects additional net revenue of approximately Rs 700-800 crore over 5 years.
Ami Organics: High networth individual Girishkumar Limbabhai Chovatia has sold 3.6 lakh shares in the company via open market transactions at an average price of Rs 1,265 per share, amounting to Rs 45.54 crore.
Shriram Finance: TPG India Investments II Inc has sold its entire shareholding of 99.18 lakh shares or 2.65% in the company via open market transactions at an average price of Rs 1,401 per share. The total stake sale was worth Rs 1,389.56 crore.
Tega Industries: Promoters have offloaded total 4.1% stake in the mining & material handling equipment manufacturer. Nihal Fiscal Service sold 7.24 lakh shares via open market transactions at an average price of Rs 907 per share and Mehul Mohanka offloaded 20 lakh shares at an average price of Rs 907.02 per share. However, Tata AIA Life Insurance Company was the buyer for some of those shares, acquiring 4.01 lakh shares at an average price of Rs 907.42 per share.
Arihant Superstructures: The company has completed an outright purchase of additional 51 acres of land at Chowk in Navi Mumbai. With this, it now has acquired, in total, 76 acres of contiguous land for its new low-rise project comprising of plotted development & constructed villas.
ISGEC Heavy Engineering: Subsidiary Saraswati Sugar Mills has enhanced the production capacity of its ethanol plant from 100 kilo liter per day to 160 kilo liter per day and the enhanced capacity has come into commercial production on June 18 after obtaining all statutory approvals.
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