Stock to Watch Today - Rupeedesk Reports - 21.08.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Jio Financial Services, Titan, Tanla Platforms, NMDC, others in news.
Jio Financial Services: Jio Financial Services (formerly, Reliance Strategic Investments), a demerged entity of billionaire Mukesh Ambani-led Reliance Industries, will be listed on the exchanges on August 21. The exchanges in their circular said the scrip would be in Trade-for-Trade segment for 10 trading days. Meanwhile, Jio Financial Services will continue to remain in the FTSE Indices, and will be added to the MSCI Global Standard Index on August 23.
Infosys: The Commonwealth of Massachusetts, and Pennsylvania Department of Revenue have imposed a penalty of $1124.6 and $12.28, respectively, on the IT services provider. There is no material impact on financials, operations or other activities of the company.
Titan Company: The jewellery-watch-to-eyewear maker has entered into a Share Purchase Agreement to acquire additional 27.18% equity stake in CaratLane Trading from its founder and his family members, for Rs 4,621 crore in cash. CaratLane is a subsidiary of the company and on completion of the aforesaid share purchase, would result in an increase in shareholding of the company in CaratLane from 71.09% to 98.28% on a fully diluted basis.
Mahindra & Mahindra: The SUV manufacturer has announced proactive inspection of select XUV products. The company will inspect wiring loom routing in the engine bay of 1,08,306 units of XUV700 manufactured between June 8, 2021 to June 28, 2023 for a potential risk of abrasion cut of wiring loom. Also, 3,560 units of XUV400 vehicle manufactured between February 16 to June 5, 2023, will be inspected for ineffective spring return action of the brake potentiometer. The inspection and subsequent rectification will be carried out free of cost for all customers, who will be individually contacted by the company.
NMDC: The Government of India has extended the tenure of appointment of Amitava Mukherjee as Director (Finance) on the NMDC board with effect from November 20, 2023, till February 29, 2028. Amitava Mukherjee was appointed as Director (Finance) on the board for five years with effect from November 11, 2018 or till the date of his superannuation or until further orders, whichever is earliest.
Yes Bank: The private sector lender has received a redemption amounting to Rs 230 crore from a single trust in the security receipts portfolio. The bank had sold NPA portfolio to JC Flowers ARC on December 17, 2022.
PNB Housing Finance: The housing finance company through its focussed and multi-pronged resolution strategy has resolved and fully recovered its large corporate non-performing account of Rs 784 crore, which is 1.3% of loan asset as of June 2023. The account has been resolved on August 19, 2023 through an ARC sale under Swiss Challenge method. As on June 2023, the gross NPA of the company stood at Rs 2,270 crore (3.76% of loan asset) and loan asset was Rs 60,395 crore.
Ashok Leyland: The country's second largest commercial vehicle maker has issued corporate guarantee of 82.1 million pound to cover the lenders/banking facilities. The corporate guarantee is for subsidiaries - Optare Plc UK, and Switch Mobility, UK. The impact would be limited to the amount given by the company as guarantee.
KEC International: The RPG Group company has secured new orders worth Rs 1,007 crore across its various businesses. The civil business has secured its first order for design, engineering, procurement and construction of a multi-speciality hospital in India, while transmission and distribution business has secured a substantial order for a 380 kV overhead transmission line project in the Middle East.
Tanla Platforms: The company that provides value-added services in the cloud communications space had entered into a term sheet with Vodafone Idea for provision of platform and firewall services for international A2P services in November 2021, which was valid for a term of two years. This partnership will not continue beyond the initial term, said the company, adding this would have a revenue impact of Rs 17 crore and PAT impact of Rs 9 crore on a full-quarter basis post November 2023.
HealthCare Global Enterprises: The board members have approved the appointment of Ruby Ritolia, as Chief Financial Officer of the company, with effect from August 21. Srinivasa V Raghavan will cease to hold the position as the Chief Financial Officer with effect from August 20 due to his retirement from the company.
BL Kashyap and Sons: Manoj Agrawal has resigned from the post of Chief Financial Officer of the company with effect from August 28 to pursue other career opportunities.
South Indian Bank: The private sector lender has hiked marginal cost of funds based lending rates (MCLR) by 15-20 bps across tenures with effect from August 20. For the overnight, one-month, three-month and six-month tenures, the lending rate has been revised by 20 bps, while the lending rates for one-year tenure raised by 15 bps.
GMR Airports Infrastructure: The company said the passenger traffic in July has increased by 30% YoY to 98.6 lakh, but was flat compared to previous month, while aircraft movements rose by 17% on-year and 3% on month-on-month basis, to 64,809.
CreditAccess Grameen: The microfinance company said its executive borrowing and investment committee has approved the fund raising up to Rs 1,000 crore via public issue of non-convertible debentures of face value of Rs 1000 each. The fund raising of NCDs has a base issue of Rs 400 crore and a greenshoe option of up to Rs 600 crore.
Concord Biotech: Norges Bank on Account of the Government Pension Fund Global has bought 8.99 lakh equity shares or 0.86% stake in the biotech pharma company, via open market transaction, at an average price of Rs 900.05 per share. The stake buy was worth Rs 80.92 crore.
Shriram Properties: Bangalore-based real estate firm Sammy's Dreamland has sold 10.23 lakh equity shares or 0.6% stake in the realty developer at an average price of Rs 73.46 per share. Sammy's Dreamland held 1.33% shareholding in the company as of June 2023.
Global Surfaces: Europe-based financial services group Societe Generale has purchased 2.5 lakh shares or 0.6% stake in the engineered quartz stone supplier at an average price of Rs 177 per share.
Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala has offloaded 1.05% stake in the renewable energy company via two block deals. It sold 10 lakh shares at an average price of Rs 345.34 per share, and another 10 lakh shares at an average price of Rs 345.04 per share. Khurshed held 2.87% stake in the company as of June 2023.
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