Stock to Watch Today - Rupeedesk Reports - 29.07.2024
Stock to Watch Today - Rupeedesk Reports - 29.07.2024
Stock to Watch Today - Rupeedesk Reports - 29.07.2024
Buzzing Stocks : ICICI Bank, India Cements, BHEL, Biocon, REC, IndusInd Bank, UltraTech in focus on Monday.
UltraTech Cement and India Cements : The cement major has received board approval for the acquisition of a 32.72% stake in India Cements at a price of Rs 390 per share. The cost of acquisition is Rs 3,954 crore. In addition, it announced an open offer for an additional 26% stake in India Cements at Rs 390 per share, which is a 4 percent premium over Friday's closing price.
Biocon : The US Food and Drug Administration conducted the cGMP and pre-licensing inspection at Biocon Biologics’ facilities in Bengaluru during July 15-26. At the close of the inspection, the regulator issued a Form-483 with 10 observations: one across the four drug substance facilities, seven across the two drug product facilities, and two on the analytical quality control laboratories.
Bharat Heavy Electricals : BHEL has received a Letter of Intent (LOI) from Damodar Valley Corporation (DVC) for setting up the 2x800 MW Koderma Phase-II thermal power station at Koderma in Jharkhand on an EPC basis. The contract is worth Rs 10,000 crore.
Maruti Suzuki India : The automobile company has received a final assessment order with a total tax demand (including interest) of Rs 779.2 crore. It has also received a Show Cause Notice for the initiation of penalty proceedings concerning this order. Maruti will be filing an appeal before the Income Tax Appellate Tribunal and stated that the order would have no impact on the financial, operational, or other activities of the company.
Sun Pharma Advanced Research Company : The pharma research company has re-designated Nitin Dharmadhikari as Chief Operation Officer effective July 26. Mudgal Kothekar, Vice President, and Sandeep Inamdar, Vice President - Clinical Development, have been designated as senior management personnel of the company effective July 26.
Glenmark Life Sciences : The Gujarat Pollution Control Board (GPCB) has issued a closure notice for the company’s Ankleshwar facility. The sample collected from the GIDC storm water drain was found to be contaminated with high COD levels and other parameters. GPCB has ordered the company to deposit interim environment damage compensation as determined by GPCB and to submit a bank guarantee of Rs 15 lakh for compliance assurance at the time of revocation.
Hindustan Zinc : The company has received an order from the Assessment Unit, Income Tax Department (NFAC) for the Assessment Year 2013-14, demanding Rs 1,884.3 crore on July 25. It has already filed an application for rectification of mistakes on July 26 and is hopeful of a favourable outcome from the said rectification application. It also believes that the erroneous demand should be revised to reflect the correct tax liability of NIL.
Godawari Power and Ispat : The company has received permission from the Chhattisgarh Environment Conservation Board for setting up a 2 million ton pellet plant for the expansion of iron ore pelletisation capacity from 2.7 to 4.7 MTPA. The pellet plant is proposed to be financed from internal accruals of the company and is expected to be commissioned by Q1FY26.
Manappuram Finance : The gold financing company has received intimation from its subsidiary company and its service vendor (Manappuram Comptech and Consultants) about a potential fraud perpetuated by an employee. The estimated quantum of the potential fraud is Rs 20 crore. It has appointed KPMG to conduct a detailed analysis of the fraud.
Jubilant Pharmova : The company has received an order from the Income Tax Department for FY20, raising a tax demand of Rs 38.13 crore on its subsidiary Jubilant Generics due to mistakes apparent from records apart from certain transfer pricing adjustments.
Strides Pharma Science : The step-down subsidiary of the company Strides Pharma Global Pte in Singapore has incorporated a company - Strides Pharma New Zealand Pty Limited in New Zealand. Strides New Zealand will hold market authorizations for the products in New Zealand and will also undertake trading in pharmaceutical products.
Laxmi Organic Industries : The company has received an Assessment Order from the Income Tax Department for the assessment year 2020-21, demanding Rs 26.27 crore for the income tax return filed for the financial year 2020-21. The company believes the claim under the said assessment order is not maintainable and is in the process of preferring an appeal and rectification against the said order. The assessment order has no material impact on the financials, operations, or other activities of the company.
Colgate Palmolive India : The company has received a final assessment order for Assessment Year 2020-21, demanding Rs 248.7 crore (including interest) for transfer pricing-related issues. The company will be filing an appeal before the Income Tax Appellate Tribunal against the said order. There is no impact on the financial operations or any other activities of the company due to this order.
Cigniti Technologies : ICICI Prudential Mutual Fund, through ICICI Prudential Technology Fund, bought a 1.64% stake in Cigniti.
Parag Milk Foods : North Star Opportunities Fund VCC-Bull Value Incorporated VCC Sub-Fund bought a 1.48% stake in Parag Milk at an average price of Rs 199 per share. However, Sixth Sense India Opportunities II sold a 1.5% stake in the company at the same price.
Sobha : Anamudi Real Estates LLP sold a 4.4% stake in the real estate company at an average price of Rs 1,810.44 per share. Mirae Asset Mutual Fund, Invesco Mutual Fund, and Aditya Birla Sun Life Mutual Fund collectively bought a 2.1% stake in Sobha.
Route Mobile : Foreign promoter Proximus Opal sold a 1.95% stake in the company at an average price of Rs 1,656.6 per share. However, Societe Generale bought a 0.54% stake in the company at an average price of Rs 1,652.2 per share.
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