Stock to Watch Today - Rupeedesk Reports - 04.09.2023
Stock to Watch Today - Rupeedesk ReportStock to Watch Today - Rupeedesk Reports
Buzzing Stocks: Hero Moto, Kotak Mahindra, Paytm, Zomato, Biocon, Eicher Motors, others in news.
Hero MotoCorp: The world's largest two-wheeler manufacturer dispatched 4.89 lakh units in August, registering 5.6% growth over 4.63 lakh units sold in year-ago period. Domestic sales grew by 4.9% on-year to 4.73 lakh units, and exports jumped 32.87% YoY to 15,770 units.
Infosys: The IT major has completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale.
IDFC First Bank: Fort Lauderdale-based asset management firm GQG Partners-backed GQG Partners Emerging Markets Equity Fund, and Goldman Sachs Trust II-Goldman Sachs GQG Partners International Opportunities Fund picked up 2.6% stake worth Rs 1,527.26 crore in the lender through open market transactions. However, global private equity giant Warburg Pincus-owned Cloverdell Investment offloaded 27.87 crore shares or 4.2 percent shareholding in the bank at same average price of Rs 89 per share, amounting to Rs 2,480.34 crore.
Biocon: A subsidiary, Biocon Generics Inc, has acquired Eywa Pharma Inc.’s oral solid dosage manufacturing facility in New Jersey effective September 1. The facility is acquired for $7.7 million. As part of the acquisition, the existing workforce of the facility will transition to Biocon Generics Inc. The facility has a potential for capacity expansion up to 2 billion tablets/capsules per year.
Zomato: Lunchtime.cz s.r.o, a step down subsidiary of the food delivery giant, in Czech Republic has initiated the process of liquidation on September 1. Lunchtime does not have any active business operations. Further it is not a material subsidiary of the company and the dissolution of Lunchtime will not affect the turnover/revenue of the company.
Kotak Mahindra Bank: Uday Kotak has resigned as Managing Director & CEO of the private sector lender, with effect from September 1 and has become a Non-Executive Director of the bank. Uday Kotak’s tenure as the chief executive officer and managing director of the bank ends on December 31, 2023. As an interim arrangement, Dipak Gupta, the joint managing director, will carry out the duties of the MD and CEO until December 31, subject to the approval of the RBI and the members of the bank.
GMR Power and Urban Infra: Subsidiary GMR Smart Electricity Distribution (GSEDPL) has received the Letter of Award (LOA) from Purvanchal Vidyut Vitran Nigam to implement smart metering project in Purvanchal (Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone), Uttar Pradesh. GSEDPL will install, integrate and maintain 50.17 lakh smart meters in the area. The total contract value for Prayagraj & Mirzapur zone is about Rs 2,386.72 crore and for Varanasi & Azamgarh zone is about Rs 2,736.65 crore. Company also expects similar LOA from Dakshinanchal Vidyut Vitran Nigam to implement smart metering project in the Dakshinanchal (Agra and Aligarh zone), shortly.
One 97 Communications: The shareholding of Antfin, an affiliate of China's Alibaba, in Paytm has been reduced from 23.79% to 9.90%. Accordingly, no person affiliated with Antfin will qualify as a significant beneficial owner (SBO) of the company. Resilient Asset Management BV, an overseas entity 100% owned by CEO Vijay Shekhar Sharma, holds 10.30% stake in Paytm. Accordingly, Sharma will be the only SBO of the company, consequent to the change of shareholding. Mr. Sharma’s shareholding in Paytm (direct and indirect) now stands at 19.42% of the total equity share capital.
ICICI Bank: ICICI Lombard General Insurance Company informed ICICI Bank that the Insurance Regulatory & Development Authority of India has given approval to ICICI Bank to increase shareholding in the company, in multiple tranches up to 4% (additional shareholding). The IRDAI approval is valid for a period of one year from the date of the letter. The bank has time upto August 31, 2024 to increase its shareholding in the company in one or more tranches.
Maruti Suzuki India: The country's largest car maker has announced total production of 1.65 lakh units for the month of August 2023, growing 3.5% over 1.59 lakh units produced in year-ago period, but the production of light commercial vehicles (Super Carry model) dropped to 1,856 units against 3,774 units during the same period.
Eicher Motors: Royal Enfield's total sales for August stood at 77,583 units, rising 11% over 70,112 units sold in same month last year, beating analysts' expectations. Exports increased by 13% to 8,190 units during the same period.
Hindalco Industries: The aluminium major has entered into a shareholder's agreement and power purchase agreement with renewable energy company Seven Renewable Power (SRPPL) for acquisition of 26% stake in SRPPL. The company intends to develop and operate captive power generation plant to supply 100 MW round-the-clock renewable energy to smelter located in Odisha.
Five-Star Business Finance: Foreign investors Norwest Venture Partners X - Mauritius, Matrix Partners India Investment Holdings II LLC, and TPG Asia VII SF Pte Ltd sold 2.55 crore shares or 8.75% stake of the mortgage lender. The stake sale was worth Rs 1,862.86 crore. However, HDFC Mutual Fund via HTCL - HDFC Mid - Cap Opportunities Fund bought 41.19 lakh shares in Five-Star at an average price of Rs 730 per share, amounting to Rs 300.7 crore.
Deepak Fertilisers & Petrochemicals Corporation: The company has signed two gas purchase agreement with GAIL. Company’s total gas requirements for the next three years have been tied up with a gas basket consisting of a combination of Brent, HH & domestic linked, to give a risk-mitigated basket.
Lemon Tree Hotels: The hotel chain has signed a license agreement for an 80 rooms property in Dehradun, Uttarakhand under the brand Lemon Tree Premier. The hotel is expected to be operational by Q3 of FY2025.
IDBI Bank: The Central Government has invited bids to appoint an asset valuer for strategic divestment of the bank. The bids will have to be submitted by October 9. The asset valuer will give fair value of assets and liabilities of the bank. Bank's investments, loans & advances, deposits, borrowings, and other liabilities will be considered for valuation.
Shilpa Medicare: The Raichur-headquartered company has received marketing authorisation from MHRA, UK, for Betahistine Dihydrochloride Orodispersible films, with 24 mg strength. Betahistine is indicated for the treatment of vertigo, tinnitus, hearing loss and nausea associated with Meniere’s syndrome and is available as tablets and oral liquid dosage forms in various strengths across UK, Europe. Shilpa is the first company to receive approval for the 24 mg strength as a film formulation in UK. Further, subsidiary Shilpa Pharma Lifesciences' Unit II, at Raichur, which manufactures various oncology and non-oncology APIs (active pharmaceutical ingredient). has undergone a GMP inspection by PMDA, Japan starting August 29. The inspection has concluded successfully without any critical/major observation.
Venus Pipes & Tubes: Arun Axaykumar Kothari has resigned as Chief Financial Officer (CFO) of the company with effect from September 1. Arun Axaykumar Kothari is appointed as a chairperson of the board. The company has appointed Kunal Bubna as Chief Financial Officer with effect from September 2.
Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement of group captive project for 6 MW AC with hotel chain Chalet Hotels. The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement.
Strides Pharma Science: Ankit Gupta has resigned as Vice President and Head of Corporate Development and Strategy, a senior management personnel of the company, with effect from August 31. Ankit resigned to pursue opportunities outside the company.
Gillette India: Sharath Verma resigned as Chief Marketing Officer of the company, and Saurabh Bajpai resigned as Grooming Category Leader, due a change in their assignment at P&G. Both will be relocating out of India for the assignment with effect from September 1.
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