Stocks to Watch on August 21: Nifty futures traded 17.5 points, or 0.09 per cent, lower at 19,312, signaling that Dalal Street was headed for a negative start on Monday. Here’s a slew of stocks that will be in focus today for various reasons.
Titan: Titan has acquired an additional 27 per cent stake in omni-channel jewellery brand CaratLane for Rs 4,261 crore. Titan is buying shares owned by CaratLane founder and his family members “representing 27.18 per cent”, the company said in a statement.
IDBI Bank: The proposed sale of the government’s stake in IDBI Bank is unlikely to happen this fiscal, posing a challenge to the Centre’s ability to meet the Rs 51,000 crore disinvestment target for the year. The government expected more than Rs 15,000 crore from the IDBI Bank stake sale, the financial due diligence for which began in July. It had planned to issue financial bids for IDBI Bank by December and completing the transaction in the fourth quarter of the fiscal.
Jio Financial Services: The demerged subsidiary of Reliance Industries Ltd (RIL), Jio Financial Services (JFSL), will list on Indian stock exchanges on Monday, 21 August. After the 20 July special pre-open call auction session, Jio Financial Services’ share price was fixed at Rs 261.85 apiece on the National Stock Exchange. According to market observers, Jio Financial Services GMP, or grey market premium, is currently between Rs 50 and Rs 54, translating to a market cap of over Rs 2 lakh crore. Shares are expected to list between Rs 315 and Rs 325.
Axis Bank: The Competition Commission of India has imposed a penalty of Rs 40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The watchdog in an order said that the transaction under consideration comprised acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and was completed in November 2020. The leading private sector lender was required to give a notice to the fair trade regulator as part of the transaction, however, it failed to do so, according to the order.
Adani Ports: GQG Partners purchased 2.2 million shares of Adani Ports on Thursday, raising its stake in the company to 5.03 per cent, the investment firm said in a disclosure on Saturday. It held a 4.93% stake in Adani Ports And Special Economic Zone Ltd. The development came days after Deloitte resigned as the company’s auditor. Last week, the US-based investment firm had also picked up an 8.1% stake in Adani Power. Two promoter entities of the Adani group company sold a combined 31.2 crore shares worth more than Rs 8,700 crore in separate bulk deals on Wednesday.
Adani Ports: GQG Partners purchased 2.2 million shares of Adani Ports on Thursday, raising its stake in the company to 5.03 per cent, the investment firm said in a disclosure on Saturday. It held a 4.93 per cent stake in Adani Ports And Special Economic Zone Ltd. The development came days after Deloitte resigned as the company’s auditor. Last week, the US-based investment firm had also picked up an 8.1 per cent stake in Adani Power. Two promoter entities of the Adani group company sold a combined 31.2 crore shares worth more than Rs 8,700 crore in separate bulk deals on Wednesday.
Ashok Leyland: Auto manufacturer Ashok Leyland will issue a corporate guarantee cover of Rs 870 crore to cover the lenders/banking facilities to its two UK-based subsidiaries – Optare Plc. UK and Switch Mobility Limited, UK. Ashok Leyland has said that promoters, promoter group, or group companies have no interest in this transaction which is conducted only for the purpose of covering the lenders/banking facilities. “The impact of the transaction would be limited to the amount given by the company,” Ashok Leyland said in a regulatory filing.
M&M: Auto major Mahindra & Mahindra (M&M) has announced that it will examine select vehicles of its XUV range and will rectify the cars if required. The company has said it will inspect XUV700 and XUV400 manufactured in a specific timeline and will make the necessary changes as required. Mahindra & Mahindra will individually contact customers and will carry out an inspection and subsequent rectification free of cost.
Murugappa Group: Three years after Valli Arunachalam, a New York-based nuclear scientist and daughter of former Murugappa Group chairman M.V. Murugappan, levelled gender discrimination allegations against the boards of the group’s firms, the estranged family members reached an out-of-court settlement, the terms of which remained undisclosed. Group companies comprise – Carborundum Universal, Cholamandalam Invest and Finance, Cholamandalam Financial Holdings, Coromandel Engineering, Coromandel International, E I D Parry (India) Ltd., Tube Investments of India, CG Power, Kartik Investments Trust Ltd., Shanthi Gears Ltd., and Wendt (India) Ltd.
KEC International: Leading infrastructure major KEC International, an RPG Group company, on Friday said it has received new orders worth Rs 1,007 crore across its various businesses. Its civil business vertical secured an order for design, engineering, procurement and construction of a multi-specialty hospital in eastern India, the company said in a statement. The company’s transmission and distribution business has secured an order for a 380 kV overhead transmission line project in the Middle East.
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