BackStocks to Watch: Adani Group, Infosys, Vedanta, LIC, M&M, Yes Bank
Balrampur Chini and Gujarat Narmada Valley Fertilizers & Chemicals Ltd are the two stocks that are a part of the F&O ban list for the Monday trading.
PremiumHere is the list of the top 10 stocks that will be in focus today:
Adani Group: Gautam Adani-led Adani Group on 12 March said that it has completed full prepayment of margin linked share backed financing aggregating to $2.15 billion, ahead of its committed timeline of 31 March 2023. This latest development arrived two days after the Financial Times report that suggested the Adani group was mulling issuing a formal request to global lenders to sell a 4-5% stake in Ambuja Cement for $450 million to reduce debt. Apart from this, the firm said that promoters have also prepaid a $500 million facility taken for Ambuja acquisition financing.
Infosys: Indian IT services major Infosys president Mohit Joshi has resigned from his post according to a regulatory filing by the company. “Effective March 11, 2023, he will be on leave and his last date with the company would be June 09, 2023. The Board of Directors placed on record their deep sense of appreciation for the services rendered by Mohit Joshi and for his contributions to the company," the company said in a statement.
Vedanta/Hindustan Zinc: Hindustan Zinc’s purchase of Vedanta’s zinc assets under the proposed sale approved by the company board is unlikely to go through, considering that a majority of minority shareholders will not approve the move, regardless of their shareholding, said a government official. Vedanta owns a 64.9% stake in HZL while the government holds 29.5%. “In a related-party transaction, the promoters have to take the approval of a majority of the minority shareholders by law, irrespective of the minority shareholding," the official said seeking anonymity.
LIC: Siddhartha Mohanty, MD of Life Insurance Corporation (LIC) given a 3-month charge as chairman, from March 14, according to CNBC. Moreover, the insurance juggernaut claims that MR Kumar, the current chairman of the LIC, has not received an extension. The source person added further added this is an interim arrangement in addition to the own duties of Siddhartha Mohanty. Siddhartha Mohanty was nominated to serve as the MD of LIC until his superannuation on June 30, 2023.
Mahindra & Mahindra: Mahindra & Mahindra Limited (M&M) an Indian multinational automotive manufacturing corporation headquartered in Mumbai today announced to sell a 4.6% stake in Mahindra CIE via block deals. According to a report from CNBC, the floor price has been fixed at ₹355/share. The base size of the block deal is at ₹615 Cr and comes with a 60-day lock-up on further sales of shares. Mahindra CIE is a multi-technology automotive components supplier headquartered in Mumbai. During Q3FY23, Mahindra & Mahindra Limited (M&M) held a 9.25% stake in Mahindra CIE.
Dish TV: Direct-to-Home operator Dish TV on Friday announced the appointment of former bureaucrat Zohra Chatterji as its independent Director. Besides, it has also sent four names to the Ministry of Information and Broadcasting to obtain its prior approval for placing them on the board as directors, as required under the Up-linking Guidelines. This is the first appointment after March 3, when the shareholders of Dish TV rejected special resolutions seeking their approval for the appointment of four new independent directors. The persons are - Rajesh Sahni, Virender Tagra, Girish Srikrishna Paranjpe and Arvind Nachaya Mapangada.
Godrej Industries: Godrej Industries, part of Godrej Group, plans to raise ₹1,000 crore through an issue of bonds on a private placement basis. "The management committee of the board of directors of the company has on March 10, 2023, inter alia, approved the placement memorandum/ information memorandum for issuance of up to one lakh rated, listed, unsecured, redeemable, NCDs (Non-Convertible Debentures) having face value of ₹one lakh only each, aggregating up to ₹1,000 crore on private placement basis," said Godrej Industries in a late-night regulatory filing on Friday.
Yes Bank: Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds is ending on Monday, according to analysts. The analysts expect distress on the bank counter on Monday as they expect investors, primarily the nine banks led by State Bank, which picked up almost 49 per cent of its stocks in March 2020 for ₹10 per share -- at a premium of ₹8 on the face value as part of the RBI bailout, making an exit.
Sula Vineyards: The largest wine producer in the country, Sula Vineyards on Saturday announced that Bittu Varghese, the chief financial officer of the company has resigned. He tendered his resignation on 10 March 2023. “we hereby inform that Mr Bittu Varghese, Chief Financial Officer, and Key Managerial Personnel of the Company, on March 10, 2023, has tendered his resignation from the services of the Company to pursue his professional interests outside Sula," said Sula Vineyards in its filing.
Nazara Technologies: Indian gaming and sports media platform, Nazara Technologies' two step-down subsidiaries have cash balances of up to ₹64 crore at Silicon Valley Bank (SVB). Late market mogul, Rakesh Jhunjhunwala's wife Rekha is among the largest public shareholders in Nazara. Due to cash crunch concerns, the California department shut down SVB and made the Federal Deposit Insurance Corporation (FDIC) the receiver of the bank to handle depositors' money. Nazara's two subsidiaries are Kiddopia Inc and Mediawrkz Inc.
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