Stocks to Watch: AU Small Finance Bank, GIC, Zee, Cipla, SpiceJet, KIMS, and more

Here’s a quick look at stocks likely to be in focus in today's trade.

AU Small Finance Bank: On Tuesday, WestBridge Capital divested a 1.5 percent stake in AU Small Finance Bank, amounting to ₹736 crore through open market transactions. As per BSE's bulk deal data, WestBridge Capital, via its affiliate WestBridge AIF I, sold 1,08,95,517 shares at an average price of ₹676.06 per share. In a significant development, Jaipur-based AU Small Finance Bank has also applied to the Reserve Bank of India (RBI) for transitioning into a universal bank. This application coincides with the bank’s ongoing integration with Fincare SFB, following their merger announcement on April 1.

GIC: The government has proposed a 6.78 percent stake sale in General Insurance Corporation (Re) of India via an offer for sale (OFS), with a floor price set at ₹395 per share. This OFS, estimated at ₹4,701 crore, will be open for subscription on Wednesday for non-retail investors and on Thursday for retail investors. The issue includes a green shoe option and 50,000 equity shares reserved for eligible employees.

Cipla: M.K. Hamied has stepped down as Vice Chairman of Cipla, effective October 29, citing age and health concerns. To ensure leadership continuity, Kamil Hamied will join the board as a Non-Executive Director starting November 1, 2024.

SpiceJet: Delhi airport operator DIAL has pressed SpiceJet to settle its outstanding dues. Despite this, SpiceJet insists that it is fulfilling its payment obligations on schedule. The airline remains under enhanced scrutiny by the DGCA due to ongoing financial and legal issues.

KIMS: KIMS has announced September 13, 2024, as the record date for its 5-for-1 stock split, according to its latest exchange filing. Shareholders recorded as of this date will receive the split shares.

Zee Entertainment Enterprises: The Securities Appellate Tribunal (SAT) has postponed the hearing of Subhash Chandra’s plea against SEBI over alleged fund diversion. Chandra has accused SEBI of corruption and requested additional time for his defense, with the case set to resume later in September. Meanwhile, ZEEL has received approval from the Ministry of Corporate Affairs and the Registrar of Companies (ROC) in Mumbai for an extension to hold its 42nd Annual General Meeting (AGM) for the financial year ending March 31, 2024.

Exicom Tele Systems: RARE Enterprise, associated with the late Rakesh Jhunjhunwala, sold 15.85 lakh shares in Exicom Tele Systems at an average price of ₹348.6.

Jindal Stainless: Lotus Global Investments Limited divested 51.33 lakh shares in Jindal Stainless at an average price of ₹730.05.

Medi Assist Healthcare Services: Significant buying activity was observed with Goldman Sachs Funds - Goldman Sachs India Equity Portfolio and HDFC Mutual Fund acquiring 11.56 lakh shares and 31.06 lakh shares, respectively, at an average price of ₹611.7 per share.