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Business News/ Markets / Stock Markets/  Stocks to Watch: Axis bank, TaMo, Gland Pharma, Prestige Group, Dilip Buildcon, Lupin

Stocks to Watch: Axis bank, TaMo, Gland Pharma, Prestige Group, Dilip Buildcon, Lupin

Here are a few stocks likely to be in focus on Tuesday, April 9:

The NSE F&O ban list for April 9 includes Bandhan Bank, SAIL, and Zee Entertainment Enterprises. (Photo: Mint)Premium
The NSE F&O ban list for April 9 includes Bandhan Bank, SAIL, and Zee Entertainment Enterprises. (Photo: Mint)

Axis Bank: Over six years after its entry into Axis Bank, US private equity giant Bain Capital is preparing for a full exit from the private sector lender. The firm plans to dilute its remaining stake and initiate a new block deal worth approximately $430 million, according to three informed sources. Entities associated with Bain Capital have launched the block deal, which is intended to be a clean-up trade, signifying Bain Capital's complete exit, one of the sources mentioned. A source revealed to Moneycontrol that the offer price range is 1,071 - 1,076.05 per share, representing a discount of 0% to 0.47%. Another source confirmed the plans for the new block deal by Bain Capital entities--Integral Investments South Asia IV, BC Asia Investments VII, and BC Asia Investments III--and added that BofA Securities is advising on the proposed transaction.

Tata Motors: On April 8, Tata Motors said that the retail sales of Jaguar Land Rover had risen by 11% YoY to 114,038 units in the fourth quarter of FY24, a surge attributed to increased production and consistent global demand. The company's exchange filing revealed that compared to the previous year, retail sales during the quarter increased by 32% in the UK, 21% in North America, and 16% overseas. However, sales in China decreased by 9%, and in Europe, it fell by 2%. Tata Motors also reported that full-year sales had seen a 20% YoY increase. Wholesale volumes were at 401,303, marking a 25% rise, while retail sales reached 431,733, reflecting a 22% growth. In the quarter under review, wholesale volumes amounted to 110,190 units, indicating a 16 percent growth compared to the same period last year.

Gland Pharma: Two companies, Nicomac Machinery and RP Advisory Services, linked to Dr. Ravi Penmetsa, the ex-promoter of Gland Pharma, have initiated a block deal to sell a portion of their stake in the pharmaceutical company. The deal is valued at approximately $150 million, with an option to increase, according to three individuals familiar with the matter. One of these individuals stated that the block deal was launched with a base price of 1,725 per share, a 7.34 percent discount to the company's closing price of 1,861.70 per share on April 8. Another source mentioned that the Citi Bank is advising on the transaction, with an intended sale of about 4.4 to 5 percent stake through the trade. This person also added that Dr. Ravi Penmetsa will retain approximately 1 percent stake in the company.

Prestige Group: In FY24, Prestige Group set an industry record by achieving home sales worth 21,040 crore, amidst a housing boom in India. The Bengaluru-based company announced on Monday that its sales in FY24 represented a 63% YoY increase, up from 12,931 crore in FY23. The achievement of over 20,000 crore in sales sets a new standard not just for Prestige Group, but for the entire real estate sector. In FY23, Prestige Group, along with three other real estate companies—DLF Ltd from Gurugram, Godrej Properties Ltd (GPL) from Mumbai, and Macrotech Developers Ltd—each surpassed 12,000 crore in sales bookings, a first in the industry.

Dilip Buildcon: The company disclosed on Monday that it has been awarded a contract from the Haryana Rail Infrastructure Development Corporation Limited, involving the construction of railway lines in Haryana. The contract, valued at 1,092.46 crore, encompasses the design and construction of a 21.14 km railway line stretching from Prithla to Dhulawat in Haryana. The company stated in a regulatory filing, "Dilip Buildcon has been declared the L-1 bidder for the tender issued by the Haryana Rail Infrastructure Development Corporation Limited. The project will be executed on an EPC basis in Haryana."

Lupin: Pharmaceutical company Lupin announced on Monday that it has secured approval from the US Food and Drug Administration (USFDA) to sell a generic drug designed to treat involuntary movements resulting from tardive dyskinesia. The firm stated that it has been authorized to market Valbenazine Capsules in dosages of 40 mg and 80 mg. The product offered by Lupin is a generic version of Ingrezza Capsules, originally developed by Neurocrine Biosciences, Inc. Lupin, being one of the initial applicants of the abbreviated new drug application (ANDA), is entitled to a 180-day period of shared generic exclusivity.

RBL Bank: Citigroup Global Markets Mauritius, a foreign investor, has acquired 66.97 lakh equity shares in RBL Bank. This purchase, made through open market transactions, represents 1.11 percent of the bank's total paid-up equity. The average price per share was 255.4, bringing the total transaction value to 171.04 crore. The shares were sold by Copthall Mauritius Investment.

Sula Vineyards: The wine producer announced on April 8 that it had achieved record-breaking revenue in both the March quarter and the FY24, with a YoY growth of 10% in each case, according to an exchange filing. The company's premium brands also saw robust performance, registering a 15% YoY growth in both the reported quarter and year. Additionally, the wine tourism segment witnessed a 31% YoY growth in the fourth quarter compared to the same period last year, as stated by the wine maker.

Jana Small Finance Bank: On Monday, April 8, Jana Small Finance Bank announced the resignation of its Chief Operating Officer, Rajesh Rao, which will take effect from July 5, 2024. Rao, a Senior Management Personnel of the bank, submitted his resignation on April 8, 2024, expressing his intent to enroll in a part-time PhD program at XLRI, Jamshedpur.

Shilpa Medicare: The company's board has given the green light for the Qualified Institutional Placement (QIP) of the company's equity shares to raise up to 500 crore. The floor price for the QIP has been established at 477.33 per share, while the issue would opened on April 8. The company has the option to offer the issue at a discount of up to five percent of the floor price.

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Pranay Prakash
My experience as a Finance Journalist has involved working as a Web Producer and Sub Editor at a wire agency and business magazine, respectively, where I have curated various domain specific news pages, and later edited long-form, in-depth pieces on everything from India's corporates to the state of the economy, and various sectors. At Mint, I am involved in the editing of market copies and the curation of the live markets blog. Apart from the financial markets, my interest encompass topics related to the economy, the political economy of a growing economy, the space of policy design, and how it affects the wider economy and the decisions of corporates and consumers alike.
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Published: 09 Apr 2024, 07:56 AM IST
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