BackStocks to Watch: Bhel, Torrent Pharma, Axis Bank, Power Grid, IGL
Vodafone Idea and Zee Entertainment will be under the F&O ban list for Wednesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.
PremiumHere is the list of top 10 stocks that will be in focus today:
Torrent Pharma: Torrent Pharmaceuticals Limited (Torrent Pharma) on Tuesday said it has entered into definitive agreements to acquire 100% stake in Curatio Healthcare for ₹2,000 crore. The consideration includes ₹115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an Enterprise Value of ₹1,885 crore. "The transaction is subject to conditions precedent and is expected to close within one month," Torrent Pharma said in a statement.
Bhel: State-owned BHEL on Tuesday said it has bagged an order from NTPC to set up a 2x660 megawatt thermal power project. The project is to be constructed on an Engineering, Procurement and Construction (EPC) basis, Bharat Heavy Electricals Limited (BHEL) said in a statement. "BHEL has received a prestigious order for setting up the 2x660 MW Talcher Thermal Power Project Stage-Ill on EPC basis from NTPC Ltd," it said.
IGL: Indraprastha Gas Ltd on Tuesday said it provided record 3.75 lakh new connections for piped cooking gas to households during the financial year 2021-22. The gas retailer in the national capital region said it had set up 99 new CNG stations during April 2019 and March 2020, taking the total number of CNG stations set to 711. IGL chairman Arun Kumar Singh said despite the challenges such as the pandemic and the high input gas cost, IGL achieved gross turnover of ₹8443 crore and PAT was Rs.1315 crore in FY2021-22.
Mothersons Sumi Wiring India: Leading solutions provider to OEMs, Motherson Sumi Wiring India (MSWIL) is considering the issuance of bonus shares to its existing shareholders. The company's board of directors will meet on September 30 to consider the bonus issue proposal. On Wednesday, MSWIL shares traded on a volatile note before ending flat. MSWIL is a joint venture between Samvardhana Motherson International and Sumitomo Wiring Systems.
PVR: Film exhibition company PVR Cinemas will invest up to ₹350 crore to open 100 new screens in FY23, a top official has said. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR's chief executive Gautam Dutta told PTI over the phone.
Birla Corporation: The country's fifth largest cement maker Birla Corporation Ltd will invest USD 1 billion over the next eight years to ramp up its capacity to 30 million tonne from the present 20 million tonne, a top company official has said. The plan entails the installation of a four-million tonne per annum each capacity in a greenfield project and brownfield expansion. While a two million tonne output increase will come from the de-bottlenecking of existing facilities.
Axis Bank: The country's third largest private sector lender Axis Bank will invest around ₹50-70 crore to acquire a little less than a 10% stake in Fairfax-backed Go Digit Life Insurance. The lender is already a promoter of Max Life Insurance Company. Axis Bank has entered into an indicative and non-binding term sheet with Go Digit Life Insurance for a proposed investment of up to ₹70 crore in two tranches by picking up equity in the insurer.
Power Grid: State-owned Power Grid Corporation on Tuesday said that its board has appointed its Director (Finance) G Ravisankar as Chief Financial Officer (CFO) with effect from Monday. "Board of Directors of POWERGRID in their meeting held on 26th September 2022 has accorded approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO) of the company from 26th September 2022," a BSE filing said.
Reliance: Country's largest retailer Reliance Retail on Tuesday announced the launch of its fashion and lifestyle departmental store format -- Reliance Centro -- targeting the mid-premium segment customer. The company has opened its first Centro store in Vasant Kunj, Delhi. Through Reliance Centro format, the company is focusing at democratising fashion in India, said a company statement.
Bank of India: State-owned Bank of India has acquired over 5.5% stake in Open Network for Digital Commerce (ONDC) for ₹10 crore, the lender said on Tuesday. On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of ₹10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing. The bank said its shareholding in the company will be 5.56% of the total shareholding in ONDC as on September 27, 2022.
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