Stocks to Watch: JSW Group, UltraTech Cement, Kesoram, Biocon, Infosys, Flair Writing, ITD Cementation
- Foreign institutional investors net bought shares worth ₹8,147.85 crore, while domestic institutional investors sold ₹780.32 crore worth of stocks on 30 November 30, according to exchange data
New Delhi: Following stocks are likely to be in focus in Friday's trade:
JSW Group: Will own 35% in a newly created joint venture with SAIC Motor Corp. Ltd, which owns MG Motor India, that would focus on electric vehicles with a plan to turn majority shareholder in two years. This partnership will give the JSW Group its much-desired entry into the EV space.
UltraTech Cement: The flagship company of Aditya Birla group has acquired the cement business of Kesoram Industries in a share-swap deal. UltraTech will issue one share for every 52 shares of Kesoram, implying an offer price of ₹173.15 per share, a 34% premium to Kesoram’s last close. The deal is estimated to be valued at ₹7,600 crore, including the debt the company will take on from Kesoram.
Biocon: Subsidiary Biocon Biologics has completed the integration of Viatris’ biosimilars business in 31 European countries. The subsidiary had acquired global biosimilar business of Viatris in November last year.
Infosys: The IT major announced its collaboration with Shell on immersion cooling services to enable sustainability-first data centres.
Wipro: The company has said that it is working with Amazon Web Services to redefine the future of lab processes in the life sciences industry.
Flair Writing Industries: Will make its stock market debut on Friday. The issue price has been fixed at ₹304 per share. The ₹593 crore IPO was subscribed over 46 times on the third and final day of bidding.
ITD Cementation: The company has bagged a ₹1,001 crore order for civil and hydro-mechanical work in Andhra Pradesh.
Power Grid Corp: The state-owned electric services company has been declared as the successful bidder to establish two inter-state transmission system projects under the build, own operate and transfer basis, in Rajasthan.
LTIMindtree: The technology consulting and digital solutions company has been selected as a strategic partner by Metasphere, a wastewater application specialist, to scale its smart sewers management platform.
CSB Bank: The Reserve Bank of India has approved an amendment to dilute the schedule of shareholdings of FIH Mauritius Investments to 26% of the paid-up equity capital of the bank within 15 years from the date of completion of investments instead of 15% as advised by the central bank at the time of approval of the investment proposal of FIHM in 2018.
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