Stocks to Watch: Kotak, HDFC Bank, Tata Power, Delhivery, IIFL Finance
4 min read 09 Jun 2023, 07:29 AM ISTFIIs buying slows on Thursday after RBI maintained a status quo for the second time in a row which was in line with expectations. However, DIIs turned net sellers in Indian equities. Both Sensex and Nifty 50 ended in the red dragged by auto, banking, IT, and healthcare stocks
PremiumHere are the top 10 stocks that could be in focus in today's trade:
Kotak Bank: Canada’s CPP Investments will sell a 1.66% stake in Kotak Mahindra Bank on the stock exchanges for ₹5,914-6,225 crore on Friday, a person aware of the development said. The Canadian pension fund will sell 33 million shares at the stock’s Thursday closing price of 1,886.5, or a discount of as much as 5%, the person cited above said on condition of anonymity, adding Kotak Securities will be the book-builder for the transaction. After the deal, CPP Investments’ stake in the bank will fall to 2.68% from 4.34% at the end of March.
HDFC Bank: HDFC Bank Ltd. has shortlisted veteran Arvind Kapil, its current retail assets head, to spearhead the home loans business post its mega-merger with India’s biggest mortgage financier Housing Development Finance Corp. Kapil, who has worked at India’s most valuable bank for almost a quarter of a century, recently met executives at the mortgage lender to discuss plans for the loan book post-merger, according to people familiar with the matter. At HDFC Bank, Kapil has overseen the rollout of initiatives like getting a personal loan in 10 seconds and offering car loans in 30 minutes.
Tata Power: Tata Power Renewable Energy Limited through its subsidiary TP Vardhaman Surya Limited, has been granted the Letter of Award (LOA) to develop a 966MW Round-the-clock (RTC) hybrid renewable power project for Tata Steel, the company said in a statement on Thursday. This project, combining solar and wind power, stands as one of the largest industrial RTC power purchase agreements (PPAs) under the Group Captive segment in India. The project will comprise a solar capacity of 379MW and a wind capacity of 587MW.
Delhivery: Delhivery has made accusations that Go Air intentionally accepted payments from them while being aware of its impending voluntary insolvency, as per reports. Delhivery submitted an application to the NCLT stating that they had paid over ₹1.58 crore to the airline for domestic cargo consignment services, but Go First failed to fulfil its obligations. The payment was made in accordance with the terms of an agreement between the two companies, initially established in 2020 and last renewed in August 2022.
IIFL Finance: IIFL Finance is raising up to ₹1,500 crore through a public issue of secured redeemable non-convertible debentures (NCDs) to fuel credit growth and debt management, a senior company official said on Thursday. The public issue of the IIFL NCDs will open on Friday and has a base offer of ₹300 crore with a green shoe option to retain an over-subscription of up to ₹1,200 crore. With the Reserve Bank of India pausing its rate hike cycle, IIFL remains optimistic about raising the entire ₹1,500 crore in this tranche of issues.
Punjab National Bank: Punjab National Bank (PNB) on Thursday said it has proposed to raise funds from the sale of up to 15 crore shares under its Employee Stock Purchase Scheme (ESPS). The public sector bank in a regulatory filing, regarding the annual general meeting, said it proposes to issue and allot up to 15 crore new equity shares of the face value of ₹2 each, ranking pari passu with the existing equity shares for all purposes and in all respects, including payment of dividend, under an ESPS in one or more tranches.
Torrent Power: Torrent Power has raised ₹600 crore through the issuance of non-convertible debentures on a private placement basis. "The company has issued and allotted Series 11 – 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of ₹600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said. The company issued 60,000 NCDs of ₹1 lakh per debenture aggregating to ₹600 crore.
L&T Finance Holdings: L&T Finance Holdings board of Thursday has declared a final dividend for the financial year 2022-23. The company's board of directors have recommended a final dividend of ₹2 per share of face value of ₹10. For the March quarter, L&T Finance Holdings reported a 47 per cent rise in net profit at ₹501 crore. This is against a net profit of ₹342 crore in the year-ago period. The growth trajectory was led by the highest annual retail disbursements of ₹42,065 crore across segments.
CCL Products (India): India's largest instant coffee manufacturer CCL Products (India) Ltd on Thursday said it has acquired six coffee brands, including Percol, from Sweden-based coffee roasters Lofbergs Group. In a deal estimated to be around 550,000 British Pound ( ₹5.68 crore), CCL has acquired six brands -- Percol, Rocket Fuel, Plantation Wharf, The London Blend, Perk Up and Percol Fusion -- from Food Brands Group, a subsidiary of Lofbergs Group. Lofbergs Group was founded in 1906 and is now one of the biggest coffee roasters in the Nordic region.
Zydus Lifesciences: Zydus Lifesciences on Thursday said it has received approval from the US health regulator to market a generic drug used to treat certain stomach and oesophagus problems. The company has received approval from US Food and Drug Administration (USFDA) to market Esomeprazole Magnesium for delayed-release oral suspension in 20 mg and 40 mg strengths in the American market, the drug maker said in a statement. Esomeprazole is used to treat certain stomach and oesophagus problems such as acid reflux and ulcer.
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