Stocks to Watch: Kotak Mahindra Bank, Hero MotoCorp, RIL, Tata Power, Eicher Motors2 min read . Updated: 02 Jun 2020, 08:37 AM IST
- Uday Kotak will sell up to 56 million shares in Kotak Mahindra Bank through a block deal to reduce his stake
- Tata Power has completed the acquisition of 51% stake in TP Central Odisha Distribution Ltd
NEW DELHI : Here’s a list of top stocks that may be in news on Tuesday:
Kotak Mahindra Bank: Billionaire banker Uday Kotak will sell up to 56 million shares in Kotak Mahindra Bank through a block deal on Tuesday to reduce his stake to 26.1%. These shares will be priced between ₹1,215 and ₹1,240 and will constitute 2.83% of the total equity shares outstanding. Based on these share prices, the deal will be valued between ₹6,804-6,944 crore.
Hero MotoCorp: The country’s largest two-wheeler manufacturer reported total sales of 1,12,682 units in May. The company usually dispatches around 6-7 lakh units per month. The sales numbers are not comparable with the corresponding month of the last fiscal since production operation was hampered by lockdown measures taken by the Union and the state governments to contain the spread of coronavirus.
RIL: The mega ₹53,125-crore rights issue of country's most valued firm Reliance Industries Ltd (RIL) was completely subscribed on Monday, two days ahead of the last day of the share sale. The offer, which opened on 20 May, comprises of a sale of 422.63 million equity shares.
TVS Motor Company: The company reported total sales of 58,906 units in May after resuming operations which were suspended due to nationwide lockdown. Total two-wheeler sales stood at 56,218 units, out of which domestic sales were at 41,067 units last month, TVS Motor said in a statement. Three-wheeler sales stood at 2,688 units in May, it added.
Tata Power: Tata Power has completed the acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for ₹178.5 crore, it said Monday. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power.
Eicher Motors: Royal Enfield, a subsidiary of Eicher Motors, has reported total sales of 19,113 units in May including exports. The company had sold 62,371 units including exports during the year-ago period. While 17,543 units of 350cc models were sold last month, the company sold 1,570 bikes with engine bigger than 350cc.
Ashok Leyland: Hinduja flaghip firm Ashok Leyland reported total sales of 1,420 units of commercial vehicles in May. The company had sold 13,172 in the same month last year, Ashok Leyland said in a statement. Domestic sales stood at 1,277 units as against 12,778 units in the year-ago month.
NCC: The company has received four new orders worth ₹1136 crore in May, it said in a regulatory filing. These orders are received from State Government agencies and do not include any internal orders, the company added.
NMDC: Company’s total monthly iron ore production in May fell to 2.29 million tonnes versus 3.04 million tonnes year ago, while total monthly iron ore sales dropped to 2.55 million tonnes versus 3.37 million tonnes year ago
Reliance Infrastructure: The company has removed KPMG from the sale mandate of its 51% stake in two electricity distribution companies (in New Delhi), citing “conflict of interest", Business Standard reported. KPMG was tasked with finding a buyer for the two firms, but failed to get good offers from prospective suitors, the report added.