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Stocks to Watch: TCS, Future Retail, Zomato, Kotak Mahindra Bank, Ruchi Soya

On Wednesday, Sensex fell more than 300 points to 57,685, while Nifty50 declined 70 points to 17,246. (Photo: iStock)Premium
On Wednesday, Sensex fell more than 300 points to 57,685, while Nifty50 declined 70 points to 17,246. (Photo: iStock)

  • Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance, SAIL, and Sun TV Network  are under the F&O ban for 24 March. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

NEW DELHI: Here are the stocks that could be in focus on Thursday: 

Tata Consultancy Services: The 18,000-crore share buyback of Tata Consultancy Services (TCS) was subscribed more than 7.5 times on Wednesday - the last day for tendering of shares. Investors offered 30.12 crore shares during the buyback, which began 9, against the company's offer of four crore shares. Analysts said the strong participation was because the buyback offer price of 4,500 was 21% above the current stock price. 

Future Retail: Offshore bondholders of the company have received a formal communication that a Reliance Industries-linked entity will fully absorb $500 million of senior secured bonds, implying a full recovery for them even as domestic lenders, fearing a haircut, have appointed Saraf & Partners as their legal advisor to counsel them on how to maximise their recovery.

Hero MotoCorp: Income tax searches at the offices Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday was part of a "routine inquiry", the company said. “We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance," it added.

Kotak Mahindra Bank: Canada Pension Plan Investment Board is likely to sell up to 40 million shares, or 2.02% of stake, in Kotak Mahindra Bank on Thursday through block deals. The Canadian pension fund will likely raise as much as 7,079 crore through the stake sale. The floor price has been fixed at 1,681.26 - 1,769.75 apiece.

HDFC Bank: The private sector lender has acquired 7.84% stake in the open public digital infrastructure framework entity ONDC by investing 10 crore in the entity. ONDC was incorporated in India on 30 December 2021 and is into creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

Zomato: The food aggregator plans to roll out more outlets across India’s top cities to scale up its 10-minute delivery service, offering easy-to-deliver items such as patties, desserts, snacks, and tea. Zomato plans to open over 40 stations in Delhi-NCR in the next 90 days, and then expand to Bengaluru and Mumbai. It will target a 1-2 km radius to fulfil the orders.

Ruchi Soya Industries: Has raised 1,290 crore from anchor investors ahead of its follow-on public offering (FPO). The FPO of Ruchi Soya will open for public subscription on Thursday to raise up to 4,300 crore. The closing date is 28 March. The company offered 1.98 crore equity shares at a price of 650 per equity share to anchor investors on Wednesday.

Adani Wilmar: Is betting big on staples and scouting for acquisition of regional rice brands and processing units in several states of the country. The company will launch branded daily-use rice under the fortune brand beginning with West Bengal from early April. Staple is just 11% of the company's topline.

CreditAccess Grameen: The microfinance lender has said it will raise up to 1,500 crore through a public issue of bonds. The board of directors has considered and unanimously approved "the proposal of raising funds through public issue of Non-Convertible Debentures (NCDs) in domestic market up to 1,500 crore in different tranches.

Nelco: Tatas-backed Nelco and Omnispace have announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services. The collaboration will expand the reach of 5G using satellite communication throughout India and South Asia.

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