Stocks to Watch: Tech Mahindra, Hero Motor, TCS, Nelco, Bank of Maharashtra
- FIIs extended their buying on Wednesday to the tune of ₹1,383 crore in Indian equities. In a surprising trend, DIIs also emerged as net buyers with an inflow of more than ₹392 crore in equities
Here are the top 10 stocks that could be in focus in today's trade:
Tech Mahindra: India’s largest institutional investor and insurer LIC has raised its stake in IT bluechip Tech Mahindra Ltd to 8.88% from 6.87% since November, highlighting domestic fund managers' growing interest in Indian tech equities against a weak dollar and lower-than-expected market valuation. LIC's increased stake in Tech Mahindra is currently worth ₹9,484.2 crore. On Wednesday, LIC said in a filing that it bought 19.6 million shares worth ₹2,063 crore in Tech Mahindra between 21 November and 6 June at an average price of ₹1,050.77 apiece.
Hero MotoCorp: Hero MotoCorp is gearing up to expand its electric two-wheeler range while upgrading its existing sales infrastructure to enhance premium play as part of its future growth plans, according to its newly appointed CEO Niranjan Gupta. Outlining the company's three priorities in the mid-term, he noted that it would focus on bolstering its presence in the premium segment, expanding the commuter segment and achieving leadership in the electric two-wheeler segment. In the electric two-wheeler space, the company plans to introduce new entry-level models.
TCS: Tata Consultancy Services Ltd said more women employees have left India’s top software services company than men in the fiscal year ended 31 March 2023 as its return-to-office policy has led to a “reset of domestic arrangements". Chief human resources officer Milind Lakkad, however, insisted that employees will need to work from office following the abatement of the Covid-19 pandemic to understand the company’s culture and for better collaboration among workers. He noted that for FY23, attrition among women has been higher than among male colleagues and called it “unusual".
Nelco: Tata Group subsidiary, Nelco Limited, on Wednesday announced that it made a strategic investment in Mumbai-based satellite network software provider, Piscis Networks. Exchange filings made by Nelco, which offers satellite communications services to enterprises, revealed that the company has picked a 9.09% stake in Piscis for a total investment of ₹99,99,100, to acquire 1,111 equity shares in the company. Nelco further disclosed that the company may acquire up to 30% of Piscis Networks, subject to gaining regulatory approval for its acquisition.
HPCL, BPCL, IOC: Public sector oil marketing companies (OMC) can be expected to lower retail prices of petrol and diesel in case they witness another quarter of robust financial performance, an official said. The official further said that OMCs have largely recovered from the high under-recoveries witnessed over the past year due to high crude oil prices and stagnant retail fuel prices. Petrol prices have largely remained stable since May last year when prices had declined post the Centre announced a cut in excise duty.
Bank of Maharashtra: Bank of Maharashtra (BoM) Wednesday said it has raised ₹1,000 crore through Qualified Institutional Placement (QIP). The QIP which opened on June 1, closed yesterday. The bank in a statement said, “Board of Directors of the Bank approved the allotment of 350,877,192 equity shares to eligible qualified institutional buyers at the issue price of ₹28.50 per equity share (including premium of Rs. 18.50 per share), aggregating to ₹10,000 million (Rupees Ten Thousand Million only) under the SEBI ICDR Regulations."
Tata Elxsi: Tata Elxsi has partnered with the Indian Space Research Organization (ISRO) for the upcoming Gaganyaan Mission. The leading global engineering company has designed and developed the crew module recovery models (CMRM) for the recovery team training of the space mission. The project marked Tata Elxsi’s foray into the mechanical design for space, as this is the first time ISRO has outsourced the mechanical design and development work for a critical system to an external partner.
Deepak Fertilisers: wo entities on Wednesday offloaded shares of Deepak Fertilisers and Petrochemicals for ₹131 crore through open market transactions. The entities are SmallCap World Fund Inc and Anirudh Damani. According to the bulk deal data available with the NSE, SmallCap World Fund Inc sold 23,54,000 shares, amounting to a 1.86 per cent stake in Deepak Fertilisers and Petrochemicals. Also, Damani disposed of 42,943 shares in the firm, as per the data.
Aruna Hotels: Promoters of Aruna Hotels on Wednesday settled with markets regulator Sebi a case pertaining to an alleged violation of SAST rules. Balasubramania Sivanthi Adityan, Sri Devi Agencies Pvt Ltd, Chandramohan R, Anita Kumaran, Jayanthi Natarajan, Gay Travels, Subasri Realty, Rani Printers, Sovereign Media Marketing Pvt Ltd and Chithan V are the promoters and promoter groups of BSE-listed Aruna Hotels Ltd. The promoters and promoter groups paid a total of ₹2.32 crore towards the settlement charges.
Jindal Poly Films: JPF which specializes in polyester and polypropylene films has recently signed an agreement to acquire full ownership of JPF Netherlands Investment BV, a prominent company based in the Netherlands, according to reports. JPF is actively involved in the packaging films industry and operates through three wholly-owned subsidiaries located in France, Italy, and the United Kingdom. This acquisition marks a strategic step for the manufacturer, expanding its presence and capabilities in the packaging films sector.
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