Stocks to Watch: Zomato, Bajaj Auto, ABFRL, TCNS Clothing, IndusInd Bank, Hindustan Copper, Torrent Power
Here’s a quick look at stocks likely to be in focus in today's trade.
Here’s a quick look at stocks likely to be in focus in today's trade.
Zomato: Antfin Singapore is set to sell 13.6 crore shares of Zomato, accounting for 1.54 percent of the company's equity, through a block deal on Tuesday. The shares will be offered at a floor price of ₹251.68 per share, slightly below the last closing price of ₹262.17.
Bajaj Auto: Bajaj Auto announced it will increase its accounting provision for deferred tax by ₹211 crore due to recent regulatory changes in the Finance Act, 2024. This adjustment follows the removal of indexation benefits on long-term capital gains from debt mutual funds acquired before April 1, 2023, and a reduction in the applicable tax rate.
Nucleus Software: Nucleus Software’s board will meet on August 22 to consider a potential share buyback, marking the third such initiative after previous buybacks in 2017 and 2021. The board will decide whether to execute the buyback via a tender offer or through the open market.
Poly Medicure: Poly Medicure has launched its Qualified Institutional Placement (QIP) issue on August 19, with a floor price of ₹1,880.69 per share. The issue size is expected to be around ₹1,000 crore, and the funds will likely be used for new manufacturing facilities, inorganic growth, and general corporate purposes.
Torrent Power: Torrent Power has approached the National Company Law Appellate Tribunal (NCLAT) to challenge the National Company Law Tribunal (NCLT) order that approved Sarda Energy and Mining's (SEML) resolution plan for the debt-laden SKS Power Generation. Despite Torrent Power's objections, which claimed the selection process was discriminatory and that it offered the highest upfront payment, the NCLT favored SEML's bid and denied Torrent's request for a copy of the approved plan.
TCNS Clothing and Aditya Birla Fashion and Retail: Aditya Birla Fashion and Retail Ltd (ABFRL) announced that the NCLT has approved its merger with TCNS Clothing. The Scheme of Amalgamation, involving TCNS Clothing, ABFRL, and their respective stakeholders, was sanctioned by the NCLT Mumbai Bench on August 2, 2024.
IndusInd Bank: IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a mutual fund asset management business as a wholly-owned subsidiary. The RBI also authorized the bank to inject equity capital into the new subsidiary.
Hindustan Copper: Life Insurance Corporation of India (LIC) has sold a 2.09 percent stake in Hindustan Copper, amounting to ₹447 crore, through an open market transaction. With the sale of 2,01,62,682 shares at an average price of ₹221.64 per share, LIC's stake in the state-owned company has reduced from 8.17 percent to 6.09 percent.
Tata Consumer Products: Tata Consumer Products Ltd (TCPL) has concluded its ₹3,000 crore rights issue, which was open from August 5 to August 19, 2024. This fundraising effort is part of a broader strategy, approved by the board earlier this year, to raise ₹3,500 crore for acquiring stakes in Capital Foods Pvt Ltd and Organic India Pvt Ltd.
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