Stocks To Focus
• Vedanta: Board has approved the expansion of Balco aluminium smelter in Chhattisgarh by 414 KTPA a year at a cost of Rs 6,611 crore. The company will also set up a new carbon facility at Jharsuguda for about Rs 635 crore. Further the company approved sale of shares held in its wholly-owned subsidiaries Sterlite Ports and Paradip Multi Cargo Berth to Sesa Resources in a move to consolidate activities of certain units. Following the share sale, seen completing by July 31, the two units would become the step-down subsidiaries of Vedanta. Company to receive Rs 16.23 crore from Sterlite Ports sale, and Re 1 from Paradip Multi Cargo Berth disposal. The company’s board also gave nod to acquire 26% equity of Facor Power and merging it into Ferro Alloys Corporation. The deal is expected to be completed by August 7.
• Housing and Urban Development Corporation: Government to sell up to 8% of the company's equity through an Offer for Sale. The initial plan is for the sale of 11.01 crore shares or 5.5% of the total equity with a green shoe option to sell another 5 crore shares or 2.5% of the total equity. The floor price of Rs 45 per equity share is at a discount of 5.26% to Monday's closing price. The OFS opens for non-retail Investors today and for retail investors tomorrow. 5% of the offer size to be reserved for eligible employees of the company.
• Bajaj Auto: Pierer Industrie and PTW Holding reach agreement in principle with Bajaj Auto and its wholly-owned subsidiary Bajaj Auto International Holdings BV to contribute BAIHBV’s 46.5% stake in KTM to Pierer Mobility. Pierer Mobility to carry out a capital increase through contribution in kind from the existing authorized capital of the company under exclusion of subscription rights by up to 50% of the existing share capital. After completion of the transaction, the shareholding of Pierer Mobility in the operating KTM will increase from currently about 51.7% to about 98.2%. Pierer Group will continue to maintain sole control over Pierer Mobility.
• IRB Infrastructure Developers: IRB Infrastructure Trust – Private InvIT has raised Rs 381.63 crore via Rights Issue. The company being the sponsor and 51% unitholder of the Private InvIT, invested Rs 194.63 crore and GIC Affiliates holding 49% units have invested Rs 187 crore. The company will continue to hold 51% units and GIC affiliates will continue to hold 49% units in the IRB Infrastructure Trust.
• Biocon: U.S.-based Adagio Therapeutics Inc. has granted an exclusive license to Biocon Biologics, a subsidiary of Biocon, to manufacture and sell an anti-body treatment for Covid based on ADG20 for India and some emerging markets. Initial data indicate that ADG20 could provide both rapid and durable protection against Covid-19 for up to one year, the company said.
• GlaxoSmithKline Pharmaceuticals: The company approved transfer of the trademarks on Iodex and Ostocalcium brands in India along with legal, commercial and marketing rights to GlaxoSmithKline Asia with values aggregating to Rs 1,649.01 crore. Glaxo Group had transferred the legal title and some rights on Iodex and Ostocalcium brands in India to the company. GSK Pharma also approved acquisition of assets and liabilities associated with the vaccines business of GSK Asia for Rs 1.66 crore.
• Jindal Stainless: Board has approved a brownfield expansion plan for JSL in Jajpur. The expansion will cost company Rs 2,150 crore. The company will expand steel melting capacity from existing 1.10 million tonnes per annum to 2.10 MTPA – at an estimated capex of Rs 530 crore. The proposed capacity will be added by Q3FY23. Further the company will enhance Hot Rolled Annealed Pickled and Cold Rolled Annealed Pickled capacities from 0.8 MTPA and 0.45 MTPA to 1.25 MTPA and 0.75 MTPA respectively at an estimated capex of Rs 1,250 crore. Proposed expansion to be completed by Q4FY23.
• Vedanta: Board has approved the expansion of Balco aluminium smelter in Chhattisgarh by 414 KTPA a year at a cost of Rs 6,611 crore. The company will also set up a new carbon facility at Jharsuguda for about Rs 635 crore. Further the company approved sale of shares held in its wholly-owned subsidiaries Sterlite Ports and Paradip Multi Cargo Berth to Sesa Resources in a move to consolidate activities of certain units. Following the share sale, seen completing by July 31, the two units would become the step-down subsidiaries of Vedanta. Company to receive Rs 16.23 crore from Sterlite Ports sale, and Re 1 from Paradip Multi Cargo Berth disposal. The company’s board also gave nod to acquire 26% equity of Facor Power and merging it into Ferro Alloys Corporation. The deal is expected to be completed by August 7.
• Housing and Urban Development Corporation: Government to sell up to 8% of the company's equity through an Offer for Sale. The initial plan is for the sale of 11.01 crore shares or 5.5% of the total equity with a green shoe option to sell another 5 crore shares or 2.5% of the total equity. The floor price of Rs 45 per equity share is at a discount of 5.26% to Monday's closing price. The OFS opens for non-retail Investors today and for retail investors tomorrow. 5% of the offer size to be reserved for eligible employees of the company.
• Bajaj Auto: Pierer Industrie and PTW Holding reach agreement in principle with Bajaj Auto and its wholly-owned subsidiary Bajaj Auto International Holdings BV to contribute BAIHBV’s 46.5% stake in KTM to Pierer Mobility. Pierer Mobility to carry out a capital increase through contribution in kind from the existing authorized capital of the company under exclusion of subscription rights by up to 50% of the existing share capital. After completion of the transaction, the shareholding of Pierer Mobility in the operating KTM will increase from currently about 51.7% to about 98.2%. Pierer Group will continue to maintain sole control over Pierer Mobility.
• IRB Infrastructure Developers: IRB Infrastructure Trust – Private InvIT has raised Rs 381.63 crore via Rights Issue. The company being the sponsor and 51% unitholder of the Private InvIT, invested Rs 194.63 crore and GIC Affiliates holding 49% units have invested Rs 187 crore. The company will continue to hold 51% units and GIC affiliates will continue to hold 49% units in the IRB Infrastructure Trust.
• Biocon: U.S.-based Adagio Therapeutics Inc. has granted an exclusive license to Biocon Biologics, a subsidiary of Biocon, to manufacture and sell an anti-body treatment for Covid based on ADG20 for India and some emerging markets. Initial data indicate that ADG20 could provide both rapid and durable protection against Covid-19 for up to one year, the company said.
• GlaxoSmithKline Pharmaceuticals: The company approved transfer of the trademarks on Iodex and Ostocalcium brands in India along with legal, commercial and marketing rights to GlaxoSmithKline Asia with values aggregating to Rs 1,649.01 crore. Glaxo Group had transferred the legal title and some rights on Iodex and Ostocalcium brands in India to the company. GSK Pharma also approved acquisition of assets and liabilities associated with the vaccines business of GSK Asia for Rs 1.66 crore.
• Jindal Stainless: Board has approved a brownfield expansion plan for JSL in Jajpur. The expansion will cost company Rs 2,150 crore. The company will expand steel melting capacity from existing 1.10 million tonnes per annum to 2.10 MTPA – at an estimated capex of Rs 530 crore. The proposed capacity will be added by Q3FY23. Further the company will enhance Hot Rolled Annealed Pickled and Cold Rolled Annealed Pickled capacities from 0.8 MTPA and 0.45 MTPA to 1.25 MTPA and 0.75 MTPA respectively at an estimated capex of Rs 1,250 crore. Proposed expansion to be completed by Q4FY23.
Stocks To Focus
• GMR Infrastructure: Groupe ADP and GMR Group have executed industrial partnership, demonstrating their intent to cooperate with each other and a shared global vision for the airport sector. The objective of this strategic partnership is to leverage on each party's expertise and resources, with a view to improve service level and product offering to passengers and airlines, the company said.
• Housing and Urban Development Corporation: Government of India’s offer-for-sale in HUDCO gets 196% demand from non-retail investors on the first day. Bids receive at indicative price of Rs 45.03 per share versus floor price of Rs 45. Government will exercise option for selling additional 5 crore shares in the offer, taking the total size to 16.01 crore shares, or 8% of the company’s equity. The OFS for retail investors opens today.
• L&T: To merge L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the company, with itself. The scheme is subject to necessary statutory and regulatory approvals. L&T and L&T Hydrocarbon Engineering are in similar lines of business that can be combined for creation of a much stronger energy portfolio, the company said.
• Axis Bank: The right of Bain to appoint Nominee Director has been extended for a further period of 3 years. As per the 2017 investment agreement between the bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III, Bain was given the right to jointly appoint one non-retiring non-executive director on the Board of Directors of the bank for a period of 4 years, from December 19, 2017. The bank on Tuesday approved the amendment to this investment agreement.
• Jammu and Kashmir Bank: The Reserve Bank of India has allowed the Government of Union Territory of Ladakh to acquire 4.58 crore fully paid-up equity shares of Re 1 each, representing 8.23% of the paid-up equity capital of Jammu and Kashmir Bank.
• RITES: Secured a road sector consultancy work order of Rs 19.10 crore from National Highways and Infrastructure Development Corporation.
• Cyient: Cyient Australia Pty, a wholly-owned subsidiary of the company, to acquire 100% stake in Workforce Delta, a global consultancy company, for $2.7 million. The acquisition is expected to be completed within one week.
• SBI, Axis Bank, Indian Bank, Bank of Baroda, Kotak Mahindra Bank, IndusInd Bank, PNB and RBL Bank have each subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
• Bajaj Healthcare: Board to consider stock split in August 13 meeting.
• KPR Mill: Approved sub-division of one equity share of Rs 5 each fully paid-up into five equity shares of Re 1 each fully paid up, subject to the approval of the members of the company.
• Astec LifeSciences: Temporarily halted operations at manufacturing units in Mahad due to flooding, caused by continuous rains in the Raigad district in Maharashtra.
• Filatex India: To increase polycondensation capacity by 50 TPD and put-up additional manufacturing facilities for 120 TPD of Polyester Partially Oriented Yarn at Dahej plant. The company presently has polycondensation capacity of 1,050 TPD. The expansion will cost company Rs 130 crore and is expected to be completed in 12 months. The company will also replace two existing POY lines (144 ends) with two new POY lines (192 ends) along with replacing winders in one POY line with new winders. The company presently has yarn manufacturing net capacity of 110 TPD at its plant at Dadra. This proposed project will increase the POY capacity of the plant by 5 TPD. The project will cost company Rs 8 crore.
• GMR Infrastructure: Groupe ADP and GMR Group have executed industrial partnership, demonstrating their intent to cooperate with each other and a shared global vision for the airport sector. The objective of this strategic partnership is to leverage on each party's expertise and resources, with a view to improve service level and product offering to passengers and airlines, the company said.
• Housing and Urban Development Corporation: Government of India’s offer-for-sale in HUDCO gets 196% demand from non-retail investors on the first day. Bids receive at indicative price of Rs 45.03 per share versus floor price of Rs 45. Government will exercise option for selling additional 5 crore shares in the offer, taking the total size to 16.01 crore shares, or 8% of the company’s equity. The OFS for retail investors opens today.
• L&T: To merge L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the company, with itself. The scheme is subject to necessary statutory and regulatory approvals. L&T and L&T Hydrocarbon Engineering are in similar lines of business that can be combined for creation of a much stronger energy portfolio, the company said.
• Axis Bank: The right of Bain to appoint Nominee Director has been extended for a further period of 3 years. As per the 2017 investment agreement between the bank and BC Asia Investments VII Limited, Integral Investments South Asia IV and BC Asia Investments III, Bain was given the right to jointly appoint one non-retiring non-executive director on the Board of Directors of the bank for a period of 4 years, from December 19, 2017. The bank on Tuesday approved the amendment to this investment agreement.
• Jammu and Kashmir Bank: The Reserve Bank of India has allowed the Government of Union Territory of Ladakh to acquire 4.58 crore fully paid-up equity shares of Re 1 each, representing 8.23% of the paid-up equity capital of Jammu and Kashmir Bank.
• RITES: Secured a road sector consultancy work order of Rs 19.10 crore from National Highways and Infrastructure Development Corporation.
• Cyient: Cyient Australia Pty, a wholly-owned subsidiary of the company, to acquire 100% stake in Workforce Delta, a global consultancy company, for $2.7 million. The acquisition is expected to be completed within one week.
• SBI, Axis Bank, Indian Bank, Bank of Baroda, Kotak Mahindra Bank, IndusInd Bank, PNB and RBL Bank have each subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
• Bajaj Healthcare: Board to consider stock split in August 13 meeting.
• KPR Mill: Approved sub-division of one equity share of Rs 5 each fully paid-up into five equity shares of Re 1 each fully paid up, subject to the approval of the members of the company.
• Astec LifeSciences: Temporarily halted operations at manufacturing units in Mahad due to flooding, caused by continuous rains in the Raigad district in Maharashtra.
• Filatex India: To increase polycondensation capacity by 50 TPD and put-up additional manufacturing facilities for 120 TPD of Polyester Partially Oriented Yarn at Dahej plant. The company presently has polycondensation capacity of 1,050 TPD. The expansion will cost company Rs 130 crore and is expected to be completed in 12 months. The company will also replace two existing POY lines (144 ends) with two new POY lines (192 ends) along with replacing winders in one POY line with new winders. The company presently has yarn manufacturing net capacity of 110 TPD at its plant at Dadra. This proposed project will increase the POY capacity of the plant by 5 TPD. The project will cost company Rs 8 crore.
Stocks to Focus
• Axis Bank: RBI has imposed Rs 5 crore penalty on the bank. Penalty imposed for contravention of RBI's cybersecurity framework. RBI reviewed the supervisory evaluations of the bank over the last few years, an instance of fraud and instances of suspicious transactions in June 2020. After considering the bank's responses to show cause notices and oral submissions at a personal hearing, the RBI imposed the fine.
• HDFC: Updated its existing Medium Term Note Programme for an amount of up to $2.8 billion to enable the corporation to issue rupee/foreign currency denominated bonds in the international capital markets, subject to regulatory approvals.
• Amara Raja Batteries: Andhra Pradesh High Court on July 26 heard the matter pertaining to the closure orders received by the company from Andhra Pradesh Pollution Control Board. The high court has extended the interim suspension of said orders of APPCB by four weeks. The next hearing is scheduled on August 16. The company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh had received closure orders from APPCB.
• Canara Bank: Subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
• HCL Technologies: Appointed Jill Kouri as Global Chief Marketing Officer.
• Isgec Heavy Engineering: Isgec Hitachi Zosen (a joint venture of Isgec Heavy Engineering and Hitachi Zosen Corporation) received a major order for a PTA Reactor for a public sector petrochemical project from Technip Energies, Noida.
• Astec LifeSciences: Appointed Anurag Roy as Chief Executive Officer for a term of 3 years with effect from July 28.
• Axis Bank: RBI has imposed Rs 5 crore penalty on the bank. Penalty imposed for contravention of RBI's cybersecurity framework. RBI reviewed the supervisory evaluations of the bank over the last few years, an instance of fraud and instances of suspicious transactions in June 2020. After considering the bank's responses to show cause notices and oral submissions at a personal hearing, the RBI imposed the fine.
• HDFC: Updated its existing Medium Term Note Programme for an amount of up to $2.8 billion to enable the corporation to issue rupee/foreign currency denominated bonds in the international capital markets, subject to regulatory approvals.
• Amara Raja Batteries: Andhra Pradesh High Court on July 26 heard the matter pertaining to the closure orders received by the company from Andhra Pradesh Pollution Control Board. The high court has extended the interim suspension of said orders of APPCB by four weeks. The next hearing is scheduled on August 16. The company’s plants situated at Karakambadi, Tirupati and Nunegundlapalli Village, Chittoor District, Andhra Pradesh had received closure orders from APPCB.
• Canara Bank: Subscribed to 50,000 equity shares of IBBIC Private Limited, representing 5.55% of the issued and paid-up capital of the company, at Rs 10 each aggregating to Rs 5 lakh on July 26.
• HCL Technologies: Appointed Jill Kouri as Global Chief Marketing Officer.
• Isgec Heavy Engineering: Isgec Hitachi Zosen (a joint venture of Isgec Heavy Engineering and Hitachi Zosen Corporation) received a major order for a PTA Reactor for a public sector petrochemical project from Technip Energies, Noida.
• Astec LifeSciences: Appointed Anurag Roy as Chief Executive Officer for a term of 3 years with effect from July 28.
Stocks To Focus
• Kotak Mahindra Bank: Shareholders will see a significant shift in Kotak Mahindra Bank Ltd.'s approach, with "greater aggression" and sharper execution, Uday Kotak said in the annual report for 2020-21. “We'll not shy away from taking bolder bets,” he added. The private lender sees this as the right time to experiment more and concentrate on segments it deems as offering the best opportunities for returns. The bank will increase investments in strengthening its digital and technology platforms and offerings.
• Privi Specialty Chemicals: Signed a joint venture agreement with Givaudan SA, the global leader in fragrance creation, to set up a new greenfield production facility in Mahad. The facility will have state of the art manufacturing equipment tailor made to manufacture small-volume fragrance ingredients of medium to high complexity, also known as specialty ingredients, the company said. Privi will hold 51% of the equity capital of the joint venture company.
• Mangalore Refinery and Petrochemicals: Approved raising up to Rs 5,000 crore through issue of NCDs. Enhanced borrowing powers to Rs 33,500 crore from Rs 25,000 crore.
• Hindalco Industries: CRISIL Ratings has upgraded its rating on the non-convertible debentures of the company to AA+/stable from AA/positive.
• R Systems International: To consider share buyback on August 6.
• Kotak Mahindra Bank: Shareholders will see a significant shift in Kotak Mahindra Bank Ltd.'s approach, with "greater aggression" and sharper execution, Uday Kotak said in the annual report for 2020-21. “We'll not shy away from taking bolder bets,” he added. The private lender sees this as the right time to experiment more and concentrate on segments it deems as offering the best opportunities for returns. The bank will increase investments in strengthening its digital and technology platforms and offerings.
• Privi Specialty Chemicals: Signed a joint venture agreement with Givaudan SA, the global leader in fragrance creation, to set up a new greenfield production facility in Mahad. The facility will have state of the art manufacturing equipment tailor made to manufacture small-volume fragrance ingredients of medium to high complexity, also known as specialty ingredients, the company said. Privi will hold 51% of the equity capital of the joint venture company.
• Mangalore Refinery and Petrochemicals: Approved raising up to Rs 5,000 crore through issue of NCDs. Enhanced borrowing powers to Rs 33,500 crore from Rs 25,000 crore.
• Hindalco Industries: CRISIL Ratings has upgraded its rating on the non-convertible debentures of the company to AA+/stable from AA/positive.
• R Systems International: To consider share buyback on August 6.
Rolex Rings IPO Final Day :
IPO subscribed 12.35 Times at 11:22 Am
Sail may raise prices of long and flat products by atleast Rs 1000/ton from Aug 1: Sources to Reuters
IPO subscribed 12.35 Times at 11:22 Am
Sail may raise prices of long and flat products by atleast Rs 1000/ton from Aug 1: Sources to Reuters
Dividend Updates
👉🏻Dr. Lal PathLabs Ltd Board declares Interim Dividend of Rs. 6
👉🏻India Grid Trust declares distribution of Rs. 3.18
👉🏻Dr. Lal PathLabs Ltd Board declares Interim Dividend of Rs. 6
👉🏻India Grid Trust declares distribution of Rs. 3.18