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
Stocks To Focus
• Tata Motors: Plans to increase the share of electric vehicles from 2% of the portfolio to 25% in the medium to long term, said Chairman N Chandrasekaran at the AGM. The company plans to launch 10 EV models before 2025. Further, the supply issues emerging from the semiconductor crunch and pandemic will hit the company’s production volumes, sales, cash flow and margins in the near-term, said Chandrasekaran. Expect the situation to improve in the second half of the ongoing financial year. The company is also on path to wiping out its debt by FY24. In FY21 we were able to reduce debt by over Rs 7,500 crore, he added.
• Coforge: Approved raising up to Rs 375 crore via share issue. It has also approved issuance of depository receipts in one or more tranches.
• Torrent Power: Entered into a Securities Purchase Agreement for acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 from Lightsource India and Lightsource Renewable Energy. The acquisition will cost company approximately Rs 317 crore and is expected to be completed in 2 months.
• Vedanta: Commenced winding-off operations at oxygen plant in Thoothukudi on July 30 to allow enough time for the defrosting process before the date indicated by the Supreme Court. As per the apex court's order on April 27, Vedanta has completed the three-month duration granted by the court to operate the oxygen plant until July 31. The company’s application for extension of the facility for a period of 6 months, is listed to be heard by the Supreme Court on August 6. The company said it is optimistic of further orders from the Supreme Court on resuming production.
• Info Edge (India): Invested Rs 7 crore in 4B Networks, through its wholly owned subsidiary, to increase its shareholding in the company to 19.9% from 12.3%. The company has agreed to acquire additional 1,358 Compulsorily Convertible Preference Shares of 4B Networks.
• Den Networks: The company and its wholly owned subsidiary, Futuristic Media and Entertainment, have sold their entire holding of 1.57 crore equity shares in CCN DEN Network, representing 51% of the equity share capital, to Virender Gaur and Mayank Gaur (the remaining shareholders) for Rs 8.67 crore.
• Hero MotoCorp: Commenced retail sales in Mexico. The company has introduced an extensive portfolio of products, including motorcycles and a scooter, thereby catering to the diverse segments of customers. The product portfolio will be available across the country through the retail arm of the distributor, agencies, and dealers, and will have attractive financing options, the company said.
• Atul Auto: Received approval from RBI for acquisition of equity shares of Khushbu Auto Finance.
• ITC: Wimco has become a wholly owned subsidiary of the company with effect from July 29, consequent to reduction of equity share capital of that company becoming effective upon receipt of necessary approvals, the company said.
• Earnings: HDFC, Punjab National Bank, Emami, Castrol India, RBL Bank, Carborundum Universal, CG Power and Industrial Solutions, Orient Cement, Varun Beverages, Ajmera Realty & Infra India, Shree Renuka Sugars, Avadh Sugar & Energy, Balaji Amines, Capri Global Capital, JMC Projects (India), IFB Agro Industries, Kalyani Steels, Mangalore Chemicals & Fertilizers, Nahar Capital & Financial Services, Nahar Polyfilms, Nahar Spinning Mills, Asian Star Co
• Tata Motors: Plans to increase the share of electric vehicles from 2% of the portfolio to 25% in the medium to long term, said Chairman N Chandrasekaran at the AGM. The company plans to launch 10 EV models before 2025. Further, the supply issues emerging from the semiconductor crunch and pandemic will hit the company’s production volumes, sales, cash flow and margins in the near-term, said Chandrasekaran. Expect the situation to improve in the second half of the ongoing financial year. The company is also on path to wiping out its debt by FY24. In FY21 we were able to reduce debt by over Rs 7,500 crore, he added.
• Coforge: Approved raising up to Rs 375 crore via share issue. It has also approved issuance of depository receipts in one or more tranches.
• Torrent Power: Entered into a Securities Purchase Agreement for acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 from Lightsource India and Lightsource Renewable Energy. The acquisition will cost company approximately Rs 317 crore and is expected to be completed in 2 months.
• Vedanta: Commenced winding-off operations at oxygen plant in Thoothukudi on July 30 to allow enough time for the defrosting process before the date indicated by the Supreme Court. As per the apex court's order on April 27, Vedanta has completed the three-month duration granted by the court to operate the oxygen plant until July 31. The company’s application for extension of the facility for a period of 6 months, is listed to be heard by the Supreme Court on August 6. The company said it is optimistic of further orders from the Supreme Court on resuming production.
• Info Edge (India): Invested Rs 7 crore in 4B Networks, through its wholly owned subsidiary, to increase its shareholding in the company to 19.9% from 12.3%. The company has agreed to acquire additional 1,358 Compulsorily Convertible Preference Shares of 4B Networks.
• Den Networks: The company and its wholly owned subsidiary, Futuristic Media and Entertainment, have sold their entire holding of 1.57 crore equity shares in CCN DEN Network, representing 51% of the equity share capital, to Virender Gaur and Mayank Gaur (the remaining shareholders) for Rs 8.67 crore.
• Hero MotoCorp: Commenced retail sales in Mexico. The company has introduced an extensive portfolio of products, including motorcycles and a scooter, thereby catering to the diverse segments of customers. The product portfolio will be available across the country through the retail arm of the distributor, agencies, and dealers, and will have attractive financing options, the company said.
• Atul Auto: Received approval from RBI for acquisition of equity shares of Khushbu Auto Finance.
• ITC: Wimco has become a wholly owned subsidiary of the company with effect from July 29, consequent to reduction of equity share capital of that company becoming effective upon receipt of necessary approvals, the company said.
• Earnings: HDFC, Punjab National Bank, Emami, Castrol India, RBL Bank, Carborundum Universal, CG Power and Industrial Solutions, Orient Cement, Varun Beverages, Ajmera Realty & Infra India, Shree Renuka Sugars, Avadh Sugar & Energy, Balaji Amines, Capri Global Capital, JMC Projects (India), IFB Agro Industries, Kalyani Steels, Mangalore Chemicals & Fertilizers, Nahar Capital & Financial Services, Nahar Polyfilms, Nahar Spinning Mills, Asian Star Co