Stocks To Watch: BEL, IDBI Bank, ONGC, Coal India, Hero Moto, Eicher, Infosys, Lupin, Hindalco In Focus
Bharat Electronics: The company is in pact with Israel Aerospace Industries to collaborate on short range air defense systems.
IDBI Bank: The Department of Investment and Public Asset Management has invited bids for asset valuers for the bank. The bids are expected to be submitted by Oct. 9. The asset valuer will work closely with transaction adviser and legal adviser. The government is looking to sell 30.48%, while Life Insurance Corp. of India is looking to offload 30.24% of its stake in IDBI Bank, along with the transfer of management control.
ONGC: The board has approved capital restructuring of ONGC Petro additions (OPAL). It includes buyback of convertible debentures of Rs 7,778 crore by ONGC and an investment of Rs 7,000 crore in equity/quasi-equity security of OPaL.
Coal India: The state-run miner's production rose 13.2% year-on-year to 52.3 million tonnes in August 2023. Comparative production for the month surged ahead by 6.1 MTs. Total coal supplies to all consuming sectors shot up by 15.3% to 59 MTs in August 2023. Supplies were up nearly 8 MTs in a single month.
Hero MotoCorp: The company's sales rose 5.4% year-on-year to 4.89 lakh units in August. Domestic sales rose 4.7% to 4.73 lakh units while exports rose 24.7% to 15,770 units.
Eicher Motors: The company's total motorcycle sales rose 11% year-on-year to 77,583 units helped by new launches such as the Hunter 350. Exports was up by 13% to 8,190 units.
Infosys: The IT major completed the acquisition of Danske Bank’s IT centre in India. Danske Bank selected Infosys as a strategic partner to accelerate digital transformation initiatives with speed and scale.
Hindalco Industries: The company has entered into a shareholder’s agreement and power purchase agreement with Seven Renewable Power for acquisition of 26% stake in SRPPL for Rs 32.5 lakh. It plans to develop and operate captive power plant to supply 100 MW round-the-clock renewable energy to its smelter located in Odisha.
C.E. Info system: The company acquired 35,000 CCPS at Rs 2,571 apiece constituting 18.62% on fully diluted basis of Kogo Tech Labs aggregating to around Rs 9 crore. The total shareholding shall become 39.89% on a fully diluted basis.
Tata Power: The company's unit Tata Power Renewable Energy signed a Power Delivery Agreement of group captive project for 6 MW AC with Chalet Hotels. The plant will generate 13.75 million units of clean energy from renewable sources under this arrangement.
Chalet Hotels: The company will acquire a 26% stake in TP Agastaya and set up of a group captive solar power plant in Maharashtra.
Lemon Tree Hotels: The company has signed a License Agreement for an 80-room property in Dehradun, Uttarakhand under the brand “Lemon Tree Premier”. The hotel is expected to be operational by Q3 of FY25.
Delta Corp: The company approved the voluntarily strike off of subsidiary Delta Offshore Developers, Mauritius. The striking off process will be undertaken as per the laws of Mauritius. It also approved the incorporation of Deltin Foundation, along with Highstreet Cruises and Entertainment.
Lupin: The drugmaker completed the acquisition of French pharma firm Medisol, following regulatory approval.
Mahindra & Mahindra: The company entered into an Asset Transfer Agreement and a Business Transfer Agreement with unit Mahindra Last Mile Mobility for transfer of identified assets and business pertaining to the Last Mile Mobility Business to MLMML.
Deepak Fertilisers: The company has signed two gas purchase agreement with GAIL (India) for the next three years with a gas basket consisting of a combination of Brent, HH and domestic linked.
Kotak Mahindra Bank: Uday Kotak resigned as MD and CEO effective Sept. 1, four months ahead of his retirement. Dipak Gupta, joint managing director of the private lender will conduct the duties of MD and CEO, until Dec 31, when a new CEO will be appointed.
By: via Telegram.me/AlliesFin #StockMarket #india
