Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and appointments, here’s a quick look at which stocks will be in focus in today's trade:
Stocks To Watch
The bank has submitted an application to the Reserve Bank of India (RBI) seeking approval for a voluntary transition from a small finance bank to a universal bank.
General Insurance Corporation of India
The Government of India will be selling a 6.78% stake (including a greenshoe option of 3.39%) in GIC Re via an offer-for-sale (OFS) on September 4-5. The OFS will open for non-retail investors on September 4, while retail investors and employees can participate on September 5. The floor price has been set at Rs 395 per share.
The company has signed a term sheet for the sale of its retail business 24Seven to retail startup New Shop, reports CNBC-TV18 quoting sources The deal is expected to close by the end of September. Under the term sheet, the process to transfer shops to New Shop, which operates 160 stores across 35 cities round the clock, has already begun.
Sudarshan Chemical is in the race to acquire its German competitor, Heubach GmbH, which filed for insolvency in Germany on April 23, 2024, due to a high debt burden, reports CNBC-TV18 quoting sources. Sudarshan Chemical is likely to have submitted a bid to the insolvency administrator.
The company has executed a Business Transfer Agreement to transfer its over-the-counter (OTC) business undertaking on a slump sale basis to its subsidiary, Mankind Consumer Products (MCPPL).
M K Hamied has resigned from his position as Vice Chairman and Non-Executive Director of the pharma company, effective October 29, due to age and health reasons. The Board has appointed Adil Zainulbhai and Abhijit Joshi as additional non-executive directors of the company, effective September 3.
The electricity exchange recorded a total volume (including certificates) of 12,040 MU in August 2024, a 35.8% increase from the year-ago period. The electricity volume rose by 17.1% YoY to 9,914 MU, while renewable energy certificates (REC) surged 737.4% to 2,116 MU. The Day-Ahead Market (DAM) volume soared to 4,666 MU in August, up 22.5% YoY, while the Real-Time Electricity Market (RTM) reported its highest-ever monthly volume of 3,485 MU, a 27.3% increase YoY.
The company has signed a Memorandum of Understanding (MoU) with the Department of Water Resources (WRD), Maharashtra Government, for the establishment of energy storage systems (pumped storage systems) along with other renewable energy sources (such as solar/wind/hybrid) with a total capacity of 7,350 MW.
The company has received two orders from the GST Department in Tiruvallur, demanding a tax of Rs 480.25 crore (including interest and penalty) for FY20. It is in the process of filing an appeal before the said authority.
GlaxoSmithKline Pharmaceuticals
The company has received an order from the Income Tax Department for an income tax refund of Rs 222.23 crore for the Assessment Year 2022-23.
The company's facilities in Bangladesh have resumed normal operations, and normalcy has returned across its partner factories in the region. The company remains positive about medium-term business prospects in Bangladesh.
Bulk Deals
RARE Enterprise sold a 1.31% stake in Exicom at an average price of Rs 348.6 per share, totaling Rs 55.25 crore.
Lotus Global Investments sold a 0.62% stake in the stainless steel company at an average price of Rs 730.05 per share, valued at Rs 374.8 crore.
Medi Assist Healthcare Services
Goldman Sachs Funds (Goldman Sachs India Equity Portfolio), HDFC Mutual Fund, ICICI Prudential Mutual Fund, Smallcap World Fund Inc, and Aditya Birla Sun Life Mutual Fund purchased a 12.02% stake in Medi Assist at an average price of Rs 611.7 per share. Meanwhile, foreign company Novo Holdings A/S sold a 0.71% stake in the company at the same price. Promoter Bessemer India Capital Holdings II offloaded 13.5% of its shares at the same price, valued at Rs 580.5 crore.
Westbridge AIF I sold a 1.46% stake in the small finance bank at an average price of Rs 676.06 per share, amounting to Rs 736.6 crore.
Mainboard Listing on September 4
Ecos India Mobility & Hospitality
SME Listing on September 4
Paramatrix Technologies, Aeron Composite
Stocks Turn Ex-Dividend
Hikal, MAS Financial Services, Parag Milk Foods, GeeCee Ventures, Prince Pipes and Fittings, RACL Geartech, Reliance Chemotex Industries, SP Capital Financing, Uni Abex Alloy Products
Stock Trades Ex-Date for Buyback
Transport Corporation of India
F&O Ban
Aditya Birla Fashion and Retail, Balrampur Chini Mills, Hindustan Copper
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