Let's catch up on the latest news from the stock market. From significant investments to major deals, fund raising and appointments, here’s a quick look at which stocks will be in focus in today's trade:
Stocks To Watch
Edel Finance Company and Ecap Equities are likely to sell a 6.4% equity stake in Nuvama Wealth Management via block deals, according to reports by CNBC-TV18, citing sources. The floor price for the deal may be set at Rs 6,455 per share, with a block size of Rs 1,464.8 crore at the floor price. As of June 2024, Ecap Equities held an 8.44% stake, and Edel Finance held a 5.18% stake in Nuvama Wealth Management.
A RITES consortium has emerged as the lowest bidder for a project worth Rs 87.58 crore from the Delhi Metro Rail Corporation. The project involves retrofit work in RS-1 trains of DMRC. RITES' share in the order is 49%, or Rs 42.91 crore.
The company has denied claims that its product, Shelcal 500, allegedly failed a CDSCO (Central Drugs Standard Control Organization) quality test. Torrent stated that the sample seized by the CDSCO was not manufactured by the company and is, in fact, non-genuine and spurious. Torrent emphasized that all its products adhere to Good Manufacturing Practices (GMP) and are controlled through pre-established specifications and regulatory norms.
Life Insurance Corporation of India
S Sunder Krishnan has resigned as the Chief Risk Officer of the company, effective September 25.
The bank's board has approved the raising of additional long-term infrastructure bonds aggregating up to Rs 5,000 crore in one or more tranches during the current or subsequent financial year. This fundraising is in addition to the Rs 5,000 crore already raised by the bank in fiscal 2025.
The subsidiary, Piramal Capital & Housing Finance, has sold its immovable property comprising land and buildings in Santacruz, Mumbai, for Rs 187 crore to Shoquba Realty.
Shareholders at the company's Annual General Meeting have approved a stock split, dividing one equity share of Rs 10 face value into 10 equity shares with a Re 1 face value.
The company has appointed Ajay Muchhal as National Head – Credit, effective September 26.
A joint forum consisting of AIUBEF, AIUBSF, UBSA, and UBIEU, representing customer service associates and office assistants, has proposed a strike on September 27. The combined membership of these unions is approximately 7% of the bank's total employees. However, the majority unions, AIUBOF and AIUBEA, have agreed to withdraw the strike.
The company has received a work order from the Rural Development Department, Mantralaya, Maharashtra, for the operationalization of the ASSK-GP project in the Konkan, Pune, and Nashik regions. The contract is valued at Rs 155.72 crore and is expected to be completed by September 25, 2025.
The IT services company announced a strategic collaboration with Sally Beauty Holdings Inc., an American international specialty beauty retailer. Infosys Topaz will provide enterprise-scale IT efficiencies through hyper-automation to deliver accelerated business value and future-proof the business.
The board has appointed Isidro Pablo Porqueras Orea as the Chief Operating Officer of the company, effective November 1, 2024. Porqueras will succeed Wolfgang Prock-Schauer, who will be retiring later this year.
The biopharmaceutical company has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company, a subsidiary of Astra Industrial Group, to commercialize its Glucagon-like peptide-1 (GLP-1) products in select countries in the Middle East. Tabuk Pharmaceutical is a leading company in the Middle East and North Africa (MENA) region. GLP-1 is used for treating diabetes and managing chronic weight.
Nifty 50 Index Rejig
Trent and Bharat Electronics will replace Divis Laboratories and LTIMindtree in the Nifty 50 index, effective September 27.
Bulk Deals
Promoter entity Nageswaramma Private Trust sold a 2.88% stake in the company at an average price of Rs 760.08 per share, amounting to Rs 63.29 crore. However, ICICI Prudential Mutual Fund acquired a 2.25% stake at an average price of Rs 760 per share, valued at Rs 49.4 crore.
Investors Saint Capital Fund, Nexpact, Minerva Ventures Fund, Bridge India Fund, and AG Dynamic Funds acquired an 11.1% stake in the company at an average price of Rs 370 per share. However, promoter Kurjibhai Premjibhai Rupareliya sold an 11.6% stake at an average price of Rs 370.01 per share.
TPG Asia VII SF Pte, Peak XV Partners Investments V, Peak XV Partners Growth Investments III, Sequoia Capital Global Growth Fund III - Endurance Partners, LP, and Norwest Venture Partners X Mauritius sold a 19.21% stake in the company, valued at Rs 4,503.08 crore. Fidelity Funds - Emerging Markets Focus Fund, Nomura India Investment Fund Mother Fund, Eastspring Investments India Equity Open, Nomura Funds Ireland Plc Nomura Funds Ireland India Equity Fund, and Max New York Life Insurance Company acquired a 5.75% stake, amounting to Rs 1,346.5 crore.
Promoter Gulf Oil International Mauritius Inc. sold a 4.2% stake in the company at an average price of Rs 1,352.06 per share, valued at Rs 279.3 crore. Meanwhile, ITI Mutual Fund and Aditya Birla Sun Life Insurance Company acquired a 2.48% stake at an average price of Rs 1,351 per share, amounting to Rs 164.95 crore.
Results Today
Kross, Jamna Auto Industries
SME Listing on September 27
Avi Ansh Textile, Phoenix Overseas, SD Retail, BikeWo GreenTech
Stocks Turn Ex-Dividend
United Van Der Horst, West Leisure Resorts
Stock Trades Ex-Date for Split
Sanghvi Movers
Stock Trades Ex-Bonus
Pulsar International
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