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
The company has been declared the L1 bidder by the Brihanmumbai Municipal Corporation (BMC) for a project worth Rs 1,989.9 crore. The project involves the design and construction of an 8.48 km tertiary treated water conveyance tunnel from the Dharavi WWTF to the Ghatkopar WWTF, to be executed within a period of 93 months.
The board has approved the amalgamation of IDFC Financial Holding Company with IDFC, effective September 30, and the merger of IDFC with IDFC First Bank, effective October 1. Furthermore, the board has appointed V Vaidyanathan as MD & CEO of the bank for three years, effective from December 19, 2024.
The pharmaceutical company has invested $620 million in preference shares of its subsidiary Dr Reddy’s Laboratories SA, Switzerland. The subsidiary has allotted 6.2 million non-convertible preference shares, each with a nominal value of $100, to the company.
Zomato's co-founder and Chief People Officer, Akriti Chopra, has resigned with immediate effect after a 13-year-long tenure at the food delivery company.
The state-run lender has raised Rs 5,000 crore via Qualified Institutions Placement (QIP). It has approved the allotment of 48.19 crore shares to eligible qualified institutional buyers at a price of Rs 103.75 per share, including Citigroup Global Markets Mauritius - ODI, BOFA Securities Europe SA - ODI, SBI Contra Fund, Morgan Stanley Asia (Singapore), and Goldman Sachs.
ICICI Prudential Life Insurance Company
The company has received an order from the Assistant Commissioner of Income Tax, Mumbai, demanding tax and interest of Rs 361.23 crore for the Assessment Year 2022-23. The company plans to file an appeal against the order before the Commissioner (Appeals).
The exchange has revised its transaction charges for Sensex and Bankex Options (for all expiries) to Rs 3,250 per crore of premium turnover value, effective October 1. However, there will be no changes in the transaction charges for other contracts in the equity derivatives segment.
The board of Apollo Healthco has approved the allotment of Rs 2,475 crore worth of compulsorily convertible non-cumulative participating preference shares (CCPS - Class A and B) with a face value of Rs 100 per share, to Rasmeli, an Advent affiliate, for a 16.9% stake. Following the allotment, Apollo Hospitals' stake in its subsidiary, Apollo Healthco, will reduce from 94.91% to 78.879%.
The Ministry of Corporate Affairs (MCA) has approved the incorporation of BEL IAI AeroSystems, a joint venture between Bharat Electronics and Israel Aerospace Industries, Israel.
The company has appointed Subodh Srivastav as Chief Marketing Officer, effective October 21, 2024.
April Moon Retail, a joint venture company of Adani Airport Holdings, has executed a Share Purchase Agreement with Cococart Ventures (CVPL) and its existing shareholders, Karan Ahuja and Arjun Ahuja, for the acquisition of a 74% stake in CVPL for Rs 200 crore. Adani Airport Holdings is a subsidiary of Adani Enterprises.
Adani Electricity Mumbai has signed a Business Transfer Agreement with its subsidiary, North Maharashtra Power, to carve out the Adani Dahanu Thermal Power Station. Adani Electricity Mumbai is a subsidiary of Adani Energy Solutions.
The technology consulting and digital solutions company has strengthened its partnership with Currys, the UK retailer of technology products and services. LTIMindtree will re-platform Currys' website to Salesforce Commerce Cloud, launch an in-store client app on Experience Cloud, and implement Service Cloud for post-sales support.
The board has approved the re-appointment of Sumant Kathpalia as Managing Director & CEO for a term of three years, effective March 24, 2025. This re-appointment is subject to approval by the Reserve Bank of India and the bank's shareholders.
Mangalore Chemicals and Fertilizers
The company has resumed production at its ammonia and urea plants. Both plants were shut down for the replacement of reformer catalysts on September 6.
Life Insurance Corporation of India (LIC) has reduced its stake in the natural gas distribution company by 2.091%, bringing its holding down from 9.03% to 6.939% during the period of September 12–26, 2024.
The company has received a contract worth Rs 82 crore from Oil India for 2D seismic data acquisition of 4,300 LKM in the Rajasthan Basin under Mission Anveshan. The order will be executed within 18 months, and the company’s total order book now stands at Rs 1,000 crore.
The US Food and Drug Administration (FDA) has issued an Establishment Inspection Report for the company’s manufacturing facility in Ahmedabad. On July 12, the FDA issued zero Form-483 observations, with a "No Action Indicated" (NAI) designation after the inspection.
The US FDA has classified the inspection of Jubilant HollisterStier General Partnership's contract manufacturing facility in Canada as "Official Action Indicated" (OAI). This audit was originally reported on June 18. Jubilant HollisterStier General Partnership is a subsidiary of Jubilant HollisterStier Inc, USA, which is itself a step-down subsidiary of Jubilant Pharma, Singapore, wholly owned by Jubilant Pharmova.
The US FDA has issued four observations regarding the company’s API facility (Site 2) in Bengaluru. The facility was inspected between September 23 and September 27. The company does not anticipate any significant impact on its business.
The US FDA concluded an inspection of Lupin's Pithampur Unit-1 API and finished product manufacturing facility with three observations each for both the API and finished product operations. The facility was inspected from September 16 to September 27.
The company has appointed Prarthana Agarwal as Chief Financial Officer, effective October 1, following the retirement of Sunit Malhotra from the same role.
Tata Motors Group held the groundbreaking ceremony for its new vehicle manufacturing facility in Tamil Nadu. The group plans to invest Rs 9,000 crore in this greenfield manufacturing facility, which is designed for an annual production capacity of over 2.5 lakh vehicles. Production will begin in phases and progressively ramp up to full capacity over the next 5-7 years.
The Calcutta High Court has ruled in favour of Reliance Infrastructure, upholding the arbitration award of Rs 780 crore (including accrued interest) against West Bengal-based Damodar Valley Corporation related to the Raghunathpur Thermal Power Project. The court dismissed the appeal by Damodar Valley Corporation, and a bank guarantee of Rs 600 crore will also be released.
Bulk Deals
Sterling and Wilson Renewable Energy
Morgan Stanley Asia Singapore Pte, Societe Generale, and Citigroup Global Markets Mauritius have acquired a 2.8% stake in the renewable energy company at an average price of Rs 623 per share. Meanwhile, promoters Shapoorji Pallonji & Company sold a 5.78% stake at an average price of Rs 623.28 per share, and Khurshed Yazdi Daruvala offloaded 1.35% of his shares at an average price of Rs 630.01 per share.
Promoters Ultra Portfolio Management, Angad Estates, Amar Engineering Company, and B.S. Sandhu & Associates sold a 17.97% stake in the company at an average price of Rs 610.6 per share, amounting to Rs 632.1 crore. However, Aditya Birla Sun Life Mutual Fund, UTI Mutual Fund, SBI Mutual Fund, Sundaram Mutual Fund, HSBC Mutual Fund, Franklin Templeton Mutual Fund, DSP Mutual Fund, and Ashoka India Equity Investment Trust Plc collectively acquired a 16.76% stake at the same price, valued at Rs 589.58 crore.
Global investors Morgan Stanley Asia Singapore Pte, Goldman Sachs Funds - Goldman Sachs India Equity Portfolio, and Smallcap World Fund Inc. acquired a 5.2% stake in Nuvama at an average price of Rs 6,702.60 per share, valued at Rs 1,234.8 crore. However, investors EDEL Finance Company and Ecap Equities sold a 6.2% stake in Nuvama at the same price, amounting to Rs 1,481.2 crore.
Prasid Uno Family Trust sold a 5.5% stake in Entero at an average price of Rs 1,305 per share, amounting to Rs 313.2 crore, while Stichting Depositary APG Emerging Markets Equity Pool bought a 2.1% stake at the same price, valued at Rs 121 crore.
Promoter Nageswaramma Private Trust sold a 1.17% stake in Amrutanjan Health at an average price of Rs 745.29 per share.
Results Today
Northern Arc Capital
Mainboard Listing on September 30
Manba Finance
SME Listing on September 30
WOL 3D India, Rappid Valves India
Stocks Turn Ex-Dividend
ADS Diagnostic
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