Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and acquisitions, here’s a quick look at which stocks will be in focus in today's trade:
Stocks To Watch
Anshul Khandelwal has resigned as Chief Marketing Officer, and Suvonil Chatterjee has quit as Chief Technology & Product Officer of the company, effective December 27, due to personal reasons.
The south-based real estate developer has transferred three of its hospitality undertakings to its subsidiary, Prestige Hospitality Ventures, for Rs 313 crore. The hospitality undertakings include Mulberry Shades Bengaluru Nandi Hills, A Tribute Portfolio Resort; the underlying land along with all rights at Moxy Outer Ring Road; and a 57.45% equity stake in Prestige Leisure Resorts. The company is consolidating its hospitality assets under a single vertical.
Computer Age Management Services
Pullakurthi Srinivasa Reddy has resigned as Chief Technology Officer of the company, effective December 27. Furthermore, the board has approved an additional investment of Rs 8 crore in its subsidiary, CAMS Financial Information Services, through a rights issue in one or more tranches.
IL&FS Engineering and Construction Company
The company has received a sub-contracting works order worth Rs 302.82 crore related to Bhubaneswar Metro Phase-I from Ceigall India. The project involves part design and construction of the elevated viaduct, including a ramp for depot entry, as well as restoration works within the barricade of Bhubaneswar Metro Phase-I MRTS on a back-to-back basis.
The company has extended its partnership with Harley-Davidson Motor Company, Inc to expand the Harley-Davidson X440 into new variants and to develop and manufacture a new motorcycle.
AerVolt has secured an order worth Rs 97.5 crore for the supply of 50 MWp high-efficiency 595 Wp TOPCon technology smart solar panels. Delivery of the 595 Wp TOPCon bifacial solar panels for this tender is scheduled to begin in April 2025.
The board has approved the scheme of amalgamation of Cigniti Technologies with Coforge. Currently, Coforge holds 54% of Cigniti's expanded share capital. Cigniti shareholders will receive one equity share of Coforge for every five shares held.
The company has received in-principle approval from the National Highways Authority of India for the transfer of 100% of the stake held by its subsidiary, PNC Infra Holdings, in PNC Chitratlurga Highways (special purpose vehicle) to Highways Infrastructure Trust.
The board has approved the appointment of Leo Puri as an Additional Independent Director, and he has also been designated as the Chairman, effective December 27.
The board has approved the sale of NPA and written-off loans to an Asset Reconstruction Company (ARC), including unsecured stressed microfinance loans of Rs 355 crore. The reserve price for stressed microfinance loans is set at Rs 52 crore.
The board has appointed Sanjay Kumar as Chief Financial Officer (CFO) of the company, effective January 1, 2025.
The company's subsidiary, PS Toll Road (PSTR), has received notices from Axis Bank and IDFC First Bank, invoking the right of substitution under the Concession Agreement for six-laning the Pune-Satara section of NH-44 in Maharashtra, citing alleged DSRA defaults by PS Toll Road. PSTR will seek legal advice and take appropriate steps to safeguard its interests. The financial impact on the company cannot be determined at this stage.
The company has acquired technology-driven, oncology-focused healthcare platform Karkinos for Rs 375 crore. In its filing, Reliance said its subsidiary, Reliance Strategic Business Ventures, has subscribed to and has been allotted 1 crore equity shares of Rs 10 each, for cash, aggregating Rs 10 crore, and 36.5 crore optionally fully convertible debentures of Rs 10 each, for cash, aggregating Rs 365 crore of Karkinos Healthcare. Karkinos provides technology-driven, innovative solutions for the early detection, diagnosis, and management of cancer.
The boards of Axis Max Life Insurance and Max Life Pension Fund Management have decided to discontinue the operations of Max Life Pension Fund Management as a pension fund manager. After the recent change in the corporate name from Max Life Insurance Company to Axis Max Life Insurance, the presence of two separate pension fund management entities with similar branding could lead to unintended misinterpretations among the general public and the NPS subscribers of both PFM entities. Axis Bank also has an established pension fund management company, Axis Pension Fund Management.
The residue tank in the derivatives plant at the company's Pune plant in Maharashtra ruptured, resulting in serious burn injuries to the attending officer due to the hot content of the residue tank. The officer succumbed to the injuries after being treated at Surya Burns Hospital in Pune. There could be a temporary disruption in operations at the affected plant. The company is taking all necessary steps to restore normal operations at the earliest. Assets at the affected plant are adequately insured, and the company is in the process of filing an insurance claim to cover the damage and losses.
The public shareholding in the company has increased to 46.96% after the reclassification of promoter shareholders, with the promoter's stake now at 53.04%, compared to 63% earlier.
IOL Chemicals and Pharmaceuticals
The board has approved the sub-division (or split) of each equity share with a face value of Rs 10 into five equity shares with a face value of Rs 2 each.
After the allotment of additional equity shares by Jhar Mineral Resources, the company's stake in Jhar Mineral Resources has been diluted to 51%. Accordingly, Jhar Mineral Resources will now be a subsidiary rather than a wholly owned subsidiary of the company.
The company has announced a temporary disruption of operations due to an incident at its CMS-1 plant at Dahej, Gujarat, on December 28. Four persons who were present at the plant died. All the company's assets are adequately covered under the insurance policy.
Bulk Deals
UltraTech Cement has acquired an 8.3% stake in Star Cement at an average price of Rs 227.7 per share, for Rs 765.68 crore. Promoters Rahul Chamaria, Rajendra Chamaria, Renu Chamaria, and Sachin Chamaria exited Star Cement by selling their personal shareholdings. UltraTech had previously approved an investment to acquire a non-controlling minority stake of up to 3.7 crore equity shares of Star Cement at a price of up to Rs 235 per share.
Himalaya Finance & Investment Co sold a 2.4% stake in the company at an average price of Rs 98 per share, and ace investor Ashish Rameshchandra Kacholia offloaded a 2.46% stake at an average price of Rs 98.01 per share. However, promoters Vikram Jain and Vinit Jain bought a 4.8% stake in their company at an average price of Rs 98 per share.
Garuda Construction and Engineering
Investor Utpal H Sheth has bought a 0.51% stake in Garuda Construction at an average price of Rs 128.49 per share.
Neomile Corporate Advisory and Neomile Growth Fund - Series I bought a 1.7% stake in the company at an average price of Rs 90 per share.
Societe Generale has net bought a 0.77% stake in the yarn manufacturer at an average price of Rs 401.42 per share.
Morgan Stanley Asia Singapore Pte sold a 0.53% stake in Concord Enviro at an average price of Rs 827.51 per share, and State Bank of India offloaded a 1.33% stake at an average price of Rs 820.59 per share.
Mainboard Listing on December 30
Senores Pharmaceuticals, Ventive Hospitality, Carraro India
Stock Trades Ex-Bonus
Banco Products India
Stock Trades Ex-Date for Resolution Plan - Suspension
SR Industries
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