Let's catch up on the latest news from the stock market. From significant investments to major deals, order wins, and fund raising, here’s a quick look at which stocks will be in focus in today's trade:
Results Today
Borana Weaves, Orissa Minerals Development Company, PG Foils, and Supreme Infrastructure India will release their quarterly earnings on June 10.
Stocks to Watch
South Asia Growth Fund II Holdings is likely to sell 2.5 crore equity shares (representing 5.5% of the paid-up equity) of the company via block deals, according to sources quoted by CNBC-TV18. The floor price for the sale may be set at Rs 1,051.50 per share.
The company has opened its Qualified Institutions Placement (QIP) issue for subscription on June 9, with a floor price of Rs 153.93 per share. According to CNBC-TV18, quoting sources, the size of the QIP may be up to Rs 2,000 crore, including an upsize option of Rs 500 crore.
Jana Small Finance Bank has submitted an application to the Reserve Bank of India (RBI), seeking approval for its voluntary transition from a small finance bank to a universal bank.
The company, along with IRB Infrastructure Trust, has reported an 8.5% growth in toll collections for the month of May, reaching Rs 581.2 crore, compared to Rs 535.5 crore in the same period last year.
The company has entered into a Licensing Agreement with the Defence Research and Development Organisation (DRDO), Ministry of Defence, India, for the transfer of technology related to the modular bridging system of various lengths, ranging from 14m to 46m. Under the terms of the agreement, the company is licensed to manufacture this critical system in India and sell it within specified licensing regions for a period of 10 years. This includes exclusive rights to supply the system to the Indian Armed Forces and other government agencies.
The company has received a work order valued at approximately Rs 100 crore from the Bima Sugam India Federation (BSIF). The company will serve as the technology solution provider for the end-to-end development, implementation, support, and maintenance of the Bima Sugam Marketplace, platform integrations, and marketplace protocols.
The company has secured a contract worth Rs 893 crore for the construction of a berth and breakwater for the development of greenfield captive jetty(s) in Odisha.
Promoter Andrew Yule and Company will be selling up to 2% stake (or 3.48 lakh shares) in Veedol Corporation via offer-for-sale (OFS) on June 10-11. The OFS opened for non-retail investors on June 10 and will open for retail investors on June 11. The floor price has been fixed at Rs 1,566 per share.
Sanjeev Kumar Panchal has offered to resign as the Managing Director of the company, effective June 30, as he will be taking up a global role within the AstraZeneca Group, based in Gaithersburg, Maryland, US. The Board has appointed Praveen Rao Akkinepally as an Additional Director and the Managing Director of the company, effective July 1.
Sanjay Kumar Bohra has resigned as Chief Financial Officer (CFO) of the company, effective June 9. The Board has appointed Rishi Luharuka as the Chief Financial Officer of the company, designated as 'Group CFO', effective June 10.
The Board has appointed Jayakrishnan Sasidharan as the Chief Information Officer of the company, effective June 9.
Lakshmanan Chidambaram will retire as President of Tech Mahindra Americas – Strategic Vertical Business, effective June 30.
Pankaj Gupta has resigned as Chief Executive Officer - Commercial Real Estate, a senior management position at the company, effective June 9.
The company has received a Letter of Acceptance (LOA) for contracts worth $2.9 million from the Ministry of Public Works, the Co-operative Republic of Guyana. The contracts include construction supervision for the extension of the East Bank–East Coast Road Project Phase 2 (Eccles to Providence), along with additional work for the existing assignment from the Ministry of Public Works.
The company will incorporate a step-down subsidiary in Abu Dhabi, United Arab Emirates (UAE), to set up a seamless pipe manufacturing facility with a capacity of 3 lakh tons per annum (TPA) to cater to the oil and gas sector in the MENA region, for an investment of $105 million. Further, through its subsidiary Jindal Saw Holdings FZE, the company will set up a helically spiral welded (HSAW) pipe project in the Kingdom of Saudi Arabia (KSA) by entering into a joint venture agreement with Buhur for Investment Company LLC, KSA. Additionally, a Ductile Iron pipe project will be set up by entering into a joint venture agreement with RAX United Industrial Company, KSA.
After the allotment of 8.51 crore equity shares at an issue price of Rs 194 per share on rights basis, the company’s shareholding in M&M Financial Services has increased from 52.16% to 52.49%.
The Committee of Creditors of the Corporate Debtor has approved, with the requisite majority, the extension of time for submission of resolution plans until June 24, 2025, following requests from several Prospective Resolution Applicants (PRAs) for an extension of the current deadline of June 9.
Its flagship facility in Bangalore has received a 'Voluntary Action Indicated' (VAI) classification from the US Food and Drug Administration (USFDA), confirming its continued compliance. After the inspection of the facility during March 20-28, the USFDA issued a Form 483 with four observations. Based on the company’s comprehensive response and commitments, the agency has classified the inspection outcome as VAI, officially closing the inspection.
Bulk Deals
Promoter Lakshmee Foundation sold 21 lakh shares (0.79% stake) in Avantel at an average price of Rs 163.21 per share.
Promoter Apollo Pipes has bought 12 lakh shares (1% stake) in the company at an average price of Rs 41.25 per share. However, Singhal Enterprises sold 6 lakh shares at an average price of Rs 41.25 per share, and Balaji Agencies offloaded 6.5 lakh shares at an average price of Rs 41.24 per share.
Block Deals
Promoters Vinod Ranchhodbhai Tanti, Tanti Ranchhodbhai Ramjibhai, Rambhaben Ukabhai Tanti, and Tanti Holdings sold 19.81 crore shares (1.45% stake) in Suzlon at an average price of Rs 66.05 per share to several institutional investors via block deals, valued at Rs 1,308.87 crore. Institutional investors include Edelweiss MF, Aditya Birla Sun Life MF, Bandhan MF, Goldman Sachs (Singapore), ICICI Prudential Life Insurance Company, Invesco MF, Morgan Stanley Asia Singapore, Société Générale, Sundaram MF, Jaideep Sampat, and Bajaj Allianz Life Insurance Company.
Promoter Sukumar Srinivas sold 19 lakh shares (7.83% stake) in the company at an average price of Rs 926.1 per share, amounting to Rs 175.96 crore. However, buyers included Chartered Finance and Leasing, Singularity Equity Fund I, Ace Infracity Developers, Sageone Investment Managers LLP, Riti Foundation, RR Foundation, S R Foundation, and Swati Foundation.
Stocks Trade Ex-Dividend
Asian Paints
Indian Bank
Johnson Controls-Hitachi Air Conditioning India
Tata Investment Corporation
Stock Trades Ex-Date for Split
Vesuvius India
Stocks in F&O Ban
Titagarh Rail Systems
Aditya Birla Fashion and Retail
Chambal Fertilisers and Chemicals
Hindustan Copper
Stocks removed from F&O ban
Manappuram Finance
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