Stocks to Watch: Check out the companies making headlines before the opening bell.
Adani Power: The company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January 2021. The company has not received in principle approval of the exchanges. And hence it is withdrawing offer for delisting on account of delay and commercial viability.
ACC, Ambuja Cements: The Adani Group through its special purpose vehicle Endeavour Trade and Investment has completed the acquisition of Ambuja Cements and ACC. With this, it has become the second largest cement player in India. The transaction involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities. The value of the Holcim stake and open offer consideration for Ambuja Cements and ACC is $ 6.50 billion. Soon after Adani’s takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs. The board of Ambuja Cements approved an infusion of Rs 20,000 crore into Ambuja by way of preferential allotment of warrants.
Indus Towers: Bimal Dayal has tendered his resignation as Managing Director and CEO of the company and as a Director from the Board. Till the time the aforesaid vacancy is filled, Tejinder Kalra, the Chief Operating Officer and Vikas Poddar, the Chief Financial Officer will be jointly responsible for the functioning of the company under the guidance of the board and the Chairman.
Tata Power: Resurgent Power Ventures Pte Ltd completed acquisition of South East UP Power Transmission Company (SEUPPTCL). Resurgent Power Ventures Pte Ltd is a joint venture based out of Singapore, wherein 26 percent shareholding is held by Tata Power through its wholly owned Singapore based subsidiary. SEUPPTCL was incorporated as a special purpose vehicle formed by UP Power Transmission Company Limited (UPPTCL) in 2009 to implement and operate the specified intra-state transmission system for a period of 35 years under public private partnership model on build-own-operate-maintain and transfer (BOOT) basis. Now SEUPPTCL has become a wholly owned subsidiary of Resurgent Power.
Maruti Suzuki India: The country’s largest car maker has decided to recall 5002 super carry vehicles manufactured between May 4 and July 30. The recall is being undertaken for inspection and torquing of a bolt attached to seat belt buckle bracket of co-driver seat. It is suspected that there is a possible defect in bolt torquing, which in a rare case, may loosen in the long run.
Mahindra Holidays & Resorts India: The company has increased its shareholding in Rocksport to 23.42%. It has subscribed to balance 3,25,547 equity shares of Rocksport for nearly Rs 8 crore. Rocksport provides outdoor entertainment, adventure programs, educational adventure tours and retail of branded adventure products in India.
Bharat Wire Ropes: The company said the board meeting is scheduled on September 23 to evaluate the proposal for raising of funds by way of a preferential allotment.
Granules India: The company has decided to open its share buyback offer on September 27 and the offer will close on October 11. The company will buy back shares worth up to Rs 250 crore and the buyback price has been fixed at Rs 400 per share.
HDFC Life Insurance Company: The company has received approval from National Company Law Tribunal for merger of Exide Life Insurance Company with itself.
Mafatlal Industries: The company said the Board of Directors has given approval for sub-division of existing equity share from one equity share (face value Rs 10 each) into five shares (face value Rs 2 each). The record date for sub-division of equity shares will be intimated in due course.
Shree Renuka Sugars: The company said the expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD, is expected to go on stream by December 2022.
Aptus Value Housing Finance, Asahi India Glass, Lemon Tree Hotels, Motherson Sumi Wiring India: Integrated Core Strategies (Asia) offloads stake in Aptus Value Housing, Asahi India Glass, Lemon Tree Hotels, Motherson Sumi Wiring. Singapore-based investment company Integrated Core Strategies (Asia) Pte Ltd sold 26,52,173 equity shares in Aptus Value Housing Finance at an average price of Rs 326.74 per share, offloaded 15,80,220 shares in Asahi India Glass at an average price of Rs 603.61 per share, sold 52,28,379 equity shares in Lemon Tree Hotels at an average price of Rs 81.74 per share, and sold 1,67,94,202 shares in Motherson Sumi Wiring India at an average price of Rs 86.54 per share.
Deepak Fertilisers: The US-based investment advisory firm The Vanguard Group Inc through Vanguard Emerging Markets Stock Index Fund A Series of V I E I F bought 6,88,921 equity shares in the company at an average price of Rs 890.23 per share, however, Singapore-based investment company Integrated Core Strategies (Asia) Pte Ltd sold 7,53,298 equity shares in the company at an average price of Rs 887.69 per share.
Elgi Equipments: The US-based investment advisory firm The Vanguard Group Inc through Vanguard Total International Stock Index Fund (P8) bought 27,29,411 equity shares, and Vanguard Emerging Markets Stock Index Fund A Series of V I E I F acquired 28,09,639 equity shares in the company at an average price of Rs 489.2 per share. However, Singapore-based investment company Integrated Core Strategies (Asia) Pte Ltd offloaded 27,57,923 shares at an average price of Rs 490.64 per share.
GHCL: The US-based investment advisory firm The Vanguard Group Inc through Vanguard Emerging Markets Stock Index Fund A Series of V I E I F acquired 5,61,350 shares and Vanguard Total International Stock Index Fund (P8) bought 5,77,494 shares in the company at an average price of Rs 671.12 per share. However, Singapore-based investment company Integrated Core Strategies (Asia) Pte Ltd sold 6,67,116 shares in the company at an average price of Rs 667.67 per share.
SAL Steel: The company is going to supply ferro chrome to AIA Engineering. For the same, it has entered into a supply agreement for 3 years with AIA Engineering on non-exclusive basis, while AIA Engineering has also agreed to provide a secured inter corporate deposit of Rs 125 crore to the company which will be used by the company to repay its loan or for working capital requirements.
Moneycontrol News
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