Stocks to Focus: AU Small Finance Bank, GIC, Cipla, SpiceJet, KIMS, Zee

By siliconindia  |  Wednesday, 04 September 2024, 09:47:51 AM IST

Stocks to Focus: AU Small Finance Bank, GIC, Cipla, SpiceJet, KIMS, Zee
Stocks to Watch, Wednesday, September 4, 2024: Indian markets were set for a gap-down opening on Wednesday, mirroring a global downturn triggered by weak US manufacturing data, which led to significant sell-offs in both US and Asian markets. Japan's Nikkei 225 was leading the regional decline, plummeting 4.01 percent, while the broader Topix index fell 2.74 percent. Similarly, South Korea's Kospi opened with a 2.61 percent drop, and the small-cap Kosdaq also saw a steep decline of 2.94 percent.
AU Small Finance Bank: On Tuesday, WestBridge Capital sold a 1.5 percent stake in AU Small Finance Bank for ₹736 crore through open market transactions. According to BSE’s bulk deal data, WestBridge Capital, through its affiliate WestBridge AIF I, divested 1,08,95,517 shares at an average price of ₹676.06 each. Additionally, AU Small Finance Bank, based in Jaipur, has applied to the Reserve Bank of India (RBI) to transition into a universal bank. This move comes amid the bank's ongoing integration with Fincare SFB, following their merger announcement on April 1.
GIC: The government plans to sell a 6.78 percent stake in General Insurance Corporation (Re) of India through an offer for sale (OFS), with a floor price set at ₹395 per share. Valued at approximately ₹4,701 crore, the OFS will be available for non-retail investors on Wednesday and for retail investors on Thursday. The offering includes a green shoe option and reserves 50,000 equity shares for eligible employees.
Cipla: M.K. Hamied is stepping down from his position as Vice Chairman of Cipla, effective October 29, due to age and health concerns. To maintain leadership continuity, Kamil Hamied will join the board as a Non-Executive Director, beginning November 1, 2024.
SpiceJet: Delhi airport operator DIAL has urged SpiceJet to clear its outstanding payments. However, SpiceJet maintains that it is meeting its payment deadlines as agreed. The airline is also facing increased scrutiny from the DGCA due to ongoing financial and legal challenges.
KIMS: KIMS has declared September 13, 2024, as the record date for its 5-for-1 stock split, as stated in its most recent exchange filing. Shareholders listed on this date will receive the new split shares.
Zee Entertainment Enterprises: The Securities Appellate Tribunal (SAT) has delayed the hearing of Subhash Chandra’s petition against SEBI regarding alleged fund diversion. Chandra has accused SEBI of corruption and has requested more time to prepare his defense, with the case scheduled to continue later in September. In other news, Zee Entertainment Enterprises Limited (ZEEL) has been granted an extension by the Ministry of Corporate Affairs and the Registrar of Companies (ROC) in Mumbai to hold its 42nd Annual General Meeting (AGM) for the financial year ending March 31, 2024.
Exicom Tele Systems: RARE Enterprise, associated with the late Rakesh Jhunjhunwala, sold 15.85 lakh shares in Exicom Tele Systems at an average price of ₹348.6.
Jindal Stainless: Lotus Global Investments Limited divested 51.33 lakh shares in Jindal Stainless at an average price of ₹730.05.
Medi Assist Healthcare Services: Goldman Sachs Funds, through the Goldman Sachs India Equity Portfolio, and HDFC Mutual Fund have both shown significant buying activity in Medi Assist Healthcare Services. They acquired 11.56 lakh shares and 31.06 lakh shares, respectively, at an average price of ₹611.7 per share.

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