Stocks to Focus: Jio Financial Services, ICICI Prudential, LTIMindtree, UPL, Zydus Life
Stocks to Watch on Wednesday, August 28: Benchmark indices Sensex and Nifty50 are anticipated to start the day on a subdued note due to mixed global signals. As of 6:52 AM, GIFT Nifty Futures were down by 10 points, trading at 25,008, suggesting a flat to negative opening for Indian markets. Asian markets experienced declines, with the ASX200 falling 0.47 percent ahead of Australia's inflation data, the Nikkei slipping 0.21 percent, and the Kospi dropping 0.27 percent.
Jio Financial Services: Jio Leasing Services Limited (JLSL), a subsidiary of Jio Financial Services, has announced a substantial investment of Rs 67.50 crore in Reliance International Leasing IFSC Limited (RILIL). This investment includes the acquisition of 6.75 crore cumulative optionally convertible preference shares, each priced at Rs 10, which equates to an 8.1 percent stake in RILIL. The venture is a 50:50 partnership between JLSL and Reliance Strategic Business Ventures Ltd, a wholly-owned subsidiary of Reliance Industries Limited.
ICICI Prudential: ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) has reported receiving a tax demand amounting to Rs 429.05 crore from the Deputy Commissioner of State Tax in Maharashtra as of August 27. The company plans to challenge this GST demand by filing an appeal with the Commissioner (Appeals) within the prescribed period. This tax demand also encompasses related interest and penalties, as outlined in their post-market exchange filing.
LTIMindtree: LTIMindtree, an IT services firm, has obtained an interim stay from the Karnataka High Court regarding a Rs 378-crore GST demand order. This stay was granted following the company's writ petition filed on August 20, 2024, contesting the legality and validity of the order issued by the Bengaluru Department of Goods and Services Tax.
UPL: UPL, a major player in the agrochemical sector, has announced that its subsidiary, UPL Global Ltd (UGL), has successfully acquired the remaining 20% stake in PT Excel Meg Indo, an Indonesian agrochemical firm. The transaction, valued at around $6.85 million, was completed on August 27, 2024.
Maruti Suzuki: Maruti Suzuki India Ltd is experiencing a slight delay in finalizing the site for its upcoming manufacturing plant, which is set to have an annual production capacity of 1 million units. The Kharkhoda plant in Haryana, anticipated to begin operations by 2025-26, was discussed by Chairman RC Bhargava during the company’s AGM on August 27. Bhargava reiterated the company's dedication to the low-cost, small-car market, stating that current demand fluctuations will not shift Maruti Suzuki's strategic focus.
Reliance Capital: IndusInd International Holdings Ltd, part of the Hinduja Group, has informed the National Company Law Tribunal (NCLT) in Mumbai that Reliance Capital will be rebranded under the ‘IndusInd’ name after acquiring the insolvent company. Venkatesh Dhond, senior counsel for the Hindujas, emphasized the group's aim to accelerate the rebranding process to move away from the Reliance name, marking a definitive break from the legacy brand.
Adani Power: Adani Power Limited has created a new wholly-owned subsidiary, Adani Power Middle East Ltd, based in Abu Dhabi, UAE. This subsidiary will concentrate on investments in power, infrastructure, and related sectors, according to the company's exchange filing. Adani Power Middle East Ltd has an authorized capital of 27,000 shares, each worth USD 1. Adani Power Limited, the parent company, is India's largest private thermal power producer with a power generation capacity of 15,250 MW.
Zydus Lifesciences: Zydus Lifesciences has received final approval from the USFDA for Amantadine extended-release capsules, 68.5 mg, along with tentative approval for the 137 mg dosage. Notably, this approval grants the company 180 days of market exclusivity for the 68.5 mg capsules.
Vodafone Idea (Vi): Vodafone Idea (Vi) has approved the Employee Stock Option and Performance Stock Unit Scheme 2024, which will offer up to 34.85 crore stock options and performance units. This represents 0.50 percent of the company’s issued share capital as of July 31, subject to shareholder approval.
PNC Infratech: PNC Infratech has been awarded the contract as the lowest bidder for a major highway and bridge project by the National Highways Authority of India (NHAI), valued at Rs 380 crore. The project entails the construction of a new 3-lane bridge over the Ganga River, linking Buxar and Bharauli on NH-922, extending across Uttar Pradesh and Bihar.
Awfis Space Solutions: Co-working space operator Awfis Space Solutions has partnered with Nyati Group to add an additional 3 lakh square feet of Grade-A workspace. This collaboration, the largest under the Managed Aggregation (MA) Model, will significantly expand Awfis's presence in Pune.
