Stocks to Focus: UltraTech Cement, AU Small Finance Bank, Vedanta, Medi Assist, Paytm
Stocks to Watch Today, Tuesday, August 27: Indian benchmark indices BSE Sensex and Nifty 50 are anticipated to start on a muted note, with GIFT Nifty futures trading about 10 points lower than Nifty futures. As of 7:40 AM, GIFT Nifty futures stood at 25,030, compared to Nifty futures at 25,043. In international markets, Japan’s Nikkei 225 declined by 0.35 percent, while the broad-based Topix remained flat. South Korea’s Kospi dropped by 0.42 percent, and the small-cap Kosdaq experienced a more significant decline of 1.14 percent.
UltraTech Cement: UltraTech Cement has successfully raised $500 million through a sustainability-linked loan, with participation from six banks, underscoring its commitment to sustainable practices.
AU Small Finance Bank: DSP Mutual Fund has acquired a 1.39 percent stake in AU Small Finance Bank at an average price of Rs 630 per share. Meanwhile, Fincare Business Services has sold a 1.7 percent stake at the same price.
Vedanta: Under Anil Agarwal's leadership, Vedanta has raised Rs 30,000 crore through a qualified institutional placement (QIP), offer for sale (OFS), and dividends. This substantial fund is aimed at reducing debt, enhancing capital structure, and seizing growth opportunities. In the first quarter, Vedanta's profit after tax soared 54% year-on-year to Rs 5,095 crore. The company also achieved record alumina production at Lanjigarh and cut production costs by 20% year-on-year. As of June 30, Vedanta's debt was Rs 6,130 crore.
Medi Assist Healthcare Services: Medi Assist Healthcare Services has announced that its subsidiary, Medi Assist Insurance TPA, has finalized agreements to acquire 100% of Paramount Health Services & Insurance TPA from Fairfax Asia and the Shah family. This acquisition will boost Medi Assist's market share to 36.6% in the group segment and 23.6% in the health insurance industry based on premiums managed.
Medplus Health Services: Lavender Rose Investment has divested its entire 11.35 percent stake in Medplus Health Services, selling shares at an average price of Rs 616.48 each. ICICI Prudential Mutual Fund acquired a 4.3 percent stake at an average price of Rs 616 per share, and the Government of Singapore purchased a 0.97 percent stake at Rs 616.20 per share.
Bondada Engineering: Bondada Engineering has been awarded a major project worth Rs 575.74 crore. This project was granted by Lumina Clean Energy, Purelight Energy, and VVKR Photovoltaics Energy—special purpose vehicles created by Paradigm IT Technologies and Metalcraft Forming Industries.
Alembic Pharmaceuticals: Alembic Pharmaceuticals has secured approval from the USFDA for its generic version of Betamethasone Valerate Foam, a treatment for moderate-to-severe psoriasis of the scalp. This approval covers a formulation that is therapeutically equivalent to Norvium Bioscience's Luxiq Foam (0.12%).
Paytm: Paytm has addressed recent media reports concerning a SEBI notice, clarifying that this issue is not new and had already been disclosed in their financial results for the quarter and year ending March 31, 2024, as well as for the quarter ending June 30, 2024.
PI Industries: PI Industries' Board of Directors has appointed Sanjay Agarwal as the Group Chief Financial Officer, effective August 26, following the retirement of the previous CFO, Manikantan Viswanathan.
HCL Technologies: HCL Technologies has expanded its strategic partnership with Xerox, emphasizing AI-powered engineering services and digital process operations. Under this extended collaboration, HCLTech will assist the newly established Xerox Global Business Services organization in achieving critical business objectives.
Repro India: Investor Ashish Kacholia sold a 1.22 percent stake in Repro India at an average price of Rs 625 per share, while JVS Joyrass Holdings acquired a 0.7 percent stake at the same price.
Lemon Tree Hotels: Lemon Tree Hotels has announced a new property, Lemon Tree Hotel, Civil Lines, Ayodhya, under an agreement. The 80-room hotel is slated to open in FY28 and will be managed by its subsidiary, Carnation Hotels.
UCAL: UCAL, a leading automotive component manufacturer, has entered into a Memorandum of Understanding (MoU) with Blaer Motors to jointly design and develop electronic components. This collaboration will focus on creating motor controllers with power ranges from 500 watts to 2 kilowatts.
KPI Green Energy: KPI Green Energy's fully-owned subsidiary, Sun Drops Energia Private Ltd, has secured letters of intent to undertake solar power projects totaling a combined capacity of 13.30 MW. These projects have been awarded by Sumicot, Ekta Prints Private, Radhika Fabrics, and Sanjopin Industries.
Brightcom Group: Brightcom Group posted a net loss of Rs 24.2 crore for the quarter ending December 30, 2023. Revenue fell sharply by 85 percent year-on-year to Rs 453.2 crore. The company cited several issues for its poor performance, including the ongoing conflict in Israel, the resignation of its CEO and CFO, unfavorable media coverage due to a SEBI order, and auditors' concerns about interim financial statements and shareholding disclosures. As a result, Brightcom Group's shares are currently suspended from trading, and the company has not yet reported results for the March and June quarters.
