Stocks to Focus: Zomato, Bajaj Auto, TCNS Clothing, IndusInd Bank, Hindustan Copper, Torrent Power

By siliconindia  |  Tuesday, 20 August 2024, 09:36:53 AM IST

Stocks to Focus: Zomato, Bajaj Auto, TCNS Clothing, IndusInd Bank, Hindustan Copper, Torrent Power
Stocks to watch on Tuesday, August 20, 2024: Indian markets are anticipated to open positively, reflecting the upbeat global market sentiment. GIFT futures indicate a strong start, showing a 64-point gain over the Nifty50 futures at 24,659 levels. Asia-Pacific markets are up, driven by a rally on Wall Street and China's recent economic data. China has kept its loan prime rates steady at 3.35% and 3.85%. In Asia, Japan's Nikkei 225 surged 1.57%, with the Topix index rising 0.97%. South Korea's Kospi climbed 0.65%, and the Kosdaq increased by 0.88%.
Zomato: Antfin Singapore plans to sell 13.6 crore shares of Zomato, representing 1.54% of the company's equity, via a block deal on Tuesday. The shares will be offered at a floor price of Rs 251.68 each, which is slightly below the most recent closing price of Rs 262.17.
Bajaj Auto: Bajaj Auto has announced an increase in its deferred tax accounting provision by Rs 211 crore, following recent changes in the Finance Act, 2024. This adjustment is due to the elimination of indexation benefits on long-term capital gains from debt mutual funds purchased before April 1, 2023, as well as a reduction in the applicable tax rate.
Nucleus Software: The board of Nucleus Software will convene on August 22 to evaluate a potential share buyback, which would be their third such effort following buybacks in 2017 and 2021. The board will determine whether the buyback will be conducted via a tender offer or through the open market.
Poly Medicure: On August 19, Poly Medicure initiated its Qualified Institutional Placement (QIP) with a floor price set at Rs 1,880.69 per share. The issue is projected to raise approximately Rs 1,000 crore, with the proceeds intended for new manufacturing facilities, strategic acquisitions, and general corporate purposes.
Torrent Power: Torrent Power has filed a challenge with the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal (NCLT) decision that approved Sarda Energy and Mining's (SEML) resolution plan for SKS Power Generation, which is struggling with debt. Torrent Power disputes the decision, arguing that the selection process was discriminatory and that its bid, which offered the highest upfront payment, was overlooked. Despite Torrent Power's objections, the NCLT favored SEML’s proposal and rejected Torrent’s request for a copy of the approved plan.
TCNS Clothing and Aditya Birla Fashion and Retail: Aditya Birla Fashion and Retail Ltd (ABFRL) has announced that the National Company Law Tribunal (NCLT) has approved its merger with TCNS Clothing. The NCLT Mumbai Bench sanctioned the Scheme of Amalgamation, involving TCNS Clothing, ABFRL, and their stakeholders, on August 2, 2024.
IndusInd Bank: The Reserve Bank of India (RBI) has approved IndusInd Bank’s plan to set up a mutual fund asset management business as a wholly-owned subsidiary. Additionally, the RBI has authorized the bank to invest equity capital into the new subsidiary.
Hindustan Copper: Life Insurance Corporation of India (LIC) has divested a 2.09% stake in Hindustan Copper, worth Rs 447 crore, through an open market transaction. By selling 20,162,682 shares at an average price of Rs 221.64 each, LIC’s ownership in the state-owned company has decreased from 8.17% to 6.09%.
Tata Consumer Products: Tata Consumer Products Ltd (TCPL) has completed its Rs 3,000 crore rights issue, which was open from August 5 to August 19, 2024. This fundraising initiative is part of a larger strategy, approved by the board earlier this year, to raise Rs 3,500 crore for acquiring stakes in Capital Foods Pvt Ltd and Organic India Pvt Ltd.

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