Stocks to Monitor: Ambuja Cements, Vi, Havells, Sterlite Tech, Suven Pharma

By siliconindia  |  Friday, 14 June 2024, 10:06:53 AM IST

Stocks to Monitor: Ambuja Cements, Vi, Havells, Sterlite Tech, Suven Pharma
Stocks to Watch on Friday, June 14, 2024: Despite negative cues from global markets, the GIFT Nifty is showing early gains today. As of 7:40 AM, the index stands at 23,421 points, marking a rise of 22 points. Across Asia, major indices are predominantly lower, with the ASX 20 leading the decline by 0.3 percent, followed by the Hang Seng (down 0.14 percent) and the Shanghai Composite (down 0.1 percent).
Ambuja Cements: The Adani Group-owned company announced on June 13th that it will acquire 100 percent stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore. The acquisition, expected to be completed within 3-4 months, is part of Adani's goal to achieve a capacity of 140 million tonnes per annum (MTPA) by 2028. The acquisition will be funded through internal accruals and will help Ambuja expand its market presence in South India.
Vodafone Idea: On June 13, Vodafone Idea announced that its board has approved the issuance of approximately 166 crore shares at Rs 14.80 per share to raise funds up to Rs 2,458 crore on a preferential basis. These shares will be allotted to Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited. Following this issuance, Nokia and Ericsson will hold 1.5 percent and 0.9 percent of the shareholding in Vodafone Idea, respectively.
Havells: The company plans to expand air conditioning manufacturing capacities at Ghiloth and Sricity locations to 1.5 million units per year each, with an investment of Rs 50-60 crore, funded through internal accruals.
Sterlite Technologies: The company is facing a $2,748,225 damages claim from the Data Management Center due to delays and unfulfilled obligations related to a turnkey solution agreement.
Suven Pharmaceuticals: The company announced on Thursday that it will acquire a 67.5 percent stake in Hyderabad-based Sapala Organics for Rs 229.5 crore. The company has entered into a definitive agreement for the investment.
Tata Consumer Products: TCPL plans to double its capital expenditure (capex) this fiscal year. A significant portion of the investment will be used to set up a new plant in Vietnam. The company's capex for the last fiscal year was around Rs 308 crore, but it is expected to more than double to approximately Rs 785 crore this fiscal year. The company is making a significant investment of about Rs 400 crore in a new plant in Vietnam.
LIC: The Life Insurance Corporation of India (LIC) is looking to acquire one of India's five private standalone health insurance companies. LIC has assets worth over Rs 51 trillion and holds a market share of over 61.5 percent in life insurance. The company is interested in obtaining a composite license that would allow it to sell both life and non-life policies.
Wipro: The IT firm is teaming up with Hewlett Packard Enterprise to introduce a GenAI solution at Wipro Cloud Studio’s Kodathi office, aiming to improve operational efficiency and customer experience globally.
Suzlon Energy: The company has engaged Khaitan & Co., a prominent Indian law firm, to assess its corporate governance practices after independent director Marc Desaedeeler resigned due to corporate governance issues.
Zee Media: The company's board has approved the establishment of a wholly-owned subsidiary to introduce digital and alternative media properties in the infotainment sector.
RITES: The company has signed a memorandum of understanding (MOU) with Delhi Metro Rail Corporation for collaboration on metro railway system projects, including rolling stock, depot management, station management, and maintenance of railway infrastructure.
NALCO: The company has signed a lease agreement with the Odisha government for bauxite mining in Pottangi. The annual production capacity is 3.5 million tonnes with estimated reserves of 111 million tonnes.
Dr. Reddy’s Laboratories: Life Insurance Corporation of India has increased its stake in Dr. Reddy’s Laboratories from 4.95 percent to 5.01 percent.
L&T Finance: Morgan Stanley Asia picked up a major chunk of L&T Finance shares, which were offloaded by Bain Capital’s affiliates and BNP Paribas Financial Markets. The three entities together offloaded 8.82 crore shares, or 3.5 percent of equity, on Thursday through multiple block deals.
Brigade Enterprises: The company anticipates that the average price of its residential launches for FY25 will be Rs 10,000 per square foot. The company has unveiled its premium-luxury mixed-use project, Brigade Icon, on Chennai's iconic Mount Road. The 38-storey structure is expected to be one of the tallest buildings in Chennai once completed.
Dixon Technologies India: The company has lined up Rs 1,500-1,800 crore investment over the next three years to expand production capacity and component manufacturing. The company will generate the funds from internal accruals based on cash flow.
Cupid: The company has received its first order from Cipla Health to produce a variety of male condoms under the Cipla brand.
Puravankara: The board of the Bengaluru-based real estate firm on June 13 approved raising funds up to Rs 1,000 crore through Qualified Institutional Placement (QIP).
Senco Gold: On June 13, Hong Kong-based SAIF Partners sold a 5.8 percent stake in jewelry retailer Senco Gold for Rs 432.72 crore in an open market transaction.
NALCO: The company has signed a mining lease agreement with the Odisha Government for bauxite mining. The mines have an annual production capacity of 3.5 million tonnes.
SpiceJet: The National Company Law Tribunal (NCLT) has served SpiceJet with a notice regarding an insolvency petition filed by Engine Lease Finance BV, an aircraft engine lessor of the financially troubled airline. The NCLT bench, comprised of a single member, has instructed SpiceJet to submit a response to the petition from Engine Lease Finance (ELF) and has scheduled the hearing for August 2, 2024.
PTC India: The board of PTC India has approved the appointment of Manoj Kumar Jhawar, the current whole-time director, as the chairman and managing director of the company. This appointment is effective until a regular CMD is appointed. Rajib Kumar Mishra has ceased to be the CMD after the market regulator, Sebi, barred him from holding any post on the board or management of any listed company for a period of six months. This action was taken due to alleged corporate misgovernance in its subsidiary, PTC India Financial Services (PFS).
Zaggle Prepaid Ocean: The company has partnered with Skydo Technologies to enable cross-border payments for Zaggle corporate customers.

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