Stocks to Monitor: Angel One, CDSL, Aster DM, PEL, Adani Power, Cipla

On March 27, the Indian stock market is expected to have a volatile opening as a result of mixed global cues. The Gift Nifty futures also suggest a tepid start, with the futures down 41 points against the Nifty 50 futures at 22,047 as of 07:00 AM.

Angel One: On March 26th, Angel One announced the launch of a Qualified Institutional Placement (QIP) issue with a base price of Rs 2,555 per share. This price is approximately 7% lower than the current market price. Today, the company's shares closed at Rs 2,750 each on the NSE, marking a 3.36% increase. Angel One stated in an earlier stock exchange filing that the objective of this fundraising is to enhance financial flexibility, grow the business, and leverage emerging opportunities within the existing and growing broking business as well as the broader fintech space. This move follows the leading broker's announcement last month of plans to raise up to Rs 2,000 crore through a preferential issue, QIP, or another method.

Central Depository Services (India): Standard Chartered Bank is planning to sell its entire stake in Central Depository Services (India) Ltd (CDSL) through a block deal. The bank aims to sell 7.5 million shares which represent a 7.18% stake in CDSL, according to a term sheet examined by Mint. The overall value of the deal is expected to reach up to $151 million. Standard Chartered is offering the shares at a base price of Rs 1,672 each, which is a 6.5% discount from CDSL's closing price of Rs 1,788.90 on the NSE on Tuesday. The sale process is being managed by JP Morgan India Private Limited on behalf of Standard Chartered. We have not received a response to our email inquiry to a CDSL spokesperson.

Aster DM Healthcare: According to industry insiders who spoke to Moneycontrol, private equity firm Olympus Capital Asia Investments is expected to sell up to 9.8% of its equity stake in a private healthcare services provider through a block deal. The estimated value of the block deal is around $235 million, with a fixed floor price of Rs 400 per share. As of December 2023, Olympus Capital Asia Investments owned 18.96% of the stake in Aster DM.

Piramal Enterprises: Piramal Enterprises, the financial services division of the Piramal Group, has revealed in a stock exchange filing on Tuesday, March 26, that it has invested Rs 2,000 crore in its wholly-owned subsidiary, Piramal Capital & Housing Finance Ltd (PCHFL), via a rights issue subscription. The investment will be used by PCHFL for general corporate purposes or for business. The company clarified that there will be no change in the percentage of the shareholding of the parent company in PCHFL as a result of this investment. Since the transaction is between the holding company and its wholly-owned subsidiary, it is exempt from being considered a related party transaction.

Adani Power: The Competition Commission of India has recently approved the acquisition of Lanco Amarkantak Power by Adani Power. The antitrust watchdog gave its consent in an order that stated Adani Power intends to acquire complete ownership and control of Lanco Amarkantak, which was undergoing corporate insolvency resolution. Adani Power had secured the bid for the company, which was in debt, last month for Rs 4,101 crore.

Cipla: Sanofi India and Sanofi Healthcare India have declared an exclusive alliance with Cipla for the distribution and promotion of six of Sanofi India's central nervous system (CNS) products in India. This includes Frisium, a top brand in the anti-epileptic medication category. In other news, Cipla has obtained approval from the US regulatory authority to consolidate Cipla Technologies LLC into Cipla USA Inc, effective from March 31, 2024. Both entities are fully owned indirect subsidiaries of Cipla in the USA.

Shyam Metalics and Energy: Shyam Metalics and Natural Resources Energy (NREPL) have formed a partnership and have received a Letter of Intent from the Industry, Energy, Labour, and Mining Department of the Maharashtra Government. The letter grants them a composite license for an iron ore block that covers an area of 1,526 hectares in Maharashtra. Dorite Tracon, a company that supports Shyam Metalics, holds a 49% stake in NREPL.

Wipro: Peter J. Arduini, CEO and President of GE HealthCare, recently announced that the company's India unit is planning to invest Rs 8,000 crore in the upcoming financial year, with the aim of strengthening its global supply chain. In India, GE HealthCare has a joint venture with Wipro Ltd, known as Wipro GE Healthcare, where it holds a majority stake of 51%. Arduini stressed the significance of India in their global supply chain and mentioned that it is currently one of their top four countries. He expressed his confidence that India's ranking could improve in the future.

GAIL (India): A state-owned natural gas company is planning to launch its first green hydrogen project in central India in April, according to three anonymous sources within the company. The project will be located at the Vijaipur complex in Madhya Pradesh state and will use a 10-megawatt proton exchange membrane electrolyser imported from Canada. The facility is expected to produce around 4.3 metric tons of hydrogen per day, with a purity of about 99.999% by volume, powered by renewable energy. India aims to achieve an annual production capacity of 5 million tons of green hydrogen by 2030.

Wockhardt: Investment funds overseen by seasoned investors Madhusudan Kela and Prashant Jain have participated in the QIP of Wockhardt, as revealed in an exchange filing. The company confirmed the closure of the institutional share sale on Tuesday, raising Rs 480 crore in the process. The company issued 92.85 lakh equity shares at a price of Rs 517 per share, representing a 5% discount to the QIP floor price of Rs 544.02 per share. Among the funds that have acquired 5 percent or more shares in the QIP are the 3P India Equity Fund, managed by former HDFC Mutual Fund veteran Prashant Jain, and Madhusudan Kela's Cohesion MK Best Ideas sub-trust.

ZEE Entertainment Enterprises: The company's board has established a Monthly Management Mentorship Program to help the management team achieve key performance indicators, including the 20 percent Ebitda margin target set by the Managing Director and CEO, Punit Goenka. As per Zee's Tuesday announcement, a special committee will assess the management's business performance and provide necessary strategic guidance. The special committee, headed by ZEE Chairman R. Gopalan, highlights the board's commitment to safeguarding the interests of all stakeholders. Uttam Prakash Agarwal, the Chairman of the audit committee, is also a member of this committee.