Stocks to Monitor: Hindalco Industries, Tata Motors, SBI, GPT Infra, Wipro
Stocks to watch on Wednesday, June 5, 2024: Indian stock markets are expected to open higher on Wednesday, despite unexpected political developments and significant selling on Tuesday. The GIFT Nifty futures indicate a gap-up opening, trading 126 points higher than Nifty 50 futures at 22,034. In the Asia-Pacific region, Japan's Nikkei 225 is down 0.95 percent, while the broader Topix is up 1.21 percent. South Korea’s Kospi index has risen by 1.04 percent, and the Kosdaq is trading 0.34 percent higher.
Hindalco Industries: Novelis Inc., a subsidiary of Hindalco Industries, has delayed its IPO due to current market conditions. The company had initially aimed to raise between $810 million and $945 million, but it will now reconsider the timing of the offering. AV Minerals (Netherlands) NV and another shareholder were planning to sell 45 million Novelis shares in the IPO.
Tata Motors: Tata Motors Finance, a subsidiary of the company, will merge with Tata Capital, pending regulatory approvals. The board has approved the creation of a wholly-owned subsidiary, TML Commercial Vehicles, to house its commercial vehicles business.
State Bank of India: The bank’s board will meet on June 11 to discuss raising up to $3 billion in long-term funds through public or private placements of senior unsecured notes in FY 2024-25.
GPT Infraprojects: The company has received a Rs 547 crore order from Rail Vikas Nigam.
Jindal Stainless: The company has finalized the acquisition of Evergreat International Investment Pte Ltd, Singapore (EIPL), making it a wholly-owned subsidiary.
NLC India: The company plans to raise up to $600 million in foreign currency loans through ECBs on June 10, subject to RBI guidelines. It will also seek assistance from MDBs for upcoming renewable power projects.
Wipro: The IT company has teamed up with Zscaler to introduce Wipro Cyber X-Ray, an AI-powered decision support platform.
Zee Entertainment Enterprises: Animesh Kumar has resigned as the President of HR & Transformation. Dheeraj Jaggi will serve as the Acting Chief Human Resources Officer.
Container Corporation of India: The company and the Shipping Corporation of India have signed an MOU to provide a comprehensive logistics solution.
LTIMindtree: The company that provides digital solutions has expanded its partnership with SAP to create innovations for complex manufacturing industries.
Texmaco Rail & Engineering: The company has signed a Shareholders’ Agreement & Share Purchase Agreement with Saira Asia Interiors to acquire a 51 percent shareholding for Rs 9 crore.
Nuvama Wealth Management: The company has set up a fully owned subsidiary, Nuvama Wealth Management (DIFC), in Dubai.
IIFL Finance: The special audit of the company, directed by the RBI, has been completed.
Deep Industries: The company has received a Letter of Award from ONGC, Kakinada, for the hiring of DPDU (GDU) for gas processing for 10 months, valued at Rs 56 crore.
Roto Pumps: The company has commenced the commercial production of downhole pumps at a new manufacturing facility in Greater Noida.Noida.
Uflex: The company has entered into a Power Purchase Agreement and Share Subscription as well as a Shareholders’ Agreement to acquire 5.03 percent equity shares in Onevolt Energy for Rs 9.6 crore.
MC Switchgears: The company has secured a work order worth Rs 56.68 crore from AMISP provider for the supply of SMC meter enclosures for smart meters.
Shilpa Medicare: Shilpa Biologicals, a wholly-owned subsidiary, has submitted its first Drug Master File for recombinant Human Albumin 20 percent to the USFDA.
S H Kelkar: The company has established a new step-down subsidiary called Keva Germany GmbH.
