Stocks to Monitor: Suven Pharma, Vedanta, Radico Khaitan, IHCL, Titan

Investors will be closely watching the stock market on March 1, 2024. The Sensex and Nifty, two key equity benchmark indices, are expected to open with small gains on Friday following the release of Q3 GDP data. As of 7:30 am, Nifty futures were up 38 points at 22,198, compared to the previous close of the Nifty futures.

Suven Pharmaceuticals: Advent International, a global private equity firm, has recently announced the merger of two of its pharmaceutical portfolio companies, Cohance Lifesciences and Suven Pharmaceuticals. The merger will result in the creation of a new entity with three distinct business units - Pharma CDMO, Spec Chem CDMO, and API+ (inclusive of formulations). As per the merger agreement, for every 11 shares of Suven, 295 shares of Cohance will be allotted to the shareholders of both companies. "The new shares of Suven so issued will be traded on the NSE and BSE. Advent entities shall own around 66.7 percent stake and the public shareholders will hold around 33 percent stake in the merged entity. This ratio is pre-ESOP dilution," the firms clarified in the release.

Vedanta: The Supreme Court has dealt a significant blow to the mining company Vedanta by dismissing the company's appeal to reopen its Sterlite Copper smelting plant in Thoothukudi, Tamil Nadu. The court has upheld the 2020 verdict of the Madras High Court and the Tamil Nadu Pollution Control Board (TNPCB) to shut down the plant due to environmental regulation violations. The facility was closed following violent protests in 2018, which resulted in 13 deaths.

Radico Khaitan: The producers of Rampur single malt whiskey have experienced considerable growth due to a strategic shift towards premium and luxury segments. This focus on high-margin products has resulted in a nearly six-fold increase in shareholder value, from Rs 4,500 crore to Rs 24,000 crore, according to Abhishek Khaitan, the managing director. In an exclusive interview with Mint, he stated that to meet the significant demand for Indian single malts, the company has tripled its plant capacity over the years and expanded its premium product portfolio.

Coal India, NLC India, Vedanta: Several companies, including Vedanta, Coal India, NLC India, Jindal Power, Dalmia Group, and Ola Electric, have submitted their bids for 20 mineral blocks in the first round of auctions for critical minerals in India. The Ministry of Mines announced on Thursday that it had received over 50 bids for these strategic and critical mineral blocks since the auction's launch on November 29. "The bidders represent a wide array of sectors like mining companies, EV manufacturers, cement producers, energy sector etc. Notable among them are Vedanta Ltd, Coal India Ltd, NLC India Ltd, Shree Cement, Orient Cements, Ola Electric, Dalmia Group, Rungta Group and Jindal Power etc", the statement said.

Indian Hotels Corporation: Indian Hotels Corporation Ltd (IHCL) is planning to recruit around 2,000-2,500 employees in FY25, in line with its aggressive growth strategy. This hiring initiative is a response to the company's strong pipeline of 85 hotels, according to Puneet Chhatwal, CEO and MD of IHCL. Chhatwal said, "Our workforce already exceeds 33,000. Considering our hotel business alone, if each hotel has an average of 100 rooms, we can add up to 2,000-2,500 employees just there".

Titan: CK Venkataraman, the managing director of Titan, predicts continued growth for the company's premium business sector for the next three to four years. Venkataraman, at an event, said, "In the upcoming years, a significant shift in per-capita income is anticipated. The numbers for the top-tier income segment are expected to grow at a faster pace compared to the lower income segments. This trend has been observed over the past few years as well".

DLF: The property developer has outlined plans to launch 10 million sq. ft in FY25, with an expected revenue of Rs 24,200 crore. This is part of its strategy to construct properties in Chennai, Goa, and Mumbai, in addition to their main markets in Gurugram and Panchkula. The company recently informed investors that approximately 5.8 million sq. ft of this development will cater to the super luxury segment. "We will commence our launches in Gurugram, and after two projects here, we will shift our focus to Mumbai and Chennai", said Aakash Ohri, Joint MD and Chief Business Officer at DLF Home Developers, during a recent investors' call.

Tech Mahindra: Tech Mahindra, India's fifth-largest IT services company, has recently urged its employees to return to the office for at least three days per week starting from 1st April. In an internal communication reviewed by Mint, the company stated that employees were expressing their desire for spontaneous interactions, collaborative environments, and a deeper connection with their colleagues that reflects across various industries. The HR team of Tech Mahindra has devised a plan to gradually reintroduce office-based work, and employees will be required to work in the office for three days per week, which amounts to 12 days per month, from 1st April 2024.

Pidilite Industries: On Thursday, Pidilite Industries announced the appointment of Sudhanshu Vats as the Managing Director designate. Bharat Puri, the current Managing Director, is set to step down from his position in April next year upon the conclusion of his term. The Pidilite board endorsed Vats' appointment as Managing Director Designate during its Thursday meeting. Vats is presently serving as the Deputy Managing Director of Pidilite Industries. Furthermore, the board has also sanctioned the appointment of Kavinder Singh, currently MD and CEO of Mahindra Holidays and Resorts India, as Executive Director and Joint Managing Director designate.

JSW Steel: JSW Steel, the steelmaker, has announced that it has incorporated a wholly-owned subsidiary called JSW Green Steel Ltd. The new arm will manufacture hot-rolled and cold-rolled steel products. The subsidiary was incorporated on February 27th in Mumbai, but it is yet to begin its business operations. JSW Steel has informed the exchanges about the same. "The new entity has been incorporated for manufacturing of hot-rolled and cold-rolled products of steel, which is in line with the main line of business of the company", JSW Steel said.