Stocks to Monitor: TCS, Adani Enterprises, Indus Tower, Airtel, LIC, Zydus Life, Paytm
On June 18, the Nifty50 and Sensex are expected to open higher, influenced by a rebound in Asian markets. This follows the S&P 500 reaching new highs. At 7:10 AM, Asia-Pacific markets showed positive activity as traders awaited the Reserve Bank of Australia's rate decision. Korea's Kospi led with a 0.89 percent increase, with Australia's ASX200 following closely with a rise of 0.84 percent. Japan's Nikkei also saw gains, trading 0.75 percent higher.
Tata Consultancy Services: TCS has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest. TCS plans to defend its position through a review petition or an appeal to the appropriate court.
Adani Enterprises: Gautam Adani and Adani Group companies increased their stake in Adani Enterprises by over 2 percent through open market purchases from September 2023 to June 2024, raising their total shareholdings from 71.95 percent to 73.95 percent.
Indus Tower, Vodafone Idea: Vodafone Group is considering selling its entire $2.3 billion stake in Indus Towers through block deals next week. This move is part of Vodafone Idea’s strategy to raise funds for its ambitious 5G rollout and 4G coverage expansion plans.
Bharti Airtel: The Department of Telecom received a prepayment of Rs 7,904 crore from the company, which settled all outstanding liabilities for spectrum acquired in auctions from 2012 and 2015.
LIC: The Life Insurance Corporation of India clarified that no formal proposal has been initiated to enter the health insurance market through acquisition. The company stated that it routinely evaluates various strategic opportunities, including options for inorganic growth.
Paytm and Zomato: Paytm, owned by One97 Communications, is in advanced talks with Zomato to sell its movie and events ticketing business as part of a strategy to revamp amid declining sales. The discussions are ongoing, and no final decision has been made. In separate news, Paytm has appointed former Indian Revenue Service (IRS) officer and SEBI whole-time member Rajeev Krishna Muralilal Agarwal as non-executive independent director, replacing Neeraj Arora, who resigned due to personal commitments.
Zydus Lifesciences: After a March inspection, the US FDA classified the company’s injectable manufacturing unit at Pharmez SEZ, Matoda, as Official Action Indicated (OAI). This signifies the need for further administrative sanctions and compulsory corrective actions.
Biocon: The company's API manufacturing facility in Visakhapatnam, Andhra Pradesh, received three observations from the US FDA following a GMP inspection on June 14, 2024. The company stated in an exchange filing that it will respond within the stipulated time frame.
Lupin: The company has named Abdelaziz Toumi as the CEO of its subsidiary Lupin Manufacturing Solutions (LMS) to expand its contract manufacturing business for international clients.
Adani Ports & SEZ: APSEZ has received approval to more than double the capacity of Mundra port at an investment of Rs 45,000 crore, reports said.
Brightcom Group: The company will publish its annual results by July 31. Trading of its shares has been suspended on both the BSE and the NSE until the company complies with the NSE’s master circular. The company has promised to declare its Q3 and Q4 FY24 results by June 11.
IIFL Securities: The company granted 369,500 stock options to its identified employees under the 'IIFL Securities Employee Stock Option Scheme - 2018' (IIFL ESOS Scheme-2018) on June 14, 2024. The company's Nomination and Remuneration Committee (NRC) approved this grant through a circular resolution.
Jubilant Pharma: Jubilant Draximage Inc., a subsidiary of Jubilant Pharma, plans to invest $50 million in expanding its PET radiopharmacy network with six new locations across the U.S. These facilities are expected to be operational by FY 2027-28.
SBI: SBI Chairman Dinesh Kumar Khara has stated that the bank will wait for its subsidiaries such as SBI General Insurance and SBI Payment to further scale up their operations before monetizing them. The bank's aim is to increase valuation and ensure better returns for the parent company, State Bank of India (SBI).
BigBloc Construction: SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat-based BigBloc Construction and Thailand’s SCG International Corporation, has commenced commercial production at its flagship facility in Kheda, Gujarat. This marks a significant entry into India’s construction industry with an investment of approximately Rs 65 crore.
Som Distilleries and Breweries: Police have initiated an inquiry into Som Distilleries and Breweries Ltd following the discovery of over 50 children working at a distillery by the government’s child rights agency. A case under juvenile justice and bonded labor laws was lodged on Sunday.
HFCL: The European Commission has granted an exemption to HFCL Ltd, a domestic telecom gear maker, from the provisional anti-dumping duties that were imposed on all other Indian optical fiber cable (OFC) manufacturers. This decision follows an investigation that found no evidence of HFCL dumping OFC in European markets.
SpiceJet and IndiGo: In May, IndiGo’s local passenger market share increased to 61.6 percent from 60.6 percent in April, according to the Directorate General of Civil Aviation. SpiceJet’s share dropped to 4.0 percent from 4.7 percent.
Lodha: The company has received the final order from the High Court regarding the stamp duty payment for one of its projects in Wadala. The stamp duty amount has been assessed at Rs 118.1 crore, which has already been deposited by the company.
Purvankara: Provident Housing Limited, a subsidiary of Puravankara Limited, acquired additional land within its existing project "Provident Adora De Goa" in Dabolim, Goa. The acquisition cost was Rs 90 crore and was financed through a loan from Piramal Enterprises.
Pidilite Industries: The company's joint venture, ICA Pidilite Private Ltd, has entered into an agreement with Industria Chimica Adriatica SPA (ICA) to license specific UV technology.
HDFC AMC: On June 17, the mutual fund investment company announced the appointment of Harish Narayanan as its chief marketing officer (CMO) and chief digital officer (CDO). Narayanan, who holds an MBA from IIM Lucknow and a Computer Engineering degree from Mumbai University, brings over 17 years of experience to the role. He has previously held positions at Upstox, Myntra, Google YouTube, and Procter & Gamble's team in Singapore.
