Stocks to Watch: Glenmark, Samhi Hotels, Zaggle, Wipro, ICICI Lombard
By siliconindia | Friday, 22 September 2023, 10:45:49 AM IST
Here are the top stocks that could be in focus in trade:
Glenmark Lifescience/Glenmark Pharma: Nirma Ltd has agreed to buy 75% of Glenmark Life Sciences Ltd for Rs 5,651.5 crore in a deal that values the latter at Rs 7,535.4 crore. The cement-to-detergent maker was the sole bidder for the stake put on the block by parent Glenmark Pharmaceuticals Ltd, which is selling shares to Nirma at Rs 615 apiece. Glenmark Pharma will continue to own 7.84% of Glenmark Life Sciences.
Samhi Hotels/Zaggle Prepaid Ocean Services: The two companies will debut at the bourses. Dealers who are active in the unlisted market have reported that Samhi Hotels currently holds a grey market premium (GMP) ranging between 3 to 6 percent over its issue price of Rs 126. The shares of Zaggle are currently commanding a grey market premium (GMP) of Rs 15 per share.
Wipro: Indian IT services firm Wipro said that Aparna C Iyer will replace Jatin Pravinchandra Dalal as the company's chief financial officer (CFO). Iyer will report to chief executive officer and managing director Thierry Delaporte and will join the Wipro executive board, the company said in a regulatory filing. Dalal is stepping down as CFO to explore other career opportunities, the statement said.
ICICI Lombard: ICICI Lombard General Insurance announced the resignation of its Managing Director and CEO, Bhargav Dasgupta, who had dedicated 14 years of service to the company. Dasgupta decided to step down to explore a career opportunity abroad. The board acknowledged his resignation, as disclosed in a regulatory filing. In a letter dated September 21, Dasgupta officially tendered his resignation to pursue this international career opportunity.
HDFC Asset Management: HDFC Asset Management Co. Ltd, or HDFC AMC, has secured the Reserve Bank of India’s (RBI’s) approval to raise its stake to 9.5% in five private lenders, signaling growing investor interest in private lenders and a potential bullish trend. India’s third-largest asset manager was granted regulatory approval to raise stakes in Karur Vysya Bank Ltd, DCB Bank Ltd, Equitas Small Finance Bank Ltd, Federal Bank Ltd, and City Union Bank, the lenders said in separate exchange fillings.
InterGlobe Aviation: India’s largest airline IndiGo has signed a codeshare partnership with UK flag carrier British Airways. InterGlobe Aviation-promoted IndiGo currently has codeshare partnerships with Turkish Airlines, Qatar Airways, Qantas, Virgin Atlantic, KLM, American Airlines, and Air France. Under a codeshare agreement, airlines agree to sell seats on each other's flights in order to provide their respective customers with a wider network.
ITC/Godfrey Phillips: The return of a large workforce to offices, coupled with a stable tax regime, is likely to push up cigarette demand by 7-9 percent this fiscal. Cigarette volumes saw an 18 percent rebound in the last fiscal after the pandemic hit demand in the previous two financial years.
Vedanta: Vedanta Ltd board approved the raising of Rs 2,500 crore through the issuance of non-convertible debentures on a private placement basis. A decision in this regard was taken at the meeting of the Committee of Directors of the company, Vedanta Ltd said in a regulatory filing. A subsidiary of Vedanta Resources Ltd, Vedanta Ltd has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminum and power across India, South Africa and Namibia.
JSW Steel: Caretta Minerals LLC, an asset of JSW Steel in the US, has entered into an agreement to sell its plant and equipment for a consideration of USD 24 million to West Virginia Properties. The deal also includes the sale of property of Caretta Minerals LLC and mineral rights to West Virginia Properties, JSW Steel said in a regulatory filing. According to the filing, JSW Steel through its wholly-owned step-down subsidiary Periama Holding LLC owns coal mining assets in the state of West Virginia, USA.
Adani Energy Solution: Adani Energy Solutions (formerly known as Adani Transmission) on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters. A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group.
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