New Delhi: Here are the top 10 stocks that could be in focus in today’s trade:
IDBI Bank: The proposed sale of the government’s stake in IDBI Bank is unlikely to happen this fiscal, posing a challenge to the Centre’s ability to meet the ₹51,000 crore disinvestment target for the year. The government expected more than ₹15,000 crore from the IDBI Bank stake sale, the financial due diligence for which began in July. It had planned to issue financial bids for IDBI Bank by December and completing the transaction in the fourth quarter of the fiscal.
Jio Financial Services: The demerged subsidiary of Reliance Industries Ltd (RIL), Jio Financial Services (JFSL), will list on Indian stock exchanges on Monday, 21 August. After the 20 July special pre-open call auction session, Jio Financial Services’ share price was fixed at ₹261.85 apiece on the National Stock Exchange. According to market observers, Jio Financial Services GMP, or grey market premium, is currently between ₹50 and ₹54, translating to a market cap of over ₹2 lakh crore. Shares are expected to list between ₹315 and ₹325.
Axis Bank: The Competition Commission of India has imposed a penalty of ₹40 lakh on Axis Bank for failing to notify the regulator about its acquisition of a stake in CSC e-Governance. The watchdog in an order said that the transaction under consideration comprised acquisition of a 9.91% stake in CSC e-Governance by Axis Bank and was completed in November 2020. The leading private sector lender was required to give a notice to the fair trade regulator as part of the transaction, however, it failed to do so, according to the order.
Adani Ports: GQG Partners purchased 2.2 million shares of Adani Ports on Thursday, raising its stake in the company to 5.03%, the investment firm said in a disclosure on Saturday. It held a 4.93% stake in Adani Ports And Special Economic Zone Ltd. The development came days after Deloitte resigned as the company’s auditor. Last week, the US-based investment firm had also picked up an 8.1% stake in Adani Power. Two promoter entities of the Adani group company sold a combined 31.2 crore shares worth more than ₹8,700 crore in separate bulk deals on Wednesday.
Titan: Watch and jewellery retailer Titan Company Ltd. has increased its shareholding in CaratLane Trading Private Ltd. to 98.28% from 71.09%, paying ₹4,621 crore for the additional stake buy, the company said in a filing to the exchanges. Titan had first acquired a 62% stake in CaratLane in 2016 for ₹357.24 crore making it a subsidiary of the company, and had subsequently raised its stake in the omni-channel jewellery retailer. CaratLane, a subsidiary of Titan Company, was founded in 2008 by Mithun Sacheti and Srinivasa Gopalan.
Adani Energy: Adani Group has clarified that Abu Dhabi’s TAQA was not mulling a multibillion dollar investment, as rumoured, in group company Adani Energy Solutions, formerly Adani Transmission. The company insisted that it was not engaged in talks with the Abu Dhabi National Energy Company PJSC at this time. Earlier reports had indicated that TAQA was was evaluating an investment of up to $2.5 billion in Adani’s transmission and distribution business. The reports of an investment had sent shares of Adani Energy Solutions up as much as 8.73%, while Adani Power rose over 12% and Adani Green Energy jumped nearly 10%.
Ashok Leyland: Auto manufacturer Ashok Leyland will issue a corporate guarantee cover of ₹870 crore to cover the lenders/banking facilities to its two UK-based subsidiaries – Optare Plc. UK and Switch Mobility Limited, UK. Ashok Leyland has said that promoters, promoter group, or group companies have no interest in this transaction which is conducted only for the purpose of covering the lenders/banking facilities. “The impact of the transaction would be limited to the amount given by the company,” Ashok Leyland said in a regulatory filing.
M&M: Auto major Mahindra & Mahindra (M&M) has announced that it will examine select vehicles of its XUV range and will rectify the cars if required. The company has said it will inspect XUV700 and XUV400 manufactured in a specific timeline and will make the necessary changes as required. Mahindra & Mahindra will individually contact customers and will carry out an inspection and subsequent rectification free of cost.
Murugappa Group: Three years after Valli Arunachalam, a New York-based nuclear scientist and daughter of former Murugappa Group chairman M.V. Murugappan, levelled gender discrimination allegations against the boards of the group’s firms, the estranged family members reached an out-of-court settlement, the terms of which remained undisclosed. Group companies comprise – Carborundum Universal, Cholamandalam Invest and Finance, Cholamandalam Financial Holdings, Coromandel Engineering, Coromandel International, E I D Parry (India) Ltd., Tube Investments of India, CG Power, Kartik Investments Trust Ltd., Shanthi Gears Ltd., and Wendt (India) Ltd.
KEC International: Leading infrastructure major KEC International, an RPG Group company, on Friday said it has received new orders worth ₹1,007 crore across its various businesses. Its civil business vertical secured an order for design, engineering, procurement and construction of a multi-specialty hospital in eastern India, the company said in a statement. The company’s transmission and distribution business has secured an order for a 380 kV overhead transmission line project in the Middle East.
