Here are the top stocks that could be in focus in today’s trade:
Wipro: Wipro Holdings (UK) has completed the transfer of its entire shareholding in Wipro 4C NV to Wipro IT Services UK Societas, with the effective date being September 12. Both Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly-owned subsidiaries of the company, while Wipro 4C NV operates as a step-down subsidiary. This move is part of the company’s broader strategy to streamline and simplify its group structure.
BPCL/HPCL/IOC: Oil marketing companies (OMCs) including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPLC) and Hindustan Petroleum Corp Ltd (HPCL) saw a downgrade in their July-September quarter (Q2) growth outlook after international crude oil prices sharply rose above $91 per barrel. Domestic brokerage firm Kotak Institutional Equities has ‘reduced’ their ratings on all three OMC stocks and has said that the companies have incurred losses over petrol and diesel sales with frozen retail prices and high crude oil rates.
Maruti Suzuki: Maruti Suzuki India expects record festive sales this year amid concerns over high interest rates and the likelihood of deficient monsoon affecting rural sentiments. Speaking on the sidelines of the annual SIAM Convention here, Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava said that on average, the festive season accounts for about 23-26 per cent of the industry’s annual sales. This fiscal, the total expected PV sales is 40.5-41 lakh, and 25 per cent of it means that the festive season sales this year would cross the 10 lakh sales mark.
SpiceJet: SpiceJet Ltd on Tuesday said it paid ₹100 crore to Sun Group chairman and former promoter of the airline Kalanithi Maran, according to the direction of the Delhi high court on the arbitral award. On Monday, the airline paid ₹77.5 crore and committed to clear the remaining amount of ₹22.5 crore within a day, as the counsel appearing for Maran refused to accept a cheque that was submitted in the HC, and instead requested SpiceJet to transfer the amount via RTGS.
Reliance Industries: Christian Dior Trading India Pvt Ltd has signed a 9.5-year lease agreement with Reliance Industries Ltd. to lease two units on the ground floor of the Plaza, paying a starting monthly rent of ₹21,56,310 for a total chargeable area of 3,317 sq.ft, according to data accessed by FloorTap.com, a marketplace for commercial properties. Christian Dior Trading India will pay a total security deposit of ₹1.39 crore. Monthly rental is based on the minimum monthly guaranteed sum or net revenue share, whichever is higher.
L&T Finance Holdings: L&T Finance Holdings Ltd shares ended the day 3% down at ₹126.80 after US-based investment firm Bain Capital sold a 2.82% stake or 70 million shares in the company for ₹910 crore through a block deal. The shares were sold at ₹130 apiece. Bain Capital had held a 4.04% stake in L&T Finance through two entities, BC Asia Growth Investments and BC Investments Vi. Post the stake sale, Bain Capital will hold a 1.2% stake in the company.
Bank of Maharashtra: State-owned Bank of Maharashtra (BoM) on Tuesday said it plans to raise ₹1,500 crore through bonds to fund business growth. The lender intends to raise the funds through private placement of Basel-III compliant tier II bonds, BoM said in a regulatory filing. The issue size is ₹250 crore with a green shoe option of ₹1,250 crore, it added. The tenure of the bonds is going to be 10 years.
Vedanta: Anil Agarwal, the mining tycoon, has suggested that his publicly traded company Vedanta Ltd acquire Konkola Copper Mines from parent Vedanta Resources Ltd, which has regained control of one of the world’s largest copper mines from the Zambian government. After Agarwal, the Vedanta Group chair, in an uncharacteristic move, shared his views, many proxy advisory firms and investors raised questions about the group’s intention to potentially use the proposed transaction to repay its rising debt.
Godfrey Phillips: Shareholders of Godfrey Phillips India have rejected the company’s proposal for a related party transaction to annually export unmanufactured tobacco worth up to ₹1,000 crore to Philip Morris Products SA. Philip Morris Products SA is a member entity of the group to which Philip Morris Global Brands Inc, USA — a promoter shareholder of the company.
Baid Finserv: MSME and vehicle loan provider Baid Finserv Ltd has approved a proposal to issue non-convertible debentures for up to ₹250 crore on a private placement basis. The company approved the issuance at its 32nd Annual General Meeting (AGM) held recently. The terms and conditions of the issue will be decided by the board of directors, a release said.
