Stocks to Watch: Check out the companies making headlines before the opening bell.
Adani Enterprises: The Adani Group company’s indirect subsidiary Vishvapradhan Commercial (VCPL) has exercised certain warrants for acquiring 99.5 percent shareholding in RRPR Holding (RRPR), a promoter company of New Delhi Television Limited (NDTV). The acquisition will result in VCPL acquiring control of RRPR. RRPR holds 29.18 percent stake in NDTV. VCPL, along with AMG Media Networks (AMNL) and Adani Enterprises will launch an open offer to acquire up to 26 percent stake in NDTV.
Ugro Capital: The company said its Investment and Borrowing Committee will meet on August 26 to approve raising of funds by way of issuance of non-convertible debentures through private placement basis.
Chennai Petroleum Corporation: Chennai Petroleum has decided to form a joint venture company along with Indian Oil Corporation and other seed equity investors (Axis Bank, HDFC Life Insurance Company, ICICI Bank, ICICI Prudential Life Insurance Company and SBI Life Insurance Company for implementing the 9 MMTPA refinery project at Cauvery basin refinery, at estimated cost of Rs 31,580 crore. Chennai Petroleum received board approval for equity investment of upto Rs 2,570 crore in the joint venture, towards its contribution of 25 percent.
SecMark Consultancy: The company decided to issue of bonus share in the ratio three fully paid-up equity shares for every two shares held by shareholders. This is subject to the approval of the shareholders of the company.
Himatsingka Seide: CRISIL has downgraded the credit rating on company’s long term debt to BBB+, from A- with negative outlook, and short term debt rating has been downgraded to A2 from A2+.
Arvind SmartSpaces: The company has executed the agreements, as a promoter, in relation to the new platform. Arvind SmartSpaces, and HDFC Capital Advisors (as investment manager of HDFC Capital Affordable Real Estate Fund – 3 will make investments in company’s wholly owned subsidiary Arvind SmartHomes for acquisition and construction of real estate projects (platform funding). Arvind SmartSpaces will invest Rs 300 crore and HDFC Capital Advisors will invest Rs 600 crore in Arvind SmartHomes.
Nava: The company has decided to discontinue the production of high carbon ferro chrome for TATA Steel Mining at the end of October 2022. The company will undertake a scheduled maintenance of the Odisha smelters in November 2022 and switch over to production of manganese alloys in Odisha Works. The company has geared up for this additional production in Odisha, besides that in Telangana, aggregating to a rated capacity of 1,80,000 MT of manganese alloys per annum. The switchover would provide the company better economies of scale and improved market share in the manganese alloys segment. The agreement for production of high carbon ferro chrome for TATA Steel Mining was for the period up to March, 2025.
Monarch Networth Capital: The company through Monarch Alternative Investment Fund raised Rs 252 crore in its second Cat-3 AIF. It plans to infuse Rs 1,000 crore in its existing and new businesses over the next 3 years. It has received interest from sovereign funds and family offices.
KEI Industries: Rating agency ICRA has upgraded the long term bank facilities ratings & reaffirmed short term bank facilities/ debt instruments ratings of the company. ICRA said the upgrade in ratings for the debt programme of KEI Industries considered the strong domestic demand growth prospects of wires and cables in various end-user segments benefitting from both government infrastructure development activities as well as private capex.
Cigniti Technologies: PMK Holdings Private Limited acquired additional 1,50,802 equity shares in the company at an average price of Rs 597 per share. As of June 2022, PMK held 1.56 percent stake or 4.26 lakh shares in the company.
Devyani International: Dunearn Investments (Mauritius) Pte Ltd sold 2,63,29,516 equity shares or 2.18 percent stake in the company via open market transactions at an average price of Rs 183.11 per share. Dunearn held 8.13 percent stake or 9.8 crore equity shares in the company as of June 2022.
Rakesh Patil
