Stocks to Watch: Check out the companies making headlines before the opening bell.
Cipla: The company will be in focus after it appointed Ashish Adukia as global chief financial officer and Dinesh Jain was relieved from the additional responsibility of interim CFO. Jain will continue as senior vice-president and head of corporate finance. The company also said that the US Food and Drug Administration has begun inspection of its Goa plant, which was issued a warning letter in February 2020.
SBI Cards and Payment Services: SBI Cards and Payment Services will be in focus after Informist reported that the Reserve Bank of India is against unregulated firms issuing credit cards. Also the company can offer credit cards after getting an RBI licence, the report said.
Adani Transmission: The company has crossed the Rs 4-trillion mark in market capitalisation for the first time and became the second Adani Group and 15th Indian listed firm to hit this milestone. The other Adani Group firms will be in focus too after this achievement.
Hindustan Zinc: Hindustan Zinc Ltd will be in focus after a PTI report said ICICI Securities, Axis Capital and Citigroup Global Markets are among the five investment bankers selected to manage the sale of the government’s 29.53 percent residual stake in the company. The Department of Investment and Public Asset Management (DIPAM) had in early July invited bids from merchant bankers for managing Hindustan Zinc Ltd (HZL) residual stake and set July 28 as the deadline for putting bids.
Singer India: Rakesh Jhunjhunwala’s investment firm Rare Enterprises bought 4.25 million shares of the company at an average price of Rs 53.50 a share in a block deal. Other investors such as Seven Hills Capital, Insurexcellence Advisors Pvt Ltd, TIA Advisors LLP, Veena Kumari Tandon, Gauri Tandon, Illingworth Advisors LLP, Pivotal Business Managers LLP also bought shares in the firm, according to BSE block deal data. Retail Holdings India BV sold around 12 million shares in the company.
Bajaj Hindusthan Sugar: State Bank of India has filed an insolvency petition in the National Company Law Tribunal (NCLT) against Bajaj Hindusthan Sugar, the company said in an exchange filing on August 16. The petition has been filed at the Allahabad bench of the National Company Law Tribunal under the Insolvency and Bankruptcy Code, the filing showed. Bajaj Hindusthan Sugar owes nearly Rs 4,800 crore to banks like SBI, Punjab National Bank, Indian Bank and Central Bank of India.
Indoco Remedies: Indoco Remedies will be in focus after the company said it will buy 26 percent stake in Kankal Wind for Rs 86.40 lakh.
Bharat Gears: Bharat Gears to consider Bonus share issue on August 19.
Techno Electric & Engineering: The firm informed exchanges that it has got new orders for flue gas desulphurisation (FGD) totalling to Rs 1455 crore. It got Rs 666 crore orders from Rajasthan Rajya Vidyut Utpadan Nigam Limited Kota and Rs 789 crore orders from Rajasthan Rajya Vidyut Utpadan Nigam Limited Jhalawar.
Max Healthcare: GIC of Singapore and financial services firm Capital Group picked up 26.8 percent stake in hospital chain Max Healthcare Institute as American private equity giant KKR exited the company by selling its entire stake in the company on Tuesday via block deals. With this, the promoters will now own 24 percent in the company.
Moneycontrol News
