Stocks to Watch: Check out the companies making headlines before the opening bell.
Reliance Industries: RIL to hold 45th Annual General Meeting. The meeting will start at 02:00 PM IST on August 29, with addresses and presentations expected from Chairman Mukesh Ambani and other members of the company’s board and subsidiaries. Analysts think this year, the focus may be on the consumer retail business once again.
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Cipla: Cipla receives 6 observations from USFDA for Goa plant. The company has now received 6 observations with some referencing to the observations made during the September 2019 inspection, for its Goa plant. There are no data integrity (DI) observations. The USFDA inspected company’s Goa plant during August 16-26. Earlier the USFDA had inspected the said facility in September 2019 and the issued warning letter in February 2020.
Syngene International: Syngene International to buy 26% stake in O2 Renewable Energy II for renewable power. The company has entered into an agreement for acquisition of renewable power by acquiring equity stake up to 26% in O2 Renewable Energy II Private Limited. O2 Renewable Energy II Private Limited is the special purpose vehicle formed by O2 Energy SG Pte Ltd for generation and supply of renewable power.
NHPC: NHPC, Himachal Pradesh Government to implement Dugar HE project. NHPC and Himachal Pradesh Government signed an Implementation Agreement for Dugar HE project. Both the parties had signed Memorandum of Understanding (MoU) in September 2019 for execution of the said project.
Lemon Tree Hotels: Lemon Tree Hotels opens 5th hotel in Gujarat. The company has opened 52 rooms franchised hotel in Ahmedabad under its brand ‘Keys Select by Lemon Tree Hotels, Gandhi Ashram’. This is the fifth hotel under the company’s umbrella in Gujarat.
Jubilant Pharmova: Jubilant Pharmova arm receives Establishment Inspection Report with Voluntary Action Indicated status from USFDA. Subsidiary Jubilant Draximage Inc has received the Establishment Inspection Report (EIR) with Voluntary Action Indicated (VAI) status from the USFDA for its radiopharmaceuticals manufacturing facility at Montreal Canada. The USFDA had conducted an inspection during June 6-June 10. With the receipt of the EIR, the inspection stands successfully closed.
RITES: RITES in JV bags order for redevelopment of Kollam Railway Station in Kerala. The company has secured a new business order with JV partner, for redevelopment of Kollam Railway Station for Rs 361.18 crore from Southern Railway, Ernakulam, Kerala. The share of RITES in the order is 51%.
Kinetic Engineering: Kinetic Engineering to get board approval for preferential issue on August 30. The Board of Directors of the company will meet on August 30 to consider preferential equity shares to Micro Age Instruments Private Ltd. This may be subject to the approval of the shareholders.
Canara Bank: Canara Bank raises Rs 2,000 crore through Basel III Compliant Tier II Bonds, Series I. The bank has successfully raised Rs 2,000 crore through Basel III Compliant Tier II Bonds, Series I. It came out with issuance of Rs 2,000 crore of Tier II Bonds on August 25, and received a total bid amount of Rs 8,932 crore, out of which full issuance of Rs 2,000 crore was accepted at 7.48%.
UltraTech Cement: UltraTech Cement announces commissioning of cement capacity of 1.3 mtpa in Uttar Pradesh. As part of its ongoing expansion plan, the company has commissioned cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh, which resulted into increase in unit’s capacity to 1.8 mtpa. This is part of 1st phase of capacity expansion announced in December, 2020. With this commissioning, the company’s total cement manufacturing capacity in India now stands at 115.85 mtpa.
Rolex Rings: PGIM India Midcap Opportunities Fund bought 2,63,433 equity shares in the company, PGIM India Small Cap Fund acquired 2,23,894 shares, Kotak Funds – India Midcap Fund purchased 4,31,679 shares, ICICI Prudential Life Insurance Company bought 3,52,941 shares, ICICI Prudential Flexicap Fund 1,86,246 shares, ICICI Prudential Bharat Consumption Fund purchased 1,65,369 shares, DSP Mutual Fund bought 3,82,352 shares, Canara Robeco Small Cap Fund 2,35,294 shares, Aditya Birla Sun Life Equity Hybrid 95 Fund bought 2,79,247 shares, and Aditya Birla Sun Life Equity Advantage Fund acquired 2,79,247 shares via open market transactions. These shares were bought by these funds at an average price of Rs 1,700 per share. However, investor Rivendell PE LLC was the seller, offloading 34,14,423 equity shares at an average price of Rs 1,700.13 per share.
Sapphire Foods India: Edelweiss Finance and Investments has sold 3,43,250 equity shares in the company at an average price of Rs 1,220.22 per share.
Orient Electric: PGIM India Mutual Fund sold 13,08,014 equity shares in the company via open market transactions. These shares were sold at an average price of Rs 261.79 per share.
Jubilant Ingrevia: Jubilant Ingrevia raises Rs 50 crore through commercial papers. The company has issued Commercial Papers (CPs) of Rs 50 crore on August 25, at a coupon rate of 6.05% per annum. The tenure of instrument is 46 days and hence the maturity will be on October 10.
Coromandel International: India Ratings upgrades Coromandel International’s long-term issuer rating. India Ratings and Research has upgraded the long-term issuer rating to “AAA” from “AA+” with a company’s outlook being “Stable”.
Puravankara: Puravankara gets board approval for fund raising via NCDs. The company has received board approval for the issue of non-convertible Series II debentures via private placement, and non-convertible Series III debentures via private placement. The size of the non-convertible Series II debentures issue is Rs 20 crore, and non-convertible Series III debentures is Rs 60 crore.
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