Stocks To Watch On August 27: Domestic markets kicked off the week on a positive note, driven by a dovish stance from the US Fed. In today’s trade, shares of Ultratech, Paytm, HCL Tech, Gland Pharma, and GPT Infra will be in focus due to various news developments.
UltraTech Cement: The company raised $500 million through a sustainability-linked loan with participation from six banks.
Bondada Engineering: The company received a Letter of Award for a project worth ₹575.74 crore from Lumina Clean Energy, Purelight Energy, and VVKR Photovoltaics Energy, special purpose vehicles formed by Paradigm IT Technologies and Metalcraft Forming Industries.
Medi Assist Healthcare Services: The company’s subsidiary Medi Assist Insurance TPA signed definitive documents for the 100% acquisition of Paramount Health Services & Insurance TPA from Fairfax Asia and the Shah family. This acquisition will grow Medi Assist’s TPA market share to 36.6% for the group segment and 23.6% of the health insurance industry by premiums managed.
PI Industries: The company appointed Sanjay Agarwal as Group Chief Financial Officer, effective August 26, following the retirement of Manikantan Viswanathan.
Paytm: The company Issued a clarification regarding recent media reports about a notice from SEBI. The company stated this is not a new development and had previously disclosed the matter in its financial results for the quarter and year ended March 31, 2024, and the quarter ended June 30, 2024.
Mazagon Dock Shipbuilders: Sanjeev Singhal, Director (Finance), has been entrusted with the additional charge of Chairman and Managing Director (CMD) for five months, effective August 1.
Repro India: Ashish Kacholia sold a 1.22% stake in Repro India at an average price of Rs 625 per share. JVS Joyrass Holdings bought a 0.7% stake at the same price.
Gland Pharma: One of the board of directors’ members, Qiyu Chen has not received security clearance from the Ministry of Home Affairs, Government of India, and will cease to continue as a Director, effective August 30.
AU Small Finance Bank: DSP Mutual Fund bought a 1.39% stake in the company at an average price of Rs 630 per share. Fincare Business Services sold a 1.7% stake at the same price.
Medplus Health Services: Lavender Rose Investment exited Medplus by selling its entire shareholding of 11.35% at an average price of Rs 616.48 per share. ICICI Prudential Mutual Fund picked up a 4.3% stake at an average price of Rs 616 per share, and the Government of Singapore bought a 0.97% stake at an average price of Rs 616.2 per share.
GPT Infraprojects: The company launched its qualified institutions placement (QIP) issue on August 26, with the floor price fixed at ₹183.83 per share.
HCL Technologies: The company extended its strategic AI-driven engineering services and digital process operations (DPO) partnership with Xerox. HCLTech will support the newly formed Xerox Global Business Services organization (GBS) in driving key business metrics.
Lemon Tree Hotels: The company signed a new property, Lemon Tree Hotel, Civil Lines, Ayodhya. The 80-room hotel is expected to open in FY28 and will be managed by its subsidiary, Carnation Hotels.
MEP Infrastructure Developers: Elara India Opportunities Fund and Polus Global Fund exited MEP by selling a 1.09% stake each at an average price of ₹8.43 per share. Vani Agencies bought a 2.66% stake at the same price.
KPI Green Energy: The company’s wholly-owned subsidiary, Sun Drops Energia Private Ltd, received letters of intent to execute solar power projects with a cumulative capacity of 13.30 MW under the captive power producer segment. Orders awarded by Sumicot, Ekta Prints Private, Radhika Fabrics, and Sanjopin Industries.
Vedanta: The company, led by Anil Agarwal, has prepared a Rs 30,000 crore war chest through recent funds raised via a qualified institutional placement (QIP), offer for sale (OFS), and dividend. The funds will be used for deleveraging, improving capital structure, and pursuing growth opportunities. Vedanta’s Q1 profit after tax grew 54% YoY to Rs 5,095 crore. The company also recorded its highest-ever alumina production at Lanjigarh and reduced production costs by 20% YoY. The mining major’s debt stood at Rs 6,130 crore as of June 302.
Alembic Pharmaceuticals: The company received USFDA approval for its generic Betamethasone Valerate Foam, used to treat moderate-to-severe psoriasis of the scalp. The approved ANDA is therapeutically equivalent to Luxiq Foam (0.12%) by Norvium Bioscience3.
Godfrey Phillips: US-based proxy advisory firm Glass Lewis advised shareholders of Godfrey Phillips to vote against the reappointment of Bina Modi as Managing Director at the AGM on September 6. The firm cited concerns over her remuneration and lack of defined performance conditions. The company is currently experiencing a boardroom and succession battle between Bina Modi and her son, Samir Modi3.
TCS: Suresh Muthuswami, head of TCS’s $15 billion North American business, resigned in early August. Amit Bajaj, the president of the North American region, will take over his responsibilities. Under Muthuswami’s leadership, TCS’s North American business generated 51.1% of the company’s $29.1 billion revenue for FY243.
YES Bank: The bank appointed Sumit Bali as the country head of debt management and retail assets. Bali will drive the growth and profitability of the bank’s retail and rural assets and debt management businesses. He previously held leadership roles at Axis Bank, India Infoline Group, and Kotak Mahindra Bank3.
Brightcom Group: The company reported a net loss of Rs 24.2 crore for the quarter ending December 30, 2023, with revenue declining by 85% year-on-year to Rs 453.2 crore. The company attributed the poor performance to the war in Israel, the departure of its CEO and CFO, negative media coverage post-SEBI order, and multiple challenges faced by the board. The auditors flagged concerns over the interim financial statements and shareholding disclosures. Brightcom Group shares remain suspended for trading, and the company has yet to declare results for the March and June quarters.
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