Stocks to Watch on August 21: Nifty futures fell 17.5 points, or 0.09 percent, to 19,312, indicating that Dalal Street will open down on Monday. These stocks will be the subject of today’s attention for a variety of reasons.
Titan: For a total of Rs 4,261 crore, Titan has purchased an additional 27% of the equity in the multi-channel jewelry company CaratLane. Titan is purchasing shares held by the creator of CaratLane and his family, “representing 27.18%,” the firm stated in a statement.
IDBI Bank: The anticipated sale of the government’s interest in IDBI Bank is unlikely to occur this fiscal year, making it difficult for the Center to reach its goal of Rs 51,000 crore for the year’s disinvestment. The sale of the IDBI Bank share, for which the financial due diligence process started in July, was estimated to bring in more than Rs 15,000 crore for the government. By December, it had intended to release financial bids for IDBI Bank, with the deal being completed in the fourth quarter of the fiscal year.
Jio Financial Services: On August 21st, the demerged Reliance Industries Ltd. (RIL) subsidiary Jio Financial Services (JFSL) will begin trading on Indian stock markets. On the National Stock Exchange, Jio Financial Services’ share price was set at Rs 261.85 per unit during the special pre-open call auction session on July 20. Market watchers estimate that Jio Financial Services’ GMP, or grey market premium, is presently between Rs 50 and Rs 54, or more over Rs 2 lakh crore, in market value. Between Rs 315 and Rs 325 is the projected listing price for shares.
Axis Bank: For failing to inform the authority about its purchase of a stake in CSC e-Governance, Axis Bank was fined Rs. 40 lakh by the Competition Commission of India. In a ruling, the watchdog said that the deal was to be finalized in November 2020 and included Axis Bank purchasing a 9.91% share in CSC e-Governance. The ruling states that the major private sector lender was supposed to notify the fair trade regulator as part of the transaction, but it did not do so.
Adani Ports: According to a filing made by the investment firm on Saturday, GQG Partners increased its position in the business to 5.03 percent on Thursday by purchasing 2.2 million shares of Adani Ports. Adani Ports And Special Economic Zone Ltd. owned 4.93% of it. Days prior to the development, Deloitte’s auditor position with the corporation was terminated. The US-based investment company also acquired an 8.1% interest in Adani Power last week. In two separate bulk transactions on Wednesday, two promoter companies of the Adani group firm sold a combined total of 31.2 crore shares for more over Rs 8,700 crore.
Adani Ports: According to a filing made by the investment firm on Saturday, GQG Partners increased its position in the business to 5.03 percent on Thursday by purchasing 2.2 million shares of Adani Ports. It owned 4.93% of Adani Ports And Special Economic Zone Ltd. Days prior to the development, Deloitte’s auditor position with the corporation was terminated. The US-based investment company also acquired an 8.1% interest in Adani Power last week. In two separate bulk transactions on Wednesday, two promoter companies of the Adani group firm sold a combined total of 31.2 crore shares for more over Rs 8,700 crore.
Ashok Leyland: The automaker will provide an 870 crore rupee corporate guarantee cover to protect the two UK-based subsidiaries of Optare Plc and Switch Mobility Limited from being denied credit. According to Ashok Leyland, the deal is only being carried out to pay off the lenders and banking facilities, and neither the promoters nor the promoter group or group firms have any stake in it. “The impact of the transaction would be limited to the amount given by the company,” Ashok Leyland said in a regulatory statement.
M&M: The world’s largest automaker Mahindra & Mahindra (M&M) has said that it would inspect a few of its XUV models and make any necessary repairs. The business has said that it would examine the XUV700 and XUV400 produced within a set timeframe and make the appropriate adjustments as needed. Customers will get personalized calls from Mahindra & Mahindra, which will also conduct a free inspection and subsequent correction.
Murugappa Group: Three years after Valli Arunachalam, a nuclear scientist living in New York and the daughter of former Murugappa Group chairman M.V. Murugappan, accused the boards of the group’s companies of gender discrimination, the estranged family members reached an out-of-court settlement that was kept confidential. Carborundum Universal, Cholamandalam Invest and Finance, Cholamandalam Financial Holdings, Coromandel Engineering, Coromandel International, E. I. D. Parry (India) Ltd., Tube Investments of India, CG Power, Kartik Investments Trust Ltd., Shanthi Gears Ltd., and Wendt (India) Ltd. are among the group’s companies.
Leading infrastructure firm KEC International, a member of the RPG Group, said on Friday that it has received fresh orders totaling Rs 1,007 crore for its different operations. According to a statement from the corporation, its civil business vertical received a contract for the design, engineering, procurement, and construction of a multi-specialty hospital in eastern India. A 380 kV overhead transmission line project in the Middle East has been ordered by the company’s transmission and distribution division.