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Stocks In the News: Axis Bank, Tata Motors, ONGC and others

March 31, 2022 10:04 AM

Stocks In the News: Axis Bank, Tata Motors, ONGC and others
Stocks In the News: Check out the companies such as Axis Bank, Tata Motors, ONGC and others making headlines before the market open.

Stocks In the News: Check out the companies such as Axis Bank, Tata Motors, ONGC and others making headlines before the market open.

Here are a dozen stocks which may buzz the most in today’s trade:

Axis Bank: Axis Bank will acquire Citibank’s India consumer business for $1.6 billion in an all cash deal, Citigroup announced on March 30. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans, Citigroup said.

Tata Motors: TPG RISE Climate TopGun (TPG), a private equity fund, has subscribed to 3,75,00,000 compulsorily convertible preference shares of the face value of Rs 1,000 each in company’s subsidiary, Tata Passenger Electric Mobility, for an aggregate consideration of Rs 3,750 crore as the first tranche of the potential investment aggregating Rs 7,500 crore, announced by the company in October 2021.

ONGC: The two-day offer for sale issue will close on March 31. The Government of India has decided to exercise the oversubscription option to the extent of additional 9.4 crore equity shares, in addition to 9.4 crore equity shares of the company.

Accordingly, the total offer size for sale will be up to 18.8 crore shares or 1.5 percent of total paid up equity. Data given on NSE showed that ONGC’s offer for sale received cumulative bids of 303.53 million shares against the base offered size of 84.92 million shares. With that, the OFS has oversubscribed by 3.57 times.

Tata Steel: The Steel major said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies.

CEAT & Apollo Tyres: The country’s antitrust agency on Wednesday raided offices of tyre companies, including Germany’s Continental AG and India’s Apollo Tyres, and Ceat, in a case of suspected competition law violations, as per Reuters.

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NTPC: Damodar Valley Corporation (DVC) has signed a joint venture agreement with NTPC Renewable Energy Ltd, a fully owned subsidiary of the NTPC Limited, for renewable power projects in its command area. Sources said this JV will execute GW size projects.

Nazara Technologies: Subsidiary Nazara Pte Ltd (Nazara Singapore) will invest $2.5 million in BITKRAFT Funds. Out of which $0.875 million will invest upfront while the balance investment amount of $1.625 million will be deployed over a period of 3 years. BITKRAFT Funds is a firm that prefers to invest in gaming, esports, and interactive media.

Tejas Networks: The Tata Group firm will acquire 64.40 per cent stocks in semiconductor firm Saankhya Labs Pvt Ltd for Rs 283.94 crore in an all-cash deal. The initial acquisition of Saankhya shares is expected to close within the next 90 days.

HDFC: Markets regulator SEBIdisposed of a show cause notice that was issued to Housing Development & Finance Corporation (HDFC) with respect to alleged violations of share transfer agent norms. The watchdog had conducted an inspection of HDFC.

Newgen Software: The IT company plans to double its business partners in the next 18 months to increase its revenue share in the growth markets. The company has direct presence in eight markets and reaches out to a total of 72 countries through system integrators and other partners.

Quess Corp: The board of staffing and technology services player has approved the transfer of digital business undertaking of the company comprising Qjobs, Worq, and Dash as a going concern on a slump sale basis to the company’s subsidiary Billion Careers Private Limited (BCPL), for Rs 5.04 crore.

India Glycols: This Stocks In the News that the company informed that it will commission operations in a grain based distillery unit at Gorakhpur by May 15 this year as trial runs are in progress. Further, installation of a grain-based distillery unit at Kashipur is in advanced stage and the same is likely to be commissioned by July 15, 2022. The delay was caused due to Covid-19 pandemic.

Mangalam Cement: Promoter Vidula Consultancy Services acquired 2.26 lakh equity shares in the company via open market transactions. With this, its shareholding in the company stands at 9.92 percent, up from 9.1 percent earlier.

Max Healthcare: Private equity fund KKR will sell stocks in Max Healthcare via block deal on March 31, CNBC Awaaz reported on Wednesday. The stake would be offloaded by Kayak Investment, which is the KKR-affiliated entity that has invested in the healthcare company.

Kayak Investment will sell $500 million worth of shares, with base size of $375 million or Rs 2,800 crore, the news channel learnt from sources. The price band was stated as Rs 340- Rs 361 for the block deal, with up to six percent discount.

SMC Global Securities: This Stocks In the News that the  company has purchased a land with an area of 3020.76 square yards in the layout plan of the Mohan Co-operative Industrial Estate, New Delhi, for Rs 51.36 crore.

Orchid Pharma: The NSE and BSE have approved amalgamation of Dhanuka Laboratories with Orchid Pharma.

Bharat Forge: Investment Committee – Strategic Business of the company will meet on April 2 to seek approval for raising funds.

Narayana Hrudayalaya: The board appointed Viren Prasad Shetty as Executive Vice-Chairman of Narayana Hrudayalaya, and Dr. Anesh Shetty as the Managing Director of Health City Cayman Islands (HCCI), Cayman. Currently Viren Prasad Shetty is the Whole-time Director and Group Chief Operating Officer.

Godrej Properties: The real estate developer has acquired a 9 acres land parcel in the residential micro-market of Pimpri-Chinchwad in Pune. The development will primarily be for a group housing project.

Pidilite Industries: The National Company Law Tribunal has approved amalgamation of subsidiary Pidilite Adhesives into Pidilite Industries.

Sundram Fasteners: Ministry of Heavy Industries has approved the company’s application under the Component Champion Incentive Scheme of the Production Linked Incentive (PLI) Scheme for manufacturing advanced automotive technology (AAT) components.

The company, out of total capital expenditure of Rs 2,000 crore planned over a period of next five years, has projected investment of over Rs 350 crore for manufacturing advanced automotive technology components.

3i Infotech: This Stocks In the News that the company has signed the Master Service Agreements (MSA) with new clients – Dhani Loans and Services (formerly India bulls Consumer Finance Limited), Amara Raja Batteries, Aavas Financiers, Erulearning Solutions, Vishal Mega Mart, and Rockman Industries. The starting contract value is Rs 10.58 crore.

Telecom: Reliance Jio and Vodafone Idea reported a month on month fall in mobile subscribers while Bharti Airtel reported gains in January as per data released by Telecom Regulatory Authority of India on Wednesday.

Reliance Jio saw a drop for the second consecutive month as its customer base declined by 9.3 million to 406.3 million. Vodafone Idea continued its losing streak as it shed 389,082 subscribers. It ended the month at 265.12 million customers. Airtel’s subscriber numbers increased by 714,199 to 356.4 million

Birla Corporation: Subsidiary RCCPL Private Limited has started clinker despatch at its 3.90 million tons greenfield integrated cement plant at Mukutban (Maharashtra).

BL Kashyap and Sons: The construction and civil engineering company has bagged new projects worth Rs 461.32 crore. Under these projects, the company will carry out civil and structural work in cities Gurugram and Bangalore in the coming months. With this new addition, the total order inflow for FY22 stands at Rs 1,217.49 crore.

V-Guard Industries: The consumer durable player plans to expand in northern, eastern and western regions of the country as it aims to garner over 60 per cent revenue from these regions in the next five-six years. These regions contribute around 42 per cent of the business of the company.

Ajanta Soya: The company has completed its solar power project of 1300 KWP capacity under captive consumption of power in Rajasthan.

Also Read : Hariom Pipe IPO : Dates, Issue Price, GMP, Subscription, Share Analysis and Allotment

The project is under commissioning as the company has received an office order from Jodhpur Vidyut Vitran Nigam for its synchronization and commissioning for captive use.

Stocks in F&O ban: Vodafone Idea is under the F&O ban for March 31.

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