Stocks To Watch On August 29: Benchmark Nifty rose marginally to hit a fresh lifetime high of 25,052 and Sensex gained over 70 points on Wednesday. In today’s trade, shares of RIL, IndiGo, PB Fintech, Vedanta, Tata Steel among others will be in focus due to various news developments.
Reliance Industries: The Competition Commission of India (CCI) has approved the merger between Reliance Industries-promoted Viacom18 and Walt Disney-owned Star India. This landmark merger is set to create India’s largest media and entertainment firm, with Reliance holding a 56 per cent stake, Disney owning 37 per cent, and Bodhi Tree Systems having 7 per cent. That apart, the company is also holding its AGM for FY24, today.
IndiGo: Rakesh Gangwal, co-founder of InterGlobe Aviation (which operates IndiGo), plans to sell up to $850 million worth of his stake in the country’s largest airline through block deals. The indicative price for the stake is set at Rs 4,593 per share, reflecting a 5.5 per cent discount to the current market price.
PB Fintech: Tencent Cloud Europe BV is likely to offload a 2.1 per cent stake (approximately 9.7 million shares) in PolicyBazaar’s promoter through block deals. The floor price for this transaction is set at Rs 1,660.2 per share, representing a 4.5 per cent discount to the current market price.
Procter & Gamble Hygiene and Health Care: The company recorded a net profit of Rs 81.06 crore for the quarter ended June 2024, a decline of 46.4 per cent compared to the year-ago period. However, revenue grew by 9.3 per cent year-on-year to Rs 931.8 crore during the quarter. The board recommended a final dividend of Rs 95 per share.
Vedanta: Anil Agarwal-owned mining conglomerate Vedanta will consider a third interim dividend at its board meeting on September 2. The record date for the dividend has been fixed as September 10, 2024.
Tata Steel: The company has acquired 178.34 crore ordinary equity shares worth $280 million (₹2,347.81 crore) in T Steel Holdings Pte (TSHP). Post this acquisition, TSHP will continue to be a wholly owned subsidiary of the company.
KEC International: Infrastructure company KEC International has won new orders worth Rs 1,171 crore in its Transmission and Distribution business, including constructing transmission lines in the UAE and Saudi Arabia.
One 97 Communications: Paytm Payments Services (PPSL) has received Finance Ministry’s approval for ‘downstream investment’ from One 97 Communications. PPSL, a wholly owned subsidiary of One 97 Communications, will now resubmit its payment aggregator (PA) application. Paytm emphasizes its ‘compliance-first approach’ and commitment to advancing the Indian financial ecosystem12.
Zomato: Zomato has acquired Paytm’s entertainment ticketing business for Rs 2,048 crore to strengthen its “going-out” segment. The deal includes Orbgen Technologies Pvt Ltd (OTPL) for movie ticketing and Wasteland Entertainment Pvt Ltd for events ticketing.
LTIMindtree: The Karnataka High Court has stayed a tax order worth Rs 378 crore against LTIMindtree for alleged non-payment of Integrated Goods and Services Tax.
YES Bank: The bank collaborates with Newtap Finance to provide personalized financing solutions for creditworthy individuals on payments platform CRED. CRED members will benefit from competitive rates and a superior digital-first experience5.
Sonata Software: The company has secured a multi-million dollar IT outsourcing contract from a US-based premier healthcare and wellness company. The collaboration focuses on optimizing IT budgets and modernizing technology landscape.
Wipro: The global IT services provider, has announced the liquidation of Capco Consulting Services (Guangzhou), its step-down subsidiary based in China. Additionally, the company has completed its subscription in the equity share capital of Huoban Energy.
Macrotech Developers: The realty firm plans to acquire 100 per cent equity stakes in Opexefi Services Private Ltd and One Box Warehouse Private Ltd through executed Share Purchase Agreements. The acquisitions, valued at Rs 46.7 crore and Rs 49 crore, respectively, will make both companies wholly owned subsidiaries of Macrotech.
NLC India: State-owned NLC India has signed a 25-year power usage agreement with Telangana state discoms for 200 MW of solar energy under the central public sector undertaking scheme.
Vodafone Idea: The Supreme Court of India has scheduled a hearing for Vodafone Idea’s curative petition in the Adjusted Gross Revenue (AGR) case on August 30. This follows the Supreme Court’s acknowledgment of Vodafone Idea’s submission against the 2019 judgment on payments to the government.
Lemon Tree Hotels: The company announced its newest property, Lemon Tree Hotel in Ujjain, Madhya Pradesh. The hotel, expected to open in FY27, will feature 72 rooms, a restaurant, a bar, a swimming pool, and other public areas. It will be managed by Carnation Hotels, a wholly-owned subsidiary of Lemon Tree Hotels.
NALCO, Oil India: Khanij Bidesh India Ltd. (KABIL), a joint venture among NALCO, Hindustan Copper, and Mineral Exploration & Consultancy, has signed an MoU with Oil India for collaboration in mineral exploration and related projects. This partnership aims to address India’s growing needs for mineral resources.
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