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Stocks to watch today — June 20, 2023

Abrdn Investment Management, formerly known as Standard Life, has put its entire holding of 10.2 per cent in HDFC Asset Management Company on sale through a block deal.

The former co-sponsor of HDFC AMC will offload 2.18 crore shares at an offer price of ₹1,800 to ₹1,892.45 per share, sources said. The price would be at a discount to a closing price of ₹1,891 on Monday. Based on the sale price, the deal will be worth ₹3,920 crore.

HDFC Ltd has signed definitive documents for the proposed disinvestment/sale of approximately 90 percent stake in its education loan subsidiary HDFC Credila to a consortium of private equity firms BPEA EQT and ChrysCapital for around Rs 9,060 crore, the mortgage lender said in a disclosure to the stock exchanges

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Royal Orchid Hotels Limited, a leading hospitality company with over 90 operational assets and a robust pipeline of 20+ openings in 2023/24 across South Asia, has announced the appointment of Philip Logan as its Chief Operating Officer (COO). In this pivotal role, Logan will spearhead the next phase of growth for the company.

Securities and Exchange Board of India has banned brokerage IIFL Securities from onboarding new clients for two years, for mixing clients’ funds with proprietary funds, for using credit-balance client accounts to settle obligations of debit-balance client accounts, and for using credit-balance client accounts to settle proprietary-trade obligations

Shareholders of Adani Transmission and Adani Enterprises have approved the raising of funds by the companies through qualified institutional placements. The two companies are planning to raise a total of ₹21,000 crore, with Adani Enterprises aiming to raise ₹12,500 crore and Adani Transmission ₹8,500 crore

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InterGlobe Aviation (IndiGo) is further defining its long-term future well into the next decade, by placing a firm order for 500 Airbus A320 Family aircraft. This will provide IndiGo with a further steady stream of deliveries between 2030 and 2035.

This 500 aircraft order is not only IndiGo’s largest order but also the largest-ever single aircraft purchase by any airline with Airbus. The engine selection for this order will be done in due course and so will be the exact mix of A320 and A321 aircraft.

ITI Limited has signed a Tripartite MoU with the Centre for Development of Telematics, and Telecommunications Consultants India Limited (TCIL) recently as part of the larger efforts by the government to synergise R&D efforts in the field of telecommunications aimed at establishing frame work for cooperation between C-DOT, TCIL, and ITI in creation and delivery of innovative telecommunication products and related services for Smart Cities.

Zydus Lifesciences Limited (including its subsidiaries/affiliates has received final approval from the United States Food and Drug Administration (USFDA) for Minocycline Hydrochloride Extended-Release Tablets USP, 55 mg, 65 mg, and 115 mg (USRLD: Solodyn Tablets, 55 mg, 65 mg, and 115 mg).

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EaseMyTrip.com has elevated Nutan Gupta as its Chief Operating Officer (COO). In her new role, she will be overseeing key functional areas such as business strategy and development, operations and supplier-building initiatives for the company.

Timken Singapore Pte Ltd, one of the promoters of Timken India, is expected to offload 63 lakh equity shares or an 8.4 percent stake in the ball and roller bearing manufacturing company via block deals on June 20. The floor price for the transaction is around Rs 3,000 a share, according to media reports. The offer size could be ₹1,890 crore or $231 million.

The board of directors of Olectra Greentech Limited, subject to the approval of the shareholders of the company, accorded its approval to award the contract for construction of the greenfield electric vehicle manufacturing facility on 150 acres of land situated at Seetharampur, Hyderabad, Telangana to Megha Engineering & Infrastructures Limited (MEIL) which is the ultimate holding company.

Arihant Superstructures Ltd. has completed an outright purchase of additional 51 acres of land at Chowk, Navi Mumbai. With this, the company now has acquired 76 acres of contiguous land for its new low-rise project comprising plotted development & constructed villas.

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The project should be designed with a 200-room hotel-resort which can be used for destination wedding ceremonies, corporate events, and a convention center enabling the company to generate consistent revenues similar to a lease model. Land allocation will also be done to design a Gymkhana Club, which shall generate membership revenues.

Aether Industries, a specialty chemical manufacturing company, launched its qualified institutional placement (QIP) issue on June 19. The floor price for the offer has been fixed at ₹984.90 per share by the fundraising committee.

ITC Limited has entered into definitive agreements to acquire a further 857 Compulsorily Convertible Preference Shares of ₹10 each of Mother Sparsh for an amount of ₹ 11.54 crore (approximately.).

The said shares, once acquired, will take the Company’s shareholding in Mother Sparsh from 22 per cent to 26.50 per cent (on a fully diluted basis). Mother Sparsh is a premium ayurvedic and natural personal care start-up in the D2C space, with a focus on the mother and baby care segments.

3i Infotech Limited has been awarded a contract by one of the leading Indian private sector banks for managed services partner for the data center domain. The total contract value is approximately ₹42.60 crore, spread across two years.

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The contract is for managed services partner for the data center domain for a period of two years starting from July 1, 2023, to June 30, 2025, with the option to extend the contract with mutual agreement.

Isgec Heavy Engineering Limited’s wholly owned subsidiary, namely Saraswati Sugar Mills Limited, has enhanced the production capacity of its Ethanol Plant from 100 Kilo Liter Per Day to 160 KLPD and the enhanced capacity has come into commercial production on June 18 after obtaining all statutory approvals.

Bharat Agri Fert & Realty Limited has received the Sanction of Development from Thane Municipal Corporation for the construction project “Shiv Sai Paradise. The Company management expects additional net revenue of ₹700-800 crore (approx) over five years.

The Board of PVP Ventures Limited on June 22 to consider the issue of equity shares of the company by way of preferential issue for the acquisition of a company engaged in the healthcare business for consideration other than cash, for which issuance and allotment of equity shares shall be under applicable laws and shall be subject to such regulatory approvals, as may be required, including shareholders’ approval.

Hindustan Petroleum Corporation Ltd (HPCL) has agreed with Automin Car Services Pvt Ltd, a subsidiary of Petromin Corporation, Kingdom of Saudi Arabia (KSA) to establish co-branded HP-Petromin Express vehicle service centres across India.

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Petromin is a leading mobility solutions player in automotive technology with more than 700 multi-brand quick-service outlets across GCC. This strategic partnership aims to provide world-class customer experiences at affordable prices and offer a comprehensive range of solutions under one roof, including lube change, light repairs, periodic maintenance, battery replacements, tire services, air conditioning repairs, and eco carwash facilities.

The co-branded HP-Petromin Express vehicle service centres will be located in HPCL’s select retail outlets in metros and other major cities across India.

Lupin has announced that it has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration for its API manufacturing facility located in Visakhapatnam (Vizag), India.

The EIR was issued post the last inspection of the facility conducted from March 6 to 10. The inspection closed with the facility receiving an inspection classification of “No Action Indicated”.

Som Distilleries and Breweries Limited have announced that it has commenced trial production with the enhanced capacity at the Odisha Plant. This marks an exciting milestone for the company as it expands product offerings and increases production capabilities. Commercial production is expected by early next month.

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