Stocks To Watch On August 23: Domestic markets ended slightly higher in a lackluster session on Thursday, pausing after the recent rally. In today’s trade, shares of Ambuja Cements, Nykaa, Adani Power, Bharti Airtel, and Wipro among others will be in focus due to various news developments.
FSN E-Commerce Ventures (Nykaa): Harindarpal Singh Banga, a pre-IPO investor in Nykaa, is set to sell up to 1.4 per cent of his stake in the beauty and personal care platform at a floor price of Rs 198 per share. Singh held a 6.4 per cent stake in Nykaa at the end of the June quarter.
Ambuja Cements: Holderind Investments, a promoter group entity, is launching a block deal to sell a 2.84 per cent stake in Ambuja Cements for $500 million. The floor price for the deal is Rs 600 per share, reflecting a 5 per cent discount from the last closing price of Rs 631.80 on August 22.
Shriram Finance: The Competition Commission of India (CCI) has approved Shriram Housing Finance’s sale to Mango Crest Investment Ltd, an affiliate of Warburg Pincus. The approval is contingent upon receiving additional regulatory approvals.
Bharti Airtel: Bharti Airtel has announced a reduction in its Goods and Services Tax (GST) liability following an appeal. The dispute involved the reverse charge mechanism on Licence Fees and Spectrum Usage Charges, initially assessed by the Additional Commissioner of the Central GST in Delhi. The Central Goods and Services Tax Appellate Authority has reduced Bharti Airtel’s GST demand from Rs 604.66 crore to Rs 194 crore following the company’s appeal.
Adani Power: Adani Power’s Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL) has been approved by the National Company Law Tribunal (NCLT), Hyderabad Bench. The order, issued on August 21, 2024, was made available on the NCLT’s website the following day.
Infosys: The Indian government is exploring ways to resolve tax disputes with major companies, including Infosys, which recently faced a demand for Rs 32,403 crore ($3.9 billion) in back taxes dating back to 2017. Authorities are considering options to settle these disputes to maintain investor confidence.
GAIL: GAIL (India) Ltd has signed a memorandum of understanding (MoU) with US-based Petron Scientech Inc. to explore the establishment of a 500 kilo ton per annum bio-ethylene plant and downstream units in India through a joint venture.
Central Bank: Central Bank of India has successfully bid for the acquisition of Future Enterprises Ltd’s (FEL) stakes in life and general insurance ventures. FEL owns a 25 per cent stake in Future Generali India Insurance Company and a 33 per cent stake in Future Generali Life Insurance.
Wipro: Rizing Management LLC, a step-down subsidiary of Wipro, has been voluntarily liquidated as of August 21. Additionally, Wipro has been selected by John Lewis Partnership to modernise its IT infrastructure.
Bandhan Bank: The bank has introduced “Avni,” a savings account exclusively for women, and launched “Bandhan Bank Delights,” a loyalty program where customers can earn and redeem “delight points.”
SBI Life Insurance Company: The Deputy Excise and Taxation Commissioner in Haryana has demanded Rs 239.27 crore from SBI Life for GST, including interest and penalties, for FY20.
RailTel Corporation of India: The company has received a Rs 52.66 crore work order from the Uttar Pradesh Police Recruitment and Promotion Board.
Zomato: Zomato is shutting down its Intercity Legends service, which delivered iconic dishes from 10 cities across India, effective immediately.
Bharat Forge: The company will invest Rs 105.45 crore in its subsidiary Kalyani Powertrain by subscribing to 10,545,000 equity shares. Kalyani Powertrain specializes in EV and e-mobility solutions.
Spandana Sphoorty Financial: The board will meet on August 27 to consider issuing non-convertible debentures via private placement.
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