Stocks to Watch: Take a look at the companies making headlines ahead of the opening bell on September 26, 2023.
tata ispat: Global credit rating agency Moody’s has raised Tata Steel’s corporate family rating to Baa3 from Ba1 and changed the outlook to stable from positive. The rating agency expects the company’s profitability to grow despite the impact on revenues due to soft steel prices, and the company will maintain conservative financial policies with a balanced capital allocation and financial metrics appropriate for its Baa3 rating.
Wipro: IT services company announced sale of 14 acres and 02 cents of land including a 20-year-old building in Chennai for Rs 266.38 crore. The company executed the sale deed on September 25 and Casagrande Bizpark was the buyer.
Fortis Healthcare:The company has received approval from the Board of Directors to enter into a share purchase agreement to acquire 99.9% stake in Artistry Properties. The enterprise value of the stake purchase is Rs 32 crore. Artistry owns a land and building near Fortis Hospital in Anandapur, Kolkata. The building has been completely constructed with all statutory compliances and with minimal customization and re-layout, it can be used to accommodate OPD, Diagnostics and Day Care services, which will be shifted from the main building of Fortis Anandapur Hospital. /can be transferred.
HDFC Asset Management Company: HDFC AMC has invested Rs 25 crore in its subsidiary HDFC AMC International (IFSC) and is retaining 100% stake in the subsidiary.
Bannari Amman Spinning Mills: Shareholders have approved the reappointment of SV Arumugam as Managing Director of Bannari Amman Spinning Mills for three years from June 27, 2023 to June 26, 2026. They have also approved the appointment of C Sivasamy as independent director of the company. For 5 consecutive years from June 28, 2023 to June 27, 2028.
GR Infraprojects:The bids for 2 ropeway projects won by GR Infraprojects have been canceled by the National Highway Logistics Management. In February 2023, GR Infraprojects had emerged as the L1 bidder for the development, operation and maintenance of ropeway contract worth Rs 3,613 crore in Uttarakhand on hybrid annuity mode.
KM Sugar Mills: Shareholders have approved the reappointment of LK Jhunjhunwala as chairman, Aditya Jhunjhunwala as managing director, Sanjay Jhunjhunwala as joint managing director and SC Agarwal as executive director of the sugar company for three years from April 1, 2024.
Ujjivan Small Finance Bank: SMC Global Securities announced strategic partnership with Ujjivan Small Finance Bank to provide online trading services to the bank’s customers. This association will provide services related to savings, demat and trading accounts to the customers of the bank. This collaboration will enable SMC Global to expand its customer base by leveraging Ujjivan SFB’s extensive pan-India presence to serve more than 76 lakh customers.
RPP Infra Projects:The company has received Letter of Acceptance for Road and Drain Work-1 at a contract value of Rs 300.44 crore for CPCL’s CBR project at Nagapattinam, Tamil Nadu. Additionally, a contract worth Rs 90.18 crore for provision of civil works and allied services for engine testing facility along with supporting works for GRTE at Rajankute, Bengaluru. It also got a contract worth Rs 16.88 crore for the construction of storm water drains from Thoothukudi City Municipal Corporation, Tamil Nadu.
Welspun Corp: Subsidiary Syntex BAPL has signed an MoU with the Telangana government to set up a manufacturing unit in the state with an investment of up to Rs 350 crore. The proposed project is under the incentive scheme of the state government and will involve manufacturing of water tanks and PVC pipes and fittings. The total investment will be spread over the next three financial years.
Delta Corporation: Key investor Ashish Rameshchandra Kacholia has sold 15 lakh shares, equivalent to 0.56% of the total paid-up equity, at an average price of Rs 144.65 per share through open market transactions.
sheila foam:The polyurethane foam maker has closed its qualified institutional placement (QIP) on September 25, and allotted 1.1 crore equity shares at the issue price of Rs 1,078 per share, a premium of 4.94% from the floor price of Rs 1,133.99 per share. There is a discount. With this the company raised Rs 1,200 crore.
Madhusudan Masala: The spice maker will list its equity shares on NSE Emerge. The issue price is Rs 70 per share. Its equity shares will be available for trading in the trade-for-trade segment.
Kundan Bhawan:The light emitting diode (LED) strip light maker will debut on NSE Emerge on September 26. The issue price is Rs 91 per share. Its equity shares will be available for trading in the trade-for-trade segment.
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