Stocks to watch on July 5: Handy futures traded 13 points, or 0.07 percent, higher at 19,506.50, indicating Dalal Street was headed for a muted start on Wednesday. Here’s a slew of stocks that will be in the spotlight today for a variety of reasons.
LTIMindtree, LIC Home Finance: LTIMindtree will replace Housing Development Finance Corporation (HDFC) in the benchmark Nifty50 index, while LIC Housing Finance will likely replace it in the Nifty Financial Services index. The change will take effect on July 13 (July 12 at the latest).
Meanwhile, Jindal Steel & Power will replace HDFC in the Nifty 100 index and LTIMindtree in the Nifty Next 50 index. Furthermore, Mankind Pharma will replace HDFC in the Nifty 500 index.
National Bank of India: SBI has received approval from the Executive Committee of the Central Board (ECCB) to acquire SBICAPS’ entire interest in SBICAP Ventures, subject to regulatory approvals. The estimated cost of capital is Rs 708.07 crore.
Sygene International: The company has acquired the Unit 3 biologics manufacturing facility in Bengaluru from Stelis Biopharma Limited (SBL).
The companies have entered into a binding term sheet and upon completion of the transaction, the site will add 20,000 liters of installed biologics production capacity for Syngene. The site has the potential for future expansion to an additional 20,000 liters of biologics production capacity.
Adani Power: Adani Electricity Mumbai has said that total technical and commercial losses have been reduced to 5.93 percent in FY23 from 6.55 percent a year ago.
RBL bank: The lender informed the exchanges of its Q1FY24 business update and said that total deposits grew at an annualized rate of 8 percent as of June 30, 2023 to Rs 85,638 crore, compared to Rs 79,216 crore last year.
Lemon tree hotels: The company has signed a licensing agreement for a 48-room property in Udaipur, Rajasthan
Gross advances, meanwhile, rose 20 percent year-on-year to Rs 74,792 crore as compared to Rs 62,110 crore in Q1FY23.
Bandhan Bank: The lender’s chief financial officer (CFO), Sunil Samdani, has resigned to “seize other opportunities”. He will serve a three-month notice period until October 1, 2023.
Separately, total receivables grew at about 7 percent year-on-year, but fell 5.5 percent quarter-on-quarter to Rs 1.03 trillion at the end of the June quarter. Total deposits remained flat sequentially, rising 16.6 percent year-on-year to Rs 1.08 trillion. CASA deposits fell 3 percent yoy/8 percent quarter-on-quarter.
AU small financial bank: Gross advances rose 29 percent year-on-year to Rs 63,635 crore in Q1FY24, while deposits increased 27 percent to Rs 69,315 crore, the lender said in its June business update.
Samvardhana Motherson International: MSSL Consolidated Inc, an indirect wholly owned subsidiary of Samvardhana Motherson International Limited, has signed an agreement for a $14 million, 12 percent optional convertible secured bond investment from Prysm Systems Inc.
In addition, upon successful delivery of the Gen-3 prototype to agreed specification and associated terms, which is expected in Q4FY24, the Company will further invest $20 million and convert secured bonds into equity for a controlling interest, i.e. not less than 72 percent on a completely diluted base.
Apart from that, Samvardhana Motherson International Limited, through a wholly owned subsidiary of SMRP BV, has entered into an agreement to acquire an 81 percent interest in Yachiyo’s 4W (Y4W) Business housed under Yachiyo Industry Co. Ltd.
she-wolf: The company has received preliminary approval from the USFDA for Abbreviated New Drug Application, Dolutegravir Tablets for Oral Suspension, 5 mg, to market a generic equivalent of ViiV Healthcare Company’s Tivicay PD Tablets for Oral Suspension, 5 mg.
Separately, the Company has set Friday, July 14, 2023 as the “Record Date” to determine which shareholders are entitled to receive payment of the dividend, if announced at the AGM (to be held on August 3).
Aurobindo Pharma: The breast cancer biosimilar product, BP02 (Trastuzumab or Herceptin biosimilar), developed by Curateq Biologics Private Limited, a wholly owned subsidiary, has shown positive results in the Phase 3 clinical trial.
BHEL: BHEL has extended its gas turbine technology agreement with General Electric Technology GmbH Switzerland.
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