Stocks on Focus: Indus Towers, HUDCO, Birla Cables, Vikram Solar, Midhani

By siliconindia  |  Wednesday, 19 June 2024, 10:04:35 AM IST

Stocks on Focus: Indus Towers, HUDCO, Birla Cables, Vikram Solar, Midhani
Indian markets might open higher on Wednesday, influenced by the positive momentum in Asian markets. This follows another record high on Wall Street. As of 7:10 AM, most Asia-Pacific markets were active, driven by Japan's better-than-expected trade data. The Nikkei in Japan rose by 0.55 percent, while Korea's Kospi surged nearly 1 percent. Australia's ASX200, however, saw a slight decline.
Indus Towers: Vodafone Group Plc is planning to sell a 9.94 percent stake in Indus Towers in a bulk deal within a price range of Rs 310 to Rs 341 per share. The sale is set to open on Wednesday and is being managed by Morgan Stanley, BofA Securities, Jefferies, and BNP Paribas.
Housing and Urban Development Corporation: HUDCO raised $200 million (JPY 30 billion) in its first syndicated loan. The state-run body secured the five-year funds as part of its inaugural “social loan," according to Japan’s Sumitomo Mitsui Banking Corporation (SMBC).
Vodafone Idea: The company will request the government to convert the annual installment for spectrum payments for FY26/FY27 into equity. This will fall due after the moratorium ends by September 2026.
Birla Cables: The European Commission has proposed an 8.7 percent provisional anti-dumping duty on the CIF Union border price. If implemented, this duty will apply to exports of single-mode optical fiber cables to the European Union.
Vikram Solar: The company has secured an order to provide 393.9 MWp solar modules for NLC India’s solar project in Gujarat. This order brings Vikram Solar’s total PV module supply contract to the Khavda Solar Park to over 1 GW.
Mishra Dhatu Nigam: Midhani is reportedly in discussions with Pratt & Whitney (P&W) to supply engine components for aircraft engines.
State Bank of India: SBI has started discussions with market participants to raise approximately Rs 10,000 crore ($1.20 billion) through infrastructure bonds.
Vedanta: In its latest annual report, the company informed investors that Vedanta Resources, the UK-based parent entity, will aim to reduce debt by $3 billion over the next three years.
Kotak Mahindra Bank: The bank now holds a 30 percent stake in Kotak General Insurance Company after Zurich Insurance Company completed the acquisition of 70 percent of the company's share capital.
Kalpataru Projects International: The company has been instructed by the customs authority to pay a customs duty of Rs 84.40 lakhs, along with an equal penalty, due to an alleged misclassification of the tariff item code of imported goods. An additional penalty of Rs 7.86 lakhs is also required. The company’s board has proposed a final dividend of Rs 8 per equity share for FY 2023-24, with a record date of June 28 and payment by August 13.
Tech Mahindra: The Mahindra group plans to "unlock the full potential" of Tech Mahindra by leveraging cross-selling and synergies within the group. Tech Mahindra aims to expand its network by utilizing the group's relationships. The company has a strong presence across auto original equipment manufacturers, T1 (tier-1), industrial, process manufacturing, and A&D (aerospace and defense).
Siemens and ABB: According to Jefferies, both companies will benefit from increased data center capacity in India and globally.
Zee Entertainment Enterprises: ZEEL has appointed Mukund Galgali as the company's acting chief financial officer (CFO) after Rohit Kumar Gupta, its current CFO, decided to step down for personal reasons.
Infosys: The company is introducing an attractive relocation policy to encourage its employees to move to Hubballi, Karnataka, as part of its strategic plan to set up offices in various tier-2 cities. This policy is aimed at employees at band 2 and above, with different relocation allowances for employees at band 3 and below as well as those at higher bands.
Prestige Estates: The company plans to hold a board meeting on June 21 to discuss and approve various fundraising methods, such as qualified institution placements, preferential issues, rights issues, private placements, or other forms of capital raise.
ZF Commercial: According to sources, Wabco Asia plans to sell a 5 percent stake in ZF Commercial through a block deal at a floor price of Rs 14,980 per share.
Ami Organics: The specialty chemicals manufacturer has launched its Qualified Institutional Placement (QIP) with a floor price set at Rs 1,228.7 per share. The company aims to raise Rs 500 crore through this equity fundraising exercise. It will hold a board meeting on June 21 to decide the issue price of the QIP.
Apeejay Surrendra Park Hotels: The company has signed a new hotel under the brand name 'The Park' in the foothills of Nainital, Uttarakhand.
Mrs Bectors: The company will hold a meeting on June 24 to consider proposals for raising funds.
Tata Technologies: The company has launched the second edition of the Tata Technologies InnoVent Hackathon in collaboration with Microsoft and Tata Motors.
Netweb Technologies: The company has launched its range of servers manufactured in India, utilizing the powerful capabilities of the latest 4th Gen AMD EPYC processors.
Bharat Forge: The company has invested an additional $40 million in Bharat Forge America Inc., a wholly-owned subsidiary, to facilitate its capital expenditure for an aluminum forging facility.
Rama Paper Mills: The company has temporarily closed its manufacturing plant in Uttar Pradesh due to financial difficulties.
Snowman Logistics: Gateway Distriparks, the company's promoter, has acquired 3 lakh equity shares, equivalent to 0.18 percent of the company, through an open market offer.
Rajoo Engineers: The company will convene on June 24th to discuss a proposal regarding the declaration and recommendation of bonus equity shares.
Craftsman Automation: The company has approved raising funds by issuing equity shares for an aggregate amount not exceeding Rs 1,200 crore through qualified institutions placement.

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