Stocks To Focus: Happiest Mind, Maruti Suzuki, Sun Pharma, Borosil, Swan Energy

Stocks to watch on Tuesday, June 25, 2024: Indian equities are expected to open steady to higher on Tuesday, boosted by positive signals from Asian markets and strong domestic economic indicators. As of 6:36 AM, GIFT Nifty futures indicated an optimistic start, trading 36 points higher at 23,579.5 compared to Nifty futures. Across the Asia-Pacific region, markets showed gains following a tech sell-off in the US. Korea's Kospi increased by 0.21 percent, Japan's Nikkei rose by 0.29 percent, and Australia's ASX200 advanced by 0.68 percent. On the domestic front, India's current account deficit for the fiscal year 2023-24 significantly narrowed to $23.2 billion (0.7 percent of GDP) from $67 billion (2 percent of GDP) the previous year.

Happiest Mind: Ashok Soota, the promoter and executive chairman of an IT firm, has started a block deal to sell a 6 percent stake in the company. The total offer size for the transaction is Rs 754 crore. The floor price for the sale has been set at Rs 826 per share, which represents a 10% discount to the last closing price.

Maruti Suzuki India: The automaker has announced that it received a show cause notice (SCN) from the Goods and Services Tax (GST) Authority in Gujarat. The notice is related to the period from July 2017 to March 2023 and involves an alleged denial of input tax credit on certain services, amounting to Rs 5.4 crore.

Sun Pharma: Sun Pharma has successfully completed the merger between Taro Pharmaceutical Industries and its subsidiary company. As part of the merger, Sun Pharma has acquired all outstanding ordinary shares of Taro, excluding those already held by Sun Pharma or its affiliates.

Borosil: The company has launched its Qualified Institutions Placement (QIP) after receiving approval from its Board of Directors. The floor price for the QIP is set at Rs 331.75 per equity share. This move is in line with the company’s earlier resolution to raise up to Rs 250 crore through this fundraising route.

Swan Energy: The company announced its plan to acquire a 49% equity stake in Triumph Offshore Private Ltd (TOPL) from Indian Farmers Fertiliser Cooperative Ltd (IFFCO) for Rs 440 crore. Swan Energy will purchase 26,21,50,000 equity shares of Rs 10 each in TOPL from IFFCO. The deal received approval during the Board of Directors meeting.

Shalby: The multi-specialty hospital chain has announced the termination of its franchise agreement with Madhuban Orthopedic and Multispecialty Surgical Hospital Private Ltd in Udaipur. This decision was made due to the franchisee's breaches of various terms and conditions. The termination notice was executed on June 24, 2024.

Craftsman Automation: The automation company has announced the signing of a Memorandum of Understanding (MoU) with Sunbeam Lightweighting Solutions Private Ltd and Kedaara Capital Fund II LLP. This outlines the company's intention to acquire all or part of Sunbeam's business in one or more stages, excluding specific assets in Gurugram.

Amara Raja: Amara Raja Advanced Cell Technologies Private Ltd, a wholly-owned subsidiary of the automotive battery maker, has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.