Stocks to Monitor: ITC, Bajaj Finance, IRB, Dixon, RVNL, Wipro

On Friday, June 07, 2024, Indian markets are expected to open cautiously amidst varied global signals. GIFT Nifty futures suggest a modest start, hovering just 20 points above Nifty50 futures at 22,919 levels. Across Asia-Pacific, trends are mixed, with Japan's Nikkei 225 down by 0.14 percent, while the Topix index remains unchanged, up by 0.05 percent. Meanwhile, South Korea's Kospi index surged by 0.81 percent. Investors are eagerly awaiting the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) decision on interest rates, scheduled for 10:00 AM today, which will likely be the focal point of domestic trading.

ITC: ITC shareholders have greenlit the demerger of the company's hotel segment, setting the stage for the separate listing of ITC Hotels. The approval came through a virtual meeting, with an overwhelming 99.6 percent of shareholders supporting the move. The upcoming entity, ITC Hotels, will be solely responsible for the operations of the hotel and hospitality business.

Bajaj Finance: Bajaj Finance has given the green light for the initial public offering (IPO) of Bajaj Housing Finance, which entails a fresh issuance of equity shares worth up to Rs 4,000 crore. This move is in accordance with the regulatory directives of the RBI, mandating "upper layer" NBFCs to list within three years of notification.

IRB Infrastructure Developers: The company, along with its associate IRB Infrastructure Trust, reported a robust year-on-year increase in toll revenue, with a growth of 30 percent in May 2024. The total toll collections for the month reached Rs 536 crore, marking a substantial rise from the Rs 411 crore collected in May 2023.

Dixon Technologies: The company has signed a term sheet with HKC Corporation to establish a joint venture (JV) for the production of Liquid Crystal Modules (LCM) and thin-film transistor liquid crystal display modules (TFT-LCD Modules). The JV will also handle the assembly of various end products such as smartphones, TVs, monitors, and auto displays and sell HKC-branded products in India.

RVNL: Rail Vikas Nigam has secured a contract worth Rs 495 crore from the National Thermal Power Corporation (NTPC). The contract involves completing the remaining civil and HM works at the Barrage Complex, including a portion of the Head Race Tunnel (HRT) package for the Rammam Hydro Electric Project Stage-III. With a capacity of 3x40 MW, the project is anticipated to be finished within 66 months.

Wipro: The company has secured a $500-million contract from a top US communication service provider. The IT major will offer managed services for certain products and industry-specific solutions over five years.

ICICI Bank: SEBI has cautioned ICICI Bank regarding its campaign to persuade ICICI Securities’ shareholders to support its delisting initiative. The regulatory body has instructed the bank to take disciplinary measures against the employees responsible and provide a detailed report. ICICI Bank has disclosed the SEBI communication to the stock exchanges. SEBI's concerns stemmed from complaints filed by shareholders regarding persistent calls and messages from the bank urging them to vote in favor of the delisting.

Tata Chemicals: Tata Chemicals Europe, a subsidiary of Tata Chemicals, has been fined £1.1 million by the Chester Crown Court in the UK. The fine pertains to a safety incident that occurred in 2016, which led to the injury and subsequent unexpected death of a contractor.

HUL: Hindustan Unilever Limited has appointed Arun Neelakantan, the company’s chief digital officer, as executive director of customer development, effective 1 July. Neelakantan will succeed Kedar Lele, who is leaving for an external opportunity.

Vedanta: The mining conglomerate received approvals from the majority of its creditors for a proposed demerger of its businesses. The proposal marks an important step in the company’s plan to split into six independent listed companies.

PB Fintech: Tencent Cloud Europe BV offloaded a 0.73 percent stake in Policybazaar’s parent firm PB Fintech for Rs 416 crore through an open market transaction.

Zomato: The food safety department conducted a raid at Blinkit's warehouse in Hyderabad's Devarayamjal area and discovered several lapses in safety protocols. Blinkit operates as the quick commerce division of Zomato. Officials from the department noted that the premises were characterized as "very disorganized" and "unhygienic," with storage racks found to be "dusty."

Hero MotoCorp: The company announced on Thursday that it will acquire an additional 2.2 percent stake in Ather Energy for Rs 124 crore. The acquisition is expected to be completed by 31 July. Currently, Hero MotoCorp holds a 39.7 percent stake in Ather Energy.

Muthoot Microfin, SBI: On Thursday, Muthoot Microfin revealed its initiation of a strategic co-lending alliance with SBI. According to the agreement, Muthoot Microfin and SBI will jointly provide loans to members of Joint Liability Groups (JLGs) involved in agricultural and allied pursuits, along with other income-generating ventures.

Welspun Enterprises: The company has reached a resolution in its protracted legal feud with Indian Oil Corporation (IOCL) concerning the Panipat Naphtha Cracker Project (EPCC-12A Project). As per the terms of the settlement, IOCL will remit Rs 23.67 crore to Welspun Enterprises, encompassing a principal sum of Rs 15.96 crore and interest amounting to Rs 7.41 crore. The entire settlement sum is required to be disbursed by 14th June.

GMR Power and Infra: The company has approved the issuance of 15,026 secured non-convertible debentures totaling Rs 150 crores, bearing an annual coupon rate of 10.92 percent.

Power Grid Corporation of India: The company announced that Ravindra Kumar Tyagi, currently its chairman and managing director, will assume additional responsibilities as the director of projects starting July 1st.

Sun Pharmaceuticals: The company and its subsidiaries have entered into an agreement to acquire 9.6 percent of total outstanding securities in Haystack Analytics.

RITES: Tata Steel awarded the company a Letter of Award for loco hiring, operation, and maintenance.

Paytm: For the fourth consecutive month, the company witnessed a decline in its share of the unified payments interface (UPI) market in India. Paytm's portion of total UPI transactions dropped to 8.1 percent in May, compared to 13 percent recorded in January.

Orient Green Power: Later this month, during its annual general meeting, the company will seek shareholders' consent to increase its authorized share capital from the current Rs 1,600 crore to Rs 2,500 crore.

Oberoi Realty: The company has set 24 June as the record date for the payment of final dividend for FY23-24 of Rs 2 per equity share.

Jubilant Pharmova: The company proposed the acquisition of a 19.89 percent stake in O2 Renewable Energy XVI.

CanFin Homes: The company proposed to its members the issuance of shares through QIP, preferential allotment, or rights issue, with a maximum limit of Rs 1,000 crore.

Union Bank: On June 11, the bank is scheduled to deliberate on a capital raising strategy, which could encompass options such as rights issues, private placements, QIPs, or preferential allotments.

United Breweries: The company has launched 'Queenfisher Premium Lager Beer’ in the larger beer mild segment category in Maharashtra.

Regency Fincorp: The company has opened three new branch offices in Raikot, Ludhiana (Punjab), and Yamuna Nagar (Haryana).