Stocks To Watch: Den Networks, Engineers India, Hathway Cable, Power Grid, Punjab & Sind Bank
Indian equities endured sharp swings on either side as the March series F&O expiry had a volatile close. The S&P BSE Sensex ended 1.5% lower at 48,440 while the NSE Nifty 50 too fell 1.5% to end at 14,324. 45 out of the 50 index constituents ended with losses.
Here are the stocks to watch in trade today:
- Power Grid Corporation Of India: Jaypee Powergrid has now become a subsidiary of the company. Further it has acquired Bikaner-II Bhiwadi Transco, the project SPV to establish Transmission System Strengthening Scheme for evacuation of power from solar energy zones in Rajasthan, for Rs 20.50 crore.
- Engineers India and Oil companies: The two companies have entered into Share Purchase Agreement for acquisition of Numaligarh Refinery Ltd's equity shares from BPCL. Subsequently, Engineers India will acquire 3.21 crore shares of NRL for Rs 699 crore and Oil India will acquire total 39.84 crore shares of NRL for Rs 8,675 crore. The proposed share transfer and associated closing actions under the Share Purchase Agreement are expected to be completed within two business days of the execution of the SPA.
- Pharma stocks: Cadila Healthcare, Lupin, Torrent Pharma and a wholly owned Indian subsidiary of Sun Pharmaceuticals to subscribe to a partnership interest in ABCD Technologies LLP (to be renamed as Indo Health Services LLP). The acquisition will cost Rs 40 crore each to all the companies.
- Punjab & Sind Bank: Has declared the NPA account of IL&FS as fraud and reported it to the RBI. The account has outstanding dues of Rs 399.31 crore
- HG Infra Engineering: Has been declared as L-1 bidder by National Highways Authority of India for development of six Lane Aluru-Jakkuva section of NH-130-CD Road in Andhra Pradesh on Hybrid Annuity Mode. The company's bid project cost is Rs 1,060. 11 crore.
- Compucom Software: Has won a tender from RISL worth approximately Rs 66.99 crore and received a Letter of Acceptance for supply and installation of computer systems, interactive panel, printer, UPS and networking and electrification etc. in 525 government schools with 5 years on site comprehensive warranty.
- Hathway Cable & Datacom: Promoters Jio Content Distribution Holdings, Jio Internet Distribution Holdings and Jio Cable and Broadband Holdings to sell up to 33.79 crore equity shares, representing 19.09% of the total equity share capital, through an Offer for Sale. The floor price of Rs 25.25 per equity share is at a discount of 11.71% to Thursday's closing price. The OFS opens for non-retail investors today and for retail investors on March 30.
- Den Networks: Promoters Jio Futuristic Digital Holdings, Jio Digital Distribution Holdings and Jio Television Distribution Holdings to sell up to 5.54 crore equity shares, representing 11.63% of the total equity share capital, through an Offer for Sale. The floor price of Rs 48.50 per equity share is at a discount of 11.49% to Thursday's closing price. The OFS opens for non-retail investors today and for retail investors on March 30.
- Manappuram Finance: Board to consider and approve issuances of debt securities in April, 2021 to raise funds.
- Mahindra Lifespaces: Has announced the addition of a new residential project in Kalyan. The company has entered into an agreement for sale with the land owners for acquisition of land parcel admeasuring 10.3 acres. The project will offer approximately 7 lakh sq. ft. of carpet area and is expected to be launched in FY 2022.
- Edelweiss Financial Services: Board has declared an interim dividend of Rs 0.90 per share for FY21. The record date for the same is April 8.
- SBI Life Insurance Company: Board has declared interim dividend of Rs 2.5 per share for FY21. The record date for the same is April 6.
- Heranba Industries: Aditya Birla Finance has released the charge over the company's Sarigam property and revoked the lien on Units of Scheme of Aditya Birla Sun Life Mutual Fund.
- Adani Enterprises: Has incorporated a wholly-owned subsidiary, Kutch Copper, for Rs 1 lakh.
- Somany Home Innovation: Board has approved the execution of the share subscription and shareholders agreement with Atlantic Societe Francaise De Development Thermique and Hintastica, a wholly owned subsidiary of the company. The company will infuse Rs 7.6 crore by subscribing to 25,300 equity shares and Groupe Atlantic will infuse Rs 68.26 crore by subscribing to 2.25 lakh equity shares of Hintastica. Post the aforesaid investments HPL will become a 50:50 joint venture between the company and Groupe Atlantic.
- WABCO India: Promoter ZF International U.K. to exercise the oversubscription option to the extent of 6.86 lakh equity shares (representing 3.62% of the total equity share capital) in addition to the base offer size of 17.17 lakh share. The Offer for Sale for retail investors opens today.
- CreditAccess Grameen: Board has approved the allotment of 500 secured NCDs of face value of Rs 10 lakh each, aggregating up to Rs 50 crore on private placement basis.
- Sadbhav Engineering: Has approved allotment of 1,600 secured NCDs of face value of Rs 1 lakh each, aggregating up to Rs 16 crore on private placement basis. The interest rate is fixed 11.50% per annum for a tenure of 3 years.
- Sterlite Technologies: Board has approved the allotment of 2,900 secured NCDs of face value of Rs 10 lakh each, aggregating to Rs 290 crore. The coupon rate has been fixed at 8.25% per annum for a tenure of 10 years.
- Varroc Engineering: Has approved closure of QIP on March 25 and allocation of 1.79 crore equity shares at an issue price of Rs 389 per equity share. The issue price is at a premium of 5.70% to Thursday closing price.
Pledge Share Details
- Ashok Leyland: Promoter Hinduja Automotive created a pledge of 10.11 crore shares on March 19.
- Adani Enterprises: Promoters (Adani Tradeline LLP, Gautam Adani and Rajesh Adani) revoked pledge of 30.50 lakh shares between March 22-24.
- Adani Ports And Special Economic Zone: Promoters (Adani Tradeline LLP, Gautam Adani and Rajesh Adani) revoked pledge of 25.38 lakh shares between March 22-24.
- Adani Transmission: Promoter Group (Gautam Adani and Rajesh Adani) revoked pledge of 38.60 lakh shares between March 22-24.
- Jindal Steel & Power: Promoter Siddeshwari Tradex revoked pledge of 7 lakh shares on March 22.
- Kalpataru Power Transmission: Promoter Kalpataru Constructions revoked pledge of 11.14 lakh shares between March 23-24.
As reported on March 25
- Craftsman Automation: Integrated Core Strategies Asia Pte sold 3.09 lakh shares at Rs 1,428.35 per share.
- Cyient: Amansa Holdings sold 6.56 lakh shares (0.60%) at Rs 654 per share.
- Infibeam Avenues: L7 Hitech sold 69.99 lakh shares (1.05%) at Rs 46.09 per share.
- Laxmi Organic Industries: Goldman Sachs India bought 16.75 lakh shares at Rs 155.71 per share. Plutus Wealth Management LLP bought 15 lakh shares at Rs 155.5 per share.
- Indiabulls Housing Finance: Integrated Core Strategies Asia Pte sold 23.74 lakh shares (0.51%) at Rs 197.13 per share.
Who’s Meeting Whom
- Tata Steel: To meet IIFL Securities on March 26 and Centrum Broking on March 31.
- Indian Energy Exchange: To meet Marshall Wace on March 26.
- Ex-Date Rights Issue: India Grid Trust
- Ex-Date Demerger: GFL
- Ex-Date AGM: Varun Beverages
- Record Date Interim Dividend: The United Nilgiri Tea Estates Company, Housing & Urban Development Corporation
- Move Into Short Term ASM Framework: GFL, ICRA
- Move Out Of Short Term ASM Framework: Bliss GVS Pharma, Ashiana Housing
- Move Into ASM Framework: Cosmo Films
- Godrej Agrovet: Promoter Godrej Industries bought 18,146 shares on March 22.
- Karda Constructions: Promoter Prem Karda sold 3 lakh shares on March 24.
- Olectra Greentech: Promoter Trinity Infraventures sold 88,223 shares between March 19-22.
- Aarti Industries: Promoters (Monisha Bhatia, Nehal Garewal and Dilip Dedhia) sold 38,500 shares between March 23-24.
As reported on March 25